ACG$2001$ Milestone Assignment #$2$

Version $23.$A

Chart of Accounts

$11.$ 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 revenue

$31.$ Jolene Upton, C$\{$apital

$32.$ Jolene Upton, Drawing

$41.$ Services revenue

$51.$ Salary expense

$52.$ Rent expense

$53.$ Supplies expense

$54.$ Depreciation expense

$55.$ Insurance expense

$59.$ Miscellaneous expense

$91.$ Income summary

Step $1$: Journalize the following transactions.

Enter the following on page $1$ of the general journal.

July $1$ Jolene Upton contributed the following assets to her new business: cash of $$30,000,$ accounts receivable of $$19,500,$ supplies of $$2,500,$ and office equipment of $$16,000.$

$2$ Paid $$1,500$ on annual premiums for insurance.

$2$ Paid two months' rent on a lease rental contract, $$2,000.$

$7$ Received $$4,000$ from clients for services to be provided in the future.

$8$ Purchased office equipment on account, $$5,000.$

$9$ Paid cash for advertising materials, $$700.$

$10$ Received cash from clients on account, $$3,000.$

$12$ Paid $$1,000$ on the office equipment purchased on July $8$ th$.$

$12$ Provided services on account, $$10,500.$

$14$ Paid receptionist for two weeks' salary, $$1,500.$

Enter the following on page $2$ of the general journal.

$17$ Received cash from customers on account, $$7,000.$

$18$ Paid cash for supplies, $$500.$

$20$ Provided services on account for the period July $13-20,$ $$9,000.$

$24$ Received cash from cash clients for services rendered, $$10,000.$

$26$ Received cash from clients on account, $$11,000.$

$27$ Paid receptionist for two weeks' salary, $$1,500.$

$29$ Paid telephone bill for July, $$275.$

$31$ Paid electricity bill for July, $$250.$

$31$ Received cash from cash clients for fees earned for the period July $25-31,$ $$7,100.$

$31$ Provided services on account for the remainder of July, $$5,500.$

$31$ Jolene withdrew $$5,000$ for personal use.

Step $2$: Post the journal entries in step $1$ to the general ledger.

Step $3$: Prepare an unadjusted trial balance for MC Tutoring Plus as of July $31,20$X$1.$

Step $4$: Journalize the following adjusting entries.

a$.$ Insurance expired during July is $$125.$

b$.$ Supplies on hand on July $31$ are $$2,000.$

c$.$ Depreciation of office equipment for July is $$700.$

d$.$ Accrued receptionist salary on July $31$ is $$140.$

e$.$ Rent expired during July is $$1,000.$

f$.$ Unearned revenue on July $31$ is $$2,500.$

Step $5$: Post the adjusting entries in step $4$ to the general ledger.

Step $6$: Prepare an adjusted trial balance for Gourmet Consulting as of July $31,20$X$1.$

Step $7$: Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet for Gourmet Consulting as of July $31,201.$

Step $8$: Journalize the closing entries for the month.

Step $9$: Post the closing entries in step $8$ to the four$-$column general ledger.

Step $10$: Prepare a post$-$closing trial balance for Gourmet Consulting as of July $31,20$X$1.$

Name:

Professor:

ACG$2001$ Milestone Assignment #$2$

Version $23.$A

${?}^{**}$ Please bring this packet with you to every class as this is an ongoing problem. ${?}^{**}$

Chart of Accounts

$11.$ 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 revenue

$31.$ Jolene Upton, Capital

$32.$ Jolene Upton, Drawing

$41.$ Services revenue

$51.$ Salary expense

$52.$ Rent expense

$53.$ Supplies expense

$54.$ Depreciation expense

$55.$ Insurance expense

$59.$ Miscellaneous expense

$91.$ Income summary

Step $1$: Journalize the following transactions.

Enter the following on page $1$ of the general journal.

July $1$ Jolene Upton contributed the following assets to her new business: cash of $$30,000,$ accounts receivable of $$19,500,$ supplies of $$2,500,$ and office equipment of $$16,000.$

$2$ Paid $$1,500$ on annual premiums for insurance.

$2$ Paid two months' rent on a lease rental contract, $$2,000\frac{?}{?}$

MAKE SURE TO COMPLETE ALL $10$ STEPS!