Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 20Y9, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July: Jul. 1 The following assets were received from Samantha Hogan: cash, $25,700; accounts receivable, $30,200; supplies, $5,100; and office equipment, $12,100. There were no liabilities received. 1 Paid three months' rent on a lease rental contract, $8,100. 2 Paid the premiums on property and casualty insurance policies, $6,100. 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800. 5 Purchased additional office equipment on account from Office Necessities Co., $6,900. 6 Received cash from clients on account, $17,300. 10 Paid cash for a newspaper advertisement, $680. 12 Paid Office Necessities Co. for part of the debt incurred on July 5, $4,100. 12 Provided services on account for the period July 1-12, $19,200. 14 Paid receptionist for two weeks' salary, $2,000. Record the following transactions on Page 2 of the journal: Jul. 17 18 Received cash from cash clients for fees earned during the period July 1-17, $14,100. Paid cash for supplies, $1,400. 20 Provided services on account for the period July 13-20, $12,200. 24 Received cash from cash clients for fees earned for the period July 17-24, $11,500. 2 2 2 5 26 Received cash from clients on account, $16,300. 27 Paid receptionist for two weeks' salary, $2,000. 29 Paid telephone bill for July, $440. 31 Paid electricity bill for July, $910. 31 Received cash from cash clients for fees earned for the period July 25-31, $9,600. 31 Provided services on account for the remainder of July, $7,400. 31 Samantha withdrew $27,100 for personal use. Required: 1. Journalize 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 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 Cengage NOW on this problem. B. Add the appropriate posting reference to the journal in CengageNOW. 3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. 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 $510. . Supplies on hand on July 31 are $3,900. Depreciation of office equipment for July is $540. Accrued receptionist salary on July 31 is $190. Rent expired during July is $2,700. . Unearned fees on July 31 are $4,100. 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 sheet 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 Cengage NOW. 2. PR.04.05A.BLANKSHEET.PART.2 eBook Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Chart of Accounts CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation-Office Equipment REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing 2. PR.04.05A.BLANKSHEET.PART.2 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Journal 1. Journalize each transaction in a two-column journal starting on Page 1, referring to 2. B. 6. A. 6. B. 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.) Add the appropriate posting reference to the journal in CengageNOW. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Note: Scroll down to access page 2 through 3 of the journal. DATE DESCRIPTION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 JOURNAL PAG ACCOUNTING FOLIATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQU Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Journal 23 DATE DESCRIPTION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 DATE 1 2 3 4 5 6 7 8 9 10 11 12 13 DESCRIPTION Adjusting Entries PAG JOURNAL ACCOUNTING FOLIATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQ JOURNAL PAG ACCOUNTING FOLIATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQ Ledger EOP Work Sheet Select the desired ledger account for those listed below. Make your entries in the appropriate cells. No entry is required in the ITEM column. Remember, this spreadsheet will not be part of your CengageNow grade. Account: Cash DATE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 GENERAL LEDGER Account No. 11 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account: Accounts Receivable DATE 1 2 3 4 5 6 Account: Supplies DATE 1 2 3 Account: Prepaid Rent DATE 1 2 Account: Prepaid Insurance DATE 1 2 Account: DATE 1 2 Office Equipment Account No. 12 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 14 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 15 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 16 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 18 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT Account: Accumulated Depreciation DATE 1 Account: Accounts Payable DATE 1 2 Account: Salaries Payable DATE 1 Account: Unearned Fees DATE 1 2 CREDIT Account No. 19 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Account No. 21 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 22 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Account No. 23 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account: Samantha Hogan, Capital DATE 1 2 3 Account No. 31 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Account: Samantha Hogan, Drawing DATE 1 2 Account: Fees Earned DATE 1 2 3 4 5 6 7 Account No. 32 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT CREDIT DEBIT Account No. 41 BALANCE CREDIT 1 2 Account: Prepaid Insurance DATE Account: Office Equipment DATE 1 2 ITEM POST. REF. DEBIT CREDIT DEBIT Account No. 16 BALANCE CREDIT Account No. 18 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account: Accumulated Depreciation DATE 1 Account: Accounts Payable DATE 1 2 Account: Salaries Payable DATE 1 Account: Unearned Fees DATE 1 2 Account No. 19 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 21 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Account No. 22 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 23 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account: Samantha Hogan, Capital DATE 1 2 3 Account No. 31 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Account: Samantha Hogan, Drawing DATE 1 Account: Fees Earned. DATE 1 2 3 4 5 6 7 8 Account: Salary Expense DATE 1 2 3 4 Account: Rent Expense DATE 1 2 Account: Supplies Expense DATE 1 2 Account No. 32 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 41 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Account No. 51 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Account No. 52 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Account No. 53 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT Account: Depreciation Expense DATE 1 2 2 Account: Insurance Expense DATE Account: DATE 1 2 3 CREDIT Account No. 54 BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Account No. 55 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Miscellaneous Expense Account No. 59 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Ledger Download the attached SPREADSHEET 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. 2. A. Post the July transactions from the journal to a ledger of four-column accounts. 6. B. Post the adjusting entries to the ledger of four-column accounts, inserting balances is the accounts affected. Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Unadjusted Trial Balance 3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment Arborvite Consulting UNADJUSTED TRIAL BALANCE July 31, 2019 ACCOUNT TITLE 7 Accumulated Depreciation-Office Equipment 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Samantha Hogan, Capital 12 Samantha Hogan, Drawing 13 Fees Earned 14 Salary Expense 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 20 Totals AMIZ CHEET DADTA DEBIT CREDIT 2. PR.04.05A.BLANKSHEET.PART.2 eBook Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Instructions For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 20Y9, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended July 31, 20Y9. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended July 31, 20Y9.* 9. *Be sure to read the instructions for each financial statement carefully. A. Journalize the closing entries on page 4 of the journal. Closing entries are recorded on July 31. B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the closing entries in the journal in CengageNOW. 10. Prepare a post-closing trial balance. 2. PR.04.05A.BLANKSHEET.PART.2 eBook Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Chart of Accounts CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation-Office Equipment LIABILITIES 21 Accounts Payable REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing Journal Ledger