Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

all Answers asap!! The Accounting Cycle: Nov. 1: Luis Ruiz invests $20,000 to start his own consulting agency Nov. 1: Purchased a one-year fire insurance

all Answers asap!! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The Accounting Cycle: Nov. 1: Luis Ruiz invests $20,000 to start his own consulting agency Nov. 1: Purchased a one-year fire insurance policy, $960. Nov.5: Acquired a computer for $10,000, paying $3,500 down with balance due in 60 days Nov. 6: Purchased office supplies on account from Taylor Supply, $1,500, Nov.9: Paid Taylor Supply $400 on account. . Nov. 10: Billed Barkley Insurance for consulting services performed, $6,000. Services performed, $6,000. Nov. 12: Collected $1,500 from Barkley Insurance. Nov. 12: Hired secretary to be paid $600 per week. Nov. 15: Collected $1,000 from Bryant Realty for consulting services to be performed. Nov. 26: Paid the secretary two weeks' wages, $1,200. Nov. 29: Received and paid the November utility bill, $700. Nov. 30: Received (but did not pay) the November telephone bill, $100. Nov. 30: Performed consulting services for Bing Enterprises, $4,800, to be collected in December Nov. 30: Ruiz withdrew $1,400 from the business for personal living expenses. you awe Required: 1. Journalize and post the November transactions for Ruiz Consulting. 2. Prepare a Trial Balance as of November 30. 3. Prepare and post adjusting entries for the month ended November 30. a. Expired insurance, $80 b. Supplies on hand at November 30, $900 C. Monthly depreciation of computer, $250 d. 20% of advance fee from Bryant Brokerage was earned by November 30 e. Accrued 3 days wages, $360 4. Prepare an Adjusted Trial Balance. 5. Prepare the following Financial Statements a. Income Statement for the month ended November 30. b. Statement of Owner's Equity for the month ended November 30. C. Balance Sheet as of November 30. 6. Prepare and post the closing entries. Rult Consulting Services General Ledger Accumulated Depreciation Consulting Revenue Telephone Exp. Depreciation Exp. Insurance Exp. Ruiz Consulting For the Month Ended November 30, 20XX Balance Trial Balance Debit Credit Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Debit Credit Account Name Cash A/R Prepaid Insurance Supplies Computer Accumulated Depreciation A/P Unearned Revenue Ruiz, Capital Ruiz, Withdrawals Consulting Revenue Wages, Exp. Utility Exp. Telephone Exp. . TIT Insurance Exp. Supplies Exp. Depreciation Exp. Wages Payable Net Income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

How is Mr. Bonner encouraging Marcuss self-efficacy?

Answered: 1 week ago

Question

What is the purpose of a costbenefit analysis?

Answered: 1 week ago