Chart of Accounts: Young Consulting, Inc Account Name Cash Accounts Receivable Prepaid Rent Office Supplies Computer Supplies Prepaid Insurance Equipment Accumulated Depreciation- Equipment Accounts Payable Notes Payable Interest Payable Common Stock Retained Earnings Income Summary Dividends Service Revenue Photocopy Expense Electricity Expense Wages Expense Telehone Expens Interest Expense Depreciation Expense Rent Expense Insurance Expense Office Supplies Expense Computer Supplies Expense Number 101 110 120 130 135 140 160 170 200 210 220 300 315 318 320 400 510 520 530) 540 550 560 570 580 590 595 a. Required: Journalize the transactions for the month of October in the general journal using account names from the Chart of Accounts (on separate page). b. Post the October transactions to the appropriate accounts in the ledger. C. Prepare an unadjusted trial balance as of October 31, 2019 on the worksheet. List the accounts in the order given in the chart of accounts and ledger. Remember the heading. d. Complete the worksheet, using the following adjustment data: One month of interest accrued on the note payable for October (round to the nearest dollar). b. Depreciation of the equipment for October is $75. c. Rent expired during October is $1,000. d. Record expired insurance for October. e. Office supplies of $100 were on hand at October 31. f. There were no computer supplies left at the end of October. a. e. Prepare an income statement and a statement of retained earnings for the month of October and a balance sheet as of October 31, 2019 on the pages provided. Remember the headings. f. Journalize and post the adjusting entries on the adjusting entry page in the journal and the appropriate accounts in the ledger. (Write "adjusting entry in the ledger description column). g. Journalize and post the closing entries as of October 31 to close the year on the closing entry page of the journal and appropriate accounts in the ledger. Write "closing entry" in the ledger description column and indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. h. Prepare a post-closing trial balance. Please note: 1. Use the packet provided. Pages must be returned in the same order (stapled). Tear off the first page so that the first page turned in is the journal. Write name, Fin and date in the upper right corner. Use appropriate headings on all statements. 2. Use pencil. This must be handwritten in the packet. Do your own work, please. Do not allow someone to copy your work. Comprehensive Accounting Cycle Problem Ed Young began a consulting business on October 1, 2019, called Young Consulting, Inc. The following transactions occurred in the month of October, 2019 Oct 1 Young Consulting, Inc. sold 1000 shares of its no par common stock for $10,000 cash. 1 Purchased office equipment for $5,000, paying $1,000 cash and signing a 10 percent, one-year promissory note for the balance. The equipment has an expected life of five years with a $500 residual value. 1 Paid three months' rent in advance totaling $3,000. 5 Purchased office supplies on account from Trix Company for $700. 6 Paid $600 for a one-year insurance policy. 10 Performed consulting services and billed ABC Company for $14,000 on account. 11 Provided consulting services for May Company receiving cash of $4,000. 15 Paid for the office supplies purchased from Trix Company the 5th 15 Provided consulting services to Best Design, Inc. receiving cash of $2,000. 15 Billed Sam Song $5,000 for consulting fees earned. 16 Paid secretary wages for the first half of the month totaling $1,000. 19 Purchased computer supplies on account from Don Company, $400. 20 Purchased office supplies for cash totaling $400. 20 Received payment from ABC Company for payment of the October 10 invoice 25 Received a check from Sam Song for payment of invoice. 28 Provided services on account to Ben Lee for $1,600. 28 Paid $300 for electricity used during October 28 Received telephone bill for $250 for telephone service for the month of October. 28 Paid Don Company for the invoice of October 19. 31 Paid wages for the second half of October, $1,500. 31 Received a bill from Copy Stop for October's copy services for $100. 31 Paid cash dividends of $2,700. Chart of Accounts: Young Consulting, Inc Account Name Cash Accounts Receivable Prepaid Rent Office Supplies Computer Supplies Prepaid Insurance Equipment Accumulated Depreciation- Equipment Accounts Payable Notes Payable Interest Payable Common Stock Retained Earnings Income Summary Dividends Service Revenue Photocopy Expense Electricity Expense Wages Expense Telehone Expens Interest Expense Depreciation Expense Rent Expense Insurance Expense Office Supplies Expense Computer Supplies Expense Number 101 110 120 130 135 140 160 170 200 210 220 300 315 318 320 400 510 520 530) 540 550 560 570 580 590 595 a. Required: Journalize the transactions for the month of October in the general journal using account names from the Chart of Accounts (on separate page). b. Post the October transactions to the appropriate accounts in the ledger. C. Prepare an unadjusted trial balance as of October 31, 2019 on the worksheet. List the accounts in the order given in the chart of accounts and ledger. Remember the heading. d. Complete the worksheet, using the following adjustment data: One month of interest accrued on the note payable for October (round to the nearest dollar). b. Depreciation of the equipment for October is $75. c. Rent expired during October is $1,000. d. Record expired insurance for October. e. Office supplies of $100 were on hand at October 31. f. There were no computer supplies left at the end of October. a. e. Prepare an income statement and a statement of retained earnings for the month of October and a balance sheet as of October 31, 2019 on the pages provided. Remember the headings. f. Journalize and post the adjusting entries on the adjusting entry page in the journal and the appropriate accounts in the ledger. (Write "adjusting entry in the ledger description column). g. Journalize and post the closing entries as of October 31 to close the year on the closing entry page of the journal and appropriate accounts in the ledger. Write "closing entry" in the ledger description column and indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. h. Prepare a post-closing trial balance. Please note: 1. Use the packet provided. Pages must be returned in the same order (stapled). Tear off the first page so that the first page turned in is the journal. Write name, Fin and date in the upper right corner. Use appropriate headings on all statements. 2. Use pencil. This must be handwritten in the packet. Do your own work, please. Do not allow someone to copy your work. Comprehensive Accounting Cycle Problem Ed Young began a consulting business on October 1, 2019, called Young Consulting, Inc. The following transactions occurred in the month of October, 2019 Oct 1 Young Consulting, Inc. sold 1000 shares of its no par common stock for $10,000 cash. 1 Purchased office equipment for $5,000, paying $1,000 cash and signing a 10 percent, one-year promissory note for the balance. The equipment has an expected life of five years with a $500 residual value. 1 Paid three months' rent in advance totaling $3,000. 5 Purchased office supplies on account from Trix Company for $700. 6 Paid $600 for a one-year insurance policy. 10 Performed consulting services and billed ABC Company for $14,000 on account. 11 Provided consulting services for May Company receiving cash of $4,000. 15 Paid for the office supplies purchased from Trix Company the 5th 15 Provided consulting services to Best Design, Inc. receiving cash of $2,000. 15 Billed Sam Song $5,000 for consulting fees earned. 16 Paid secretary wages for the first half of the month totaling $1,000. 19 Purchased computer supplies on account from Don Company, $400. 20 Purchased office supplies for cash totaling $400. 20 Received payment from ABC Company for payment of the October 10 invoice 25 Received a check from Sam Song for payment of invoice. 28 Provided services on account to Ben Lee for $1,600. 28 Paid $300 for electricity used during October 28 Received telephone bill for $250 for telephone service for the month of October. 28 Paid Don Company for the invoice of October 19. 31 Paid wages for the second half of October, $1,500. 31 Received a bill from Copy Stop for October's copy services for $100. 31 Paid cash dividends of $2,700