ACCT 2010 COMPREHENSIVE PROBLEM FALL 2021 DUE: OCTOBER 20, 2021 INSTRUCTIONS Complete each of the following parts of the comprehensive problem in its entirety. Your group may complete this assignment by hand or digitally. Maximum number of points for this problem is 50. Late submissions of work will be docked points at the instructor's discretion. Michael Scott Consulting Corporation started business operations on July 1, 2021. Michael Scott is the sole owner of the corporation. Part A: Journalize the following transactions for July. During July, the following transactions were completed by Michael Scott Consulting Corporation. 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 5-Jul 7-Jul 8-Jul 10-Jul 13-Jul 15-Jul 16-Jul 18-Jul 22-Jul 27-Jul 31-Jul 31-Jul Michael Scott invested $12,000 in Michael Scott Consulting Coproration in exchange for common stock in Michael Scott Consulting Corporation. Michael Scott Consulting Corporation received $35,000 in cash - a business loan from his nana. His nana will charge him 7% APR interest, and the loan will be due in 3 years. The first payment will be due on December 31, 2021. Prepaid $6,000 for one year of rent for office space. Hired Ryan Howard and Pam Beesly as salespeople. Each will be paid $1,000 per month. Purchased two office computers (PPE) for a total of $1,800 cash. Bought a copy machine (PPE) for $1,300 cash. Purchased office supplies for $600 on account. Pam provided consulting services of $3,500 to Dunder-Mifflin on account due in 10 days. Paid for utilities with $150 cash. Paid for office supplies purchased on account on July 7 in full. Incurred 2 weeks of employee wages for a total of $1,000 to be paid on July 31. Pam provided consulting services to Jim Halpert of $1,500, and was paid in cash. Received the payment for services provided on July 8 in full. Ryan provided consulting services for $2,500 to Dwight Schrute on account. Received the payment in full for the services provided on July 22. Paid employee wages incurred on July 15 in full. Incurred one month of interest on the loan from Michael's nana, $205. Part B: Post the above transactions to the appropriate general ledger accounts and find balances. Part C: Prepare an unadjusted trial balance for Michael Scott Consulting Corporation as of July 31, 2021. Part D: Journalize and post to general ledger accounts the following adjustments for July: 1) 2) 3) 4) 5) 6) Wages incurred but not yet paid or recorded for Ryan and Pam are $1,000. Services that had been provided by Michael at the end of July but were not billed or recorded totaled $1,600. $200 of supplies have been used. One month of rent has expired. July depreciation on the computers and copier is $75. A $250 dividend was declared on July 31, but has not been paid. Part E: Prepare an adjusted trial balance for Michael Scott Consulting Corporation as of July 31, 2021. Part F: Prepare in good form an Income Statement, Retained Earnings Statement, and Classified Balance Sheet for Michael Scott Consulting Corporation at July 31, 2021. Part G: Journalize and post closing entries for Michael Scott Consulting Corporation for the month of July. Part H: Prepare a post-closing trial balance for Michael Scott Consulting Corporation as of July 31, 2021. ACCT 2010 COMPREHENSIVE PROBLEM FALL 2021 DUE: OCTOBER 20, 2021 INSTRUCTIONS Complete each of the following parts of the comprehensive problem in its entirety. Your group may complete this assignment by hand or digitally. Maximum number of points for this problem is 50. Late submissions of work will be docked points at the instructor's discretion. Michael Scott Consulting Corporation started business operations on July 1, 2021. Michael Scott is the sole owner of the corporation. Part A: Journalize the following transactions for July. During July, the following transactions were completed by Michael Scott Consulting Corporation. 1-Jul 1-Jul 1-Jul 1-Jul 1-Jul 5-Jul 7-Jul 8-Jul 10-Jul 13-Jul 15-Jul 16-Jul 18-Jul 22-Jul 27-Jul 31-Jul 31-Jul Michael Scott invested $12,000 in Michael Scott Consulting Coproration in exchange for common stock in Michael Scott Consulting Corporation. Michael Scott Consulting Corporation received $35,000 in cash - a business loan from his nana. His nana will charge him 7% APR interest, and the loan will be due in 3 years. The first payment will be due on December 31, 2021. Prepaid $6,000 for one year of rent for office space. Hired Ryan Howard and Pam Beesly as salespeople. Each will be paid $1,000 per month. Purchased two office computers (PPE) for a total of $1,800 cash. Bought a copy machine (PPE) for $1,300 cash. Purchased office supplies for $600 on account. Pam provided consulting services of $3,500 to Dunder-Mifflin on account due in 10 days. Paid for utilities with $150 cash. Paid for office supplies purchased on account on July 7 in full. Incurred 2 weeks of employee wages for a total of $1,000 to be paid on July 31. Pam provided consulting services to Jim Halpert of $1,500, and was paid in cash. Received the payment for services provided on July 8 in full. Ryan provided consulting services for $2,500 to Dwight Schrute on account. Received the payment in full for the services provided on July 22. Paid employee wages incurred on July 15 in full. Incurred one month of interest on the loan from Michael's nana, $205. Part B: Post the above transactions to the appropriate general ledger accounts and find balances. Part C: Prepare an unadjusted trial balance for Michael Scott Consulting Corporation as of July 31, 2021. Part D: Journalize and post to general ledger accounts the following adjustments for July: 1) 2) 3) 4) 5) 6) Wages incurred but not yet paid or recorded for Ryan and Pam are $1,000. Services that had been provided by Michael at the end of July but were not billed or recorded totaled $1,600. $200 of supplies have been used. One month of rent has expired. July depreciation on the computers and copier is $75. A $250 dividend was declared on July 31, but has not been paid. Part E: Prepare an adjusted trial balance for Michael Scott Consulting Corporation as of July 31, 2021. Part F: Prepare in good form an Income Statement, Retained Earnings Statement, and Classified Balance Sheet for Michael Scott Consulting Corporation at July 31, 2021. Part G: Journalize and post closing entries for Michael Scott Consulting Corporation for the month of July. Part H: Prepare a post-closing trial balance for Michael Scott Consulting Corporation as of July 31, 2021