accounting cycle

For the pist sevend years, steff Lopez has operaled a part time coesultrg tersiness from his home As of July 1, 20 ? busness, which was to be knows as Duanond Consuling, en a fult-time basis. Damand entered into the foltewng transactons durng July. Jul 1 The folowing aseets were teceived from 5 ieth Leper in euchange for comman stock cait, $15,600, accounts recervable, 520,500 , supples, $3,200, and office equipment, $7,500. There weie no la6dies receved 1 Pais two montlistrect on a lease rental contract, $4,000 2. Paid the premeims on piopeity and casaliy inserance polcies, 54,060 4. Recetyed cash trontients as an advance paninent for services to be peovided and iecorded if an uneamed lees, $5,000 5 Purchased adotonat ofice equpment on account bon Ofice 5 tabse C9,56,500 6 Received cach fom dends on axceurt, $15,000 10 Fas cath toe a fewsoper advertisement $00 12 Pasiofice Staion Co lor par of ene debt noured on dey 5,$5200 12. Reconded werwas prowided on accourt for the penot duly 1-12,513,200 Wul i7 Recuded cash from cash cients for fees eamed duaring the pernod July 1-17, $9,450. 18. Paid cash for supplies, $600 20 Recerded servces provided cn account for the period July 1320,56,650 24 Recotded cash from cash clents for fees earbed for the period July 1724,$4,500 20. Recteved cash from dients on account, $12,000 27. Paid receptionist bor two weeks' salary, $1,800 29 Paid lelephone bal for July. $325 31 Pad electritif tili for Jaly, $6t5 31 Recoided cash bom cash cients for lees eared for the peribd Jily 25-31, 55,400 31 Fecorded servoes provided on account for the yemander of thy, $3,000 31 Pad dividends $12.500. Required: 1. doumalye each transaction in a two-coluens jounal staring on Page 1. (Do not insert the account numbera in the poumul af the time) 1. Prepore an unactusted trial balance 4. At the end of duly, the following adpustment data were assembled. Analyze and use these data fo complefe requarements (5) and (6) (a) Instance expred durng July is $405 (b) Supples on hand on Jul 31 are $5,600 (c) Depreciation of office equipment for July is $750 (d) Accrued receptonist salary on July at is $180. (e) Rent expred during July is $2,400 (6) Unearned fees on Ul t are 5,500 5. (Optonos On your own paper or spresdsheet, enter the unadusted trial balance on an end of -period work sheet and complete the worksthet. 6. A Joumatue the adusting entres on page J of the pounal. Adusting entries are recoded on duly 31 B. Post the adjusting entres, insering balances in the accoonts atfected 7. Prepare an adjusted thal balance nstructions 4. At the end of auy, the folowing adystment data were a5sembed Anayze and use these dafa to complere requarements (5) and (6) (a) Insurance expired duing July is $405. (b) Supples on hand on July 31 are $1,600. (c) Depreciation of oflice equipment for Jidy is $750. (d) Accrued meceptionist salay on duly 31 is $180. (e) Rent expied during duly is $2,400. (1) Uneamed lees on juiy 31 are $2,500 5. (Optionas) On your own paper or spreadsheet, enter the unadusted tria balance on an end-ol-period work sheet and complete the work sheet 6. A Joumalize the adjusting entries on page 3 of the joumbl Adfusting entries are recorded on July 34. B. Post the adjusting entries, inserting badances in the accounts afiected 7. Prepare an adjusted bial balance B. A Prepare an income statement for the month ended July 31,20r 8. Prepore a statenent of stockholden' equily for the month ended July 31, 20r2 C. Prepare a balance sheet as of Juy 31, 20r2 All transactions on this pase must be entered (except for post ref(s)) before you will receive Check My Work feedback. roment/takeAssigrument Maindorinvoker 8 dakeAssignmentSessionLocator=Zkinprogress=false: Print lutem tions (X) lee and use these data to compieterequiernents (5) and (6). abels and Amount Descriptions Work Shuet Shaded cells have feedback. 6. A. Joumakze the adjusing entres on page 3 of the jownal Adjusting entries are feconded on Jily 3 i. Question not attempted. 9. A. Joumalze the clasing entries on page 4 of the joumal Question not attempted. 2. Post the journal to a fedger of four-column accounts. Add the approgriale posting ieference fo the joumal 6. B. Pose ohe andusiting enthies, inserting balances in the accounts: allecled 9. B. Post the closing entries, inserfing balances in the accounit affected General Ledgor Shaded cells have feedback. (1) Account Actounts Pecoliable nat 1 Aronet Supolion Accourt the. If net 1 Genoral Ledgar Account No. 14 Aocount Supplien Account Frogad fent. Nccoint: Wrepaly iniarancen Instrud General Journal Shaded cells have feedback (X) General Ledgor Shadad cells have feedback. Account: Frepald limarance Macount tho. is ONL 1 Mccount: Orhot Equipriment noteant Has if asr post iser: cart Crser cester Accoult Acoumulated Depredition Accaint Anoourts Pryable General Ledgar Shaded cells have feedoack Mccant: Mccumulated Depreciation Acount No. 19 OAE min o, RALNKE 1 Account Accounts Payable Aecount No. 21 (2) but mes Pt fer. peart Accountr Salaries Pryatle Account Unearmed fees Check My Wark 9 mibre Check My Wok vies remaining General Ledget Shaded cels have feedbac Kcoounti Lncarmed fees Account Ha 23 Accouet Common Stodi - Ncoonil Rutained lamines Mrisel: Divitents Complete accounting crde \begin{tabular}{|l|l|l|l|l|} \hline Instruetions & Chart of Accounts & Labols and Amount Bescriptions . Work Shoer Journal \\ \hline \end{tabular} Instruc General Joumal Shaded cels hrve feedacke (x) General Ledger: Shaded cels have fecoback (X Account Divisentir Nowant fes tarned our. Instructions Chart of Accounts Labels and Amount Doscriptions Work Sthest General Joumal Instrud General Joumal Shaded cels have leedaack (X) General Ledger Shaded cells have fecolouck (X Mecount is 5ary figpiest Acount No. St ber Fost ear: anat WWER Comar Accame fent Leperie - Aecount siphtien Eyenoe Pint llem Complete accounting crde Instructions Chort of Accounts Labels and Amount Descriptions Worksheet General Joumal Instruc General Joumal Shaded cells have General Ledger Accounti krarance beperse Account tha, 55 Account: Mhorkanon Eperoe Acovent Nou 5% Unadjusted Trial Balance Shaded cells have feedback. Diamond Consulting Score: 30/62 UNADJUSTED TRIAL BALANCE July 31,20Y2 General Ledger Unadjusted Trial Balance Shaded cells have feedb 12 Retained Earnings 1 Dividends 2. 14 Fees Earned 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 7. Prepare an adjusted trial balance. Question not attempted. 12. Adjusted Trial Balance Shaded cells have feedback. 136 Office Equipment 14. 7 Accumulated Depreciation 15 Accounts Payable 9. Salaries Payable 17. 10 Uneamed Fees 18. 11 Common Stock 12 Retained Eamings 2013 Dividends 2114 Fees Eamed 15 Salary Expense 16 Rent Expense 17. Supplies Expense 18 Depreciation Expense 19 Insurance Expense Adjusted Trial Balance Shaded cells have feedbac 12. Retained Eamings 13 Dividends 14 Fees Eamed 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense Totals 8A. Prepare an income statement for the month ended July 31,20Y2. Income Statement Instructions Question not attempted. Jeneral Journal Ledger djusted Trial Balance Shaded cells have feedback. Adjusted Trial Balance Shaded cells have feedback. Income Statement Shaded cells have feedback. (Label) (label) 3 4 5 6 7 8 9 10 8B. Prepare a statement of stockholders' equity for the month ended July 31, 20 Y2. Statement of Stockholders' Equity instructions 8C. Prepare a balance sheet as of July 31,20Y2. Balance Sheet Instructions Question not attempted. Balance Sheet Shaded cells have feedbaci 7 8 9 (Label) 10 11 12 13 14. Liabilities 15 (Label) 16 17. 18 19 20. Stockholders' Equity 21 Labels and Amount Descriptions Work Sheet Balance Sheet Shaded cells have feedback 12 13 14 Liabilities 15 (Label) 16 17 18 19 Stockholders' Equity Question not attempted. Post-closing Trial Balance Shaded cells have feedback. 12 ACCOUNT TITLE DEBIT CREDIT 13 Cash 142 Accounts Receivable 153 Supplies 16. 4 Prepaid Rent 17. 5 Prepaid Insurance 18. 6 Office Equipment 19 7 Accumulated Depreciation 20 8 Accounts Payable 21 9 Salaries Payable 22. 10 Unearned Fees 23 II Common Stock 24. 12 Retained Eamings 13 Totals For the pist sevend years, steff Lopez has operaled a part time coesultrg tersiness from his home As of July 1, 20 ? busness, which was to be knows as Duanond Consuling, en a fult-time basis. Damand entered into the foltewng transactons durng July. Jul 1 The folowing aseets were teceived from 5 ieth Leper in euchange for comman stock cait, $15,600, accounts recervable, 520,500 , supples, $3,200, and office equipment, $7,500. There weie no la6dies receved 1 Pais two montlistrect on a lease rental contract, $4,000 2. Paid the premeims on piopeity and casaliy inserance polcies, 54,060 4. Recetyed cash trontients as an advance paninent for services to be peovided and iecorded if an uneamed lees, $5,000 5 Purchased adotonat ofice equpment on account bon Ofice 5 tabse C9,56,500 6 Received cach fom dends on axceurt, $15,000 10 Fas cath toe a fewsoper advertisement $00 12 Pasiofice Staion Co lor par of ene debt noured on dey 5,$5200 12. Reconded werwas prowided on accourt for the penot duly 1-12,513,200 Wul i7 Recuded cash from cash cients for fees eamed duaring the pernod July 1-17, $9,450. 18. Paid cash for supplies, $600 20 Recerded servces provided cn account for the period July 1320,56,650 24 Recotded cash from cash clents for fees earbed for the period July 1724,$4,500 20. Recteved cash from dients on account, $12,000 27. Paid receptionist bor two weeks' salary, $1,800 29 Paid lelephone bal for July. $325 31 Pad electritif tili for Jaly, $6t5 31 Recoided cash bom cash cients for lees eared for the peribd Jily 25-31, 55,400 31 Fecorded servoes provided on account for the yemander of thy, $3,000 31 Pad dividends $12.500. Required: 1. doumalye each transaction in a two-coluens jounal staring on Page 1. (Do not insert the account numbera in the poumul af the time) 1. Prepore an unactusted trial balance 4. At the end of duly, the following adpustment data were assembled. Analyze and use these data fo complefe requarements (5) and (6) (a) Instance expred durng July is $405 (b) Supples on hand on Jul 31 are $5,600 (c) Depreciation of office equipment for July is $750 (d) Accrued receptonist salary on July at is $180. (e) Rent expred during July is $2,400 (6) Unearned fees on Ul t are 5,500 5. (Optonos On your own paper or spresdsheet, enter the unadusted trial balance on an end of -period work sheet and complete the worksthet. 6. A Joumatue the adusting entres on page J of the pounal. Adusting entries are recoded on duly 31 B. Post the adjusting entres, insering balances in the accoonts atfected 7. Prepare an adjusted thal balance nstructions 4. At the end of auy, the folowing adystment data were a5sembed Anayze and use these dafa to complere requarements (5) and (6) (a) Insurance expired duing July is $405. (b) Supples on hand on July 31 are $1,600. (c) Depreciation of oflice equipment for Jidy is $750. (d) Accrued meceptionist salay on duly 31 is $180. (e) Rent expied during duly is $2,400. (1) Uneamed lees on juiy 31 are $2,500 5. (Optionas) On your own paper or spreadsheet, enter the unadusted tria balance on an end-ol-period work sheet and complete the work sheet 6. A Joumalize the adjusting entries on page 3 of the joumbl Adfusting entries are recorded on July 34. B. Post the adjusting entries, inserting badances in the accounts afiected 7. Prepare an adjusted bial balance B. A Prepare an income statement for the month ended July 31,20r 8. Prepore a statenent of stockholden' equily for the month ended July 31, 20r2 C. Prepare a balance sheet as of Juy 31, 20r2 All transactions on this pase must be entered (except for post ref(s)) before you will receive Check My Work feedback. roment/takeAssigrument Maindorinvoker 8 dakeAssignmentSessionLocator=Zkinprogress=false: Print lutem tions (X) lee and use these data to compieterequiernents (5) and (6). abels and Amount Descriptions Work Shuet Shaded cells have feedback. 6. A. Joumakze the adjusing entres on page 3 of the jownal Adjusting entries are feconded on Jily 3 i. Question not attempted. 9. A. Joumalze the clasing entries on page 4 of the joumal Question not attempted. 2. Post the journal to a fedger of four-column accounts. Add the approgriale posting ieference fo the joumal 6. B. Pose ohe andusiting enthies, inserting balances in the accounts: allecled 9. B. Post the closing entries, inserfing balances in the accounit affected General Ledgor Shaded cells have feedback. (1) Account Actounts Pecoliable nat 1 Aronet Supolion Accourt the. If net 1 Genoral Ledgar Account No. 14 Aocount Supplien Account Frogad fent. Nccoint: Wrepaly iniarancen Instrud General Journal Shaded cells have feedback (X) General Ledgor Shadad cells have feedback. Account: Frepald limarance Macount tho. is ONL 1 Mccount: Orhot Equipriment noteant Has if asr post iser: cart Crser cester Accoult Acoumulated Depredition Accaint Anoourts Pryable General Ledgar Shaded cells have feedoack Mccant: Mccumulated Depreciation Acount No. 19 OAE min o, RALNKE 1 Account Accounts Payable Aecount No. 21 (2) but mes Pt fer. peart Accountr Salaries Pryatle Account Unearmed fees Check My Wark 9 mibre Check My Wok vies remaining General Ledget Shaded cels have feedbac Kcoounti Lncarmed fees Account Ha 23 Accouet Common Stodi - Ncoonil Rutained lamines Mrisel: Divitents Complete accounting crde \begin{tabular}{|l|l|l|l|l|} \hline Instruetions & Chart of Accounts & Labols and Amount Bescriptions . Work Shoer Journal \\ \hline \end{tabular} Instruc General Joumal Shaded cels hrve feedacke (x) General Ledger: Shaded cels have fecoback (X Account Divisentir Nowant fes tarned our. Instructions Chart of Accounts Labels and Amount Doscriptions Work Sthest General Joumal Instrud General Joumal Shaded cels have leedaack (X) General Ledger Shaded cells have fecolouck (X Mecount is 5ary figpiest Acount No. St ber Fost ear: anat WWER Comar Accame fent Leperie - Aecount siphtien Eyenoe Pint llem Complete accounting crde Instructions Chort of Accounts Labels and Amount Descriptions Worksheet General Joumal Instruc General Joumal Shaded cells have General Ledger Accounti krarance beperse Account tha, 55 Account: Mhorkanon Eperoe Acovent Nou 5% Unadjusted Trial Balance Shaded cells have feedback. Diamond Consulting Score: 30/62 UNADJUSTED TRIAL BALANCE July 31,20Y2 General Ledger Unadjusted Trial Balance Shaded cells have feedb 12 Retained Earnings 1 Dividends 2. 14 Fees Earned 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 7. Prepare an adjusted trial balance. Question not attempted. 12. Adjusted Trial Balance Shaded cells have feedback. 136 Office Equipment 14. 7 Accumulated Depreciation 15 Accounts Payable 9. Salaries Payable 17. 10 Uneamed Fees 18. 11 Common Stock 12 Retained Eamings 2013 Dividends 2114 Fees Eamed 15 Salary Expense 16 Rent Expense 17. Supplies Expense 18 Depreciation Expense 19 Insurance Expense Adjusted Trial Balance Shaded cells have feedbac 12. Retained Eamings 13 Dividends 14 Fees Eamed 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense Totals 8A. Prepare an income statement for the month ended July 31,20Y2. Income Statement Instructions Question not attempted. Jeneral Journal Ledger djusted Trial Balance Shaded cells have feedback. Adjusted Trial Balance Shaded cells have feedback. Income Statement Shaded cells have feedback. (Label) (label) 3 4 5 6 7 8 9 10 8B. Prepare a statement of stockholders' equity for the month ended July 31, 20 Y2. Statement of Stockholders' Equity instructions 8C. Prepare a balance sheet as of July 31,20Y2. Balance Sheet Instructions Question not attempted. Balance Sheet Shaded cells have feedbaci 7 8 9 (Label) 10 11 12 13 14. Liabilities 15 (Label) 16 17. 18 19 20. Stockholders' Equity 21 Labels and Amount Descriptions Work Sheet Balance Sheet Shaded cells have feedback 12 13 14 Liabilities 15 (Label) 16 17 18 19 Stockholders' Equity Question not attempted. Post-closing Trial Balance Shaded cells have feedback. 12 ACCOUNT TITLE DEBIT CREDIT 13 Cash 142 Accounts Receivable 153 Supplies 16. 4 Prepaid Rent 17. 5 Prepaid Insurance 18. 6 Office Equipment 19 7 Accumulated Depreciation 20 8 Accounts Payable 21 9 Salaries Payable 22. 10 Unearned Fees 23 II Common Stock 24. 12 Retained Eamings 13 Totals