Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Complete accounting cycle, Part 1
Instructions Chart of Accounts
Instructions
Jul.
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:
1
1
2
3
LO
5
Purchased additional office equipment on account from Office Necessities Co., $6,900.
Received cash from clients on account, $17,300.
Paid cash for a newspaper advertisement, $680.
12 Paid Office Necessities Co. for part of the debt incurred on July 5, $4,100.
6
Journal Ledger Unadjusted Trial Balance
10
12 14
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.
Paid three months' rent on a lease rental contract, $8,100.
Paid the premiums on property and casualty insurance policies, $6,100.
Received cash from clients as an advance payment for services to be provided and recorded it as
unearned fees, $10,800.
Provided
Paid receptionist for two weeks' salary, $2,000.
services on account for the period July 1-12, $19,200.
X
Transcribed Image Text:Complete accounting cycle, Part 1 Instructions Chart of Accounts Instructions Jul. 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: 1 1 2 3 LO 5 Purchased additional office equipment on account from Office Necessities Co., $6,900. Received cash from clients on account, $17,300. Paid cash for a newspaper advertisement, $680. 12 Paid Office Necessities Co. for part of the debt incurred on July 5, $4,100. 6 Journal Ledger Unadjusted Trial Balance 10 12 14 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. Paid three months' rent on a lease rental contract, $8,100. Paid the premiums on property and casualty insurance policies, $6,100. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800. Provided Paid receptionist for two weeks' salary, $2,000. services on account for the period July 1-12, $19,200. X
Complete accounting cycle, Part 1
Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance
Instructions
Record the following transactions on Page 2 of the journal:
Jul.
17
18
20
24
26
27
29
31
31
31
31
Received cash from cash clients for fees earned during the period July 1-17, $14,100.
Paid cash for supplies, $1,400.
Provided services on account for the period July 13-20, $12,200.
Received cash from cash clients for fees earned for the period July 17-24, $11,500.
Received cash from clients on account, $16,300.
Paid receptionist for two weeks' salary, $2,000.
Paid telephone bill for July, $440.
Paid electricity bill for July, $910.
Received cash from cash clients for fees earned for the period July 25-31, $9,600.
Provided services on account for the remainder of July, $7,400.
Samantha withdrew $27,100 for personal use.
Transcribed Image Text:Complete accounting cycle, Part 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions Record the following transactions on Page 2 of the journal: Jul. 17 18 20 24 26 27 29 31 31 31 31 Received cash from cash clients for fees earned during the period July 1-17, $14,100. Paid cash for supplies, $1,400. Provided services on account for the period July 13-20, $12,200. Received cash from cash clients for fees earned for the period July 17-24, $11,500. Received cash from clients on account, $16,300. Paid receptionist for two weeks' salary, $2,000. Paid telephone bill for July, $440. Paid electricity bill for July, $910. Received cash from cash clients for fees earned for the period July 25-31, $9,600. Provided services on account for the remainder of July, $7,400. Samantha withdrew $27,100 for personal use.
Expert Solution
Step 1: Introduction to Journal Entries

Journal entries refer to those entries which are recorded for the transactions of the business in order to begin the process of accounting. These entries are recorded in chronological order and provide a base for remaining steps of the accounting process.

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