For the past several years, Dustin Larkin has operated a part$-$time consulting business from his home. As of June $1,2013,$ Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full$-$time basis. Quixote Consulting entered into the following transactions during June:

Date Transaction

June $1$ The following assets were received from Dustin Larkin:

Cash, $$10,000$; Accounts receivable $$1,500$; supplies, $$1,250$; and office equipment, $$7,500.$ There were no liabilities received.

June $1$ Paid three months' rent on a lease rental contract, $$4,500.$

June $2$ Paid the premiums on property and casualty insurance policies, $$1,800.$

June $4$ Received cash from clients as an advance payment for services to be provided $($Record it as unearned fees$),$ $$3,000.$

June $5$ Purchased additional office equipment on account from Crawford Company, $$1,800.$ June $6.$

June $6$ Received cash from clients on account, $$800.$

June $10$ Paid cash for a newspaper advertisement to run during June, $$120.$

June $12.$ Paid Crawford Company for part of the debt incurred on June $5,$ $$800.$

June $12.$ Recorded services provided on account for the period June $1$ to June $12,$ $$2,250.$

June $14$ Paid part$-$time receptionist for $2$ weeks' salary, $$400.($Note: Ignore any payroll tax or withholdings$).$

June $17$ Recorded cash from cash clients for fees earned during the period June $1-16,$ $$3,175.$

June $18$ Paid cash for supplies, $$750.$

June $20$ Recorded services provided on account for the period June $13-20,$ $$1,100.$

June $24$ Recorded cash from cash clients for fees earned for the period June $17-24,$ $$1,850.$

June $26$ Received cash from clients on account, $$1,600.$

June $27$ Paid part$-$time receptionist for two weeks' salary, $$400.($Note: Ignore any payroll tax or withholdings$).$

June $29$ Paid telephone bill for June, $$130.$

June $30$ Paid electricity bill for June, $$200.$

June $30$ Recorded cash from cash clients for fees earned for the period June $25-30,$ $$2,050$

June $30$ Recorded services provided on account for the remainder of June, $$1,000.$

June $30$ Dustin withdrew $$4,500$ for personal use.

$1.$ Journalize each transaction in the two$-$column journal tab, referring to the following chart of accounts in selecting the accounts to be debited and credited.

$11-$Cash $31-$Dustin Larkin, Capital

$12-$Accounts Receivable $32-$Dustin Larkin, Drawing

$14-$Supplies $41-$Fees Earned

$15-$Prepaid Rent $51-$Salary Expense

$16-$Prepaid Insurance $52-$Rent Expense

$18-$Office Equipment $53-$Supplies Expense

$19-$Accumulated Depreciation $54-$Depreciation Expense

$21-$Accounts Payable $55-$Insurance Expense

$22-$Salaries Payable $59-$Miscellaneous Expense

$23-$Unearned Fees

$2.$ Post the journal to a ledger of four$-$column accounts, see the Excel tab labeled accordingly.

$3.$ Prepare a trial balance as of June $30,2013$ using the tab in the Excel workbook labeled accordingly.

Note

$1)$ Proper Journal Entry Formatting is mandatory.

a$.$ Debit Account Descriptions are to be fully left$-$justified in the line.

b$.$ Credit Account Descriptions are to be indented in the cell.

c$.$ A short description is required for every journal entry.

$2)$ You will be required to create at least ONE additional general Ledger Account to accommodate a few Journal Entries.

$3)$ You may need to add the $$Miscellaneous Expense" account to the General Ledger.

$4)$ Or$,$ you may create $2$ or $3$ new G$/$L accounts. For example, "Utilities."

$5)$ Be sure that you use proper formatting when you create the Financial Statements. For example:

a$.$ Add required underlining,

b$."$$$"$ signs must be properly formatted.

$6)$ The templates are NOT fully $$pre$-$formatted.$$ You must reformat them for proper presentation in a number of places.