PR 4-5A Complete accounting cycle OBJ. 4, 5 epast several years, Jolene Upton ha

Question

PR 4-5A Complete accounting cycle OBJ. 4, 5 epast several years, Jolene Upton has operated a part-time consulting business rom her home. As of July 1, 2019, lolene decided to move to rented quarters and to op- erate the business, which was to be known as Gourmet Consulting, on a full-time basis. ourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, $19,000 accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $6,000. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. 5. Purchased additional office equipment on account from Office Necessities Co., $5,100. 6. Received cash from clients on account, $12,750. 10. Paid cash for a newspaper advertisement, $500. 12. Paid Office Necessities Co. for part of the debt incurred on July 5, $3,000. 12. Provided services on account for the period July 1-12, $14,200. 14. Paid receptionist for two weeks' salary, $1,500. Record the following transactions on Page 2 of the journal 17. Received cash fron cash clients for fees earned during the period July 1-17, $10,400 18. Paid cash for supplies, $1,000. 20. Provided services on account for the period July 13-20, $9,000. 24. Received cash from cash clients for fees earned for the period July 17-24, $8,500. 26. Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks' salary, $1,500. 29. Paid telephone bill for July, $325. 31. Paid electricity bill for July, $675. 31. Received cash from cash clients for fees earned for the period July 25-31, $7,100. 31. Provided services on account for the remainder of July, $5,500. 31. Jolene withdrew $20,000 for personal use. Continued)

Explanation / Answer

1)

PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT Jul 1, 2019 Cash 11 $19,000 Accounts Receivable 12 $22,300 Supplies 14 $3,800 Office Equipment 18 $8,900 Jolene, Capital 31 $54,000 Jul 1, 2019 Prepaid Rent 15 $6,000 Cash 11 $6,000 Jul 2, 2019 Prepaid Insurance 14 $4,500 Cash 11 $4,500 Jul 4, 2019 Cash 11 $8,000 Unearned Fees 23 $8,000 Jul 5, 2019 Office Equipment 18 $5,100 Accounts Payable 21 $5,100 Jul 6, 2019 Cash 11 $12,750 Accounts Receivable 12 $12,750 Jul 10, 2019 Miscellaneous Expense 59 $500 Cash 11 $400 Jul 12, 2019 Accounts Payable 21 $3,000 Cash 11 $3,000 Jul 12, 2019 Accounts Receivable 12 $14,200 Fees Earned 41 $14,200 Jul 14, 2019 Salary Expense 51 $1,500 Cash 11 $1,500 Jul 17, 2019 Cash 11 $10,400 Fees Earned 41 $10,400 Jul 18, 2019 Supplies 14 $1,000 Cash 11 $1,000 Jul 20, 2019 Accounts Receivable 12 $9,000 Fees Earned 41 $9,000 Jul 24, 2019 Cash 11 $8,500 Fees Earned 41 $8,500 Jul 26, 2019 Cash 11 $12,000 Accounts Receivable 12 $12,000 Jul 27, 2019 Salary Expense 51 $1,500 Cash 11 $1,500 Jul 29, 2019 Miscellaneous Expense 59 $325 Cash 11 $325 Jul 31, 2019 Miscellaneous Expense 59 $675 Cash 11 $675 Jul 31, 2019 Cash 11 $7,100 Fees Earned 41 $7,100 Jul 31, 2019 Accounts Receivable 12 $5,500 Fees Earned 41 $5,500 Jul 31, 2019 Jolene, Drawing 32 $20,000 Cash 11 $20,000

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