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the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1,2019, Samantha decided to love to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered to the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial talance. 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' compiete 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 equily, and a balance sheet for the month ended July 31,20Y9." "Be sure to read the instructions for each financial statement carefully. 9. 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. m/ takeAssignment/takeAssignmentMain.do?invoker=8takeAssignmentSessionLocator= \& kinprogress = false Chart of Accounts Print Item CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Recelvable 14 Supplies 15 Prepaid Rent EXPENSES 16. Prepaid insurance 51 Salary Expense 18 Office Equlpment 52. Rent Expense 19 Accumulated Depreciation-Ottice Equipment 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing Current liabilities Expenses For the Month Ended July 31, 20Y9 July 31,2 or9 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Investments during the month Net income Net loss Samantha Hogan, capital, July 1, 20Y9 Samantha Hogan, capltal, July 31, 20Y9 Total assets Total current assets Total expenses Total liabilities Total liabisities and owner's equity Total property, plant, and equipment Withdrawals 9. A. Joumalize the closing entries on page 4 of the joumal. Closing entries are recorded on July 31. 9. B. Add the appropriate posting reference to the closing entries in the joumal in Cengagenow. Refer to the chart of accounts for the exact wording of the account ittes. CNOW joumals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will autometically indent a credit entry when a credit amount is entered. keAssignment/takeAssignment Main dozinvoker=2takeAssignmentSessionLocator=\&kinprogress=false Print Item eBook Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Your input into the spreadsheet will not be included in your grade in CengagenOW on this problem. 9. B. Post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Income Statement 8. If you completed the end-of-period work sheet in Part 1, use the adjusted tral balance figures to prepare an income statement 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 staternent tor his the month ended July 31, 20Y9. Be sure to complete the statement heading. Refer to the 'Chart of Accounts and the list of Labeis and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (i) on the income statement. Print tiem Arborvite Consulting Income Statement (Label) 8. If you completed the end-of-period work sheet in Part 1 , use the adjusted trial balance figures to propare a statement of owner's equiry for the month ended July 31, 20Y9. If you didn' complete the end-of-perlod work sheet in Part t, use the ledger (the Excel spreadsheet) to prepare a statement of owner's equity for the month ended July 31, 20Y9. Be sure to complete the statement heading. Refer to the llst of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. if the account balance is zero (0), enter a zero (0). 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a batance sheet as of Juy 31,20 , if you didnt complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a balance sheet as of July 31, 20y9. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons () or the word "Less" on the balance sheet; they will automatically insert where necessary Enter all values as positive amounts. When entering assets, enter them in order of liquidity. eBook Print liem 6. 7 8. 9) (Labei) 10 it 12 13 Liabilities is (Label) Owner's Equity 10. Prepare a post-ciosing thal balance. Arborvite Consulting POST-CLOSING TRIAL BALANCE July 31,20 Y9 the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1,2019, Samantha decided to love to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered to the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial talance. 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' compiete 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 equily, and a balance sheet for the month ended July 31,20Y9." "Be sure to read the instructions for each financial statement carefully. 9. 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. m/ takeAssignment/takeAssignmentMain.do?invoker=8takeAssignmentSessionLocator= \& kinprogress = false Chart of Accounts Print Item CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Recelvable 14 Supplies 15 Prepaid Rent EXPENSES 16. Prepaid insurance 51 Salary Expense 18 Office Equlpment 52. Rent Expense 19 Accumulated Depreciation-Ottice Equipment 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing Current liabilities Expenses For the Month Ended July 31, 20Y9 July 31,2 or9 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Investments during the month Net income Net loss Samantha Hogan, capital, July 1, 20Y9 Samantha Hogan, capltal, July 31, 20Y9 Total assets Total current assets Total expenses Total liabilities Total liabisities and owner's equity Total property, plant, and equipment Withdrawals 9. A. Joumalize the closing entries on page 4 of the joumal. Closing entries are recorded on July 31. 9. B. Add the appropriate posting reference to the closing entries in the joumal in Cengagenow. Refer to the chart of accounts for the exact wording of the account ittes. CNOW joumals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will autometically indent a credit entry when a credit amount is entered. keAssignment/takeAssignment Main dozinvoker=2takeAssignmentSessionLocator=\&kinprogress=false Print Item eBook Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Your input into the spreadsheet will not be included in your grade in CengagenOW on this problem. 9. B. Post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Income Statement 8. If you completed the end-of-period work sheet in Part 1, use the adjusted tral balance figures to prepare an income statement 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 staternent tor his the month ended July 31, 20Y9. Be sure to complete the statement heading. Refer to the 'Chart of Accounts and the list of Labeis and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (i) on the income statement. Print tiem Arborvite Consulting Income Statement (Label) 8. If you completed the end-of-period work sheet in Part 1 , use the adjusted trial balance figures to propare a statement of owner's equiry for the month ended July 31, 20Y9. If you didn' complete the end-of-perlod work sheet in Part t, use the ledger (the Excel spreadsheet) to prepare a statement of owner's equity for the month ended July 31, 20Y9. Be sure to complete the statement heading. Refer to the llst of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. if the account balance is zero (0), enter a zero (0). 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a batance sheet as of Juy 31,20 , if you didnt complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a balance sheet as of July 31, 20y9. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons () or the word "Less" on the balance sheet; they will automatically insert where necessary Enter all values as positive amounts. When entering assets, enter them in order of liquidity. eBook Print liem 6. 7 8. 9) (Labei) 10 it 12 13 Liabilities is (Label) Owner's Equity 10. Prepare a post-ciosing thal balance. Arborvite Consulting POST-CLOSING TRIAL BALANCE July 31,20 Y9