FC Consulting Frank Crookshank started a business consulting firm, FC Consulting Inc., on January $1,2022.$ Frank is the sole shareholder of the company. He is a CPA and he provides basic accounting services and general business advice to small businesses in his community. His wife Sandy is employed part$-$time as an office manager. Sandy is responsible for the company$$s bookkeeping. Sandy is not a CPA and, although she took an accounting course in high school, admittedly remembers very little from it$.$ When Frank started the business, he initially invested $$20,000$ cash into it$.$ He also contributed a computer $($valued at $$1,000)$ and a smart phone $($valued at $$600).$ For the first few months he worked out of his house, but on May $1$ he signed a $12-$month lease for a small office near his home. The monthly rent is $$1,200,$ although Frank was required to pay for the first $6$ months at the beginning of the lease and the remaining six months$$ rent was due and paid on November $1.$ In order to promote his business Frank purchased a monthly ad in the local newspaper. The ad costs $$700$ per month, and Frank gets one free month if he purchases $11$ months in advance. Frank decided to take advantage of this and committed to $11$ months of advertisements on February $1.$ In order to get the free month Frank was required to pay the full amount in advance. On January $3$ Frank purchased $$250$ of office supplies. When he moved into his new office, he purchased an additional $$500$ of supplies, and he made a third purchase on October $15$ of $$400$ of office supplies. On December $31$ he counted his office supplies and determined that there were currently $$180$ worth on hand. Frank$$s monthly bill for his smart phone is $$90.$ He usually receives the bill on the last day of the month and it is payable within $30$ days of receipt. He received the bill for December on December $31$ but has not paid it yet. Since moving into his new office, he has also had to pay for utilities $($$$200/$month$)$ and telephone$/$internet $($$$190/$month$).$ Both are billed at the end of each month and due within $30$ days. Frank has not yet paid his utility bill for December, and he has not paid the phone$/$internet bill for November or December yet. On September $1$ Frank hired an assistant named Dee$-$Anna. He pays her $$35,000$ per year, paid in equal instalments every second Friday. The last payday for the year was December $24($assume she has been paid for $3\mathrm{.}75$ months to date$).$ Frank also pays his wife $$20,000$ per year for her work as Office Manager, although to date he has not actually paid her any cash. Assume that her start date in this position was January $1.$ In addition to the computer and the phone that Frank transferred to the business, he has also purchased office furniture $($$$4,500),$ a photocopier$/$printer $($$$900),$ and some other miscellaneous office equipment $($$$1,000).$ The computer, phone and printer have an expected useful life of $3$ years, while the furniture and other office equipment have an expected useful life of $10$ years. There is no assumed salvage value for any of these items. Assume assets purchased for use in the business on date the business began

Required #$4-$ You will need to: a$)$ journalize all of the transactions, b$)$ post all transactions to ledger accounts, c$)$ prepare a trial balance, d$)$ prepare adjusting entries, e$)$ prepare an adjusted trial balance, and f$)$ then prepare a properly formatted income statement, statement of equity, and balance sheet for FC Consulting Inc for the year ended December $31,2022$ in EXCEL. g$)$ You should also record the closing entries and prepare a closing trial balance.

Answer rating: 100% (QA)

To assist you with this task Ill provide a stepbystep guide Step 1 Journalize the transactions Recor... View the full answer