PROGRESS CONSULTING PROGRESS CONSULTING PROGRESS CONSULTING Trial Balance Adjusted Trial Balance December 31, 20X1 Post-Closing Trial Balance December 31, 20X1 December 31, 20X1 Credit Debit Debit Credit Student's Name: Student's Name: Student's Name: For the past several years, Aaron Jones has operated a consulting business from his home on a part- time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of $1 par value common stock. Progress Consulting entered into the following transactions during December: Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock ines, 1st OGRES Incor ear E amount equal to his investment. Paid $4,500 for rent for December 20X1 through February 28, 20X2. 2nd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 3rd Received $3,500 cash from a client as an advance payment for services to be performed in the future. 4th 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. Paid Payne Company for part of the debt incurred on December 5, $900. 11th 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* Paid $1,15| for supplies.* 18th Billed clients for services performed on account, $1,100. 20th Received cash payment from client for services performed on this date, $1,850. 24th Received cash from clients as payment on account, $1,300. 25th Paid $330 for utilities for December. 30th Paid cash dividend of $2,45).* st 31st IT PROJECT!

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
100%

I need help filling out the different types of trial balances for this question. 

PROGRESS CONSULTING
PROGRESS CONSULTING
PROGRESS CONSULTING
Trial Balance
Adjusted Trial Balance
December 31, 20X1
Post-Closing Trial Balance
December 31, 20X1
December 31, 20X1
Credit
Debit
Debit
Credit
Student's Name:
Student's Name:
Student's Name:
Transcribed Image Text:PROGRESS CONSULTING PROGRESS CONSULTING PROGRESS CONSULTING Trial Balance Adjusted Trial Balance December 31, 20X1 Post-Closing Trial Balance December 31, 20X1 December 31, 20X1 Credit Debit Debit Credit Student's Name: Student's Name: Student's Name:
For the past several years, Aaron Jones has operated a consulting business from his home on a part-
time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his
business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of
$1 par value common stock. Progress Consulting entered into the following transactions during
December:
Aaron Jones invested the following assets in the business: cash, $6,500; supplies,
$1,250; and office equipment, $27,900. Mr. Jones received common stock ines,
1st
OGRES
Incor
ear E
amount equal to his investment.
Paid $4,500 for rent for December 20X1 through February 28, 20X2.
2nd
Paid $1,800 for a one year premium on property and casualty insurance. The
policy covers the period December 1, 20X1 to November 30, 20X2
3rd
Received $3,500 cash from a client as an advance payment for services to be
performed in the future.
4th
5th
Purchased additional office equipment on account from Payne Company for
$1,800.
10th
Paid $2,300 for a newspaper advertisement.
Paid Payne Company for part of the debt incurred on December 5, $900.
11th
12th
Billed clients for services performed on account, $1,200.
17th
Received cash payment from client for services performed on this date, $8,45).*
Paid $1,15| for supplies.*
18th
Billed clients for services performed on account, $1,100.
20th
Received cash payment from client for services performed on this date, $1,850.
24th
Received cash from clients as payment on account, $1,300.
25th
Paid $330 for utilities for December.
30th
Paid cash dividend of $2,45).*
st
31st
IT PROJECT!
Transcribed Image Text:For the past several years, Aaron Jones has operated a consulting business from his home on a part- time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of $1 par value common stock. Progress Consulting entered into the following transactions during December: Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock ines, 1st OGRES Incor ear E amount equal to his investment. Paid $4,500 for rent for December 20X1 through February 28, 20X2. 2nd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 3rd Received $3,500 cash from a client as an advance payment for services to be performed in the future. 4th 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. Paid Payne Company for part of the debt incurred on December 5, $900. 11th 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* Paid $1,15| for supplies.* 18th Billed clients for services performed on account, $1,100. 20th Received cash payment from client for services performed on this date, $1,850. 24th Received cash from clients as payment on account, $1,300. 25th Paid $330 for utilities for December. 30th Paid cash dividend of $2,45).* st 31st IT PROJECT!
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

how would you fill out a post closing trial balance if you were to add this information?

5. Journalize and post the adjusting entries using the following information:
a. Insurance expired during December is $150.
b. Supplies on hand on December 31 are valued at $1,320.
c. Depreciation of office equipment for December is $248.
d. Rent expired during December is $1,500.
e. Determined that company had performed $2,500 of the services for which it was paid
on December 4th.
f. Employees were owed $1,000 for the month of December. They were paid on January
2nd
g. Services were performed for a client on December 31 in the amount of $750. The
client did not pay nor has the client been billed.
6. Prepare an adjusted trial balance. USE THE FORMAT SHOWN ON PAGE 132 OF THE
CLASS TEXT.
Transcribed Image Text:5. Journalize and post the adjusting entries using the following information: a. Insurance expired during December is $150. b. Supplies on hand on December 31 are valued at $1,320. c. Depreciation of office equipment for December is $248. d. Rent expired during December is $1,500. e. Determined that company had performed $2,500 of the services for which it was paid on December 4th. f. Employees were owed $1,000 for the month of December. They were paid on January 2nd g. Services were performed for a client on December 31 in the amount of $750. The client did not pay nor has the client been billed. 6. Prepare an adjusted trial balance. USE THE FORMAT SHOWN ON PAGE 132 OF THE CLASS TEXT.
Solution
Bartleby Expert
SEE SOLUTION
Follow-up Question

How would you fill out the balance sheet if you were to add this information

### Adjusting Entries and Adjusted Trial Balance Preparation

#### 5. Journalize and Post Adjusting Entries

Use the following information to journalize and post adjusting entries for the end of the accounting period:

a. **Insurance Expired**: Insurance expired during December is $150.
b. **Supplies on Hand**: Supplies on hand on December 31 are valued at $1,320.
c. **Depreciation of Office Equipment**: Depreciation of office equipment for December is $248.
d. **Rent Expense**: Rent expired during December is $1,500.
e. **Unearned Revenue**: Determined that the company had performed $2,500 of the services for which it was paid on December 4th.
f. **Accrued Salaries**: Employees were owed $1,000 for the month of December, and they were paid on January 2nd.
g. **Accrued Revenue**: Services were performed for a client on December 31 in the amount of $750. The client did not pay nor has the client been billed.

#### 6. Prepare an Adjusted Trial Balance

Ensure to use the format shown on page 132 of the class text for the adjusted trial balance.

Explanation of Adjusting Entries:

1. **Insurance Expired**
   - **Journal Entry**:
     - Debit: Insurance Expense $150
     - Credit: Prepaid Insurance $150

2. **Supplies on Hand**
   - **Journal Entry**:
     - Debit: Supplies Expense $1,320
     - Credit: Supplies $1,320

3. **Depreciation of Office Equipment**
   - **Journal Entry**:
     - Debit: Depreciation Expense $248
     - Credit: Accumulated Depreciation - Office Equipment $248

4. **Rent Expired**
   - **Journal Entry**:
     - Debit: Rent Expense $1,500
     - Credit: Prepaid Rent $1,500

5. **Unearned Revenue Adjustment**
   - **Journal Entry**:
     - Debit: Unearned Revenue $2,500
     - Credit: Service Revenue $2,500

6. **Accrued Salaries**
   - **Journal Entry**:
     - Debit: Salaries Expense $1,000
     - Credit: Salaries Payable $1,000

7. **Accru
Transcribed Image Text:### Adjusting Entries and Adjusted Trial Balance Preparation #### 5. Journalize and Post Adjusting Entries Use the following information to journalize and post adjusting entries for the end of the accounting period: a. **Insurance Expired**: Insurance expired during December is $150. b. **Supplies on Hand**: Supplies on hand on December 31 are valued at $1,320. c. **Depreciation of Office Equipment**: Depreciation of office equipment for December is $248. d. **Rent Expense**: Rent expired during December is $1,500. e. **Unearned Revenue**: Determined that the company had performed $2,500 of the services for which it was paid on December 4th. f. **Accrued Salaries**: Employees were owed $1,000 for the month of December, and they were paid on January 2nd. g. **Accrued Revenue**: Services were performed for a client on December 31 in the amount of $750. The client did not pay nor has the client been billed. #### 6. Prepare an Adjusted Trial Balance Ensure to use the format shown on page 132 of the class text for the adjusted trial balance. Explanation of Adjusting Entries: 1. **Insurance Expired** - **Journal Entry**: - Debit: Insurance Expense $150 - Credit: Prepaid Insurance $150 2. **Supplies on Hand** - **Journal Entry**: - Debit: Supplies Expense $1,320 - Credit: Supplies $1,320 3. **Depreciation of Office Equipment** - **Journal Entry**: - Debit: Depreciation Expense $248 - Credit: Accumulated Depreciation - Office Equipment $248 4. **Rent Expired** - **Journal Entry**: - Debit: Rent Expense $1,500 - Credit: Prepaid Rent $1,500 5. **Unearned Revenue Adjustment** - **Journal Entry**: - Debit: Unearned Revenue $2,500 - Credit: Service Revenue $2,500 6. **Accrued Salaries** - **Journal Entry**: - Debit: Salaries Expense $1,000 - Credit: Salaries Payable $1,000 7. **Accru
Solution
Bartleby Expert
SEE SOLUTION
Follow-up Question

What would the adjusted trial balance look like knowing this information?

5. Journalize and post the adjusting entries using the following information:
a. Insurance expired during December is $150.
b. Supplies on hand on December 31 are valued at $1,320.
c. Depreciation of office equipment for December is $248.
d. Rent expired during December is $1,500.
e. Determined that company had performed $2,500 of the services for which it was paid
on December 4th.
f. Employees were owed $1,000 for the month of December. They were paid on January
2nd
g. Services were performed for a client on December 31 in the amount of $750. The
client did not pay nor has the client been billed.
6. Prepare an adjusted trial balance. USE THE FORMAT SHOWN ON PAGE 132 OF THE
CLASS TEXT.
Transcribed Image Text:5. Journalize and post the adjusting entries using the following information: a. Insurance expired during December is $150. b. Supplies on hand on December 31 are valued at $1,320. c. Depreciation of office equipment for December is $248. d. Rent expired during December is $1,500. e. Determined that company had performed $2,500 of the services for which it was paid on December 4th. f. Employees were owed $1,000 for the month of December. They were paid on January 2nd g. Services were performed for a client on December 31 in the amount of $750. The client did not pay nor has the client been billed. 6. Prepare an adjusted trial balance. USE THE FORMAT SHOWN ON PAGE 132 OF THE CLASS TEXT.
Solution
Bartleby Expert
SEE SOLUTION
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