Question
The May 31, 20XX, post-closing trial balance is $20,700 During June, the firm engaged in the following transactions: 1 Received an investment of cash from
The May 31, 20XX, post-closing trial balance is $20,700
During June, the firm engaged in the following transactions:
1 Received an investment of cash from J. Long, $8,000.
3 Purchased office equipment with cash, $2,000.
4 Received office equipment transferred to the firm from J. Long, $1,800
7 Purchased extra office supplies with cash, $190
9 Completed bookkeeping services for Elliott Electric Company that amounted to $1,400
10 Paid the receptionist in cash for two weeks wages, $1,600
13 Paid the amount due to Office Depot for the office equipment purchased last month, $750
14 Accepted an advance in cash for services to be done for a new client, $2,200
15 Purchased a copier (office equipment) from Office Depot for $2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over the next six months.
16 Performed consulting services and received a cash fee, $1,650.
17 Received payment on account from Sallys Salon for services performed last month, $3,200.
18 Paid amount due for the telephone bill that was received and recorded at the end of May, $260.
19 Performed consulting services for Sallys Salon and agreed to accept payment next month, $4,600.
20 Performed bookkeeping services for cash, $780.
23 Received and paid the utility bill for June, $340.
24 Paid the secretary for two weeks wages, $1,600.
27 Paid the rent for July in advance, $2,000.
28 Received the telephone bill for June, which is to be paid next month, $220.
30 Paid cash to J. Long as a withdrawal for personal expenses, $1,750.
How would I fill this out?
| L&L Accounting Frim | |||||||||
| Income Statement | |||||||||
| For the Month Ended June 30, 20xx | |||||||||
| Revenues | |||||||||
| Consulting fees earned | $ | ||||||||
| Bookkeeping fees earned | |||||||||
| Total revenues | $ | ||||||||
| Expenses | |||||||||
| Wages expense | $ | ||||||||
| Utilities expense | |||||||||
| Telephone expense | |||||||||
| Rent expense | |||||||||
| Insurance expense | |||||||||
| Office supplies expense | |||||||||
| Depreciation expense, office equipment | |||||||||
| Depreciation expense, office furniture | |||||||||
| Total expenses | |||||||||
| Net income | $ | ||||||||
| L&L Accounting Firm | |||||||||
| Statement of Owner's Equity | |||||||||
| For the Month Ended June 30, 20xx | |||||||||
| J.Long, Capital, May 31, 20xx | $ | ||||||||
| Add: | Investments by J.Long | $ | |||||||
| Net income | |||||||||
| Subtotal | $ | ||||||||
| Less withdrawals | |||||||||
| J.Long, Capital, June 30, 20xx | $ | ||||||||
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Bed And Breakfast IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304131793, 978-1304131799
