Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The fol-lowing end-of-period spreadsheet was prepared for the year ended June 30, 2019:AElliptical ConsultingEnd-of-Period SpreadsheetFor the Year Ended June 30, 2019Unadjusted23Adjusted4Trial BalanceAdjustmentsTrial BalanceDr.6 Account TitleDr.Cr.Dr.Cr.Cr.8 Cash9 Accounts Receivable10 Supplies11 Office Equipment12 Accumulated Depreciation13 Accounts Payable14 Salaries Payable15 Jayson Neese, Capital16 Jayson Neese, Drawing17 Fees Earned18 Salary Expense19 Supplies Expense20 Depreciation Expense21 Miscellaneous Expense222327,00053,5003,00030,50027,00053,50090030,500(a) 2,100|(b) 1,5006,0003,30037582,2004,5003,300|(c) 37582,2002,0002,00060,00060,000(c) 375(a) 2,100(b) 1,50032,00032,3752,1001,5002,0003.975 151,875 151,8752,000150,000 150,0003,975Based on the preceding spreadsheet, prepare an income statement, statement of owner'sequity, and balance sheet for Elliptical Consulting.

Financial Statement: A financial statement is the complete record of financial transactions that…

Answered: Elliptical Consulting is a consulting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for 2016: Established the business when it acquired $53,000 cash from the issue of common stock. Jan. 30 Feb. 1 Paid rent for office space for two years, $16,100 cash. Apr. 10 Purchased $830 of supplies on account. July Received $27,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for services provided during August. Sept. 15 Completed a job and received $2,800 cash for services rendered. Oct. 1 Paid employee salaries of $33,000 cash.. 15 Received $9,400 cash from accounts receivable. Nov. 16 Billed customers $34,500 for services rendered on account. Dec. 1 Paid a dividend of $700 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,050 of accrued salaries as of…
1）Journal Entries
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
With the given information prepare journal entries in the General Journal to record each of the transactions.
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Blossom Telecommunications Corp. has made an investment in another company that will guarantee it a cash flow of $25,000 each year for the next five years. If the company uses a discount rate of 19 percent on its investments, what is the present value of this investment? (Round factor values to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25.)
In the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titles
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
The account balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or dividends by Awesome Travel Services during the year. Accounts Amount Accounts Amount Accounts payable $12,000 Retained earnings (Jan. 1) $6,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Common stock 4,000 Utilities expense 8,000 Computer equipment 21,000 Wages expense 25,000 Fees earned 78,000 Supplies expense 1,700 Rent expense 10,000 Required: Prepare an income statement, a statement of stockholder's equity, and a balance sheet as of December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the financial statements. Be sure to complete the statement heading.
Create a General Journal.
Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…

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