Page of 7 0 - zoo About 3% interest rate PROJECT INFORMATION You have been hired as an accountant for AugFig Consulting, Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on January 1, 2019. The company will have a fiscal year end of December 31. The initial formation transactions and early purchases for AugFig Consulting, Inc. resulted in the balances that are included in the first 2 columns of the Worksheet (see the worksheet tab) During January, the first month of operations, the following transactions occurred Date Event Amount 1-Jan Purchased additional office supplies on account. 6,850 3-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months 11,760 4-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 26,000 loan 8-Jan Paid for 12 months rent on office space 8,100 10-Jan Purchased office furniture. 11,260 14-Jan Paid for utilities 2,340 15-Jan Performed services for various customers for cash and on account 9,750 26-Jan Paid salaries to employees for 1 week. 4 375 28-Jan Collected payments for amounts previously billed 16,850 29-Jan Paid the bill for supplies purchased previously. 8,650 31-Jan Dividends were declared and paid 2,000 At the end of January, the following additional information is available to help determine what adjustments are needed: Amount 31-Jan One month of the prepaid rent has been used up 31-Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan Supplies were counted at month end 4,380 31.Jan One month of interest has accrued on the note payable for the bank loan 31 Jan Additional work for customers has been performed during the last week of January but not billed yet 5,480 31.Jan Salaries are paid every Friday (for a 5 day work week). January 31, 2019 was a Tuesday 4,375 31.Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 195 como equip 18,950 on account Amount 675 980 11,120 1,750 135 off furn 9 13 FILE HOME INSERT X Cut PAGE LAYOUT FORMULAS DATA w ng Copy 9 NA ACC 2010 Proj1 Winter 2020 Ver 1 (6) Compatibility Mode REVIEW VIEW PWrap Test General FE+ Merge & Center - S. Conditional Format Formatting Table- Alignment Number Paste Form Paint BI U S O A Clipboard - 020 X f JOURNAL ENTRIES - AugFig Consulting Inc ACCOUNT DEBIT DATE CREDIT cash in cash out - JE ADJUSTING JE CLOSING JE Worksheet Statements worksheet formulas financial statement formulas Type here to search TOSHIBA 2 Cut Dh Copy Genera $ Paste Times New Ro - 12 -AA == P Wrap Text BIU B OA === EE Merge & Center - Font Alignment fx Clipboard X ADJUSTING JOURNAL ENTRIES - AugFig Consulting Inc ACCOUNT DEBIT CREDIT DATE JE ADJUSTING JE CLOSING JE Worksheet Statements worksheet formulas fin Type here to search -TOSHIBA DATA REVIEW FILE HOME INSERT PAGE LAYOUT AX Cut Times New Ro - 12 Copy Paste BLUE * Format Painter Clipboard Font FORMULAS AA = -A = VIEW PWrap Text Merge & Center Date = Et Alignment Numb D CLOSING JOURNAL ENTRIES -AugFig Consulting Inc ACCOUNT DEBIT CREDIT DATE E ADJUSTING JE CLOSING JE Worksheet Statements worksheet formulas financial Type here to search o Rio e TOSHIBA Pastel Format Painter inter B I U O A # Merge & Center. $. % . Conditional Format as Comma Formatting Table Commato Currency Alignment 0 Number Styles BEGINNING NUMBERS Workshoot - AugFig Consulting Inc UNADJUSTED TRIAL JANUARY ENTRIES BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE 120,000 15 Interest Payable 16 Unearned Revenue 17 Long term Notes Payable 18 Common Stock 19 Retained Earnings 20 Dividends 21 Service Revenue 22 Salaries Expense 23 Rent Expense 24 Supplies Expense 25 Utilities Expense 26 Interest Expense 27 Depreciation Expense Comp Equip 20 Depreciation Expense, Office Furniture 128 650 128,650 SEB 338 - JE ADJUSTING JE CLOSING JE Worksheet Statements worksheet formulas financial statement formulas - 1 Type here to search TOSHIBA AugFig Consulting Inc Income Statement AugFig Consulting Inc Balance Sheet Type here to search TOSHIBA Page of 7 0 - zoo About 3% interest rate PROJECT INFORMATION You have been hired as an accountant for AugFig Consulting, Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on January 1, 2019. The company will have a fiscal year end of December 31. The initial formation transactions and early purchases for AugFig Consulting, Inc. resulted in the balances that are included in the first 2 columns of the Worksheet (see the worksheet tab) During January, the first month of operations, the following transactions occurred Date Event Amount 1-Jan Purchased additional office supplies on account. 6,850 3-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months 11,760 4-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 26,000 loan 8-Jan Paid for 12 months rent on office space 8,100 10-Jan Purchased office furniture. 11,260 14-Jan Paid for utilities 2,340 15-Jan Performed services for various customers for cash and on account 9,750 26-Jan Paid salaries to employees for 1 week. 4 375 28-Jan Collected payments for amounts previously billed 16,850 29-Jan Paid the bill for supplies purchased previously. 8,650 31-Jan Dividends were declared and paid 2,000 At the end of January, the following additional information is available to help determine what adjustments are needed: Amount 31-Jan One month of the prepaid rent has been used up 31-Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan Supplies were counted at month end 4,380 31.Jan One month of interest has accrued on the note payable for the bank loan 31 Jan Additional work for customers has been performed during the last week of January but not billed yet 5,480 31.Jan Salaries are paid every Friday (for a 5 day work week). January 31, 2019 was a Tuesday 4,375 31.Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 195 como equip 18,950 on account Amount 675 980 11,120 1,750 135 off furn 9 13 FILE HOME INSERT X Cut PAGE LAYOUT FORMULAS DATA w ng Copy 9 NA ACC 2010 Proj1 Winter 2020 Ver 1 (6) Compatibility Mode REVIEW VIEW PWrap Test General FE+ Merge & Center - S. Conditional Format Formatting Table- Alignment Number Paste Form Paint BI U S O A Clipboard - 020 X f JOURNAL ENTRIES - AugFig Consulting Inc ACCOUNT DEBIT DATE CREDIT cash in cash out - JE ADJUSTING JE CLOSING JE Worksheet Statements worksheet formulas financial statement formulas Type here to search TOSHIBA 2 Cut Dh Copy Genera $ Paste Times New Ro - 12 -AA == P Wrap Text BIU B OA === EE Merge & Center - Font Alignment fx Clipboard X ADJUSTING JOURNAL ENTRIES - AugFig Consulting Inc ACCOUNT DEBIT CREDIT DATE JE ADJUSTING JE CLOSING JE Worksheet Statements worksheet formulas fin Type here to search -TOSHIBA DATA REVIEW FILE HOME INSERT PAGE LAYOUT AX Cut Times New Ro - 12 Copy Paste BLUE * Format Painter Clipboard Font FORMULAS AA = -A = VIEW PWrap Text Merge & Center Date = Et Alignment Numb D CLOSING JOURNAL ENTRIES -AugFig Consulting Inc ACCOUNT DEBIT CREDIT DATE E ADJUSTING JE CLOSING JE Worksheet Statements worksheet formulas financial Type here to search o Rio e TOSHIBA Pastel Format Painter inter B I U O A # Merge & Center. $. % . Conditional Format as Comma Formatting Table Commato Currency Alignment 0 Number Styles BEGINNING NUMBERS Workshoot - AugFig Consulting Inc UNADJUSTED TRIAL JANUARY ENTRIES BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE 120,000 15 Interest Payable 16 Unearned Revenue 17 Long term Notes Payable 18 Common Stock 19 Retained Earnings 20 Dividends 21 Service Revenue 22 Salaries Expense 23 Rent Expense 24 Supplies Expense 25 Utilities Expense 26 Interest Expense 27 Depreciation Expense Comp Equip 20 Depreciation Expense, Office Furniture 128 650 128,650 SEB 338 - JE ADJUSTING JE CLOSING JE Worksheet Statements worksheet formulas financial statement formulas - 1 Type here to search TOSHIBA AugFig Consulting Inc Income Statement AugFig Consulting Inc Balance Sheet Type here to search TOSHIBA