Need help due today! only ppl with accounting background plz

PR4-6A **BOLD ARE DATES AND BOLD WITH ITALIC ARE INSTRUCTIONS

Complete accounting cycle

✔ 8. Net income:

$16,455

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.

1. Paid three months’ rent on a lease rental contract, $6,000.

2. Paid the premiums on property and casualty insurance policies, $2,400.

4. Received cash from clients as an advance payment for services to be provided

and recorded it as unearned fees, $2,700.

5. Purchased additional office equipment on account from Office Depot Co.,

$3,500.

6. Received cash from clients on account, $3,000.

10. Paid cash for a newspaper advertisement, $200.

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.

14. Paid part-time receptionist for two weeks’ salary, $1,100.

17. Recorded cash from cash clients for fees earned during the period June1–16, $6,500.

18. Paid cash for supplies, $750.

20. Recorded services provided on account for the period June 13–20, $3,100.

24. Recorded cash from cash clients for fees earned for the period June 17–24,$5,150.

26. Received cash from clients on account, $6,900.

27. Paid part-time receptionist for two weeks’ salary, $1,100.

29. Paid telephone bill for June, $150.

30. Paid electricity bill for June, $400.

30. Recorded cash from cash clients for fees earned for the period June 25–30,$2,500.

30. Recorded services provided on account for the remainder of June, $1,000.

30. Emily withdrew $5,000 for personal use.

Instructions

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

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

3. Prepare an unadjusted trial balance.

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.

5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work

sheet) and complete the spreadsheet.

6. Journalize and post the adjusting entries.

7. Prepare an adjusted trial balance.

8. Prepare an income statement, a statement of owner’s equity, and a balance sheet.

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.

10. Prepare a post-closing trial balance.

2

>Pr.

4

–

6

A

. and 2.

1 0 0 0 0

0 0 0 0

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0

1 0 0 0 0

0 0 0 0
0 0 0 0

2 0 0 0 0

0 0 0 0

0 0 0 0

4 0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

6 0 0 0 0

0 0 0 0

0 0 0 0 Accounts Payable

10 0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0
0 0 0 0

12 0 0 0 0

0 0 0 0
0 0 0 0

0 0 0 0

0 0 0 0
0 0 0 0

JOURNAL

Post.
Date Ref. Debit Credit

10

June

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0
0 0 0 0 0

20 0 0 0 0 0

0 0 0 0 0
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0
0 0 0 0 0
30 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
30 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
30 0 0 0 0 0
0 0 0 0 0
0 0 0 0

, and

Cash

Post.

Date

Ref.

Dr. Cr.

June 1 0 0 0 0 0
1 0 0 0 0 0
2 0 0 0 0 0
4 0 0 0 0 0
6 0 0 0 0 0
10 0 0 0 0 0
12 0 0 0 0 0
14 0 0 0 0 0
17 0 0 0 0 0
18 0 0 0 0 0
24 0 0 0 0 0
26 0 0 0 0 0
27 0 0 0 0 0
29 0 0 0 0 0
30 0 0 0 0 0

30 0 0 0 0 0
30 0 0 0 0 0

Accounts Receivable 12

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 1 0 0 0 0

6 0 0 0 0

12 0 0 0 0

20 0 0 0 0
26 0 0 0 0
30 0 0 0 0
Supplies 14

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 1 0 0 0 0 0
18 0 0 0 0 0

30

0 0 0 0 0

Prepaid Rent

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 1 0 0 0 0 0
30 Adjusting 0 0 0 0 0

Prepaid Insurance

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 2 0 0 0 0 0

30 Adjusting 0 0 0 0 0

Office Equipment 18

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 1 0 0 0 0 0

5 0 0 0 0 0

– Equipment

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 30 Adjusting 0 0 0 0 0
Accounts Payable

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 5 0 0 0 0 0

12 0 0 0 0 0

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 30 Adjusting 0 0 0 0 0

Unearned Fees

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 4 0 0 0 0 0

30 Adjusting 0 0 0 0 0

Emily Page, Capital

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 1 0 0 0 0 0

30

0 0 0 0 0

30 Closing 0 0 0 0 0

Emily Page, Drawing

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 30 0 0 0 0 0

30 Closing 0 0 0 0 0

Summary

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 30 Closing 0 0 0 0 0

30 Closing 0 0 0 0 0
30 Closing 0 0 0 0 0

Fees Earned

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 12 0 0 0 0 0

17 0 0 0 0 0

20 0 0 0 0 0

24 0 0 0 0 0
30 0 0 0 0 0
30 0 0 0 0 0
30 Adjusting 0 0 0 0 0
30 Closing 0 0 0 0 0

Salary Expense

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 14 0 0 0 0 0

27 0 0 0 0 0
30 Adjusting 0 0 0 0 0
30 Closing 0 0 0 0 0

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 30 Adjusting 0 0 0 0 0
30 Closing 0 0 0 0 0

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 30 Adjusting 0 0 0 0 0
30 Closing 0 0 0 0 0

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 30 Adjusting 0 0 0 0 0
30 Closing 0 0 0 0 0

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010
June 30 Adjusting 0 0 0 0 0
30 Closing 0 0 0 0 0

Miscellaneous Expense

Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2010

June 10 0 0 0 0 0

29 0 0 0 0 0
30 0 0 0 0 0
30 Closing 0 0 0 0 0

Cash 0 0
Accounts Receivable 0 0
Supplies 0 0
Prepaid Rent 0 0
Prepaid Insurance 0 0
Office Equipment 0 0
Accumulated Depreciation 0 0
Accounts Payable 0 0
Salaries Payable 0 0
Unearned Fees 0 0
Emily Page, Capital 0 0
Emily Page, Drawing 0 0
Fees Earned 0 0
Salary Expense 0 0
Rent Expense 0 0
Supplies Expense 0 0

0 0

Insurance Expense 0 0
Miscellaneous Expense 0 0
0 0
BOTTOM LINE CONSULTING

)

Income Balance

Unadjusted Trial Balance

Trial Balance

Sheet

Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.

Cash

0 0 0 0 0 0 0 0

Accounts Receivable

0 0 0 0 0 0 0 0

Supplies

0 0 0 0 0 0 0 0

Prepaid Rent

0 0 0 0 0 0 0 0

Prepaid Insurance

0 0 0 0 0 0 0 0

Office Equipment

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

Accounts Payable 2,750 0 0 0 0 0 0 0 0
Salaries Payable 0 0 0 0 0 0 0 0
Unearned Fees

0 0 0 0 0 0 0 0

Emily Page, Capital

0 0 0 0 0 0 0 0

Emily Page, Drawing 5,000 0 0 0 0 0 0 0 0
Fees Earned

0 0 0 0 0 0 0 0

Salary Expense

0 0 0 0 0 0 0 0

Rent Expense 0 0 0 0 0 0 0 0
Supplies Expense 0 0 0 0 0 0 0 0
Depreciation Expense 0 0 0 0 0 0 0 0
Insurance Expense 0 0 0 0 0 0 0 0
Miscellaneous Expense 750 0 0 0 0 0 0 0 0

66,800 0 0 0 0 0 0 0 0

0 0 0 0 0
0 0 0 0
6. JOURNAL

Post.
Date Ref. Debit Credit

2010

June 30 0 0 0 0
0 0 0 0

0 0 0 0

30 0 0 0 0
0 0 0 0

0 0 0 0 Accumulated Depreciation
30 0 0 0 0 Supplies
0 0 0 0 Insurance Expense

0 0 0 0 Prepaid Rent

30 0 0 0 0 Prepaid Insurance
0 0 0 0 Salaries Payable
0 0 0 0 Unearned Fees
30 0 0 0 0 Salary Expense

0 0 0 0 Fees Earned

0 0 0 0 Supplies Expense
30 0 0 0 0 Depreciation Expense
0 0 0 0 Rent Expense

BOTTOM LINE CONSULTING

June 30, 2010
Debit Balances Credit Balances
Cash 0 0
Accounts Receivable 0 0
Supplies 0 0
Prepaid Rent 0 0
Prepaid Insurance 0 0
Office Equipment 0 0
Accumulated Depreciation 0 0
Accounts Payable 0 0
Salaries Payable 0 0
Unearned Fees 0 0
Emily Page, Capital 0 0
Emily Page, Drawing 0 0
Fees Earned 0 0
Salary Expense 0 0
Rent Expense 0 0
Supplies Expense 0 0
Depreciation Expense 0 0
Insurance Expense 0 0
Miscellaneous Expense 0 0
0 0

BOTTOM LINE CONSULTING Supplies Expense

Depreciation Expense

For the Month Ended June 30, 2010 Insurance Expense
Fees Earned

Salary Expense

0 0 0 Rent Expense

revenues

0 Miscellaneous Expense

0

0 0 0

0 0 0
0 0 0
0 0 0
0 0 0
0 0 0

0

Net Income 0

BOTTOM LINE CONSULTING

For the Month Ended June 30, 2010

, June 1, 2010

0

0 0
Total 0 0

0 0 0

0 0 0

0 0

0

BOTTOM LINE CONSULTING

June 30, 2010

Cash

0 0 0 0 Accounts Receivable
0 0 0 0 Accounts Payable
0 0 0 0 Salaries Payable
0 0

0 Prepaid Insurance

0 0 0 Office Equipment

0 Owner’s Equity Accumulated Depreciation

Emily Page, capital 0 0 Emily Page, Capital

0 0 Supplies
0 0 Unearned Fees

0 Prepaid Rent

0

0

9. JOURNAL

Post.
Date Ref. Debit Credit

2010

June 30 0 0 0 0
0 0 0 0
0 0 0 0
30 0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0 Supplies Expense

0 0 0 0 Depreciation Expense

0 0 0 0 Insurance Expense
0 0 0 0 Miscellaneous Expense

30 0 0 0 0

0 0 0 0 Rent Expense
0 0 0 0 Emily Page, Capital

30 0 0 0 0 Emily Page, Drawing

0 0 0 0 Fees Earned

Salary Expense

BOTTOM LINE CONSULTING

June 30, 2010

Debit Balances Credit Balances
Cash 0 0
Accounts Receivable 0 0
Supplies 0 0
Prepaid Rent 0 0
Prepaid Insurance 0 0
Office Equipment 0 0
Accumulated Depreciation 0 0
Accounts Payable 0 0
Salaries Payable 0 0
Unearned Fees 0 0
Emily Page, Capital 0 0
0 0

Problem 4-6A

Name:

Section:

Enter the appropriate amount or item in the shaded cells.

An asterisk (*) will appear next to an incorrect entry in the outlined cells.

1

JOURNAL

Page 1

Post.

Date

Ref.

Debit

Credit

2

0

10

June

Miscellaneous Expense

Cash

Accounts Receivable

Accounts Payable

5

Supplies

Emily Page, Capital

Prepaid Rent

Prepaid Insurance

Office Equipment

Salary Expense

Fees Earned

Emily Page, Drawing

12

Unearned Fees

14

Page 2

20

17

18

24

26

27

29

30

2.,

6.

9.

11

Balance

Item

Dr.

Cr.

2010

Adjusting

15

16

Accumulated Depreciation

19

21

Salaries Payable

22

23

31

Closing

32

Income

33

41

51

Rent Expense

52

Supplies Expense

53

Depreciation Expense

54

Insurance Expense

55

59

3.

BOTTOM LINE CONSULTING

Unadjusted

Trial Balance

June 30, 2010

Debit Balances

Credit Balances

Depreciation Expense

5.

End-of-Period Spreadsheet (Work

Sheet

For the Month Ended June 30, 2010

Adjusted

Adjustments

Statement

Account Title

28,900

3,800

2,

750

6,000

2,400

1

5,000

Accum. Depreciation

2,700

38,000

23,350

2,200

66,800

Page 3

Adjusting Entries

Net Income

Net Loss

7.

Adjusted Trial Balance

8.

Income Statement

Revenues:

Total

Expenses:

Total expenses

Statement of

Owner’s Equity

Emily Page, capital

Less withdrawals

Net Income for the month

Emily Page, capital, June 30, 2010

Additional investments during the month

Increase in owner’s equity

Balance Sheet

Assets

Liabilities

Current assets:

Current liabilities

Total liabilities

Total current assets

Property, plant, and equipment:

Total property, plant, and equipment

Total assets

Total liabilities and owner’s equity

Page 4

Closing Entries

Income Summary

10.

Post-Closing Trial Balance

List the credited accounts numerically, largest balance to smallest, with one exception: place Misc. Exp. on the last line.
Close the revenue account in this entry. Select accounts from the drop-down list.
Hint: Total debits must equal total liabilities and owner’s equity.
Hint: Total debits must equal total liabilities and owner’s equity.
See the statement of owner’s equity for this amount.
List current liabilities in the same order that they are listed on the adjusted trial balance.
List current assets in the same order that they are listed on the adjusted trial balance.
Enter the item that increases owner’s equity on this line.
Enter all expenses as positive amounts.
List expenses according to balance, largest to smallest, with one exception: list Miscellaneous Exp. last.
Enter the adjustments in the order in which the data is given in the text.
Select accounts from the drop-down list.
The credit total of the balance sheet columns should now be equal to the debit total.
The debit total of the balance sheet columns should now be equal to the credit total.
The credit total of the income statement columns should now be equal to the debit total.
The debit total of the income statement columns should now be equal to the credit total.
Select accounts from the drop-down list. Record transactions in the order they are given in the problem. Enter the debited accounts in this entry in the order they would be presented on the balance sheet.