Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Instructions For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet 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. *If the account balance is zero (O), enter a zero (0). *Be sure to read the instructions for each financial statement carefully. 9. 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. Journal 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 joumal in CengageNOW. PAGE 4 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLLATION ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 JOURNAL DATE POST. REF. DEBIT CREDIT ACCOUNTING. FOLIATION ASSETS LIABILITIES EQUITY DESCRIPTION Closing Entries 1 2 3 4 5 6 7 9 10 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. 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. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement Gourmet Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 Income Statement Gourmet Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 9 10 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. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owner's equity, enter that amount as a negative number using a minus sign. Use the list of Labels and Amount Descriptions for the correct wording of text items. If the account balance is zero (O), enter a zero (0). Gourmet Consulting Statement of Owner's Equity (Label) 1 2 3 5 6 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 shee 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. Fixed assets must be entered in order according to account number. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Gourmet Consulting Balance Sheet (Label) 1 Assets 2 (Label) 3 4 5 6 7 Balance Sheet (Label) Assets 2 (Label 3 4 5 6 7 8 9 (Label) 10 11 12 13 Balance Sheet 10 11 12 13 14 Liabilities 15 (Label) 16 17 18 19 20 Owner's Equity 21 22 Post-closing Trial Balance 10. Prepare a post-closing trial balance. Gourmet Consulting POST-CLOSING TRIAL BALANCE July 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance Post-closing Trial Balance 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation Office Equipment 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Jolene Upton, Capital 12 Totals Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Instructions For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet 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. *If the account balance is zero (O), enter a zero (0). *Be sure to read the instructions for each financial statement carefully. 9. 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. Journal 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 joumal in CengageNOW. PAGE 4 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLLATION ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 JOURNAL DATE POST. REF. DEBIT CREDIT ACCOUNTING. FOLIATION ASSETS LIABILITIES EQUITY DESCRIPTION Closing Entries 1 2 3 4 5 6 7 9 10 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. 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. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement Gourmet Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 Income Statement Gourmet Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 9 10 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. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owner's equity, enter that amount as a negative number using a minus sign. Use the list of Labels and Amount Descriptions for the correct wording of text items. If the account balance is zero (O), enter a zero (0). Gourmet Consulting Statement of Owner's Equity (Label) 1 2 3 5 6 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 shee 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. Fixed assets must be entered in order according to account number. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Gourmet Consulting Balance Sheet (Label) 1 Assets 2 (Label) 3 4 5 6 7 Balance Sheet (Label) Assets 2 (Label 3 4 5 6 7 8 9 (Label) 10 11 12 13 Balance Sheet 10 11 12 13 14 Liabilities 15 (Label) 16 17 18 19 20 Owner's Equity 21 22 Post-closing Trial Balance 10. Prepare a post-closing trial balance. Gourmet Consulting POST-CLOSING TRIAL BALANCE July 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance Post-closing Trial Balance 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation Office Equipment 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Jolene Upton, Capital 12 Totals