Hello I need help with part 3, I already had the first couple questions answered. I am only able to attach 2 attachments so I will include the 3rd one on here as part of the question as well. The question I need help is below, thanks. For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner’s equity, and a balance sheet for the month ended July 31, 2019. If you didn’t complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to create an income statement, a statement of owner’s equity, and a balance sheet for the month ended July 31, 2019. *If the account balance is zero (0), enter a zero (0). *Be sure to read the instructions for each financial statement carefully. 9. A.Journalize the closing entries on page 4 of the journal. Closing entries are recorded on July 31.B.Use the spreadsheet to post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. 10. Create a post-closing trial balance. ### Required Steps for End-of-Period Accounting Tasks1. **Journalize Transactions**: - Journalize each transaction in a two-column journal starting on Page 1. Refer to the chart of accounts to select the accounts to be debited and credited. Note: Do not insert the account numbers in the journal at this time.2. **Post Transactions**: - Post the July transactions to the ledger accounts.3. **Create an Unadjusted Trial Balance**: - Prepare an unadjusted trial balance using the balances of ledger accounts.4. **Adjustment Data Analysis**: - At the end of July, the following adjustment data were assembled. Analyze and use this data to complete the requirements (5) and (6): - Insurance expired during July is $375. - Supplies on hand on July 31 are $2,850. - Depreciation of office equipment for July is $400. - Accrued receptionist salary on July 31 is $140. - Rent expired during July is $2,000. - Unearned fees on July 31 are $3,000.5. **Optional - Enter Unadjusted Trial Balance**: - On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period worksheet and complete the spreadsheet. Find a blank end-of-period worksheet in the Excel spreadsheet you previously downloaded.6. **Journalize Adjusting Entries**: - A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. - B. Use the attached spreadsheet in the Ledger panel to post the adjusting entries to the ledger of four-column accounts, inserting balances in the affected accounts.7. **Create an Adjusted Trial Balance**: - Prepare an adjusted trial balance after posting adjusting entries to the ledger accounts.### Explanation of Data to be Used- **Insurance Expired**: The cost of insurance for the month amounts to $375, which should be allocated as an expense.- **Supplies on Hand**: Supplies worth $2,850 are left on July 31, meaning the cost of the supplies used needs to be calculated and adjusted.- **Depreciation**: The office equipment depreciates by $400 for the month, which should be recorded as an expense.- **Accrued Salary**: Salary owed to the receptionist is $140, ### Jolene Upton's Consulting Business Transactions - July OverviewFor the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, she decided to move to rented quarters and operate the business, to be known as Gourmet Consulting, on a full-time basis. Below are the transactions recorded by Gourmet Consulting during July:#### July 1- **Assets Received**: The following assets were received from Jolene Upton: - Cash: $19,000 - Accounts Receivable: $22,300 - Supplies: $3,800 - Office Equipment: $8,900 - **Liabilities**: No liabilities were received.#### July 1- **Rental Contract**: Paid three months' rent on a lease rental contract amounting to $6,000.#### July 2- **Insurance Premiums**: Paid the premiums on property and casualty insurance policies: $4,500.#### July 4- **Advance Payment**: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees: $8,000.#### July 5- **Office Equipment Purchase**: Purchased additional office equipment on account from Office Necessities Co., valued at: $5.100.#### July 6- **Accounts Receivable Collection**: Received cash from clients on account: $12,750.#### July 10- **Advertisement Expense**: Paid cash for a newspaper advertisement: $500.#### July 12- **Debt Payment**: Paid Office Necessities Co. for part of the debt incurred on July 5: $3,000.- **Service Revenue**: Provided services on account for the period of July 1–12, amounting to $14,200.#### July 14- **Salary Payment**: Paid receptionist for two weeks' salary: $1,500.### Page Two Transactions#### July 17- **Service Revenue Collection**: Received cash from clients for fees earned during the period July 1–17, totaling: $10,400.#### July 18- **Supplies Purchase**: Paid cash for supplies: $1,000.#### July 20- **Service Revenue**: Provided services on account for the period of July 13–20: $9,000.

Since you have not mentioned which requirement to be answered, I assume that part 3 indicates the…

Hello I need help with part 3, I already had the first couple questions answered. I am only able to attach 2 attachments so I will include the 3rd one on here as part of the question as well. The question I need help is below, thanks. For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner’s equity, and a balance sheet for the month ended July 31, 2019. If you didn’t complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to create an income statement, a statement of owner’s equity, and a balance sheet for the month ended July 31, 2019. If the account balance is zero (0), enter a zero (0). Be sure to read the instructions for each financial statement carefully. 9. A. Journalize the closing entries on page 4 of the journal. Closing entries are recorded on July 31. B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. 10. Create a post-closing trial balance.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hello I need help with part 3, I already had the first couple questions answered. I am only able to attach 2 attachments so I will include the 3rd one on here as part of the question as well. The question I need help is below, thanks.

For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance.

Required:

8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner’s equity, and a balance sheet for the month ended July 31, 2019. If you didn’t complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to create an income statement, a statement of owner’s equity, and a balance sheet for the month ended July 31, 2019. *If the account balance is zero (0), enter a zero (0).

*Be sure to read the instructions for each financial statement carefully.

A.	Journalize the closing entries on page 4 of the journal. Closing entries are recorded on July 31.
B.	Use the spreadsheet to post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected.

10. Create a post-closing trial balance.

### Required Steps for End-of-Period Accounting Tasks

1. **Journalize Transactions**:
- Journalize each transaction in a two-column journal starting on Page 1. Refer to the chart of accounts to select the accounts to be debited and credited. Note: Do not insert the account numbers in the journal at this time.

2. **Post Transactions**:
- Post the July transactions to the ledger accounts.

3. **Create an Unadjusted Trial Balance**:
- Prepare an unadjusted trial balance using the balances of ledger accounts.

4. **Adjustment Data Analysis**:
- At the end of July, the following adjustment data were assembled. Analyze and use this data to complete the requirements (5) and (6):
- Insurance expired during July is $375.
- Supplies on hand on July 31 are $2,850.
- Depreciation of office equipment for July is $400.
- Accrued receptionist salary on July 31 is $140.
- Rent expired during July is $2,000.
- Unearned fees on July 31 are $3,000.

5. **Optional - Enter Unadjusted Trial Balance**:
- On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period worksheet and complete the spreadsheet. Find a blank end-of-period worksheet in the Excel spreadsheet you previously downloaded.

6. **Journalize Adjusting Entries**:
- A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31.
- B. Use the attached spreadsheet in the Ledger panel to post the adjusting entries to the ledger of four-column accounts, inserting balances in the affected accounts.

7. **Create an Adjusted Trial Balance**:
- Prepare an adjusted trial balance after posting adjusting entries to the ledger accounts.

### Explanation of Data to be Used
- **Insurance Expired**: The cost of insurance for the month amounts to $375, which should be allocated as an expense.
- **Supplies on Hand**: Supplies worth $2,850 are left on July 31, meaning the cost of the supplies used needs to be calculated and adjusted.
- **Depreciation**: The office equipment depreciates by $400 for the month, which should be recorded as an expense.
- **Accrued Salary**: Salary owed to the receptionist is $140,

### Jolene Upton's Consulting Business Transactions - July Overview

For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, she decided to move to rented quarters and operate the business, to be known as Gourmet Consulting, on a full-time basis. Below are the transactions recorded by Gourmet Consulting during July:

#### July 1
- **Assets Received**: The following assets were received from Jolene Upton:
- Cash: $19,000
- Accounts Receivable: $22,300
- Supplies: $3,800
- Office Equipment: $8,900
- **Liabilities**: No liabilities were received.

#### July 1
- **Rental Contract**: Paid three months' rent on a lease rental contract amounting to $6,000.

#### July 2
- **Insurance Premiums**: Paid the premiums on property and casualty insurance policies: $4,500.

#### July 4
- **Advance Payment**: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees: $8,000.

#### July 5
- **Office Equipment Purchase**: Purchased additional office equipment on account from Office Necessities Co., valued at: $5.100.

#### July 6
- **Accounts Receivable Collection**: Received cash from clients on account: $12,750.

#### July 10
- **Advertisement Expense**: Paid cash for a newspaper advertisement: $500.

#### July 12
- **Debt Payment**: Paid Office Necessities Co. for part of the debt incurred on July 5: $3,000.
- **Service Revenue**: Provided services on account for the period of July 1–12, amounting to $14,200.

#### July 14
- **Salary Payment**: Paid receptionist for two weeks' salary: $1,500.

### Page Two Transactions

#### July 17
- **Service Revenue Collection**: Received cash from clients for fees earned during the period July 1–17, totaling: $10,400.

#### July 18
- **Supplies Purchase**: Paid cash for supplies: $1,000.

#### July 20
- **Service Revenue**: Provided services on account for the period of July 13–20: $9,000.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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