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Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance HI Instructions For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2010. Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting on all-ime basis Gourmet Consulting entered into flowing transactions during July 4 1 The following assets were received from Jolene Upton.com. 519.000, courts receivable, $22.00 supplies, $3,800, and office equipment. 58.900. There were no labilities relved 1 Paid three months' rent on a lease rental contract, 56.000 2 Paid the premiums on property and casualty insurance policies, $4.500 Received cash from clients as an advance payment for services to be provided and recorded uneared fees. 50,000 5 Purchased additional office equipment on account from Office Necessies Co. 5.100 6 Received cash from clients on account, $12.750 10 Paid cash for a newspaper advertisement. $500 12 Paid Ofice Neceseres Co. for part of the debt incurred on July 5.53.000 12 Provided services on account for the period y 1-12,514,200 14 Pald receptionist for two weeks'salary, 51,500 Instruction Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Instructions Record the following transactions on Page 2 of the journal: JUL 17 18 20 24 26 27 Received cash from cash clients for fees eamed during the period July 1-17. $10,400 Paid cash for supplies, $1,000 Provided services on account for the period July 13-20, 50,000 Received cash from cash clients for fees earned for the period July 17-24, $8,500. Received cash from clients on account, $12,000 Paid receptionist for two weeks' salary, $1,500 Paid telephone bill for July, $325. Paid electricity bill for July $675. Received cash from cash clients for fees earned for the period July 25-31, $7,100. Provided services on account for the remainder of July, 65,500 Jolene withdrew $20,000 for personal use. 29 31 31 31 31 Required: 1. Joumalize each transaction in a lwo-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 wy 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 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance - Instructions Required: 1. Journaltze 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 Milo to your computer. Use the spreadsheet to post the July transactions from the journal to a ledger of four colum 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 CangageNOW on this problem B. Add the appropriate posting reference to the journal in Congaponow 3. Prepare an unadjusted trial balance 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 $375. Supplies on hand on July 31 are $2,850. Depreciation of office equipment for July is $400. Accrued receptionist salary on July 31 is $140. Ront expired during Jy is $2,000 Uneamed foes on July 31 aro $3,000. 5. (Optional) on your own paper or spreadsheet enter the unadjusted trial balance on an end-ofperiod work sheet and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadshoot you previously downloaded 6. A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. Instructions 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. 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 $375. Supplies on hand on July 31 are $2,850. Depreciation of office equipment for July is $400. Accrued receptionist salary on July 31 is $140. Rent expired during July is $2,000. Unearned fees on July 31 are $3,000. 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 shoot 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. ructions Chart of Accounts General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable EXPENSES 14 Supplies 15 Prepaid Rent 51 Salary Expense 52 Rent Expense 16 Prepaid Insurance 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation Office Equipment 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Jolene Upton, Capital 32 Jolene Upton, Drawing Instructions Chart of Accounts Journal Ledger Unndjusted Trial Balance Adjusted Trial Balance Journal 1. Journalize each transaction in a two-column joumal 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 ar this time) 2. B. Add the appropriate posting reference to the journal in CengageNOW 6. A. Journalire 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 adusting entries in the journal in CengageNow. 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 JUL 1 19,000.00 1 Accounts Receivable 22,500.00 1 3800.00 1 8,900.00 + Supplies Office Equipment Jolene Upton, Capital 1 Prepaid Rent 54,000.00 6,000.00 1 7 Cash 6,000.00 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Journal TIR Cash 6,000.00 + NL2 Prepaid insurance Cash 4,500.00 1 4,500.00 + 10 8.000.00 1 11 5.100.00 AL4 Cash MS Office Equipment Accounts Payable Jl6 Cash 12 5.100.00 12,750.00 12,750.00 1 Accounts Receivable Jul 10 Miscellaneous Expense 15 500.00 1 56 Cash 500.00 + 17 14,200.00 14,200.00 . Jul 12 Accounts Payable Cash Jul. 14 Salary Expense Cash 1.500.00 1 1,500.00 1 23 12 31 Instructions Chart of Accounts Journal Journal Ledger Unndusted Trial Balance Adjusted Trial Balance Journal NGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRES DEBIT CREDIT LABILITIES EQUITY 1 JUL 17 Cash ASSETS 1 10.400.00 2 10,400.00 t Fees Eamed Jul. 18 Supplies Cash 1,000.00 1 4 1,000.00 1 Jul. 20 Accounts Receivable 9,000.00 1 Fees Earned 9,000.00 1 7 Jul 24 Cash 8,500.00 1 Fees Eamed 8.500.00 1 9 Jul 26 Cash 12,000.00 t 10 12,000.00 + 11 Accounts Receivable Jul.27 Salary Expense Cash 1,500.00 1 12 1,500.00 ! 15 Jul. 29 Miscellaneous Expense 325.00 + 14 Cash 325.00 1 15 JUL 31 Miscellaneous Expense 675.00 + 16 Cash 675.00 1 L. Instructions Chart of Accounts Journal Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Journal 16 Cash 675.00 17 Jul 31 Cash 7,100.00 1 11 Fees Eamed 7,100.00 1 19 Jul 31 Accounts Receivable 5,500.00 t 20 Fees Earned 5,500.00 1 21 Jul 31 Jolene Upton, Drawing Cash 20,000.00 ! 22 20,000.00 1 PAGE 3 JOURNAL ACCOUNTING EQUATION DATE POST. REF DENT CREDIT ASSETS LIABUTIES EQUITY DESCRIPTION Adjusting Entries 1 2 3 5 6 Journal PAGE 3 JOURNAL ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT DESCRIPTION Adjusting Entries ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 1 9 10 12 13 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance HI Instructions For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2010. Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting on all-ime basis Gourmet Consulting entered into flowing transactions during July 4 1 The following assets were received from Jolene Upton.com. 519.000, courts receivable, $22.00 supplies, $3,800, and office equipment. 58.900. There were no labilities relved 1 Paid three months' rent on a lease rental contract, 56.000 2 Paid the premiums on property and casualty insurance policies, $4.500 Received cash from clients as an advance payment for services to be provided and recorded uneared fees. 50,000 5 Purchased additional office equipment on account from Office Necessies Co. 5.100 6 Received cash from clients on account, $12.750 10 Paid cash for a newspaper advertisement. $500 12 Paid Ofice Neceseres Co. for part of the debt incurred on July 5.53.000 12 Provided services on account for the period y 1-12,514,200 14 Pald receptionist for two weeks'salary, 51,500 Instruction Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Instructions Record the following transactions on Page 2 of the journal: JUL 17 18 20 24 26 27 Received cash from cash clients for fees eamed during the period July 1-17. $10,400 Paid cash for supplies, $1,000 Provided services on account for the period July 13-20, 50,000 Received cash from cash clients for fees earned for the period July 17-24, $8,500. Received cash from clients on account, $12,000 Paid receptionist for two weeks' salary, $1,500 Paid telephone bill for July, $325. Paid electricity bill for July $675. Received cash from cash clients for fees earned for the period July 25-31, $7,100. Provided services on account for the remainder of July, 65,500 Jolene withdrew $20,000 for personal use. 29 31 31 31 31 Required: 1. Joumalize each transaction in a lwo-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 wy 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 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance - Instructions Required: 1. Journaltze 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 Milo to your computer. Use the spreadsheet to post the July transactions from the journal to a ledger of four colum 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 CangageNOW on this problem B. Add the appropriate posting reference to the journal in Congaponow 3. Prepare an unadjusted trial balance 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 $375. Supplies on hand on July 31 are $2,850. Depreciation of office equipment for July is $400. Accrued receptionist salary on July 31 is $140. Ront expired during Jy is $2,000 Uneamed foes on July 31 aro $3,000. 5. (Optional) on your own paper or spreadsheet enter the unadjusted trial balance on an end-ofperiod work sheet and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadshoot you previously downloaded 6. A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. Instructions 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. 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 $375. Supplies on hand on July 31 are $2,850. Depreciation of office equipment for July is $400. Accrued receptionist salary on July 31 is $140. Rent expired during July is $2,000. Unearned fees on July 31 are $3,000. 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 shoot 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. ructions Chart of Accounts General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable EXPENSES 14 Supplies 15 Prepaid Rent 51 Salary Expense 52 Rent Expense 16 Prepaid Insurance 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation Office Equipment 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Jolene Upton, Capital 32 Jolene Upton, Drawing Instructions Chart of Accounts Journal Ledger Unndjusted Trial Balance Adjusted Trial Balance Journal 1. Journalize each transaction in a two-column joumal 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 ar this time) 2. B. Add the appropriate posting reference to the journal in CengageNOW 6. A. Journalire 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 adusting entries in the journal in CengageNow. 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 JUL 1 19,000.00 1 Accounts Receivable 22,500.00 1 3800.00 1 8,900.00 + Supplies Office Equipment Jolene Upton, Capital 1 Prepaid Rent 54,000.00 6,000.00 1 7 Cash 6,000.00 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Journal TIR Cash 6,000.00 + NL2 Prepaid insurance Cash 4,500.00 1 4,500.00 + 10 8.000.00 1 11 5.100.00 AL4 Cash MS Office Equipment Accounts Payable Jl6 Cash 12 5.100.00 12,750.00 12,750.00 1 Accounts Receivable Jul 10 Miscellaneous Expense 15 500.00 1 56 Cash 500.00 + 17 14,200.00 14,200.00 . Jul 12 Accounts Payable Cash Jul. 14 Salary Expense Cash 1.500.00 1 1,500.00 1 23 12 31 Instructions Chart of Accounts Journal Journal Ledger Unndusted Trial Balance Adjusted Trial Balance Journal NGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRES DEBIT CREDIT LABILITIES EQUITY 1 JUL 17 Cash ASSETS 1 10.400.00 2 10,400.00 t Fees Eamed Jul. 18 Supplies Cash 1,000.00 1 4 1,000.00 1 Jul. 20 Accounts Receivable 9,000.00 1 Fees Earned 9,000.00 1 7 Jul 24 Cash 8,500.00 1 Fees Eamed 8.500.00 1 9 Jul 26 Cash 12,000.00 t 10 12,000.00 + 11 Accounts Receivable Jul.27 Salary Expense Cash 1,500.00 1 12 1,500.00 ! 15 Jul. 29 Miscellaneous Expense 325.00 + 14 Cash 325.00 1 15 JUL 31 Miscellaneous Expense 675.00 + 16 Cash 675.00 1 L. Instructions Chart of Accounts Journal Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Journal 16 Cash 675.00 17 Jul 31 Cash 7,100.00 1 11 Fees Eamed 7,100.00 1 19 Jul 31 Accounts Receivable 5,500.00 t 20 Fees Earned 5,500.00 1 21 Jul 31 Jolene Upton, Drawing Cash 20,000.00 ! 22 20,000.00 1 PAGE 3 JOURNAL ACCOUNTING EQUATION DATE POST. REF DENT CREDIT ASSETS LIABUTIES EQUITY DESCRIPTION Adjusting Entries 1 2 3 5 6 Journal PAGE 3 JOURNAL ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT DESCRIPTION Adjusting Entries ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 1 9 10 12 13
