Instructions Use formulas where necessary. Orient Consulting formally adjusts and closes its accounts only at year...

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Instructions Use formulas where necessary. Orient Consulting formally adjusts and closes its accounts only at year end. As at June 30, 2021, the balances in the ledger accounts prior to making adjusting entries for the year were as follows: S.No. Title of Account Debit Credit 1 Cash 19,140 2 Consulting Fees Receivable 23,400 3 Prepaid Office Rent 3,300 4 Prepaid Dues and Subscriptions 960 5 Supplies 1,300 6 Equipment 40,000 7 Accumulated Depreciation Equipment 7,200 8 Notes Payable 5,000 9 Unearned Consulting Fees 35,650 10 Capital 47,040 11 Drawing 63,000 12 Consulting Fees Earned 90,860 13 Salaries Expense 16,900 14 Telephone Expense 2,550 15 Rent Expense 11,000 16 Miscellaneous Expenses 4,200 185 75093185,750 Additional data for adjustments: For the first 11 months of the year, office rent had been charged to the Rent Expense account at a rate of a b. Dues and subscriptions expired during the year in the total amount of 710. c d. e. An estimate of supplies on hand was made at June 30, 2021; the estimated cost of the unused supplied was 450. The useful life of the equipment has been estimated at 10 years from date of acquisition, which is charged on straight line basis. No depreciation expense has been recorded in the accounting records for the current year. Accrued interest on notes payable amounted to 100 at year end. f. 8. h. Consulting services valued at 32,550 were rendered during the year for clients who had made payment in advance. It is the custom of the firm to bill clients only when consulting work is completed or, in the case of prolonged engagements, at six-month intervals. At June 30, 2021, engineering services valued at 3,000 had been rendered to clients but not yet billed. No advance payments had been received from these clients. Orient Consulting has only one salaried employee. The salary owed to this individual as of June 30, 2021 amounted to 1,200. Marks Required: 1 2 Prepare a ten column worksheet for the year ended June 30, 2021 (Answer 1 Work Sheet) Profit & Loss Account for the year ended June 30, 2021 (Answer-2 P&L) 65 20 15 3 Balance Sheet as at June 30, 2021 (Answer-3 Balance Sheet) Worksheet Format for ready reference is as follows: Tral Balance Adustments Adjusted Trial Balance Prot&loss Balance Sheet Instructions Use formulas where necessary. Orient Consulting formally adjusts and closes its accounts only at year end. As at June 30, 2021, the balances in the ledger accounts prior to making adjusting entries for the year were as follows: S.No. Title of Account Debit Credit 1 Cash 19,140 2 Consulting Fees Receivable 23,400 3 Prepaid Office Rent 3,300 4 Prepaid Dues and Subscriptions 960 5 Supplies 1,300 6 Equipment 40,000 7 Accumulated Depreciation Equipment 7,200 8 Notes Payable 5,000 9 Unearned Consulting Fees 35,650 10 Capital 47,040 11 Drawing 63,000 12 Consulting Fees Earned 90,860 13 Salaries Expense 16,900 14 Telephone Expense 2,550 15 Rent Expense 11,000 16 Miscellaneous Expenses 4,200 185 75093185,750 Additional data for adjustments: For the first 11 months of the year, office rent had been charged to the Rent Expense account at a rate of a b. Dues and subscriptions expired during the year in the total amount of 710. c d. e. An estimate of supplies on hand was made at June 30, 2021; the estimated cost of the unused supplied was 450. The useful life of the equipment has been estimated at 10 years from date of acquisition, which is charged on straight line basis. No depreciation expense has been recorded in the accounting records for the current year. Accrued interest on notes payable amounted to 100 at year end. f. 8. h. Consulting services valued at 32,550 were rendered during the year for clients who had made payment in advance. It is the custom of the firm to bill clients only when consulting work is completed or, in the case of prolonged engagements, at six-month intervals. At June 30, 2021, engineering services valued at 3,000 had been rendered to clients but not yet billed. No advance payments had been received from these clients. Orient Consulting has only one salaried employee. The salary owed to this individual as of June 30, 2021 amounted to 1,200. Marks Required: 1 2 Prepare a ten column worksheet for the year ended June 30, 2021 (Answer 1 Work Sheet) Profit & Loss Account for the year ended June 30, 2021 (Answer-2 P&L) 65 20 15 3 Balance Sheet as at June 30, 2021 (Answer-3 Balance Sheet) Worksheet Format for ready reference is as follows: Tral Balance Adustments Adjusted Trial Balance Prot&loss Balance Sheet