Rich's Accounting Service - Worksheet July, 20xx Trial Balance Adjusted Trial Balance Income Statement Balance Sheet Account Tiles Cash Accounts Receivable Prepaid Rent Office Supplies Office Equipment Accumulated Deprec. - Office Equipment Auromobile Accumulated Deprec. - Auromobile Accounts Payable Salaries Payable Rich, Capital Rich, Drawing Accounting Service Fees Rent Expense Salaries Expense Gasoline Expense Repairs Expense Telephone Expense Advertising Expense Office Supplies Expense Depreciation Expense - Office Equipment Depreciation Expense - Automobile Miscellaneous Totals Totals During July, Rich's Accounting Service completed these transactions: July 1 July 2 July 3 July 5 July 5 July 6 July 9 July 9 July 10 July 12 July 17 July 18 July 19 July 20 July 23 July 24 July 25 July 26 July 31 July 31 July 31 Reverse the June 30th adjusting journal entry for Janice's pay. Purchased additional supplies on account from Office Depot, $825. Paid The Daily Courier bill from June. Check 80010, $1,300. Performed accounting services. Collected cash fee, $3,500. Paid a gasoline bill to Arco. Check #0011 - $94. Made a car payment to Norm's Automotive. Check #0012, $450. Collected payment due from Mindy's Dress Shop, $8,500. Paid $500 to ASCPA, for income tax update. Check #0013 (Miscellaneous Expense). Paid Janice, office secretary, two weeks salary. Check #0014 - $2,000. Paid June 4th bill to Office Depot. Check #0015, $400. Provided tax planning for a new client. Billed $1,200, due in August. Performed accounting services for Dylan Bruno. Collected cash fee, $3,500. Rich withdrew $1,800 from the business to pay personal expenses. Check #0016 - $1,800. Sent check M0017 to Catholic Charities, $40. (Miscellaneous Expense) Paid a gasoline bill to Arco. Check #0018 - $98 Paid Norm's Automotive for automobile repairs. Check #0019 - $700 Paid Janice, office secretary, two weeks salary. Check #0020 - $2,000. Performed accounting services, on account for Ida Sarah Business Consulting. $7,850, due in 30 days. Paid July telephone bill to Verizon. Check #0021 - $535. Received bill from The Daily Courier for July advertising. Bill is in the amount of $1,500 and is due August 4th. Rich withdrew $17,500 from the business. Check #0022 - $17.500. REQUIRED WORK FOR JULY Journalize transactions and post to General Ledger. Prepare a trial balance in the first two columns of a blank worksheet form. Complete the worksheet based on the following adjustment data: a. One month's rent, $1,500, has expired. b. An inventory of office supplies shows there is $80 remaining on hand. c. Depreciation on the office equipment is $200. d. Depreciation on the automobile is $750. e. Janice has worked five days after her last pay check. She is owed $1,000 for July 27th through July 31st. Prepare July financial statements. An Income Statement, Statement of Owner's Equity and Balance Sheet Journalize the adjusting entries and post them to the General Ledger. Journalize the necessary closing entries and post them to the General Ledger. Prepare a post-closing trial balance. Min Practice Set Rich's Accounting Service This comprehensive review problem requires you to complete the accounting Sycle for Rich's Accounting Service twice. This practice set allows you to review Chapters 1.6 while reinforcing the relationships between all parts of the accounting cycle. By completing two cycles, you will see how the ending June balances in the ledger are used to accumulate data in July Rich's Accounting Service Chart of Accounts OWNER'S EQUITY EXPENSES - Continued 311 312 313 Rich, Capital Rich, Drawing income Summary Accounts Receivable Prepaid Rent Office Supplies Office Equipment Accumulated Depreciation - Omcequipment Automobile Accumulated Depreciation Automobile 513 514 515 516 517 518 519 524 Gainexpensie Repairs Expense Telephone Expense Advertising Expense Omce Supplies Expense Depreciation Expense - Office Equipment Depreciation Expense - Automobile Miscellaneous Expense REVENUE 411 Accounting Service Fees LIABILITIES EXPENSES 212 Accounts Payable Salaries Payable 511 512 Rent Cepense Salaries upeve On June 1, 2017, Rich opened an accounting services office called Rich's Accounting Service. The following transactions were completed Tor the month of June June 1 June 1 June 1 June June 5 June 6 June 8 June 12 June 18 June 20 June 21 June 22 June 25 June 26 June 27 June 29 June 29 Rich invested $19.000 cash in the business along with 56.000 of office equipment Rented an office and paid three months rent in advance to Fredericks Property Management. Check 20001 - 54,500 Bought an automobile on account from Norm's Automotive, $27,000 Purchased office supplies from Office Depot on account, $400. Purchased additional office supplies from Office Depot. Paid cash, Check #0002 - 575. Performed accounting services for an Kirby Collected $3.500 cash. Paida gasoline bill to Arce. Check 0003 - 597 Paid Janice, office secretary two weeks salary. Check W0004-52.000. Provided accounting services to Mindy's Dress Shop, S8,500. Payment to be received on July 9th. Rich withdrew $2.500 from the business to pay personal expenses. Check #0005 - $2,500. Performed accounting services for Caden, Inc. Collected $2.500 cash Paid a gasoline bill to Arco. Check 06-596 Paid Norm's Automotive for automobile repairs. Check #00075625 Paid Janice, office secretary, two weeks salary. Check 008. $2,000. Provided accounting services to Sarah Company 57.500. Payment to be received on July 19th. Paid June telephone bil to Verison. Check 80009 - $525. Received bill from The Daily Courier for June advertising, Bill is in the amount of $1,300 and is due July 3rd. REQUIRED WORK FOR JUNE Journalize transactions and post to General Ledger Prepare a trial balance in the first two columns of a blank worksheet form. Complete the worksheet based on the following adjustment data a. One month's rent, $1,500, has expired. b. An Inventory of office supplies shows there is $75 remaining on hand. c. Depreciation on the office equipment is $200. d. Depreciation on the automobile is $750. e Janice has worked Monday, June 29th and Tuesday, June 30th, but is not scheduled to be paid until Friday, July 10th. Her salary is $2.000 every two weeks (5200 per day). Prepare lune financial statements. An Income Statement, Statement of Owner's Equity and Balance Sheet. Journalize the adjusting entries and post them to the General leder Journalize the necessary closing entries and post them to the General ledger Prepare a post-closing trial balance