AC 499 Unit 2 and Unit 3 Assignments

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AC 499 AC/499 AC499 Unit 2 and Unit 3 Assignments

For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of June 1, 2010, Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions during June:

June 1. The following assets were received from Dustin Larkin: cash, $10,000; accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500. There were no liabilities received. June 1. Paid three months’ rent on a lease rental contract, $4,500. June 2. Paid the premiums on property and casualty insurance policies, $1,800. June 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $3,000. June 5. Purchased additional office equipment on account from Crawford Company, $1,800. June 6. Received cash from clients on account, $800. June 10. Paid cash for a newspaper advertisement, $120. June 12. Paid Crawford Company for part of the debt incurred on June 5, $800. June 12. Recorded services provided on account for the period June 1-12, $2,250. June 14. Paid part-time receptionist for two weeks’ salary, $400. June 17. Recorded cash from cash clients for fees earned during the period June 1-16, $3,175. June 18. Paid cash for supplies, $750. June 20. Recorded services provided on account for the period June 13-20, $1,100. June 24. Recorded cash from cash clients for fees earned for the period June 17—24, $1,850. June 26. Received cash from clients on account, $1,600. June 27. Paid part-time receptionist for two weeks’ salary, $400. June 29. Paid telephone bill for June, $130.

June 30. Paid electricity bill for June, $200.

June 30. Recorded cash from cash clients for fees earned for the

period June 25-30, $2,050.

June 30. Recorded services provided on account for the remainder of

June, $1,000.

June 30. Dustin withdrew $4,500 for personal use.

Instructions-Use the provided Excel template to complete the

following:

Journalize each transaction in a two-column journal, referring to the

following chart of accounts in selecting the accounts to be debited and

credited.

11 Cash

12 Accounts Receivable

14 Supplies

15 Prepaid Rent

16 Prepaid Insurance

18 Office Equipment

19 Accumulated Depreciation

21 Accounts Payable

22 Salaries Payable

23 Unearned Fees

31 Dustin Larkin, Capital

32 Dustin Larkin, Drawing

41 Fees Earned

51 Salary Expense

52 Rent Expense

53 Supplies Expense

54 Depreciation Expense

55 Insurance Expense

59 Miscellaneous Expense

Post the journal to a ledger of four-column accounts.

Prepare a trial balance as of June 30, 2010.

Be sure and save your work, you will complete the accounting cycle in

Unit 3 using the same Excel Template and information.

Assignment #1

Requirement 1 – Prepare the Journal Entries in the General Journal Jounral Entries

Requirement 2 – Post Journal Entries to the General Ledger General Ledger

Requirement 3 – Prepare a Trial Balance Trial Balance

Assignment #2

Requirement 4 – Prepare the Adjusting Entries Adjusting Entries

Requirement 5 – Post Adjusting Entries to the General Ledger General Ledger

Requirement 6 – Prepare an Adjusted Trial Balance Adjusted TB

Requirement 7 – Prepare the Financial Statements Financial Statements

Requirement 8 – Prepare the Closing Entries Closing Entries

Requirement 9 – Post Closing Entries to the General Ledger General Ledger

Requirement 10 – Prepare the Post Closing Trial Balance Post Closing TB

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