i need question 3: prepare june financial statements. and income statement, statement of owners equity, and balance sheet.
Mini Practice Set Rich's Accounting Service This comprehensive review problem requires you to complete the accounting cycle for Rich's Accounting Service twice. This practice set allows you to review Chapters 1 - 6 while reinforcing the relationships between all parts of the accounting cycle. By completing two cycles, you will see how the ending lune balances in the ledger are used to accumulate data in July Rich's Accounting Service Chart of Accounts ASSETS OWNER'S EQUITY EXPENSES - Continued 112 311 312 313 Rich, Capital Rich, Drawing Income Summary 115 121 122 123 124 Cash Accounts Receivable Prepaid Rent Office Supplies Office Equipment Accumulated Depreciation - Office Equipment Automobile Accumulated Depreciation - Automobile 513 514 515 516 517 518 519 524 Gasoline Expense Repairs Expense Telephone Expense Advertising Expense Office Supplies Expense Depreciation Expense - Office Equipment Depreciation Expense - Automobile Miscellaneous Expense REVENUE 411 Accounting Service Fees LIABILITIES EXPENSES 211 212 Accounts Payable Salaries Payable 511 512 Rent Expense Salaries Expense On June 1, 2017, Rich opened an accounting services office called Rich's Accounting Service. The following transactions were completed for the month of June. June 1 Rich invested $19,000 cash in the business along with $6,000 of office equipment June 1 Rented an office and paid three months rent in advance to Fredericks Property Management. Check 10001 - $4,500. June 1 Bought an automobile on account from Norm's Automotive, $27,000. June 4 Purchased office supplies from Office Depot on account, $400. June 5 Purchased additional office supplies from Office Depot. Paid cash. Check #0002 - $75. June 6 P erformed accounting services for lilian Kirby. Collected $3,500 cash. June 8 Paid a gasoline bill to Arco. Check #0003 - $97. Paid Janice, office secretary, two weeks salary. Check #0004 - $2,000. June 18 Provided accounting services to Mindy's Dress Shop, $8,500. Payment to be received on July 9th. - June 20 Rich withdrew $2,500 from the business to pay personal expenses. Check #0005 - $2,500. June 21 Performed accounting services for Caden, Inc., Collected $2,500 cash. June 22 Paid a gasoline pill to Arco. Check #0006 - $96. June 25 Paid Norm's Automotive for automobile repairs. Check #0007 - $625 June 264 Paid Janice, office secretary, two weeks salary. Check #0008 - $2,000. June 27 Provided accounting services to Sarah Company $7,500. Payment to be received on July 19th. June 29 Paid June telephone bill to Verizon. Check #0009 - $525. June 29 Received bill from The Daily Courier for June advertising. Bill is in the amount of $1,300 and is due July 3rd. REQUIRED WORK FOR JUNE Journalize transactions and post to General Ledger Prepare a trial balance in the first two columns of a blank worksheet form. Complete the worksheet based on the following adjustment data: a. One month's rent, $1,500, has expired. b. An inventory of office supplies shows there is $75 remaining on hand, c. Depreciation on the office equipment is $200. d. Depreciation on the automobile is $750. e. Janice has worked Monday, June 29th and Tuesday, June 30th, but is not scheduled to be paid until Friday, July 10th. Her salary is $2,000 every two weeks (5200 per day). Prepare lune financial statements. An Income Statement, Statement of Owner's Equity and Balance Sheet lournalize the adjusting entries and post them to the General Ledger Journalize the necessary closing entries and post them to the General Ledger Prepare a post-closing trial balance Rich's Accounting Service - Worksheet June, 20xx Trial Balance Cr Dr Adjustments Dr Adjusted Trial Balance Income Statement Dr Balance She Dr 12582 16.000 4,500 - 475 SOU.. .........1,500 ........ 500.... Screen ..200... 27.000..... ...............75......... ....... 28.700 Account Titles Cash Accounts Receivable Prepaid Rent Office Supplies Office Equipment Accumulated Deprec. - Office Equipment Automobile Accumulated Deprec. - Auromobile Accounts Payable Salaries Payable Rich, Capital Rich, Drawing Accounting Service Fees Rent Expense Salaries Expense Gasoline Expense Repairs Expense Telephone Expense Advertising Expense Office Supplies Expense Depreciation Expense - Office Equipment Depreciation Expense - Automobile Miscellaneous Totals ....... 2.5.000.... .....2,500.---------------- .... 22.000.......... ............................ . ... 4.000. .......400. 193 Page Down (25... - 5.25 .400... 200.... 150........------- 75.700 75.700 3.250 3.250. Rich's Accounting Service Income Statement June 20xx Revenue: Expenses Net Rich's Accounting Service Statement of Owner's Equity June 20xx Rich's Accounting Service Balance Sheet June 20xx Assets Liabilities and Owner's Equity Assets Liabilities: Total Liabilities Equipment Owner's Equity Total Assets Total Liabilities and Owner's Equity Mini Practice Set Rich's Accounting Service This comprehensive review problem requires you to complete the accounting cycle for Rich's Accounting Service twice. This practice set allows you to review Chapters 1 - 6 while reinforcing the relationships between all parts of the accounting cycle. By completing two cycles, you will see how the ending lune balances in the ledger are used to accumulate data in July Rich's Accounting Service Chart of Accounts ASSETS OWNER'S EQUITY EXPENSES - Continued 112 311 312 313 Rich, Capital Rich, Drawing Income Summary 115 121 122 123 124 Cash Accounts Receivable Prepaid Rent Office Supplies Office Equipment Accumulated Depreciation - Office Equipment Automobile Accumulated Depreciation - Automobile 513 514 515 516 517 518 519 524 Gasoline Expense Repairs Expense Telephone Expense Advertising Expense Office Supplies Expense Depreciation Expense - Office Equipment Depreciation Expense - Automobile Miscellaneous Expense REVENUE 411 Accounting Service Fees LIABILITIES EXPENSES 211 212 Accounts Payable Salaries Payable 511 512 Rent Expense Salaries Expense On June 1, 2017, Rich opened an accounting services office called Rich's Accounting Service. The following transactions were completed for the month of June. June 1 Rich invested $19,000 cash in the business along with $6,000 of office equipment June 1 Rented an office and paid three months rent in advance to Fredericks Property Management. Check 10001 - $4,500. June 1 Bought an automobile on account from Norm's Automotive, $27,000. June 4 Purchased office supplies from Office Depot on account, $400. June 5 Purchased additional office supplies from Office Depot. Paid cash. Check #0002 - $75. June 6 P erformed accounting services for lilian Kirby. Collected $3,500 cash. June 8 Paid a gasoline bill to Arco. Check #0003 - $97. Paid Janice, office secretary, two weeks salary. Check #0004 - $2,000. June 18 Provided accounting services to Mindy's Dress Shop, $8,500. Payment to be received on July 9th. - June 20 Rich withdrew $2,500 from the business to pay personal expenses. Check #0005 - $2,500. June 21 Performed accounting services for Caden, Inc., Collected $2,500 cash. June 22 Paid a gasoline pill to Arco. Check #0006 - $96. June 25 Paid Norm's Automotive for automobile repairs. Check #0007 - $625 June 264 Paid Janice, office secretary, two weeks salary. Check #0008 - $2,000. June 27 Provided accounting services to Sarah Company $7,500. Payment to be received on July 19th. June 29 Paid June telephone bill to Verizon. Check #0009 - $525. June 29 Received bill from The Daily Courier for June advertising. Bill is in the amount of $1,300 and is due July 3rd. REQUIRED WORK FOR JUNE Journalize transactions and post to General Ledger Prepare a trial balance in the first two columns of a blank worksheet form. Complete the worksheet based on the following adjustment data: a. One month's rent, $1,500, has expired. b. An inventory of office supplies shows there is $75 remaining on hand, c. Depreciation on the office equipment is $200. d. Depreciation on the automobile is $750. e. Janice has worked Monday, June 29th and Tuesday, June 30th, but is not scheduled to be paid until Friday, July 10th. Her salary is $2,000 every two weeks (5200 per day). Prepare lune financial statements. An Income Statement, Statement of Owner's Equity and Balance Sheet lournalize the adjusting entries and post them to the General Ledger Journalize the necessary closing entries and post them to the General Ledger Prepare a post-closing trial balance Rich's Accounting Service - Worksheet June, 20xx Trial Balance Cr Dr Adjustments Dr Adjusted Trial Balance Income Statement Dr Balance She Dr 12582 16.000 4,500 - 475 SOU.. .........1,500 ........ 500.... Screen ..200... 27.000..... ...............75......... ....... 28.700 Account Titles Cash Accounts Receivable Prepaid Rent Office Supplies Office Equipment Accumulated Deprec. - Office Equipment Automobile Accumulated Deprec. - Auromobile Accounts Payable Salaries Payable Rich, Capital Rich, Drawing Accounting Service Fees Rent Expense Salaries Expense Gasoline Expense Repairs Expense Telephone Expense Advertising Expense Office Supplies Expense Depreciation Expense - Office Equipment Depreciation Expense - Automobile Miscellaneous Totals ....... 2.5.000.... .....2,500.---------------- .... 22.000.......... ............................ . ... 4.000. .......400. 193 Page Down (25... - 5.25 .400... 200.... 150........------- 75.700 75.700 3.250 3.250. Rich's Accounting Service Income Statement June 20xx Revenue: Expenses Net Rich's Accounting Service Statement of Owner's Equity June 20xx Rich's Accounting Service Balance Sheet June 20xx Assets Liabilities and Owner's Equity Assets Liabilities: Total Liabilities Equipment Owner's Equity Total Assets Total Liabilities and Owner's Equity
