Hello I need Help with my financial accounting assignment....

(ABC Consulting:The project has two parts.The first part includes all the transactions which are not adjustments made at the end of the period (September 30th).

ABC CONSULTING INC. Journal Entries: Date Transaction Debit Credit Adjusting Entries: Date Transaction Debit Credit Debit Credit Closing Entries: Date Transaction ABC CONSULTING INC. GENERAL LEDGER Cash Date Dr. Cr. Balance Date Accounts Payable Dr. Cr. Balance Date Interest Payable Dr. Cr. Balance Date Salaries Payable Dr. Cr. Balance Date Dividends Payable Dr. Cr. Balance - Date Date Accounts Receivable Dr. Cr. Prepaid Rent Dr. Cr. Date Unexpired Insurance Dr. Cr. Date Office Supplies Dr. Cr. Date Office Equipment Dr. Cr. Balance Date Notes Payable Dr. Cr. Date Date Capital Stock Dr. Cr. Balance Date Retained Earnings Dr. Cr. Balance Date Dividends Dr. Cr. Balance Balance Balance Balance Promotional Matierials Dr. Cr. Balance Date Utilities Expense Dr. Cr. Balance Date Rent Expense Dr. Cr. Balance Date Income Taxes Payable Dr. Cr. Balance Balance - Date Date Balance Consulting Fees Earned Dr. Cr. Balance Salaries Expense Dr. Cr. Unearned Consulting Fees Dr. Cr. Balance Balance Accumulated Depreciation - Office Equipment Date Dr. Cr. Balance Date Date Office Supplies Expense Dr. Cr. Balance Date Depreciation Expense Dr. Cr. Balance Date Interest Expense Dr. Cr. Balance Date Income Taxes Expense Dr. Cr. Balance Date Promotional Expense Dr. Cr. Balance Date Other Expense Dr. Cr. Balance Trial Balance Debit Credit Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Promo Material Office Equipment Accumulated Depreciation Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Fees Income Taxes Payable Capital Stock Retained Earnings Dividends Revenue Salaries Expense Promo/sellin Exp Other Exp Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense Net Income Totals Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit ABC CONSULTING INC. ADJUSTED TRIAL BALANCE FOR THE YEAR ENDED Debit Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Promo Material Rental Equipment Accumulated Depreciation Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Capital Stock Retained Earnings Dividends Rental Fees Earned Salaries Expense Other Expenses Promo/Selling Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense Total Credit ABC CONSULTING INC BALANCE SHEET AS OF September 30, 2010 Assets Current Assets: Cash Accounts Receivable Prepaid Rent Unexpired Insurance Promo Material Office Supplies Total current assets Property, Plant, & Equipment: Rental Equipment Less: Accumulated Depreciation Net property, plant, & equipment Total Assets Liabilities & Owners' Equity Liabilities: Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rent Taxes Payable Total liabilities Owners' Equity Contributed capital Retained Earnings Total owners' equity Total Liabilities & Owners' Equity ABC CONSULTING INCOME STATEMENT FOR THE MONTH ENDED 9/30/2010 Revenue Expenses: Salaries Promo Other Utilities Rent Supplies Depreciation Interest Tax Total expenses Net Income SIR RENTS-A-LOT STATEMENT OF RETAINED EARNINGS FOR THE MONTH ENDED 9/30/2010 Retained earnings, beginning Net Income Subtotal Dividends Retained earnings, ending ABC CONSULTING INC. AFTER-CLOSING TRIAL BALANCE FOR THE MONTH ENDED 9/30/2010 Debit Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Promo Material Rental Equipment Accumulated Depreciation Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Capital Stock Retained Earnings Dividends Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense Total Credit Comprehensive Problem ABC Consulting. One night while sitting at the bar in Maxies, three friends (Ahmad, Barbara and Chen) decided to start a consulting business. They decided to name the Business \"ABC Consulting.\" They specialize in marketing services for small creative businesses. Although all three were marketing majors they did remember some accounting and decided to use the following chart of accounts. Account Name Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Office Equipment Accumulated DepreciationOffice Equipment Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Consulting Fees Income Taxes Payable Other Expenses Account Name Capital Stock Retained Earnings Dividends Income Summary Consulting Fees Earned Salaries Expense Promotional Materials (supplies) Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense Promotional Expense ABC Consulting Inc. closes its accounts and prepares financial statements at the end of each month. During Sept (their first month of operations) they had the following transactions. Date Sept 1, 2010 Sept 1, 2010 Sept 1, 2010 Sept 4, 2010 Sept 5, 2010 Sept 8, 2010 Sept 12, 2010 Sept 15, 2010 Sept 17, 2010 Sept 23, 2010 Sept 25, 2010 Sept 26, 2010 Sept 27, 2010 Sept 28, 2010 Sept 29, 2010 Transaction or Event 25,000 shares of capital stock issued to each shareholder in exchange for $100,000 contribution from each. Purchased all of the office equipment owned by "Dewey, Cheatum and Howe." (a bankrupt telemarketer). The equipment that was bought had a fair market value of $500,000, but the actual purchase price was $300,000. They signed a 5-year 6% note payable and paid $150,000 cash. Paid $24,000 rent to Li-Mehta Realty Company. They are occupying the same office space as " Dewey, Cheatum and Howe." The rent paid to Li-Mehta Realty Company was for 6months. Purchased from Midnite Office Supply office supplies worth $2250 on account. Payment terms are 2/10 net 30. They expect that these supplies will last for several months. Hired a new administrative aide, his annual salary is $36,500 per year plus a benefit package that is worth $12,500. Received a $12,000 cash advance payment from a new winery (Chateau Traileur Parc) to help market their new wine \"Nasti Spumante\". Use a liability account. Paid the salaries for the first two weeks of Sept. $7500. $22,000 was earned from Chateau Traileur Parc,. Of the $22,000, the amount of cash received from Chateau Traileur Parc., was $8,000. Purchased business cards, coasters, and other promotional items. They are trading $500 worth of their consulting services to the printer in exchange for these items. These items are considered supplies and are expected to last quite a while. Of the accounts receivable recorded on Sept 15th, $7,000 was collected. They received their combined utility bill for the first three weeks. The bill is for $350 net 10. Rented a sound system for a promotional event. This system rents for 250 dollars per day. ABC, Inc. will settle their account when they return the sound system. Paid the salaries for the two weeks ended Sept. 26. $7,250. Paid utility bill. A dividend was declared, which they intend to pay at $0.05 per share by the end of the year. A child was slightly injured when he tripped over the sound system. The child is the only son of a lawyer and an Sept 29, 2010 Sept 30, 2010 Sept 30, 2010 orthopedic surgeon. Surprisingly they have filed a half million dollar lawsuit. The actual liability for the accident has not yet been determined. Purchased a one-year public liability insurance policy for $7,500. The policy becomes effective at 12:01 a.m. October 1, 2010. They received their Attorney's bill for $2000. It is due no later than October 15th. For the last two weeks of Sept, they earned $15,000. Of the $15,000, the amount of cash received amounted to $6,750. Adjusting Entries Date Sept 30, 2010 Sept 30, 2010 Sept 30, 2010 Sept 30, 2010 Sept 30, 2010 Sept 30, 2010 Sept 30, 2010 Sept 30, 2010 Transaction or Event The rent paid to Li-Mehta Realty Company was for 6 months. They recorded the interest accrued on the note payable was. Office equipment is being depreciated over 15 years. They have chosen to use the straight-line method of depreciation. They estimate that the equipment has no residual value. At the end of the month office supplies worth $1,000 were on hand. There was $450 worth of promotional supplies were still on hand. During the month, Chateau Traileur Parc had used $9,000 worth of consulting services. By the end of the month, they had not returned the sound system. Rental period until Sept 30 is 5 days. Salaries earned by employees amounted to $1,500 since the last payroll date (Sept 26th). Ahmad, Barbara and Chen have consulted with their independent accountant, Paul Murky (a senior partner at the firm of Murky, Margin and Error, P.C.) and he advised them that they are likely subject to a combined local, state, & federal tax rate of 40% The taxes will be paid by December 15. Instructions 1-Journalize ( in good form ) the above transactions. 2- Post to general ledger accounts. (Use a running balance form of ledger accounts.) 3- Prepare a 10 column worksheet for the month ended Sept 30, 2010. 4- Prepare adjusting and closing entries and post to general ledger accounts. 5- Prepare an income statement, a statement of retained earnings for the month of September and a balance sheet (in report form) as of Sept 30. 6- Prepare an after- closing trial balance as of Sept 30. ABC CONSULTING INC. Journal Entries: Date Transaction Debit Credit Adjusting Entries: Date Transaction Debit Credit Debit Credit Closing Entries: Date Transaction ABC CONSULTING INC. GENERAL LEDGER Cash Date Dr. Cr. Balance Date Accounts Payable Dr. Cr. Balance Date Interest Payable Dr. Cr. Balance Date Salaries Payable Dr. Cr. Balance - Date Accounts Receivable Dr. Cr. Balance Date Dividends Payable Dr. Cr. Balance Unearned Consulting Fees Date Dr. Cr. Balance Date Prepaid Rent Dr. Cr. Balance Date Date Unexpired Insurance Dr. Cr. Balance Date Date Office Supplies Dr. Cr. Office Equipment Dr. Cr. Accumulated Depreciation - Office Equipment Date Dr. Cr. Balance Notes Payable Dr. Cr. Balance Retained Earnings Dr. Cr. Balance Balance Date Date Capital Stock Dr. Cr. Balance Date Date Income Taxes Payable Dr. Cr. Balance Balance Dividends Dr. Cr. Balance Date Consulting Fees Earned Dr. Cr. Balance - Date Date Salaries Expense Dr. Cr. Balance Promotional Matierials Dr. Cr. Balance Date Utilities Expense Dr. Cr. Balance Date Rent Expense Dr. Cr. Balance Date Office Supplies Expense Dr. Cr. Balance Date Depreciation Expense Dr. Cr. Balance Date Date Interest Expense Dr. Cr. Balance Income Taxes Expense Dr. Cr. Balance Date Date Promotional Expense Dr. Cr. Balance Other Expense Dr. Cr. Balance Trial Balance Debit Credit Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Promo Material Office Equipment Accumulated Depreciation Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Fees Income Taxes Payable Capital Stock Retained Earnings Dividends Revenue Salaries Expense Promo/sellin Exp Other Exp Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense Net Income Totals Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit ABC CONSULTING INC. ADJUSTED TRIAL BALANCE FOR THE YEAR ENDED Debit Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Promo Material Rental Equipment Accumulated Depreciation Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Capital Stock Retained Earnings Dividends Rental Fees Earned Salaries Expense Other Expenses Promo/Selling Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense Total Credit ABC CONSULTING INC BALANCE SHEET AS OF September 30, 2010 Assets Current Assets: Cash Accounts Receivable Prepaid Rent Unexpired Insurance Promo Material Office Supplies Total current assets Property, Plant, & Equipment: Rental Equipment Less: Accumulated Depreciation Net property, plant, & equipment Total Assets Liabilities & Owners' Equity Liabilities: Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rent Taxes Payable Total liabilities Owners' Equity Contributed capital Retained Earnings Total owners' equity Total Liabilities & Owners' Equity ABC CONSULTING INCOME STATEMENT FOR THE MONTH ENDED 9/30/2010 Revenue Expenses: Salaries Promo Other Utilities Rent Supplies Depreciation Interest Tax Total expenses Net Income SIR RENTS-A-LOT STATEMENT OF RETAINED EARNINGS FOR THE MONTH ENDED 9/30/2010 Retained earnings, beginning Net Income Subtotal Dividends Retained earnings, ending ABC CONSULTING INC. AFTER-CLOSING TRIAL BALANCE FOR THE MONTH ENDED 9/30/2010 Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Promo Material Office equipment Accumulated Depreciation Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Capital Stock Retained Earnings Dividends Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense Total Debit 137,150 15,250 20,000 7,500 1,000 450 300,000 Credit 1,667 150,000 5,500 750 1,500 3,750 3,000 7,573 300,000 7,610 481,350 481,350