For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 20Y9, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July: Jul. 1 The following assets were received from Samantha Hogan: cash, $25,700; accounts receivable, $30,200; supplies, $5,100; and office equipment, $12,100. There were no liabilities received.   1 Paid three months’ rent on a lease rental contract, $8,100.   2 Paid the premiums on property and casualty insurance policies, $6,100.   3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800.   5 Purchased additional office equipment on account from Office Necessities Co., $6,900.   6 Received cash from clients on account, $17,300.   10 Paid cash for a newspaper advertisement, $680.   12 Paid Office Necessities Co. for part of the debt incurred on July 5, $4,100.   12 Provided services on account for the period July 1–12, $19,200.   14 Paid receptionist for two weeks’ salary, $2,000. Jul. 17 Received cash from cash clients for fees earned during the period July 1–17, $14,100.   18 Paid cash for supplies, $1,400.   20 Provided services on account for the period July 13–20, $12,200.   24 Received cash from cash clients for fees earned for the period July 17–24, $11,500.   26 Received cash from clients on account, $16,300.   27 Paid receptionist for two weeks’ salary, $2,000.   29 Paid telephone bill for July, $440.   31 Paid electricity bill for July, $910.   31 Received cash from cash clients for fees earned for the period July 25–31, $9,600.   31 Provided services on account for the remainder of July, $7,400.   31 Samantha withdrew $27,100 for personal use.   Required: 1. Journalize each transaction in a two-column journal 2. Post the July transactions A. Use an Excel spreadsheet for the Ledger. Use the spreadsheet to post the July transactions from the journal to a ledger of four-column accounts. .   3.  Prepare an unadjusted trial balance. Accounts with zero balances can be left blank.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Previous answers to the first part are provided in the pictures added.

I only need help with sub-parts 4-6, as the previous ones have already been answered.
 
 
For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 20Y9, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July:
Jul. 1 The following assets were received from Samantha Hogan: cash, $25,700; accounts receivable, $30,200; supplies, $5,100; and office equipment, $12,100. There were no liabilities received.
  1 Paid three months’ rent on a lease rental contract, $8,100.
  2 Paid the premiums on property and casualty insurance policies, $6,100.
  3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800.
  5 Purchased additional office equipment on account from Office Necessities Co., $6,900.
  6 Received cash from clients on account, $17,300.
  10 Paid cash for a newspaper advertisement, $680.
  12 Paid Office Necessities Co. for part of the debt incurred on July 5, $4,100.
  12 Provided services on account for the period July 1–12, $19,200.
  14 Paid receptionist for two weeks’ salary, $2,000.
Jul. 17 Received cash from cash clients for fees earned during the period July 1–17, $14,100.
  18 Paid cash for supplies, $1,400.
  20 Provided services on account for the period July 13–20, $12,200.
  24 Received cash from cash clients for fees earned for the period July 17–24, $11,500.
  26 Received cash from clients on account, $16,300.
  27 Paid receptionist for two weeks’ salary, $2,000.
  29 Paid telephone bill for July, $440.
  31 Paid electricity bill for July, $910.
  31 Received cash from cash clients for fees earned for the period July 25–31, $9,600.
  31 Provided services on account for the remainder of July, $7,400.
  31 Samantha withdrew $27,100 for personal use.

 

Required:
1. Journalize each transaction in a two-column journal
2. Post the July transactions
A. Use an Excel spreadsheet for the Ledger. Use the spreadsheet to post the July transactions from the journal to a ledger of four-column accounts.
.  
3.  Prepare an unadjusted trial balance. Accounts with zero balances can be left blank.
4. At the end of July, the following adjustment data were assembled.
Insurance expired during July is $510.
Supplies on hand on July 31 are $3,900.
Depreciation of office equipment for July is $540.
Accrued receptionist salary on July 31 is $190.
Rent expired during July is $2,700.
Unearned fees on July 31 are $4,100.
   
5.
A. Journalize the adjusting entries. Adjusting entries are recorded on July 31.
B. Use the Excel spreadsheet to post the adjusting entries to the ledger of four-column accounts, inserting balances is the accounts affected. Add the appropriate posting reference to the adjusting entries in the journal.
6. Prepare an adjusted trial balance.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education