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G 4 Rule Consulting Accounting Cycle Navlat invest 520,000 to start own consulting Now I ned one year ve inaurace potes, 5300 Nov. 5: Argued a compoter for $10.000 58.500 down with Balcesca Nov. Purchased office supplies on account from Taylor Suppy, Sao Nov. Nad Taylor Supply $400 on account Nov. 10: Biled Barkley Insurance for contulting Services performed, $6,000 Nov. 12 Collected $1.500 from larkleyin Nov 12: Hired secretary, $600 per week Nov. 15. Convicted 51,000 from Bryant alty for consulting services to be performed Nov. 26: Paid the secretary two weeks' wapes, 51200 Nov 29: Received and paid the November utility bil, 5700 Novo Received but did not pay the Nowbar telephone bil, $100 Nov 30 Performed consulting services for aing Enterprises, 54,800, to be collected in December Nov 30 Rour withdrew 51.400 from the business for personal living expenses Required Med NE w But wait 1. Joumatre and post November transactions for Huiz Consulting 2. Prepare trual balance as of November 3. Given the following prepare and post adusting entries for the month ended November 30 Expired insurance 580 Supplies on hand, $900, Monthly depreciation, $250 d. Earned 20% of advance fee from Byant Brokerage e Accrued wages, $360. Telephone fup 4. Prepare an adjusted trial balance 5. Prepare the following financial statements: 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 pista Prepare and post the closing entries Comment CA ha pes AL De ned Accounting Cycle Nov. 1: Luis Hula invests $20,000 to start his own consulting agency Now 1: Purchased a one-year fire insurance policy. 50 Nov.5 Acquired a computer for 510.000, Dayne 53.500 down with balance due in days Nov 6: Purchased office supplies on account to Taylor Supply $1.500 Now Paid Taylor Supply 5400 on account Nov. 10. Biled Barkley insurance for consulting services performed, 55.000 Nov. 12 Collected $1.500 from Bandey Insurance Nov 13 red secretary 5600 per week Now 1 Collected 51.000 from Bryant Realty for consulting services to the performed Nov. 26. Faid the secretary two weeks' wages, $1.200 Now 2 Received and paid the weber Now Received but ed not the November telephone , $100. Nou 3: Performed conting services for ting internes, SA 300, to be collected in December Nov. 30. Aut withrew 51.400 from the business for personal . Required 1. Journal and post November transactions for Rule Conte 2. Prepare tra biance of November 30, ve the following prepare and posting entries for the month and Neviber 30 a. Expiredance 580 b. Supplies on hand $900. c. Monthly deprecation, $250. d. med 20% of advance fee from Bryant Brokerage Accrued w $60 Prepare an adjusted trial balance 5 Prepare the following financal statement #ecome statement for the month ended November 30 Statement of owner's equity for the month de Noberto Balance sheet as of November 30 Prepare and post me dosing entries Ruiz Consulting Services General Ledger CASH A/R Prepaid Insurance Supplies Accumulated Depreciation Computer A/P Unearned Revenue Wages Payable Ruiz, Capital Ruiz, withdrawals Consulting Revenue Utility Exp. Telephone Exp. Wages Exp. Depreciation Exp. Insurance Exp. Supplies Exp. Ruiz Consulting 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, Nov. 12: Collected $1,500 from Barkley Insurance. Nov. 12: Hired secretary, $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. Required: 1. Journalize and post November transactions for Ruiz Consulting. 2. Prepare trial balance as of November 30. 3. Given the following, prepare and post adjusting entries for the month ended November 30. a. Expired insurance, $80. b. Supplies on hand, $900. c. Monthly depreciation, $250. d. Earned 20% of advance fee from Bryant Brokerage. e. Accrued 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
