I was told in previous post
"Chegg allows to solve for limited sub parts. Solved for Journal Entries, Trial Balance, Adjusting Entries, Worksheet, Adjusted and post closing trial balance - for remaining please post separately"
this is separate post for remainder of question (General Ledger, Income Statement,Statement of Owner's Equity,Balance Sheet, and Analyze)
INTRODUCTION Assume that you are the chief accountant for Eli's Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters 1 through 6 6). The chart of accounts for Eli's Consulting Services has been expanded to include a few new accounts. Follow the instructions to complete the accounting records for the month of January Eli's Consulting Services Chart of Accounts Assets Revenue 101 Cash 401 Fees Income 111 Accounts Receivable Expenses 511 Salaries Expense 121 Supplies 134 Prepaid Insurance 514 Utilities Expense 137 Prepaid Rent 141 Equipment 517 Supplies Expense 520 Rent Expense 142 Accumulated Depreciation- Equipment 523 Depreciation Expense- Equipment Liabilities 526 Advertising Expense 202 Accounts Payable 529 Maintenance Expense Owner's Equity 301 Trayton Eli, Capital 302 Trayton Eli, Drawing 532 Telephone Expense 535 Insurance Expense 309 Income Summary INSTRUCTIONS 1. Open the general ledger accounts and enter the balances for January 1, 2020. Obtain the necessary figures from the postclosing trial balance prepared on December 31, 2019, which appears in Figure 6.3.Q 2. Analyze each transaction and record it in the general journal. Use page 3 to begin January's transactions. 3. Post the transactions to the general ledger accounts. 4. Prepare the Trial Balance section of the worksheet. 5. Prepare the Adjustments section of the worksheet. a. Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $5,200 on hand. b. Compute and record the adjustment for expired insurance for the month. c. Record the adjustment for one month of expired rent of $4,000. d. Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February 6. Complete the worksheet. 7. Prepare an income statement for the month. 8. Prepare a statement of owner's equity. 9. Prepare a balance sheet using the report form. Page 193 10. Journalize and post the adjusting entries. 11. Journalize and post the closing entries. 12. Prepare a postclosing trial balance. Analyze: Compare the January 31 balance sheet you prepared with the December 31 balance sheet shown in Figure 6.4. L a. What changes occurred in total assets, liabilities, and the owner's ending capital? b. What changes occurred in the Cash and Accounts Receivable accounts? c. Has there been an improvement in the firm's financial position? Why or why not? DATE TRANSACTIONS Jan. 2 Purchased supplies for $7,000: issued Check 1015. 21 Purchased a one-year insurance policy for $8.400; issued Check 1016. Sold services for $20,000 in cash and $5,000 on credit during the first week of January. Collected a total of $4,000 on account from credit customers during the first week of January. Issued Check 1017 for $3,600 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $4,500 on account from credit customers during the second week of January 14 Returned supplies that were damaged for a cash refund of $750. 15 Sold services for $20,700 in cash and $2,300 on credit during the second week of January. Purchased supplies for $5,000 from White's, Inc., received Invoice 2384 payable in 30 days. Sold services for $12,500 in cash and $3,500 on credit during the third week of January. Collected a total of $5,600 on account from credit customers during the third week of January Issued Check 1018 for $7,065 to pay for maintenance work on the office equipment. Issued Check 1019 for $3,600 to pay for special promotional advertising to new businesses in the local newspaper. Received the monthly telephone bill for $1,025 and paid it with Check 1020. Collected a total of $1,600 on account from credit customers during the fourth week of January. Issued Check 1021 for $3,000 to Office Plus as payment on account for Invoice 2223. Sent Check 1022 for $2,675 in payment of the monthly bill for utilities. Sold services for $19,000 in cash and $2,750 on credit during the fourth week of January. Issued Checks 1023-1027 for $32,800 to pay the monthly salaries of the regular employees and three part- time workers. 31 Issued Check 1028 for $12,000 for personal use. time workers Isstred Cheek 1028 for $12,000 for personal use Issued Check 1029 for $4,150 to pay for maintenance services for the month. 31 Pure Purchased additional equipment for $15,000 from Contemporary Equipment Company, issued Check 1030 for $10,000 and bought the rest on credit. The equipment has a five-year life and no salvage value. 31 Sold services for $7,600 in cash and $1,620 on credit on January 31. Figure 6.3 shows the postclosing trial balance for Eli's Consulting Services. Page 172 FIGURE 6.3 Postclosing Trial Balance Eli's Consulting Services Postclosing Trial Balance December 31, 2019 CREDIT ACCOUNT NAME Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Trayton Eli, Capital Totals DEBIT 111 35 000 500 000 100 000 400 000 11 0 0 0 00 183 00 3 50 000 128 6 6 700 132 35 000 132 350 00 TT [D] FIGURE 6.4 End-of-Month Financial Statements Eli's Consulting Services Income Statement Month Ended December 31, 2019 47 0 0 000 Revenue Fees Income Expenses Salaries Expense Utilities Expense Supplies Expense Rent Expense Depreciation Expense-Equipment Total Expenses Net Income for the Month 80 00 00 65 000 50000 400000 1 8 3 00 13 3 3 3 00 33 6 6 700 Eli's Consulting Services Statement of Owner's Equity Month Ended December 31, 2019 100 0 0 0 00 Trayton Eli, Capital, December 1, 2019 Net Income for December Less Withdrawals for December Increase in Capital Trayton Eli, Capital, December 31, 2019 33 6 6 7 00 500000 28 6 6 7 00 128 6 6 7 00 33 6 6 7 00 500 000 Net Income for December Less Withdrawals for December Increase in Capital Trayton Eli, Capital, December 31, 2019 28 6 6 7 00 128 6 6 7 00 Eli's Consulting Services Balance Sheet December 31, 2019 Assets Cash Accounts Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets 111 35 000 500 000 1 000 00 400 000 11 000 00 1 8 3 00 10 8 1 7 00 132 16 7 00 350 000 Liabilities and Owner's Equity Liabilities Accounts Payable Owner's Equity Trayton Eli, Capital Total Liabilities and Owner's Equity 128 6 6 700 132 1 6 7 00 [D]
