For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 2049, 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, 2049.* *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. CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation Office Equipment 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing Labels Current assets Current liabilities Expenses For the Month Ended July 31, 2019 July 31, 2049 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, 2049 Samantha Hogan, capital, July 31, 2049 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals 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 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. PAGE 4 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 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. Arborvite Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 9 10 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, 2049. 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) 1 2 3 4 5 6 & you complead the end of period work show in Part 1, use the adjusted to balance figures to prepare a balance sheets of My 31, 2019. you did complete me and ar-cond' wark sheer in Part 1, use the imagear the Excel spreadshot) to prepare a balance sheets of May 31, 2010. Be sure to complete the statement handing Pater the Choral Accounts and a list of Label and Amount Descriptions for the exact warding or the answer choice for text entries. You will not and to enter canne () arms wird lass" on the holanco shoot they will automatically insert where necessary, Ender alles es posible amounts Wernering Assets, enter them in order of Kuwdy Arborvita Consulting Balance Sheet (Label) 1 Assets Label 3 2 9 6 7 Labell 16 11 1 13 11 Labutis 15 Label 11 12 12 15 Owner's Equity il 13 10. Prepare a post-closing trial balance. Arborvite 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 6 Office Equipment 7 Accumulated Depreciation Office Equipment 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Samantha Hogan, Capital 12 Totals For the past several years, Sanatha Hogan has operated apart time consulting business from her home. A o Jay 1, 2019, Samantha decided to move to rented quarters and to operate the business, which was to be known as Attorvile Consulting, online basis torte Consulting entered into the following transactions during July 1 The following assets were received from Samantha Hogar cash, 825.700 counts receivable 530200 supplies 55,100 and office equipment, 512,100. There were to be received 1 Paid three montrent on a lease rental contract. 5.100 2 Paid the premiums on property and casually insurance policies, 54,100 Received from date in ce payment for me to be provided and recorded remed, 10, to $ 5 Purchased additional office equipment on account from Oifice Neco 8,000 10 8 Received from cliente en $17.00 Paid cash for a new win 12 Paid Otecedes Cotor part of the debt roured on Jay 54.100 12 Provided service for the period July 1-12.519.200 14 Paid receptionist for two weeksary.52.000 Record the following lanciones Page 2 of the on 20 17 Received cash from cashles tortes during the period July 1-17. $14.900 18 Pacher supplies. $1,400 20 Provided service on account for the period July 13-20.512.200 24 Received cash from cash clients for foes earned for the period Jy 17-24,511.500 25 Received cash from clients on account, 516.300 27 Paide for newest 12,000 29 Paid phone br. 5440 31 Paid leidity for $10. 31 Received cash from cash clients for reseamed for the period Juy 25-31.50.000 31 Provided on account for the remainder of jy $7.00 31 Samantha withdrew $27.100 for personal Required: 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 2. Post the July transactions. A. Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the July transactions . from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. B. Add the appropriate posting reference to the journal in CengageNOW. 3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. 4. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete requirements (5) and (6). Insurance expired during July is $510. Supplies on hand on July 31 are $3,900. Depreciation of office equipment for July is $540. Accrued receptionist salary on July 31 is $190. Rent expired during July is $2,700. Unearned fees on July 31 are $4, 100. 5. (Optional) on your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded. 6. A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. B. Use the attached spreadsheet in the Ledger panel to post the adjusting entries to the ledger of four-column accounts, inserting balances is the accounts affected. Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW. 7. Prepare an adjusted trial balance. CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation Office Equipment 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 2049, 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, 2049.* *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. CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation Office Equipment 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing Labels Current assets Current liabilities Expenses For the Month Ended July 31, 2019 July 31, 2049 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, 2049 Samantha Hogan, capital, July 31, 2049 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals 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 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. PAGE 4 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 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. Arborvite Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 9 10 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, 2049. 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) 1 2 3 4 5 6 & you complead the end of period work show in Part 1, use the adjusted to balance figures to prepare a balance sheets of My 31, 2019. you did complete me and ar-cond' wark sheer in Part 1, use the imagear the Excel spreadshot) to prepare a balance sheets of May 31, 2010. Be sure to complete the statement handing Pater the Choral Accounts and a list of Label and Amount Descriptions for the exact warding or the answer choice for text entries. You will not and to enter canne () arms wird lass" on the holanco shoot they will automatically insert where necessary, Ender alles es posible amounts Wernering Assets, enter them in order of Kuwdy Arborvita Consulting Balance Sheet (Label) 1 Assets Label 3 2 9 6 7 Labell 16 11 1 13 11 Labutis 15 Label 11 12 12 15 Owner's Equity il 13 10. Prepare a post-closing trial balance. Arborvite 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 6 Office Equipment 7 Accumulated Depreciation Office Equipment 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Samantha Hogan, Capital 12 Totals For the past several years, Sanatha Hogan has operated apart time consulting business from her home. A o Jay 1, 2019, Samantha decided to move to rented quarters and to operate the business, which was to be known as Attorvile Consulting, online basis torte Consulting entered into the following transactions during July 1 The following assets were received from Samantha Hogar cash, 825.700 counts receivable 530200 supplies 55,100 and office equipment, 512,100. There were to be received 1 Paid three montrent on a lease rental contract. 5.100 2 Paid the premiums on property and casually insurance policies, 54,100 Received from date in ce payment for me to be provided and recorded remed, 10, to $ 5 Purchased additional office equipment on account from Oifice Neco 8,000 10 8 Received from cliente en $17.00 Paid cash for a new win 12 Paid Otecedes Cotor part of the debt roured on Jay 54.100 12 Provided service for the period July 1-12.519.200 14 Paid receptionist for two weeksary.52.000 Record the following lanciones Page 2 of the on 20 17 Received cash from cashles tortes during the period July 1-17. $14.900 18 Pacher supplies. $1,400 20 Provided service on account for the period July 13-20.512.200 24 Received cash from cash clients for foes earned for the period Jy 17-24,511.500 25 Received cash from clients on account, 516.300 27 Paide for newest 12,000 29 Paid phone br. 5440 31 Paid leidity for $10. 31 Received cash from cash clients for reseamed for the period Juy 25-31.50.000 31 Provided on account for the remainder of jy $7.00 31 Samantha withdrew $27.100 for personal Required: 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 2. Post the July transactions. A. Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the July transactions . from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. B. Add the appropriate posting reference to the journal in CengageNOW. 3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. 4. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete requirements (5) and (6). Insurance expired during July is $510. Supplies on hand on July 31 are $3,900. Depreciation of office equipment for July is $540. Accrued receptionist salary on July 31 is $190. Rent expired during July is $2,700. Unearned fees on July 31 are $4, 100. 5. (Optional) on your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded. 6. A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. B. Use the attached spreadsheet in the Ledger panel to post the adjusting entries to the ledger of four-column accounts, inserting balances is the accounts affected. Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW. 7. Prepare an adjusted trial balance. CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation Office Equipment 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing