Emily Cruz, completed the transactions below for the month of December, 2021. The company uses the...

   

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Emily Cruz, completed the transactions below for the month of December, 2021. The company uses the following charts of accounts: Cash Accounts Receivable Office Supplies Office Equipment Furniture & Fixtures Accumulated Depreciation - Office Equipment Accumulated Depreciation - Furniture & Fixtures Accounts Payable Salary Payable Unearned Revenue Emily Cruz, Capital Emily Cruz, Withdrawals Fee Revenue Rent Expense Utilities Expense Salary Expense Depreciation expense Office Equipment Depreciation Expense - Furniture & Fixtures Supplies Expense Transactions: December 2 2 Invested 120, 000.00 to start an accounting practice, Emily Cruz, Accountant. Paid monthly office rent, 5, 000.00. Paid cash for an Apple computer, 30,000.00. The 3 computer is expected to remain in service for 5 years. Purchased office furniture on account, 36,000.00. The furniture should last for five years. 4 5 Purchased supplies on account, 3.000.00 Performed tax service for a client and received cash for the full amount of 8, 000.00 9 12 Paid utility expenses, 2,000.00 Performed consulting services for a client on account. 18 17,000.00 Received 9,000.00 in advance tax work to be performed evenly over the next 30 days. 21 Hired a secretary to be paid 15, 000.00 on the 20th day of each month. 21 Collected 6, 000.00 from the consulting client on December 18. 28 30 Withdrew 16, 000.00 for personal use. Required: 1. Journalize the transactions. 2. Post to the T-accounts (General Ledger), keying all items by transactions. 3. Prepare an unadjusted trial balance on December 31. Set up columns for the adjustments for the adjusted trial balance. 4. Prepare the adjusting entries for December 31 from the following information: a. Accrued service revenue, 4,000.00 b. Earned a portion of service collected in advance on December 21. c. Supplies on hand, 1, 000.00 d. Depreciation expense for Office Equipment; depreciation expense for Furniture and fixtures.. e. Accrued expense for secretary salary. 5. Prepare the Adjusted Trial Balance, Income Statement, and Statement of Financial Position. Emily Cruz, completed the transactions below for the month of December, 2021. The company uses the following charts of accounts: Cash Accounts Receivable Office Supplies Office Equipment Furniture & Fixtures Accumulated Depreciation - Office Equipment Accumulated Depreciation - Furniture & Fixtures Accounts Payable Salary Payable Unearned Revenue Emily Cruz, Capital Emily Cruz, Withdrawals Fee Revenue Rent Expense Utilities Expense Salary Expense Depreciation expense Office Equipment Depreciation Expense - Furniture & Fixtures Supplies Expense Transactions: December 2 2 Invested 120, 000.00 to start an accounting practice, Emily Cruz, Accountant. Paid monthly office rent, 5, 000.00. Paid cash for an Apple computer, 30,000.00. The 3 computer is expected to remain in service for 5 years. Purchased office furniture on account, 36,000.00. The furniture should last for five years. 4 5 Purchased supplies on account, 3.000.00 Performed tax service for a client and received cash for the full amount of 8, 000.00 9 12 Paid utility expenses, 2,000.00 Performed consulting services for a client on account. 18 17,000.00 Received 9,000.00 in advance tax work to be performed evenly over the next 30 days. 21 Hired a secretary to be paid 15, 000.00 on the 20th day of each month. 21 Collected 6, 000.00 from the consulting client on December 18. 28 30 Withdrew 16, 000.00 for personal use. Required: 1. Journalize the transactions. 2. Post to the T-accounts (General Ledger), keying all items by transactions. 3. Prepare an unadjusted trial balance on December 31. Set up columns for the adjustments for the adjusted trial balance. 4. Prepare the adjusting entries for December 31 from the following information: a. Accrued service revenue, 4,000.00 b. Earned a portion of service collected in advance on December 21. c. Supplies on hand, 1, 000.00 d. Depreciation expense for Office Equipment; depreciation expense for Furniture and fixtures.. e. Accrued expense for secretary salary. 5. Prepare the Adjusted Trial Balance, Income Statement, and Statement of Financial Position.

Answer rating: 100% (QA)

1 Journalize the transactions December 2 DebitCash 120000 CreditEmily Cruz Capital 120000 December 2 DebitRent Expense 5000 CreditCash 5000 December 3 DebitOffice Equipment 30000 CreditCash 30000 Dece... View the full answer