Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Completing the Accounting Cycle Comprehensive Problem For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July

image text in transcribed
image text in transcribed
Completing the Accounting Cycle Comprehensive Problem 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: Jul. 1 MIl 10 12 12 14 17 18 20 24 26 27 29 31 31 31 The following assets were received from Jolene Upton: cash, $19,000; accelmts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. Paid three months' rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $4,500. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. Purchased additional office equipment on accmmt from Office Necessities Co., $5, 100. Received cash from clients on account, $12,750. Paid cash for a newspaper advertisement, $500. Paid Office Necessities Co. for part of the debt incurred on July 5, $3,000. Provided services on account for the period July 112, $14,200. Paid receptionist for two weeks' salary, $1,500. Received cash from cash clients for fees earned during the period July 117, $10,400. Paid cash for supplies, $1,000. Provided services on account for the period July 1320, $9,000. Received cash from cash clients for fees earned for the period July 1724, $8,500. Received cash from clients on account, $12,000. Paid receptionist for two weeks' salary, $1,500. Paid telephone bill for July, $325. Paid electricity bill for July, $675. Received cash from cash clients for fees earned for the period July 2531, $7,100. Provided services on account for the remainder of July, $5,500

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

Rockford Practice Set To Accompany Intermediate Accounting

Authors: Donald E. Kieso

16th Edition

1119287936, 9781119287933

More Books

Students also viewed these Accounting questions

Question

Find the median for the set of measurements 2, 9, 11, 5, 6.

Answered: 1 week ago