Prepare Income Statement.

Meagan Price Consulting and Training Post Closing Trial Balance November 30, 2018 Cash Accounts Receivable Office Supplies Consulting Supplies Training Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation, Office Equipment Training Equipment Accumulated Depreciation, Training Equipment Training Furniture Accumulated Depreciation, Training Furniture Car Accumulated Depreciation, Car Accounts Pavable Unearned Training Fees Meagan Price, Capital Totals $220,000 33,000 2,075 3,000 15,000 1,000 9,000 10,000 $3,000 30,000 6,000 40,000 5,000 35,000 3,000 61,000 22,000 298,075 $398,075 398,075 Meagan Price Consulting and Training Chart of Accounts ASSETS Cash Accounts Receivable Office Supplies Consulting Supplies Training Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation, Office Equipment Training Equipment Accumulated Depreciation, Training Equipment Training Furniture Accumulated Depreciation, Training Furniture Car Accumulated Depreciation, Car 100 105 110 115 120 125 130 135 140 145 150 155 160 165 170 LIABILITIES Accounts Payable Unearned Training Fees Wages Payable 200 205 210 OWNER'S EQUITY Meagan Price, Capital Meagan Price, Drawing 300 305 REVENUES Training Revenue Consulting Revenue 400 405 EXPENSES Office Supplies Expense Consulting Supplies Expense Training Supplies Expense Insurance Expense Rent Expense Utilities Expense Wages Expense Depreciation Expense, Office Equipment Depreciation Expense, Training Equipment Depreciation Expense, Training Furniture Depreciation Expense, Car Miscellaneous Expense 500 505 510 515 520 525 530 540 545 550 560 Meagan Price Consulting and Training Transactions Dec. 3 Received cash from clients previously billed, $4,000 Signed contract for Training to begin on January 15th and received deposit in the amount of $5,000 4Hired a secretary at $15.00 per hour. She will begin work on December 10th. 5Completed consulting contract and billed client $30,000 6 Purchased office supplies for $250 7 Paid consultant wages, $2,000 7 Ordered gifts for clients for $2,000 cash 10 Paid utility bill, $350. 11 Paid UPS to pick up signed contract and deliver it to clients office, $30.00. 12Purchased training supplies, $3,000. Paid $1,000 cash and put balance on 17 18 19 20 21 26 26 26 account. Received $30,000 from transaction on the 5th. Withdrew $1,000 for personal use Deposited $20,000 in cash from clients previously billed Completed training program for client and received $15,000 Paid secretary for 40 hours work. Paid $7,000 for training supplies previously put on account Gave donation to City Mission, $1,500 Purchased consulting supplies for $5,000. Paid 50% cash and put 50% on account Completed consulting contract. Received $12,000 cash billed client for remaining balance of $5,000 Purchased miscellaneous items for office holiday party, $450.00 27 28 ADJUSTING ENTRIES a.Remaining office supplies are valued at $400 b. Remaining Consulting Supplies are valued at $1,000 c. Remaining Training Supplies are valued at $3,000 d. Prepaid Insurance is $1,000 e.$3,000 in Prepaid Rent has been used up f.Depreciation for Office Equipment is $3,000 Depreciation for Training Equipment is $2,000 Depreciation for Training Furniture is $2,500 Depreciation for Car is $3,000 $20,000 of Unearned Training Fees has been completed h. k.Wages in the amount of $6,000 is owed but unpaid as of December 31st. Meagan Price Consulting and Training Post Closing Trial Balance November 30, 2018 Cash Accounts Receivable Office Supplies Consulting Supplies Training Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation, Office Equipment Training Equipment Accumulated Depreciation, Training Equipment Training Furniture Accumulated Depreciation, Training Furniture Car Accumulated Depreciation, Car Accounts Pavable Unearned Training Fees Meagan Price, Capital Totals $220,000 33,000 2,075 3,000 15,000 1,000 9,000 10,000 $3,000 30,000 6,000 40,000 5,000 35,000 3,000 61,000 22,000 298,075 $398,075 398,075 Meagan Price Consulting and Training Chart of Accounts ASSETS Cash Accounts Receivable Office Supplies Consulting Supplies Training Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation, Office Equipment Training Equipment Accumulated Depreciation, Training Equipment Training Furniture Accumulated Depreciation, Training Furniture Car Accumulated Depreciation, Car 100 105 110 115 120 125 130 135 140 145 150 155 160 165 170 LIABILITIES Accounts Payable Unearned Training Fees Wages Payable 200 205 210 OWNER'S EQUITY Meagan Price, Capital Meagan Price, Drawing 300 305 REVENUES Training Revenue Consulting Revenue 400 405 EXPENSES Office Supplies Expense Consulting Supplies Expense Training Supplies Expense Insurance Expense Rent Expense Utilities Expense Wages Expense Depreciation Expense, Office Equipment Depreciation Expense, Training Equipment Depreciation Expense, Training Furniture Depreciation Expense, Car Miscellaneous Expense 500 505 510 515 520 525 530 540 545 550 560 Meagan Price Consulting and Training Transactions Dec. 3 Received cash from clients previously billed, $4,000 Signed contract for Training to begin on January 15th and received deposit in the amount of $5,000 4Hired a secretary at $15.00 per hour. She will begin work on December 10th. 5Completed consulting contract and billed client $30,000 6 Purchased office supplies for $250 7 Paid consultant wages, $2,000 7 Ordered gifts for clients for $2,000 cash 10 Paid utility bill, $350. 11 Paid UPS to pick up signed contract and deliver it to clients office, $30.00. 12Purchased training supplies, $3,000. Paid $1,000 cash and put balance on 17 18 19 20 21 26 26 26 account. Received $30,000 from transaction on the 5th. Withdrew $1,000 for personal use Deposited $20,000 in cash from clients previously billed Completed training program for client and received $15,000 Paid secretary for 40 hours work. Paid $7,000 for training supplies previously put on account Gave donation to City Mission, $1,500 Purchased consulting supplies for $5,000. Paid 50% cash and put 50% on account Completed consulting contract. Received $12,000 cash billed client for remaining balance of $5,000 Purchased miscellaneous items for office holiday party, $450.00 27 28 ADJUSTING ENTRIES a.Remaining office supplies are valued at $400 b. Remaining Consulting Supplies are valued at $1,000 c. Remaining Training Supplies are valued at $3,000 d. Prepaid Insurance is $1,000 e.$3,000 in Prepaid Rent has been used up f.Depreciation for Office Equipment is $3,000 Depreciation for Training Equipment is $2,000 Depreciation for Training Furniture is $2,500 Depreciation for Car is $3,000 $20,000 of Unearned Training Fees has been completed h. k.Wages in the amount of $6,000 is owed but unpaid as of December 31st