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Ruiz Consulting Accounting Cycle Nov. 1: Luis Ruiz invests $20,000 to start his own consulting agency. Nov. 1: Purchased a one-year fire insurance policy. $960. Nov. 5: Acquired a computer for $10,000, paying $3,500 down with balance due in 60 days. Nov. 6: Purchased office supplies on account from Taylor Supply, $1,500. Nov. 9: Paid Taylor Supply $400 on account Nov. 10: Billed Barkley Insurance for consulting services performed $6,000. Nov. 12: Collected $1,500 from Barkley Insurance. Nov. 12: Hired secretary, $600 per week. Nov. 15: Collected $1,000 from Bryant Realty for consulting services to be performed. Nov. 26: Paid the secretary two weeks' wages, $1,200. Nov. 29: Received and paid the November utility bill, $700. Nov. 30: Received (but did not pay) the November telephone bill, $100. Nov. 30: Performed consulting services for Bing Enterprises, $4,800, to be collected in December. Nov. 30: Ruiz withdrew $1,400 from the business for personal living expenses. Required: 1. Journalize and post November transactions for Ruiz Consulting. 2. Prepare trial balance as of November 30. 3. Given the following, prepare and post adjusting entries for the month ended November 30. a. Expired insurance, $80. b. Supplies on hand, $900. C. Monthly depreciation, $250. d. Earned 20% of advance fee from Bryant Brokerage. e. Accrued wages, $360. 4. Prepare an adjusted trial balance. 5. Prepare the following financial statements: a. Income statement for the month ended November 30. b. Statement of owner's equity for the month ended November 30. C. Balance sheet as of November 30. 6. Prepare and post the closing entries. Ruiz Consulting Services General Ledger CASH A/R Prepaid Insurance Supplies Computer Accumulated Depreciation A/P Uneamed Revenue Wages Payable Ruiz, Capital Ruiz, Withdrawals Consulting Revenue Utility Exp Telephone Exp. Wages Exp. Depreciation Exp. Insurance Exp Supplies Exp

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