SULLIVAN REALTY Reviewing the Accounting Cycle Twice This comprehensive review problem requires you to complete the accounting cycle I for Sullivan Realty twice. This will allow you to review Chapters 1 to 5 while rein forcing the relationships among 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. (The blank forms you need are on My AccountingLab.) On June 1, John Sullivan opened a real estate office in Hamilton called Sullivan Realty. The following transactions were completed for the month of June. Note that facsimile documents have been provided to illustrate these events: 2019 #1, p. 231 - June 3 John Sullivan invested $20,000 cash in the real estate #2, p. 231 agency, along with $4,000 worth of office equipment 3 Rented office space and paid three months' rent in advance, $3,000, cheque No. 601. Sullivan Realty Chart of Accounts Revenue 411 Commissions Earned Assets 111 Cash 112 Accounts Receivable 114 Prepaid Rent 115 Office Supplies 121 Office Equipment 122 Accumulated Depreciation, Office Equipment 123 Automobile 124 Accumulated Depreciation, Automobile Expenses 511 Rent Expense 512 Salaries Expense 513 Gas Expense 514 Repairs Expense 515 Telephone Expense 516 Advertising Expense 517 Office Supplies Expense 518 Depreciation Expense, Office Equipment 519 Depreciation Expense, Automobile 524 Miscellaneous Expense Liabilities 211 Accounts Payable 212 Accrued Salaries Owner's Equity 311 John Sullivan, Capital 312 John Sullivan, Withdrawals 313 Income Summary CURRENT ACCOUNT DEPOSIT SUP ROYAL BANK PLEASE LIST FOREIGN CHEQUES ON A SEPARATE DEPOSIT SLIP VISA AND CHEQUES DETAILS CASH (INCL COUPONS) VISA VOUCHER TOTAL Sullivan 20,000 00 X5 X 10 X 20 X 50 X 100 June 3, 2019 DATE DEPOSITORS Y ILERS INITIALS INITIALS JS PRZ CREDIT ACCOUNT OF SULLIVAN REALTY COIN CANAOTA CASH TOTAL 20,000 00 20,000 00 CHOS RATE CASH DEPOSIT 20,000 00 COMPARED WITH ORIGINAL DEPOSIT SLIP AS TO TOTAL ONLY 1: 05337 123'498'6 51 SULLIVAN REALTY 485 KING STREET WEST HAMILTON ONTARIO L9H6W3 PHONE 1905) 527-1223 THE ORDER OF 601 June 3 2018 PAY TO_Hamilton One Property Management Co. $3,000 manner. Three thousand 00 THE ROYAL BANK OF CANADA SULLIVAN REALTY FOR Rent - June-August 2012 PER John Sullivan I DODOL 1: 05337 12314986 MAIN BRANCH 204 KING STREET WEST HAMILTON, ONTARIO LOH 429 SULLIVAN REALTY Reviewing the Accounting Cycle Twice This comprehensive review problem requires you to complete the accounting cycle I for Sullivan Realty twice. This will allow you to review Chapters 1 to 5 while rein forcing the relationships among 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. (The blank forms you need are on My AccountingLab.) On June 1, John Sullivan opened a real estate office in Hamilton called Sullivan Realty. The following transactions were completed for the month of June. Note that facsimile documents have been provided to illustrate these events: 2019 #1, p. 231 - June 3 John Sullivan invested $20,000 cash in the real estate #2, p. 231 agency, along with $4,000 worth of office equipment 3 Rented office space and paid three months' rent in advance, $3,000, cheque No. 601. Sullivan Realty Chart of Accounts Revenue 411 Commissions Earned Assets 111 Cash 112 Accounts Receivable 114 Prepaid Rent 115 Office Supplies 121 Office Equipment 122 Accumulated Depreciation, Office Equipment 123 Automobile 124 Accumulated Depreciation, Automobile Expenses 511 Rent Expense 512 Salaries Expense 513 Gas Expense 514 Repairs Expense 515 Telephone Expense 516 Advertising Expense 517 Office Supplies Expense 518 Depreciation Expense, Office Equipment 519 Depreciation Expense, Automobile 524 Miscellaneous Expense Liabilities 211 Accounts Payable 212 Accrued Salaries Owner's Equity 311 John Sullivan, Capital 312 John Sullivan, Withdrawals 313 Income Summary CURRENT ACCOUNT DEPOSIT SUP ROYAL BANK PLEASE LIST FOREIGN CHEQUES ON A SEPARATE DEPOSIT SLIP VISA AND CHEQUES DETAILS CASH (INCL COUPONS) VISA VOUCHER TOTAL Sullivan 20,000 00 X5 X 10 X 20 X 50 X 100 June 3, 2019 DATE DEPOSITORS Y ILERS INITIALS INITIALS JS PRZ CREDIT ACCOUNT OF SULLIVAN REALTY COIN CANAOTA CASH TOTAL 20,000 00 20,000 00 CHOS RATE CASH DEPOSIT 20,000 00 COMPARED WITH ORIGINAL DEPOSIT SLIP AS TO TOTAL ONLY 1: 05337 123'498'6 51 SULLIVAN REALTY 485 KING STREET WEST HAMILTON ONTARIO L9H6W3 PHONE 1905) 527-1223 THE ORDER OF 601 June 3 2018 PAY TO_Hamilton One Property Management Co. $3,000 manner. Three thousand 00 THE ROYAL BANK OF CANADA SULLIVAN REALTY FOR Rent - June-August 2012 PER John Sullivan I DODOL 1: 05337 12314986 MAIN BRANCH 204 KING STREET WEST HAMILTON, ONTARIO LOH 429