You$$ve started a part$-$time virtual bookkeeping business at the beginning of $2023.$ As of September $1,2023,$ you$$ve

decided to incorporate your business, moved into a rented office space and operate the business on a full$-$time basis.

The business will be known as $$Your Name Virtual Bookkeeping$.$ During September, your business entered into the

following transactions:

Sep $1.$ The following assets were contributed to the business by the shareholders $($group members$)$ in exchange for

common stock: $$12,000$; accounts receivable, $$3,000$; supplies, $$500$; and office equipment, $$15,500.$

$1.$ Borrowed $$10,000$ from a business line of credit $($use account #$24$ Business Line of Credit Payable$)$

$1.$ Paid three months$$ rent on a lease rental contract, $$4,800.$

$2.$ Paid the premiums on property and casualty insurance policies, $$1,800.$

$4.$ Received cash from clients as an advance payment for services to be provided and recorded it as unearned

fees, $$5,000.$

$5.$ Purchased additional office equipment on account from Office Depot Co$.,$ $$2,000.$

$6.$ Received cash from clients on account, $$1,800.$

$10.$ Paid cash for a newspaper advertisement, $$120.$

$12.$ Paid Office Station Co$.$ for part of the debt incurred on September $5,$ $$1,200.$

$12.$ Recorded services provided on account for the period September $112,$ $$4,200.$

$14.$ Paid part$-$time receptionist for two weeks$$ salary, $$750.$

$17.$ Recorded cash from cash clients for fees earned during the period September $116,$ $$6,250.$

$18.$ Paid cash for supplies, $$800.$

$20.$ Recorded services provided on account for the period September $1320,$ $$2,100.$

$24.$ Recorded cash from cash clients for fees earned for the period September $1724,$ $$3,850.$

$26.$ Received cash from clients on account, $$5,600.$

$27$ Paid part$-$time receptionist for two weeks$$ salary, $$750.$

$29.$ Paid telephone and internet bill for September, $$130.$

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

$30.$ Recorded cash from cash clients for fees earned for the period September $2530,$ $$3,050.$

$30.$ Recorded services provided on account for the remainder of September, $$1,500.$

$30$ Paid dividends, $$6,000.$

The chart of accounts for your consulting business is shown in Exhibit A$.$

REQUIREMENTS:

$1.$ Use Microsoft Office Excel application to create the charts of accounts, general journal, four$-$column general

ledgers, end$-$of$-$period spreadsheet, unadjusted trial balance, adjusted trial balance, post$-$closing trial balance,

income statement, retained earnings statement, and balance sheet.

$2.$ Record September transactions on Page $1$ of the general journal.

$3.$ Post the journal to a ledger of four$-$column accounts.

$4.$ Prepare an unadjusted trial balance as of September $30,2023$

At the end of September, the following adjustment data were assembled. Analyze and use these data to

complete parts $(5)$ and $(6).$

Insurance expired during Sep is $$275.$

Supplies on hand on Sep $30$ are $$715.$

Depreciation of computer equipment for Sep is $$330.$

Accrued receptionist salary on Sep $30$ is $$325.$

Rent expired during Sep is $$1,600.$

Unearned fees on Sep $30$ are $$3,210.$

$5.$ Enter the unadjusted trial balance on an end$-$of$-$period spreadsheet and complete the spreadsheet.

$6.$ Journalize and post the adjusting entries. Record the adjusting entries on Page $2$ of the journal.

$7.$ Prepare an adjusted trial balance.

$8.$ Prepare an income statement, a retained earnings statement, and a balance sheet.

$9.$ Prepare and post the closing entries. Record the closing entries on Page $3$ of the journal. Indicate closed

accounts by inserting a line in both the Balance columns opposite the closing entry.

$10.$ Prepare a post$-$closing trial balance.

EXHIBIT A $$ CHART OF ACCOUNTS

Account No$.$ Account Title

$11$ 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

$24$ Business Line of Credit Payable

$31$ Common Stock

$32$ Retained Earnings

$33$ Dividends

$41$ Fees Earned

$51$ Salary Expense

$52$ Rent Expense

$53$ Supplies Expense

$54$ Depreciation Expense

$55$ Insurance Expense

$56$ Miscellaneous Expense