For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 20Y9, 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: Jul. 1 The following assets were received from Samantha Hogan: cash, $25,700; accounts receivable, $30,200; supplies, $5,100; and office equipment, $12,100. There were no liabilities received. 1 Paid three months' rent on a lease rental contract, $8,100. 2 Paid the premiums on property and casualty insurance policies, $6,100. 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800. 5 Purchased additional office equipment on account from Office Necessities Co., $6,900. 6 Received cash from clients on account, $17,300. 10 Paid cash for a newspaper advertisement, $680. 12 Paid Office Necessities Co. for part of the debt incurred on July 5, $4,100. 0 2 2 4 Provided services on account for the period July 1-12, $19,200. Paid receptionist for two weeks' salary, $2,000. Record the following transactions on Page 2 of the journal: Jul. 17 Received cash from cash clients for fees earned during the period July 1-17, $14,100. 18 Paid cash for supplies, $1,400. 20 Provided services on account for the period July 1320, $12,200. 24 Received cash from cash clients for fees earned for the period July 17-24, $11,500. 26 Received cash from clients on account, $16,300. 27 Paid receptionist for two weeks' salary, $2,000. 29 Paid telephone bill for July, $440. 31 Paid electricity bill for July, $910. 31 Received cash from cash clients for fees earned for the period July 2531, $9,600. 31 Provided services on account for the remainder of July, $7,400. 31 Samantha withdrew $27,100 for personal use. 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 Equipmer 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 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. B. Add the appropriate posting reference to the journal in CengageNOW. 6. A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. 6. B. Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW. Refer to the chart of accounts for the exact wording of 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. Note: Scroll down to access page 2 through 3 of the journal. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 1 12 15 16 17 19 20 21 22 PAGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION OST. RE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 PAGE 3 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. Arborvite Consulting UNADJUSTED TRIAL BALANCE July 31, 2049 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 Samantha Hogan, Drawing 13 Fees Earned 14 Salary Expense 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 20 Totals 7. Prepare an adjusted trial balance. Arborvite Consulting ADJUSTED TRIAL BALANCE July 31, 2049 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 Samantha Hogan, Drawing 13 Fees Earned 14 Salary Expense 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 20 Totals