The L&L; Accounting Fir The May 31, 20XX, post-closing tria below for the L&L; A

Question

The L&L; Accounting Fir The May 31, 20XX, post-closing tria below for the L&L; Accounting Firm appears L&L; Accounting Firmm Post-Closing Trial Balance May 31, 20XX Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance Office Equipment Acc. Depreciation, Office Equipment Office Furniture Acc. Depreciation, Office Furniture Accounts Pavable Unearned Consulting Fees Wages Pavable J. Long, Capital 6,000 4400 500 2,000 1100 4,000 60 2,700 50 4,500 1500 600 13,990 $ 20,700 $ 20.700 During June, the firm engaged in the following transactions: Received an investment of cash from 1. Long, $8,000 Purchased office equipment with cash, $2,000 Purchased extra office supplies with cash, $190 Completed bookkeeping services for $1,400, received cash payment. Paid the amount due to Office Depot for the office equipment purchased last month, $750 Accepted an advance in cash for services to be done for a new client, $2,200 Performed consulting services and received a cash fee, $1,650 Received payment on account from Sally's Salon for services performed last month, $3,200 Performed consulting services for Sally's Salon and agreed to accept payment next month, $4,600 Performed bookkeeping services for cash, $780 Received and paid the utility bill for June, $340 Paid the secretary for two weeks' wages, $1,600 Paid the rent for July in advance, $2,000 9 13 14 16 17 19 20 23 24 27

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1. Journal Entries Date Account Debit Credit 1 Cash 8000 J. Long, Capital 8000 3 Office Equipment 2000 Cash 2000 7 Office Supplies 190 Cash 190 9 Cash 1400 Book Keeping Fee 1400 13 Accounts Payable 750 Cash 750 14 Cash 2200 Unearned Consulting Fee 2200 16 Cash 1650 Consulting Fee 1650 17 Cash 3200 Accounts Receivable 3200 19 Accounts Receivable 4600 Consultng Fee 4600 20 Cash 780 Book Keeping Fee 780 23 Utility Expense 340 Cash 340 24 Wages Expense 1600 Cash 1600 27 Prepaid Rent 2000 Cash 2000

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