Examination I Summer 2019 Bus 211 John decided to establish John Consulting as of July 1, 2018. During July, Consulting entered into the following transactions The following assets were received from John: cash, $114,000; accounts receiva ble, $3,000; supplies, $1,800; and office equipment $60,000 and Accounts Payable of $10,000. 1. Paid six months' rent on a lease rental contract, $4,800. Paid 12 months premiums on property and casualty insurance policies, $1,800. Received cash from clients as an advance payment for services to be provided, $5,000. Received cash from clients on account, $1,500 Paid for newspaper advertisement, $110. Paid Office Station Co. for part of the debt incurred on April 4, $1,000 Recorded services provided on account, $4,500. 14 Paid part salary, $800. 16 Performed services for cash $6,000. 17 Paid cash for supplies, $700. 20 Recorded services provided on account, $2,100. 26 Received cash from clients on account, $600. 27. Accrued salaries $750. July 1 1 2 3 4 5 28 Paid Utilities for the month of July, $430. 30 Performed services for cash, $4,500. 30 Provided services on account $6,500. 30 John withdrew $3,500 for personal use. Required: Prepare general journal entries for the transactions above. Prepare adjusting entries for accounts that need adjustment. Assume the following: a) Equipment does not have any salvage value and has 6 years life, make necessary entries for depreciation for the month of July, using straight line depreci b) Assume %500 of the unearned fees was earned by the end of July. 1. 2. tion. c) Supplies used, $200. Post your entries to the general ledger using a "T" format of accounts. 3. 4. Prepare a trial balance Prepare: (a) income statement, (b) retained earnings statement, and (c) balance sheet 5. n6