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REQUIREMENTS: Make copies of the required forms (see attached forms and instructions). Then, using th chart of accounts shown below, set up the general ledger. 1. NOTE: YOU MUST USE THE DOWNLOADED FORMS TO RECEIVE CREDIT FOR THE PROBLEM. PROGRESS CONSULTING Chart of Accounts 11 Cash Set up the entire general ledger using these accounts before you start into the project. Keep the accounts in numeric order. 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 17 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Wages Payable 23 Unearned Revenue 11 PRIN Bloe 31 Common Stock 34 Retained Earnings 35 Dividends 41 Service Revenue 51 Insurance Expense 52 Advertising Expense 53 Rent Expense 55 Supplies Expense 57 Depreciation Expense 59 Utilities Expense 60 Wage Expense Usea nhouo troncactions. EXPLANATIONS ARE NOT REQUIRI 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: 1 st 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 in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd 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 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. Billed clients for services performed on account, $1,200. 12th Received cash payment from client for services performed on this date, $8,45.* 17th 18th Paid $1,151 for supplies.* 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 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st THIS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJECT! here are three numbers in the project that you must fill in to complete the project. These numbers e displaved with underscore symbols (i.e. _) and have an asterisk symbol at the end of their line nter the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore mbols for each of the numbers. For example, if your student id number is 123456 then u her 17th would be $8,456. Every student's proiect will be diff.

REQUIREMENTS: Make copies of the required forms (see attached forms and instructions). Then, using th chart of accounts shown below, set up the general ledger. 1. NOTE: YOU MUST USE THE DOWNLOADED FORMS TO RECEIVE CREDIT FOR THE PROBLEM. PROGRESS CONSULTING Chart of Accounts 11 Cash Set up the entire general ledger using these accounts before you start into the project. Keep the accounts in numeric order. 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 17 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Wages Payable 23 Unearned Revenue 11 PRIN Bloe 31 Common Stock 34 Retained Earnings 35 Dividends 41 Service Revenue 51 Insurance Expense 52 Advertising Expense 53 Rent Expense 55 Supplies Expense 57 Depreciation Expense 59 Utilities Expense 60 Wage Expense Usea nhouo troncactions. EXPLANATIONS ARE NOT REQUIRI 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: 1 st 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 in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd 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 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. Billed clients for services performed on account, $1,200. 12th Received cash payment from client for services performed on this date, $8,45.* 17th 18th Paid $1,151 for supplies.* 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 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st THIS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJECT! here are three numbers in the project that you must fill in to complete the project. These numbers e displaved with underscore symbols (i.e. _) and have an asterisk symbol at the end of their line nter the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore mbols for each of the numbers. For example, if your student id number is 123456 then u her 17th would be $8,456. Every student's proiect will be diff.

FINANCIAL ACCOUNTING
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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I need help setting these up on a general ledger and I'm not understanding how. Would someone be able to help me do this? 

REQUIREMENTS: Make copies of the required forms (see attached forms and instructions). Then, using th chart of accounts shown below, set up the general ledger. 1. NOTE: YOU MUST USE THE DOWNLOADED FORMS TO RECEIVE CREDIT FOR THE PROBLEM. PROGRESS CONSULTING Chart of Accounts 11 Cash Set up the entire general ledger using these accounts before you start into the project. Keep the accounts in numeric order. 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 17 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Wages Payable 23 Unearned Revenue 11 PRIN Bloe 31 Common Stock 34 Retained Earnings 35 Dividends 41 Service Revenue 51 Insurance Expense 52 Advertising Expense 53 Rent Expense 55 Supplies Expense 57 Depreciation Expense 59 Utilities Expense 60 Wage Expense Usea nhouo troncactions. EXPLANATIONS ARE NOT REQUIRI
Transcribed Image Text:REQUIREMENTS: Make copies of the required forms (see attached forms and instructions). Then, using th chart of accounts shown below, set up the general ledger. 1. NOTE: YOU MUST USE THE DOWNLOADED FORMS TO RECEIVE CREDIT FOR THE PROBLEM. PROGRESS CONSULTING Chart of Accounts 11 Cash Set up the entire general ledger using these accounts before you start into the project. Keep the accounts in numeric order. 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 17 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Wages Payable 23 Unearned Revenue 11 PRIN Bloe 31 Common Stock 34 Retained Earnings 35 Dividends 41 Service Revenue 51 Insurance Expense 52 Advertising Expense 53 Rent Expense 55 Supplies Expense 57 Depreciation Expense 59 Utilities Expense 60 Wage Expense Usea nhouo troncactions. EXPLANATIONS ARE NOT REQUIRI
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: 1 st 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 in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd 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 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. Billed clients for services performed on account, $1,200. 12th Received cash payment from client for services performed on this date, $8,45.* 17th 18th Paid $1,151 for supplies.* 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 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st THIS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJECT! here are three numbers in the project that you must fill in to complete the project. These numbers e displaved with underscore symbols (i.e. _) and have an asterisk symbol at the end of their line nter the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore mbols for each of the numbers. For example, if your student id number is 123456 then u her 17th would be $8,456. Every student's proiect will be diff.
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: 1 st 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 in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd 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 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. Billed clients for services performed on account, $1,200. 12th Received cash payment from client for services performed on this date, $8,45.* 17th 18th Paid $1,151 for supplies.* 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 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st THIS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJECT! here are three numbers in the project that you must fill in to complete the project. These numbers e displaved with underscore symbols (i.e. _) and have an asterisk symbol at the end of their line nter the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore mbols for each of the numbers. For example, if your student id number is 123456 then u her 17th would be $8,456. Every student's proiect will be diff.
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