Accountin iri The May 31, 20XX, post-closing trial balance for the L&L; Accounti

Question

Accountin iri The May 31, 20XX, post-closing trial balance for the L&L; Accounting Firm appears below L&L; Accounting Firm Post-Closing Trial Balance May 31, 20XX 6,000 4,400 500 2,000 1100 4,000 Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance Office E quipment Acc. Depreciation, Office Equipment Office Furniture Acc. Depreciation, Office Furniture Accounts Pavable Unearned Consulting Fees Wages Pavable J. Long, Capital 60 2,700 50 4 500 1,500 600 13,990 $ 20,700 $20.700 During June, the firm engaged in the following transactions: Received an investment of cash from J. 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

Explanation / Answer

L&L Accounting Firm General Journal for the month of June 20XX Date Account Title Debit Credit Jun.1 Cash 8000 J.Long 8000 Jun.3 Office Equipment 2000 Cash 2000 Jun.7 Office Supplies 190 Cash 190 Jun.9 Cash 1400 Service Revenue 1400 Jun.13 Accounts Payable 750 Cash 750 jun.14 Cash 2200 Unearned consulting revenue 2200 Jun.16 Cash 1650 Service Revenue 1650 Jun.17 Cash 3200 Accounts Receivable 3200 Jun.19 Accounts Receivable 4600 Service Revenue 4600 Jun.20 Cash 780 Service Revenue 780 Jun.23 Utility Expense 340 Cash 340 Jun.24 Wages Expense 1000 Wages Payable 600 Cash 1600 Jun.27 Prepaid Rent 2000 Cash 2000 L&L Accounting Firm Adjusting Journal Entries Date Account Title Debit Credit Jun.30 Unearned Consulting Revenue 1460 Service Revenue 1460 Jun.30 Depreciation Expense 520 Accumulated Depr. - Office Eqpt. 320 Accumulated Depr. - Office Furniture. 200 Jun.30 Office Supplies Expense 490 Office Supplies 490 Jun.30 Insurance Expense 100 Prepaid Insurance 100 Jun.30 Rent Expense 2000 Prepaid Rent 2000 Cash Accounts Receivable Date Debit Credit Date Date Debit Credit Date Beg.Bal. 6000 2000 Jun.3 Beg.Bal. 4400 3200 Jun.17 Jun.1 8000 190 Jun.7 Jun.19 4600 Jun.9 1400 750 Jun.13 9000 3200 Jun.14 2200 340 Jun.23 End.Bal. 5800 Jun.16 1650 1600 Jun.24 Jun.17 3200 2000 Jun.27 Jun.20 780 23230 6880 End.Bal. 16350 Prepaid Rent Date Debit Credit Date Beg.Bal. 2000 2000 Jun.30 Office Supplies Jun.27 2000 Date Debit Credit Date 4000 2000 Beg.Bal. 500 490 Jun.30 End.Bal. 2000 Jun.7 190 690 490 End.Bal. 200 Prepaid Insurance Office Equipment Date Debit Credit Date Date Debit Credit Date Beg.Bal. 1100 100 Jun.30 Beg.Bal. 4000 Jun.3 2000 1100 100 6000 0 End.Bal. 1000 End.Bal. 6000 Accumulated Depr - Office Equipment Office Furniture Date Debit Credit Date Date Debit Credit Date 60 Beg.Bal. Beg.Bal. 2700 320 Jun.30 0 380 2700 0 380 End.Bal. End.Bal. 2700 Accumutaed Depr - Office Furniture Accounts Payable Date Debit Credit Date Date Debit Credit Date 50 Beg.Bal. Jun.13 750 4500 Beg.Bal. 200 Jun.30 0 250 750 4500 250 End.Bal. 3750 End.Bal. Unearned Consulting Fee Wages Payable Date Debit Credit Date Date Debit Credit Date Jun.30 1460 1500 Beg.Bal. Jun.27 600 600 Beg.Bal. 2200 Jun.14 1460 3700 600 600 2240 End.Bal. 0 End.Bal. J.Long , Capital Service Revenue Date Debit Credit Date Date Debit Credit Date 13990 Beg.Bal. 1400 Jun.9 8000 Jun.1 1650 Jun.16 0 21990 4600 Jun.19 21990 End.Bal. 780 Jun.20 8430 Wages Expense Depreciation Expense Date Debit Credit Date Date Debit Credit Date Jun.24 1000 Jun.30 520 Office Supplies Expense Rent Expense Date Debit Credit Date Date Debit Credit Date Jun.30 490 Jun.30 2000 Insurance Expense Utiltiy Expense Date Debit Credit Date Date Debit Credit Date Jun.30 100 Jun.23 340 L&L Accounting Firm Unadjusted Adjustments Adjusted Account Debit credit Debit credit Debit credit Cash 16350 16350 Accounts Receivable 5800 5800 Office Supplies 690 490 200 Prepaid Rent 4000 2000 2000 Prepaid Insurance 1100 100 1000 Office Equipment 6000 6000 Accumulated Depreciation - Office Equipment 60 320 380 Office Furniture 2700 2700 Accumulated Depreciation - Office Furniture 50 200 250 Accounts Payable 3750 3750 Unearned Consultaion Revenue 3700 1460 2240 Wages Payable 0 J.Long, Capital 21990 21990 Service Revenue 8430 1460 9890 Wages Expense 1000 1000 Depreciation Expense 520 520 Rent Expense 2000 2000 Insurance Expense 100 100 Office Supplies Expense 0 Utility Expense 340 340 Supplies expense 490 490 37980 37980 4570 4570 38500 38500 L&L Accounting Firm Closing Entires Date Account Title Debit Credit Clg.1 Service Revenue 9890 Income Summary 9890 (Closing of service revenue) Clg.2 Income Summary 4450 Wages Expense 1000 Depreciation Expense 520 Rent Expense 2000 Insurance Expense 100 Utility Expense 340 Supplies expense 490 (Closing of expense accounts) Cjg.3 Income Summary 5440 J.Long, Capital 5440 (Closing of net income to Capital account)

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