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For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of June 1, 2010, Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions during June:
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June 1. The following assets were received from Dustin Larkin: cash,
$10,000; accounts receivable, $1,500; supplies, $1,250; and office
equipment, $7,500. There were no liabilities received. June 1. Paid
three months’ rent on a lease rental contract, $4,500. June 2. Paid the
premiums on property and casualty insurance policies, $1,800. June 4.
Received cash from clients as an advance payment for services to be
provided and recorded it as unearned fees, $3,000. June 5. Purchased
additional office equipment on account from Crawford Company, $1,800.
June 6. Received cash from clients on account, $800. June 10. Paid cash
for a newspaper advertisement, $120. June 12. Paid Crawford Company for
part of the debt incurred on June 5, $800. June 12. Recorded services
provided on account for the period June 1-12, $2,250. June 14. Paid
part-time receptionist for two weeks’ salary, $400. June 17. Recorded
cash from cash clients for fees earned during the period June 1-16,
$3,175. June 18. Paid cash for supplies, $750. June 20. Recorded
services provided on account for the period June 13-20, $1,100. June 24.
Recorded cash from cash clients for fees earned for the period June
17—24, $1,850. June 26. Received cash from clients on account, $1,600.
June 27. Paid part-time receptionist for two weeks’ salary, $400. June
29. Paid telephone bill for June, $130.
June 30. Paid electricity bill for June, $200.
June 30. Recorded cash from cash clients for fees earned for the
period June 25-30, $2,050.
June 30. Recorded services provided on account for the remainder of
June, $1,000.
June 30. Dustin withdrew $4,500 for personal use.
Instructions-Use the provided Excel template to complete the
following:
1. Journalize each transaction in a two-column journal, referring to the
following chart of accounts in selecting the accounts to be debited and
credited.
11 Cash
12 Accounts Receivable
14 Supplies
15 Prepaid Rent
16 Prepaid Insurance
18 Office Equipment
19 Accumulated Depreciation
21 Accounts Payable
22 Salaries Payable
23 Unearned Fees
31 Dustin Larkin, Capital
32 Dustin Larkin, Drawing
41 Fees Earned
51 Salary Expense
52 Rent Expense
53 Supplies Expense
54 Depreciation Expense
55 Insurance Expense
59 Miscellaneous Expense
2. Post the journal to a ledger of four-column accounts.
3. Prepare a trial balance as of June 30, 2010.
Be sure and save your work, you will complete the accounting cycle in
Unit 3 using the same Excel Template and information.
| Assignment #1 | |
| Requirement 1 – Prepare the Journal Entries in the General Journal | Jounral Entries |
| Requirement 2 – Post Journal Entries to the General Ledger | General Ledger |
| Requirement 3 – Prepare a Trial Balance | Trial Balance |
| Assignment #2 | |
| Requirement 4 – Prepare the Adjusting Entries | Adjusting Entries |
| Requirement 5 – Post Adjusting Entries to the General Ledger | General Ledger |
| Requirement 6 – Prepare an Adjusted Trial Balance | Adjusted TB |
| Requirement 7 – Prepare the Financial Statements | Financial Statements |
| Requirement 8 – Prepare the Closing Entries | Closing Entries |
| Requirement 9 – Post Closing Entries to the General Ledger | General Ledger |
| Requirement 10 – Prepare the Post Closing Trial Balance | Post Closing TB |
