Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I know that this is a really long question but i could really use some help on it Instructions For the past several years, Stetty

I know that this is a really long question but i could really use some help on it
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Instructions For the past several years, Stetty Lopez has operated a part-line consulting business from his home. As of July 1, 2012, Stelly decided to move to rected quarters and to operato tho business, which was to be known as Diamond Consulting, on a full-time basis. Diamond entered into the following transactions during July Jul 1 2 4 1 The following assets were received from Stetty Lopez in exchange for common stock: cash. $14,000 accounts receivable, $20,800, supplies, $3,100; and office equipment, $7,000. There were no fabilities received Paid two montharent on a lease rental contract, $6,000 Paid the premiums on property and ensualty insurance policies, 54,620 Recnived cash from clients as an advance payment for services to be provided, and recorded it as unearned toes. $5,000 5 Purchased additional office equipment on account from Office Station Co. $6,500 Revolved canh trom clients on account, $15,000 Pald cash for a newspaper advertisement, 8400 12 Paid Office Station Co. for part of the debt incurred on July 5, 66,200 12. Recorded services provided on account for the period July 1-12, 513,300. 14 Paid receptionist for two weeks' salary, $1750 6 10 Record the following transactions on Page 2 of the journal Jul 17 Recorded cash from cash clients for toes camed during the period JW 1-19, 59,450 18 Paid cash for supplies, $600 20 Recorded services provided on account for the period July 13-20, 56,750 24 Recorded cash from cash clients for foes oamed for the period 17-24, 34.500 Check My Workmore Check My Work uses remaining Emal instructor Save and Exit Submit Assignment for Grading 20 24 26 27 29 Recorded services provided on account for the period July 13-20, 56,750 Recorded cash from cash clients for foes earned for the period July 17-24, $4,500, Received cash from clients on account, $12.000 Paid receptionist for two wooks'salary. $1.750 Pald telephone bill for July $375. Paid electricity bill for July, $675 Recorded cash from cash clients for tees earned for the porked July 25-31, $5,000 Recorded services provided on account for the remainder of July $3,000 Paid dividends, $12,500 31 31 31 31 4 Required: 1. Journalize each transaction in a two-column journal starting on Page 1, reterring 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 journal to a lodger of four-column accounts. Add the appropriate posting reference to the journal 3 Prepare an unadjusted trial balance At the end of July, the following acustment data were assembled analyze and use these data to complete requirements (5) and (6) A Insurance expired during uy is $385 B. Supplies on hand on July 31 are $1.525 C. Depreciation of office equipment for July is $750 D. Accrued receptionist salary on July 31 is $175 E Rent expired during July is $3,000 F. Linowned fous earned on July 31, $2.750 5 (Optional) on your own paper or spreadsheet enter the unadjusted trial balance on an end of period worksheet and complete me worksheet 0 A Joumalize the adjusting entries on age 3 of the journal Austing entries are recorded on July 31 Refer to the Chart of Accounts for exact Previous Check My Work 3 more Check My Work uses remaining Book Spreadsheet F Unearned Tees earned on July 1, $2,750 5. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet 6. A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. Refer to the Chart of Accounts for exact wording of account titles B. Post the adjusting entries, inserting balances in the accounts affected. 7. Prepare an adjusted trial balance 8. A. Prepare an income statement for the month ended July 31, 2012 Be sure to complete the statement heading. If a net loss has been incurred, enter that amount as a negative number using a minus sign Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will not need to enter colons () on the income statement. B. Prepare a statement of stockholders' equity for the month ended July 31, 2012 Be sure to complete the staternent heading. Negative amount should be indicated by the minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If an amount is zero, enter "o". C. Prepare a balance sheet as of July 31, 20Y2 Be sure to complete the statement heading Fixed assets must be entered in order according to account number. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will not need to enter colons() or the word "Loss' on the balance sheet; they will automatically insert where necessary Negative amount should be indicated by the minus sign. 9. A. Journalize the closing entries on page 4 of the journal. Refer to the Chart of Accounts for exact wording of account illos B. Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row. If the account balance is zoro (0) after closing entries are posted, enter a zero (0) in the account's normal balance column 10. Prepare a post-closing trial balance. Chart of Accounts eBook LE Spreadsheet Journal 1. Joumalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be dobited and credited. (Do not insert the account numbers in the journal at this time) Note: Scroll down to access pages 2 through 4 of the journal PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST OF DERIT CREDIT ASSETS LIMITES TOUITY 11 11 Previous Next > Check My Work more Check My Work uses remaining eBook IE Spreadsheet 11 12 11 15 16 12 10 20 21 22 21 PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST BY DEBIT CREDIT ASSETS LIABILITIES EQUITY eBook DE Spreadsheet PAGE 2 JOURNAL ACCOUNTING EQUATION LIABILITIES DESCRIPTION CREDIT POST. RET DATE DENT ASSETS EQUITY 1 2 1 10 11 12 11 16 11 Check My Work 3 more Check My Work uses remaining Book 1. Spreadsheet LEDGER Account No. 11 Account No. 12 Account No. 14 Account No. 15 Account No. 16 Account No. 18 Account No. 19 Account No. 21 Account No. 22 Account: Cash Account: Accounts Receivable Account: Supplies Account: Prepaid Rent Account: Prepaid Insurance Account: Office Equipment Account Accumulated Depreciation Account Accounts Payable Account: Salaries Payable Account: Unearned Fees Account: Common Stock Account: Retained Earnings Account: Dividends Account: Fees Earned Account: Salary Expense Account: Rent Expense Account Supplies Expense Account: Depreciation Expense Account: Insurance Expense Account Miscellaneous pense Account No. 23 Account No. 31 Account No. 32 Account No. 33 Account No. 41 Account No. 51 Account No. 52 Account No. 53 Account No. 54 Account 55 Account No. 59 Unadjusted Trial Balance Previous Check My Work 3 more Check My Work uses remaining Email Instructor Save and it Submit Assignme eBook 13 Spreadsheet 3. Prepare an unadjusted trial balance Diamond Consulting UNADJUSTED TRIAL BALANCE July 31, 20Y2 MCCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable Supplies 4 Prepaid Rent 5 Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 30 Unearned Fees 11 Common Stock 12 Retained Earnings 13 Dividends 14 Fees Earned 15 Salary Expense Accumulated Depreciation Accounts Payable Salaries Payable 10 Unearned Fees 11 Common Stock 12 Retained Earnings 1 Dividends 14 Fees Earned 15 Satary Expense 16 Rent Expense 17 Supplies Expense 11 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals Check My Work 3 more Check My Work uses remaining, 7. Prepare an adjusted trial balance. Diamond Consulting ADJUSTED TRIAL BALANCE July 31, 2012 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable Supplies Prepaid Rent $ Prepaid Insurance 6 Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 10 Unearned Fees 11 Common Stock 12 Retained Earnings 15 Dividends 14 Fees Earned 15. Salary Expense Check My Work 3 more Check My Work uses remaining eBook IE Spreadsheet 1 Cash 2 Accounts Receivable Supplies + Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation Accounts Payable Salaries Payable 10 Unearned Fees 11 Common Stock 12 Retained Earnings 15 Dividends * Fees Earned 15 Salary Expense 16 Rent Expense 11 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense Totals Check My Work 3 more Check My Work uses remaining Income Statement Ba. Prepare an income statement for the month onded July 31, 2012. Be sure to complete the statement heading. Il a net loss has been incurred, enter that amount as a negative number using a minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will not need to enter colons() on the Income statement Diamond Consulting Income Statement (Label) 1 Label Previous Next > Check My Work 3 more Check My Work uses remaining Statement of Stockholders' Equity 51. Prepare a statement of stockholders equity for the month ended July 31, 2012 Be sure to complete the staternovit heading. Negative amount should be inicicated by the minus sign Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. W an amount is zero, entero Diamond Consulting Statement of Stockholders' Equity (Label) Common Stock Retained Earnings Total Balance Sheet 8c. Prepare a balance sheet as of Jy 31, 2012 Be sure to complete the statement heading Fixed assets must be entered in order according to account number Refer to Accounts Ishak Arrante cine mited the exact with a chofertat todetermine where she will Check My Work 3 more Check My Work uses remaining Previous Next > Balance Sheet &c. Prepare a balance sheet as of July 31, 20Y2 Be sure to complete the statement heading Fored assets must be entered in order according to account number. Refer to the Accounts. Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will not need to enter colons() of the word "Less on the balance sheet, they will automatically insert where necessary, Negative amount should be indicated by the minus sign Diamond Consulting Balance Sheet (Label Assets 1 Label 1 6 1 + Label 10 11 Check My Work more Check My Workestraining eBook Spreadsheet 7 8 (Label 10 11 12 13 14 Liabilities 15 (Label) 16 17 15 30 Stockholders' Equity 21 22 25 24 Check My Work 3 more Check My Work uses remaining 10. Prepare a post-closing trial balance, Diamond Consulting POST-CLOSING TRIAL BALANCE July 31, 2012 DEBIT CREDIT ACCOUNT TITLE 1 Cash 2 Accounts Receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information And Equity Valuation Theory, Evidence, And Applications

Authors: Guochang Zhang

1st Edition

1461481597, 9781461481591

More Books

Students also viewed these Accounting questions

Question

Describe five career management practices

Answered: 1 week ago