Question: For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June:
June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received.
June 1. Paid three months' rent on a lease rental contract, $6,000.
June 2. Paid the premiums on property and casualty insurance policies, $2,400.
June 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.
June 5. Purchased additional office equipment on account from Office Depot Co., $3,500.
June 6. Received cash from clients on account, $3,000.
June 10. Paid cash for a newspaper advertisement, $200.
June 12. Paid Office Depot Co. for part of the debt incurred on June 5, $750.
June 12. Recorded services provided on account for the period June 1-12, $5,100.
June 14. Paid part-time receptionist for two weeks' salary, $1,100.
June 17. Recorded cash from cash clients for fees earned during the period June 1-16, $6,500.
June 18. Paid cash for supplies, $750.
June 20. Recorded services provided on account for the period June 13-20, $3,100.
June 24. Recorded cash from cash clients for fees earned for the period June 17-24, $5,150.
June 26. Received cash from clients on account, $6,900.
June 27. Paid part-time receptionist for two weeks' salary, $1,100.
June 29. Paid telephone bill for June, $150.
June 30. Paid electricity bill for June, $400.
June 30. Recorded cash from cash clients for fees earned for the period June 25-30, $2,500.
June 30. Recorded services provided on account for the remainder of June, $1,000.
June 30. Emily withdrew $5,000 for personal use.
Instructions:
Question 1: Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.)
11 Cash 31 Emily Page, Capital
12 Accounts Receivable 32 Emily Page, Drawing
14 Supplies 41 Fees Earned
15 Prepaid Rent 51 Salary Expense
16 Prepaid Insurance 52 Rent Expense
18 Office Equipment 53 Supplies Expense
19 Accumulated Depreciation 54 Depreciation Expense
21 Accounts Payable 55 Insurance Expense
22 Salaries Payable 59 Miscellaneous Expense
23 Unearned Fees
Question 2: Post the journal to a ledger of four-column accounts.
Question 3: Prepare an unadjusted trial balance.
Question 4: At the end of June, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during June is $200.
b. Supplies on hand on June 30 are $650.
c. Depreciation of office equipment for June is $250.
d. Accrued receptionist salary on June 30 is $220.
e. Rent expired during June is $2,000.
f. Unearned fees on June 30 are $1,875.
Question 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet.
Question 6: Journalize and post the adjusting entries.
Question 7: Prepare an adjusted trial balance.
Question 8: Prepare an income statement, a statement of owner's equity, and a balance sheet.
Question 9: Prepare and post the closing entries. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.
Question 10: Prepare a post-closing trial balance.
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