He Sumn mary is account 4,31 g a line in both Balance columns opposite the closi
ID: 2491877 • Letter: H
Question
He Sumn mary is account 4,31 g a line in both Balance columns opposite the closing entry in the chann accounts by inserting a line in both 7. Prepare a post-closing trial balance OBJ. 4, 5 PR 4-5A) Complete accounting cycle For the past several years, S Consulting entered July 1. The following assets were received from Steffy Lopez in exchange for com years, Steffy Lopez has operated a part-time consulting business from his home. As of J business, which was to be kne s to be known as Diamond Consulting, on a full-time basis. Diamond into the following transactions during July: dly 1, 2016, Steffy decided to move to rented quarters and to operate the mon stock: cash, $ equipment, $7,500. There were no liabilities received. accounts receivable, $20,800; supplies, $3,200, and office I. Paid two months' rent on a lcase rental contract, $4,800. 2. Paid the premiums on property and casualty insurance policies, $1,500. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $5,500 ., $6,500. 5. Purchased additional office equipment on account from Office Station Co 6. Received cash from clients on account, $15,300. 10. Paid cash for a newspaper advertisement, $400. 12. Paid Office Station Co. for part of the debt incurred on July 5, $5,200. 12. Recorded services provided on account for the period July 1-12, $13,300. 14. Paid receptionist for two weeks' salary, $1,750 Record the following transactions on Page 2 of the journal ded cash from cash dients for fees earned during the period July 1-17, $9,450. 18. Paid cash for supplies, $600 20. Recorded services provided on account for the period July 13-20, $6,650. Recorded cash from cash clients for fees earned for the period July 17-24, $4,000 26. Received cash from clients on account, $12,000. Paid receptionist for two weeks' salary, $1,750. 29. Paid telephone bill for July, $325. 31. Paid electricity bill for July, $675. 31. Recorded cash from cash clients for fees earned for the period July 25-31, s5,200. 31. Recorded services provided on account for the remainder of July, $3,000. 31. Paid dividends, $12,500. (Continued)Explanation / Answer
Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. Jul-01 Cash Dr. 13,500 Accounts Receivables Dr. 20,800 Supplies Dr. 3,200 Office Equipment Dr. 7,500 To Common Stock 45,000 Jul-01 Prepaid Rent Dr. 4,800 To Cash 4,800 Jul-02 Prepaid Insurance Dr. 4,500 To Cash 4,500 Jul-04 Cash Dr. 5,500 To Unearned Fees 5,500 Jul-05 Office Equipment Dr. 6,500 To Accounts Payable 6,500 Jul-06 Cash Dr. 15,300 To Accounts Receivables 15,300 Jul-10 Advertisement Exp. Dr. 400 To Cash 400 Jul-12 Accounts Payable Dr. 5,200 To Cash 5,200 Jul-12 Accounts Receivables Dr. 13,300 To Fees Earned 13,300 Jul-14 Salary Exp. Dr. 1,750 To Cash 1,750 Jul-17 Cash Dr. 9,450 To Fees Earned 9,450 Jul-18 Supplies Dr. 600 To Cash 600 Jul-20 Accounts Receivables Dr. 6,650 To Fees Earned 6,650 Jul-24 Cash Dr. 4,000 To Fees Earned 4,000 Jul-26 Cash Dr. 12,000 To Accounts Receivables 12,000 Jul-27 Salary Exp. Dr. 1,750 To Cash 1,750 Jul-29 Telephone Exp. Dr. 325 To Cash 325 Jul-31 Electricity Exp. Dr. 675 To Cash 675 Jul-31 Cash Dr. 5,200 To Fees Earned 5,200 Jul-31 Accounts Receivables Dr. 3,000 To Fees Earned 3,000 Jul-31 Dividends Dr. 12,500 To Cash 12,500 As per Chegg Guidelines, You can ask only one question at a time having four subparts. For other parts or Questions please ask it again.
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