cie, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Instructions For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 2019, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended July 31, 2019. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equity, and a balance sheet for the month anded July 31, 2019 9. "Be sure to read the instructions for each financial statement carefully A Journalize the closing entries on page 4 of the journal Closing entries are recorded on July 31 B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the closing entries in the journal in CengageNOW 10. Prepare a post-closing trial balance Complete accounting cycle, Part 2 Instructions Chart of Accounts Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Stateme CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation-Office Equipment REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Inco Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended July 31, 20Y9 July 31, 20Y9 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Investments during the month Net income Net loss Samantha Hogan, capital, July 1, 20Y9 Samantha Hogan, capital, July 31, 2019 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals X Instructions Journal Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement 9. A. Journalize the closing entries on page 4 of the journal. Closing entries are recorded on July 31. 9. B. Add the appropriate posting reference to the closing entries in the journal in CengageNOW Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 2 3 10 11 DATE DESCRIPTION Closing Entries JOURNAL PAGE 4 ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Ledger Income Statement 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement for the month ended July 31, 2019. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement for the month ended July 31, 2019. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons () on the income statement. 1 (Label) Arborvite Consulting Income Statement (Label) Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Statement of Owner's Equity 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a statement of owner's equity for the month ended July 31, 2019. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a statement of owner's equity for the month ended July 31, 2019. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If the account balance is zero (0), enter a zero (0) Arborvite Consulting Statement of Owner's Equity (Label) T Instructions Balance Sheet Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet as of July 31, 2019. If you didn't complete the end-of-per work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a balance sheet as of July 31, 2019. Be sure to complete the statement heading. Refer to the Chart of Accour and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons () or the word "Less" on the balance sheem they will automatically insert where necessary. Enter all values as positive amounts. When entering assets, enter them in order of liquidity 1 (Label) (Label) 10 == Assets Arborvite Consulting Balance Sheet (Label) eBook Instructions Chart of Accounts Labels and Amount Descriptions Balance Sheet 10 (Label) 11 12 13 14 15 (Label) 16 17 18 19 21 #R Check My Work Liabilities Owner's Equity Journal Ledger Income Statement Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statem Post-closing Trial Balance 10. Prepare a post-closing trial balance. Cash 2 Accounts Receivable Supplies Prepaid Rent Arborvite Consulting POST-CLOSING TRIAL BALANCE July 31, 2019 ACCOUNT TITLE 5 Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable 10 Uneamed Fees 11 Samantha Hogan, Capital 12 Totals DEBIT CREDIT eBook Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Instructions For the past several years. Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 2019, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis: Arborvite Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended July 31, 2019. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended July 31, 2019 9. "Be sure to read the instructions for each financial statement carefully A. Journalize the closing entries on page 4 of the journal. Closing entries are recorded on July 31. B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the closing entries in the journal in mal in CengageNOW 10. Prepare a post-closing trial balance Check My Work Next Complete accounting. Instructions Chart of Accounts Labels and Amount Descriptions Chart of Accounts CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation-Office Equipment REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing Check My Work Journal Ledger Income Statement Instructions Chart of Accounts Labels and Amount Descriptions Journ Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended July 31, 20Y9 July 31, 2019 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Investments during the month Net income Net loss Samantha Hogan, capital, July 1, 20Y9 Samantha Hogan, capital, July 31, 20Y9 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals Check My Work Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Journal 2 3 9. A. Journalize the closing entries on page 4 of the journal. Closing entries are recorded on July 31. 9. B. Add the appropriate posting reference to the closing entries in the journal in Cengage NOW. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 7 " 9 10 11 DATE DESCRIPTION Closing Entries Check My Work JOURNAL PAGE 4 ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY N Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger. Income Statement Ledger Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem 9. B. Post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Instructions Income Statement Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement for the month ended July 31, 2019. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement for the month ended July 31, 20Y9. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons ( on the income statement (Label) Check My Work Arborvite Consulting Income Statement (Label) Next > Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Statement of Owner's Equity 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a statement of owner's equity for the month ended July 31, 2019. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a statement of owner's equity for the month ended July 31, 2019. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If the account balance is zero (0), enter a zero (0) Arborvite Consulting Statement of Owner's Equity (Label) Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Balance Sheet 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet as of July 31, 2019. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a balance sheet as of July 31, 2019. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons () or the word "Less" on the balance sheet: they will automatically insert where necessary: Enter all values as positive amounts. When entering assets, eviter them in order of liquidity 1 (Label) + 10 (Label) Check My Work Assets Arborvite Consulting Balance Sheet (Label) Next Instructions Chart of Accounts Labels and Amount Descriptions Journa Balance Sheet V 4 5 - 9 (Label) 10 11 12 13 14 15 (Label) 16 17 18 20 19 20 21 13 22 Check My Work Liabilities Owner's Equity < Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Post-closing Trial Balance 10. Prepare a post-closing trial balance. Arborvite Consulting POST-CLOSING TRIAL BALANCE July 31, 2019 ACCOUNT TITLE Cash 2 Accounts Receivable Supplies Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable 10 Unearned Fees 11 Samantha Hogan, Capital 12 Totals Check My Work DEBIT CREDIT