Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Step 1 : Journalize the following transactions. Enter the following on page 1 of the general journal. July 1 Jolene Upton contributed the following assets
Step : Journalize the following transactions.
Enter the following on page of the general journal.
July Jolene Upton contributed the following assets to her new business: cash of
$ accounts receivable of $ supplies of $ and office equipment of
$
Paid $ on annual premiums for insurance.
Paid two months' rent on a lease rental contract, $ Received $ from clients for services to be provided in the future.
Purchased office equipment on account, $
Paid cash for advertising materials, $
Received cash from clients on account, $
Paid $ on the office equipment purchased on July th
Provided services on account, $
Paid receptionist for two weeks' salary, $
Enter the following on page of the general journal.
Received cash from customers on account, $
Paid cash for supplies, $
Provided services on account for the period July $
Received cash from cash clients for services rendered, $
Received cash from clients on account, $
Paid receptionist for two weeks' salary, $
Paid telephone bill for July, $
Paid electricity bill for July, $
Received cash from cash clients for fees earned for the period July $
Provided services on account for the remainder of July, $
Jolene withdrew $ for personal use.
Step : Post the journal entries in step to the general ledger.
Step : Prepare an unadjusted trial balance for MC Tutoring Plus as of July X
Step : Journalize the following adjusting entries.
a Insurance expired during July is $
b Supplies on hand on July are $
c Depreciation of office equipment for July is $
d Accrued receptionist salary on July is $
e Rent expired during July is $
f Unearned revenue on July is $
Step : Post the adjusting entries in step to the general ledger.
Step : Prepare an adjusted trial balance for Gourmet Consulting as of July X
Step : Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet for Gourmet Consulting as of July X
Step : Journalize the closing entries for the month.
Step : Post the closing entries in step to the fourcolumn general ledger.
Step : Prepare a postclosing trial balance for Gourmet Consulting as of July X
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started