For the past several years, Samantha Hogan has operated a parttime consulting business from her home. As of July Y Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a fulltime basis. Arborvite Consulting entered into the following transactions during July: Jul. The following assets were received from Samantha Hogan: cash, $; accounts receivable, $; supplies, $; and office equipment, $ There were no liabilities received. Paid three months rent on a lease rental contract, $ Paid the premiums on property and casualty insurance policies, $ Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $ Purchased additional office equipment on account from Office Necessities Co $ Received cash from clients on account, $ Paid cash for a newspaper advertisement, $ Paid Office Necessities Co for part of the debt incurred on July $ Provided services on account for the period July $ Paid receptionist for two weeks salary, $ Record the following transactions on Page of the journal: Jul. Received cash from cash clients for fees earned during the period July $ Paid cash for supplies, $ Provided services on account for the period July $ Received cash from cash clients for fees earned for the period July $ Received cash from clients on account, $ Paid receptionist for two weeks salary, $ Paid telephone bill for July, $ Paid electricity bill for July, $ Received cash from cash clients for fees earned for the period July $ Provided services on account for the remainder of July, $ Samantha withdrew $ for personal use.
Required: Journalize each transaction in a twocolumn journal starting on Page referring to the chart of accounts in selecting the accounts to be debited and credited. Do not insert the account numbers in the journal at this time. Post the July transactions. A Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the July transactions from the journal to a ledger of fourcolumn accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part of this problem as well as steps in Part of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. B Add the appropriate posting reference to the journal in CengageNOW. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete requirements and Insurance expired during July is $ Supplies on hand on July are $ Depreciation of office equipment for July is $ Accrued receptionist salary on July is $ Rent expired during July is $ Unearned fees on July are $Optional On your own paper or spreadsheet, enter the unadjusted trial balance on an endofperiod work sheet and complete the spreadsheet. Find a blank endofperiod work sheet in the Excel spreadsheet you previously downloaded. A Journalize the adjusting entries on page of the journal. Adjusting entries are recorded on July B Use the attached spreadsheet in the Ledger panel to post the adjusting entries to the ledger of fourcolumn accounts, inserting balances is the accounts affected. Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW. Prepare an adjusted trial balance.
Journalize each transaction in a twocolumn journal starting on Page referring to the chart of accounts in selecting the accounts to be debited and credited. Do not insert the account numbers in the journal at this time. B Add the appropriate posting reference to the journal in CengageNOW. A Journalize the adjusting entries on page of the journal. Adjusting entries are recorded on July B Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Note: Scroll down to access page through of the journal. How does grading work? PAGE JOURNALACCOUNTING EQUATION Score: DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY PAGE JOURNALACCOUNTING EQUATION Score: DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY PAGE JOURNALACCOUNTING EQUATION Score: DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. Question not attempted. Arborvite Consulting UNADJUSTED TRIAL BALANCE Score: July Y ACCOUNT TITLE DEBIT CREDIT Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated DepreciationOffice Equipment Accounts Payable Salaries Payable Unearned Fees Samantha Hogan, Capital Samantha Hogan, Drawing Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Totals Prepare an adjusted trial balance. Question not attempted. Arborvite Consulting ADJUSTED TRIAL BALANCE Score: July Y ACCOUNT TITLE DEBIT CREDIT Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated DepreciationOffice Equipment Accounts Payable Salaries Payable Unearned Fees Samantha Hogan, Capital Samantha Hogan, Drawing Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Totals
fill out unadjusted trial balance and adjusted trial balance
