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:\tJune 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″\ufffd24, $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.\t\tJune 30. Paid electricity bill for June, $200.\t\tJune 30. Recorded cash from cash clients for fees earned for the\t\tperiod June 25-30, $2,050.\t\tJune 30. Recorded services provided on account for the remainder of\t\tJune, $1,000.\t\tJune 30. Dustin withdrew $4,500 for personal use.\t\tInstructions-Use the provided Excel template to complete the\t\tfollowing:\t\t1. Journalize each transaction in a two-column journal, referring to the\t\tfollowing chart of accounts in selecting the accounts to be debited and\t\tcredited.\t\t11 Cash\t\t12 Accounts Receivable\t\t14 Supplies\t\t15 Prepaid Rent\t\t16 Prepaid Insurance\t\t18 Office Equipment\t\t19 Accumulated Depreciation\t\t21 Accounts Payable\t\t22 Salaries Payable\t\t23 Unearned Fees\t\t31 Dustin Larkin, Capital\t\t32 Dustin Larkin, Drawing\t\t41 Fees Earned\t\t51 Salary Expense\t\t52 Rent Expense\t\t53 Supplies Expense\t\t54 Depreciation Expense\t\t55 Insurance Expense\t\t59 Miscellaneous Expense\t\t2. Post the journal to a ledger of four-column accounts.\t\t3. Prepare a trial balance as of June 30, 2010.\t\tBe sure and save your work, you will complete the accounting cycle in\tUnit 3 using the same Excel Template and information.\t\u00a0\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAssignment #1\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u00a0\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 1 – Prepare the Journal Entries in the General Journal\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tJounral Entries\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 2 – Post Journal Entries to the General Ledger\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tGeneral Ledger\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 3 – Prepare a Trial Balance\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tTrial Balance\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u00a0\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u00a0\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAssignment #2\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u00a0\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 4 – Prepare the Adjusting Entries\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAdjusting Entries\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 5 – Post Adjusting Entries to the General Ledger\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tGeneral Ledger\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 6 – Prepare an Adjusted Trial Balance\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAdjusted TB\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 7 – Prepare the Financial Statements\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tFinancial Statements\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 8 – Prepare the Closing Entries\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tClosing Entries\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 9 – Post Closing Entries to the General Ledger\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tGeneral Ledger\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRequirement 10 – Prepare the Post Closing Trial Balance\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tPost Closing TB<\/p>\n","protected":false},"excerpt":{"rendered":"
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 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-199277","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/199277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=199277"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/199277\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=199277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=199277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=199277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}