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other data: 1) Accrued but unrecorded and uncollected consulting fees earned at December 31 total: $37500 2)The company determined that $22500 of previously unearned consulting

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other data:
1) Accrued but unrecorded and uncollected consulting fees earned at December 31 total: $37500
2)The company determined that $22500 of previously unearned consulting fees had been earned at December 31
3) Office supplies on hand at December 31 total $450
4) The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years
5) The company prepaid its nine month rent agreement on June1, 2011
6) The company prepaid its six month insurance policy on December 1, 2011
7) Accrued but unpaid salaries total $18000 at December 31 2011
8) On September 1, 2011, the company borrowed $90000 by signing an eight-month, 4 percent not payable. The entire amount, plus interest, is due on March 1, 2012
questions)
a) prepare the necessary adjusting journal entries on december 31, 2011. Also prepare an adjusted trial balance dated December 31, 2011 (20 points)
b) From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year ended December 31, 2011. Also prepare the company's balance sheet dated December 31,2011 (20 points)
c) Prepare the necessary year - end closing entries (15 points)
d) Prepare an after closing trial balance (15points)
e) Compute the company's average monthly insurance expense for January through November 2011 (10 points)
f) Compute the company's average monthly rent expense for January through May 2011 (10points)
g) If the company purchased all of its office equipment when it first incorporated, for how long has it been in business as of December 31, 2011 (10 points)
Fine Job in provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on December 31. The firm's unadjusted trial balance dated December 31, 2011 is shown below. 3. Other data: 1. Accrued but unrecorded and uncollected consulting fees earned at December 31 total : 537500 2 The company determined that $22500 of previously ungarned consulting foes had been garned at December 31 Office supplies on hand at December 31 total $450 4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of The company prepaid its nine-month rent agreement on June 1, 2011 The company prepaid its six-month insurance policy on December 1, 2011 Accrued but unpaid salaries total $18000 at December 31, 2011 8. On September 1, 2011, the company borrowed $90000 by signing an eight-month, 4 percent note payable. The entir 5. 6. 7 Dehit Credit 5414.750 $135.00 SI 200 55.400 52250 SIOR DO Fine Job Inc. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2011 Account Cash Accounts receivable Office supplies Prepaid rent Unexpired insurance Ollice equipment Accumulated depreciation office equiperint Accounts payable Notes payable due 3/1/12) Interest payable Income fare payable Dividends payable Uneared consulting fees Capital stock Retained earnings Dividends Consulting fees canned Rent expenses Insurance expense Office supplies expense Depreciation expertise office equipment Salaries expense Utilities experte Interest expete Income taxes expense Totals $16.000 S6.000 $90.000 5900 $13.500 $4.500 $33.000 S300.000 560.000 S4 500 $750,000 $22050 $3.300 S6.750 S16 500 5.295 DOO $7200 $4.500 $67.500 $1.291.6 $1.295.000 a. b. C d. 0. 1. 9. Propare the necessary adjusting journal ontries on December 31, 2011. Also prepare an adjusted trial balance dato From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earning Prepare the necessary year-end closing entries (15 points) Prepare an after-closing trial balance (15 points). Comp Com If the Adjusting entries Solarning 10000 B minor of 21250 New 1675 Du -7900 Retaldearing af de of year 000 175 4500 219975 -700 00 50 Date 11. Ace Re 31-i Cesare 11.- Lady Odi 31.d. Clin fever 2 beds S. 11-dic. Office supplies 750 t 11. De 1500 31-de Adria 1500 amodiest is due on March 1, 2012 ISO Net 31. Pri IN 11- ep 11-dicted to 375 11 Srpen di San 31. I 31.de Adjusted or balance Cach 414950 Acom 1725 Office Supplies 450 Prepair Unexpired 1895 : Aarital aspersisters : utire couram T500 Acable Nel 11/12) aarai poale 1.200 Incontres payabis 13:00 tiden 2500 waar 1050 Salaries able 1000 Capital sock SO Newca Dhe Consell TORO Rene wee 3675 Opple 7500 ExiatioHz [Amit : wotice TO Slip 7200 Ini apara uma 1.00 Totale 114120019512 December 31, 2011 20 points for the year ended December 31, 2011. Also prepare the company balance sheet dated December 31, 2011 (20 points) Rete Rue De 13 11250 3250 Nm SD 378 Ne 900 33 u ! Cure Wing Elet Balance sheet at 31 Dec Closing entries Cash Accounts receivable Office supplies Prepaid rent Unexpired insurance Ollice equipment Accumulated depreciation : office equipment 414750 Accounts payable 172500 Notes payable (due 3/1/12) 450 Interest payable 3600 Income taxes payable 1875 Dividends payable 108000 Unearned consulting fees -37500 Salaries payable Lotal liabilities 6IXIO Date Account Debit Credit 900X10 31-dc. Consulting fees carned 81000 1200 31-cle. Income summary 810000 13500 31-cle. Income summary 645525 4500 31 dec. Rent expense 23850 10500 31-les. Insurance expense 3675 180XIO 31 dec. Office supplies expense 7500 143700 31-dece. Depreciation expense: office equipment 18000 31-cle. Salaries expense 513000 3000XIO 31-dc. Utilities expense 720/0) 219975 31 dc. Interest expense 480XI 519975 31-cle. Income taxes expense 67500 31-cle. Income summary 164475 663675 31-dec. Retained earnings 164475 31-e. Retained earnings 450X 31-clc. Dividends 451 Capital stock Retained earnings total equity Total assets 663675 Total liab. & equity 0 Retained earnings BIODI 450X 164475 219975 Closing entries After-closing trial balance unts payable es payable (due 3/1/12) est payable me taxes payable dends payable aimed consulting fees ties payable liabilities 60XIO Date 90XIO 12000 13500 4500 10500 18010 1437010 tal stock ined earnings equity 3000XIO 219975 519975 Account Debit Credit Accounts Debit Credit 31-de. Consulting fees earned 81000I Cash 414750 31 dc. Income summary 810000 Accounts receivable 172500) 31-e. Income summary 645525 Office supplies 450 31.dec. Rent expense 23850 Prepand rent 361 31-de. Insurance expense 3675 Unexpired insurance 1875 31-dec. Office supplies expense 7500Office equipment 1080DXI 31-d. Depreciation expense: office equipment 18000 Accumulated depreciation office equipment 37500 31-dec. Salaries expense SI3000 Accounts payable 60XIO 31-de. Utilities expense 7200 Notes payable (due 3/1/12) 90XIO 31-de. Interest expense 480X Interest payable 1200 31-e. Income taxes expense 6750I Income taxes payable 13500 31-e. Income summary 164475 Dividends payable 4500 31-dc. Retained camnings 164475 Uneated consulting fees 10500 31-c. Retained earnings 450X Salaries payable 180O 31-dc. Dividends 450X) Capital stack 300000 Retained camins 219975 Retained earnings 701175 701175 6000 450) 164475 219975 0 1 liab. & equity 663675 0 Fine Job in provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on December 31. The firm's unadjusted trial balance dated December 31, 2011 is shown below. 3. Other data: 1. Accrued but unrecorded and uncollected consulting fees earned at December 31 total : 537500 2 The company determined that $22500 of previously ungarned consulting foes had been garned at December 31 Office supplies on hand at December 31 total $450 4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of The company prepaid its nine-month rent agreement on June 1, 2011 The company prepaid its six-month insurance policy on December 1, 2011 Accrued but unpaid salaries total $18000 at December 31, 2011 8. On September 1, 2011, the company borrowed $90000 by signing an eight-month, 4 percent note payable. The entir 5. 6. 7 Dehit Credit 5414.750 $135.00 SI 200 55.400 52250 SIOR DO Fine Job Inc. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2011 Account Cash Accounts receivable Office supplies Prepaid rent Unexpired insurance Ollice equipment Accumulated depreciation office equiperint Accounts payable Notes payable due 3/1/12) Interest payable Income fare payable Dividends payable Uneared consulting fees Capital stock Retained earnings Dividends Consulting fees canned Rent expenses Insurance expense Office supplies expense Depreciation expertise office equipment Salaries expense Utilities experte Interest expete Income taxes expense Totals $16.000 S6.000 $90.000 5900 $13.500 $4.500 $33.000 S300.000 560.000 S4 500 $750,000 $22050 $3.300 S6.750 S16 500 5.295 DOO $7200 $4.500 $67.500 $1.291.6 $1.295.000 a. b. C d. 0. 1. 9. Propare the necessary adjusting journal ontries on December 31, 2011. Also prepare an adjusted trial balance dato From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earning Prepare the necessary year-end closing entries (15 points) Prepare an after-closing trial balance (15 points). Comp Com If the Adjusting entries Solarning 10000 B minor of 21250 New 1675 Du -7900 Retaldearing af de of year 000 175 4500 219975 -700 00 50 Date 11. Ace Re 31-i Cesare 11.- Lady Odi 31.d. Clin fever 2 beds S. 11-dic. Office supplies 750 t 11. De 1500 31-de Adria 1500 amodiest is due on March 1, 2012 ISO Net 31. Pri IN 11- ep 11-dicted to 375 11 Srpen di San 31. I 31.de Adjusted or balance Cach 414950 Acom 1725 Office Supplies 450 Prepair Unexpired 1895 : Aarital aspersisters : utire couram T500 Acable Nel 11/12) aarai poale 1.200 Incontres payabis 13:00 tiden 2500 waar 1050 Salaries able 1000 Capital sock SO Newca Dhe Consell TORO Rene wee 3675 Opple 7500 ExiatioHz [Amit : wotice TO Slip 7200 Ini apara uma 1.00 Totale 114120019512 December 31, 2011 20 points for the year ended December 31, 2011. Also prepare the company balance sheet dated December 31, 2011 (20 points) Rete Rue De 13 11250 3250 Nm SD 378 Ne 900 33 u ! Cure Wing Elet Balance sheet at 31 Dec Closing entries Cash Accounts receivable Office supplies Prepaid rent Unexpired insurance Ollice equipment Accumulated depreciation : office equipment 414750 Accounts payable 172500 Notes payable (due 3/1/12) 450 Interest payable 3600 Income taxes payable 1875 Dividends payable 108000 Unearned consulting fees -37500 Salaries payable Lotal liabilities 6IXIO Date Account Debit Credit 900X10 31-dc. Consulting fees carned 81000 1200 31-cle. Income summary 810000 13500 31-cle. Income summary 645525 4500 31 dec. Rent expense 23850 10500 31-les. Insurance expense 3675 180XIO 31 dec. Office supplies expense 7500 143700 31-dece. Depreciation expense: office equipment 18000 31-cle. Salaries expense 513000 3000XIO 31-dc. Utilities expense 720/0) 219975 31 dc. Interest expense 480XI 519975 31-cle. Income taxes expense 67500 31-cle. Income summary 164475 663675 31-dec. Retained earnings 164475 31-e. Retained earnings 450X 31-clc. Dividends 451 Capital stock Retained earnings total equity Total assets 663675 Total liab. & equity 0 Retained earnings BIODI 450X 164475 219975 Closing entries After-closing trial balance unts payable es payable (due 3/1/12) est payable me taxes payable dends payable aimed consulting fees ties payable liabilities 60XIO Date 90XIO 12000 13500 4500 10500 18010 1437010 tal stock ined earnings equity 3000XIO 219975 519975 Account Debit Credit Accounts Debit Credit 31-de. Consulting fees earned 81000I Cash 414750 31 dc. Income summary 810000 Accounts receivable 172500) 31-e. Income summary 645525 Office supplies 450 31.dec. Rent expense 23850 Prepand rent 361 31-de. Insurance expense 3675 Unexpired insurance 1875 31-dec. Office supplies expense 7500Office equipment 1080DXI 31-d. Depreciation expense: office equipment 18000 Accumulated depreciation office equipment 37500 31-dec. Salaries expense SI3000 Accounts payable 60XIO 31-de. Utilities expense 7200 Notes payable (due 3/1/12) 90XIO 31-de. Interest expense 480X Interest payable 1200 31-e. Income taxes expense 6750I Income taxes payable 13500 31-e. Income summary 164475 Dividends payable 4500 31-dc. Retained camnings 164475 Uneated consulting fees 10500 31-c. Retained earnings 450X Salaries payable 180O 31-dc. Dividends 450X) Capital stack 300000 Retained camins 219975 Retained earnings 701175 701175 6000 450) 164475 219975 0 1 liab. & equity 663675 0

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