just organize the information? i beleive that is all

Service Business Accounting Cycle El's Consulting Services This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Els Consulting Services for the month of January 2020. INTRODUCTION Assume that you are the chief accountant for El'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. The chart of accounts for Ell'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 El's Consulting Services Chart of Accounts Assets 101 Cash Revenue 401 Fees Income 111 Accounts Receivable 121 Supplies Expenses 511 Salaries Expense Eli's Consulting Services Chart of Accounts Assets 101 Cash 111 Accounts Receivable 121 Supplies 134 Prepaid Insurance 137 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equipment Liabilities 202 Accounts Payable Owner's Equity 301 Trayton El Capital 302 Traston El Drawing 309 Income Summary Revenue 401 Fees Income Expenses 511 Salaries Expense 514 Utilities Expense 517 Supplies Expense 520 Rent Expense 523 Depreciation Expense-Equipment 526 Advertising Expense 529 Maintenance Expense 532 Telephone Expense 535 Insurance Expense INSTRUCTIONS 1. Open the general ledger accounts and enter the balances for January 1, 20x2. Obtain the necessary figures from the postclosing trial balance prepared on December 31, 20XT, which appears in Figure 6.3. 2. Analyze cach 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. 2. Compute and record the adjustment for sapplies used during the month. An inventory taken on January 31 showed supplies or $9,400 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 1. Bleeced the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new quipment will be recorded in February 6. Complete the wockshot 7. Prepare an income statement for the month Prepare a statement of owner's equity 9. Prepare a balance sheet ning the report form Page 196 10. Some and post the adjusting entries 11. Journal 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 Fiore 6.4 1. What changes occurred in total assets. liabilities, and the owner's ending capital? b. What changes occurred in the Cash and events Receivable accounts! c. Has there been an improvement in the firm's financial position? Why or why not? DATE Jan 2 2 7 TRANSACTIONS Purchased applica for $14,000, issued Check 1015 Purchased a one year insurance policy for $16,800, issued Check 1016 Sold services for $30,000) in cash and $20,000 on credit during the first week of January Collected a total of $8.000 on account from credit customers during the first week of January Ismed Check 1017 for $7.200 to pay for special promotional advertising to new businesses on the local radio station durir Collected a total of $9,000 on account from credit customers during the second week of January Returned supplies that were damaged for a cash refund of $1.500 12 13 14 15 Sold services for 541.400 in cash and 54.600 on credit during the second week of January Purchased supplies for 10,000 from White's Inc. received lovilce 2354 payable in 30 days 20 20 Sold Services for 525.000 in cash and $2.000 on credit during the third week of January 20 Collected a total of $11.300 on count credit customers during the third werken 20 20 20 21 22 23 Purchased supplies for 10,000 from White's, Inc., received Invoice 2384 payable in 30 days Sold services for $25,000 in cash and $7.000 on credit during the third week of January Collected a total of 11.200 on account from credit customers during the third week of January Issued Check 1018 for $14,130 to pay for maintenance work on the office equipment, Issued Check 1019 for $7.200 to pay for special promotional advertising to new businesses in the local newspaper, Received the monthly telephone bill for $2,050 and paid it with Check 1020 Collected a total of $3,200 on account from credit customers during the fourth week of January Issued Check 1021 for $6,000 to Ottice Plus as payment on account for Invoice 2223. Sent Check 1022 for $5.350 in payment of the monthly bill for utilities Sold services for $38.000 in cash and 55 500 on credit during the fourth week of January Issued Checks 1023-1027 for $65.600 to pay the monthly salaries of the regular employees and three part time workers Issued Check 1025 for 534,000 for personale 26 27 28 29 31 31 31 11 und Check 1029 for 58 300 to pay for maintenance services for the month Purchased additionalment for 530,000 from Contemporary Equipment Company issued Check 10.30 for $20,000 Sold services for $15.200 in cash and $1.240 on teil on my 31 Eli's Consulting Services Postclosing Trial Balance December 31, 20X1 CREDIT ACCOUNT NAME Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Trayton Eli, Capital Totals DEBIT 1113 5 000 500 000 100 000 4100 000 1110 00 00 1 8 3 00 350 000 12866 700 132 35 000 132 35 000 Eli's Consulting Services Income Statement Month Ended December 31, 20X1 47100 000 Revenue Fees Income Expenses Salaries Expense Utilities Expense Supplies Expense Rent Expense Depreciation Expense-Equipment Total Expenses Net Income for the Month 800 000 65 000 50 000 400 000 1 8300 13 3 3 3100 33 6 6 700 Eli's Consulting Services Statement of Owner's Equity Month Ended December 31, 20X1 100 0 0 0 00 Trayton Ell, Capital, December 1, 20X1 Net Income for December Less Withdrawals for December Increase in Capital Trayton Ell, Capital, December 31, 20X1 33 6 6 7 00 500 000 286 6 7 00 128 6 6 700 Eli's Consulting Services Balance Sheet December 31, 20X1 Assets Cash Accounts Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets 11135 000 500.000 100 000 400 000 1110 00 00 1 8300 10 8 1 7 00 1321 67 00 Liabilities and Owner's Equity Liabilities Accounts Payable Owner's Equity Trayton Ell, Capital Total Liabilities and Owner's Equity 350 000 128 6 6 7 00 1321 67 00