Question: i really need help with 3,4,5 and 6 Part III Lacey Robbins decided to expand her business and begin selling accounting software, as well as

i really need help with 3,4,5 and 6
i really need help with 3,4,5 and 6 Part III Lacey Robbins
decided to expand her business and begin selling accounting software, as well

Part III Lacey Robbins decided to expand her business and begin selling accounting software, as well as providing consulting services. During January, Robbins Consulting completed these transactions: Jan 2 Completed a consulting engagement and received cash of $5,200. 2 Prepaid three months' office rent, $4,500. 7 Purchased software inventory on account, $4,200, plus freight in, $100. 15 Withdrew $2,500 for personal use. 18 Sold software on account, $2,100 (cost $1,200), term n/30. 19 Consulted with a client for a fee of $700 on account. 20 Paid the secretary's salary for the month. 21 Paid on account, $3,000. 24 Paid utilities, $375. 28 Sold software for cash, $800 (cost $600 ). 31 Recorded these adjusting entries: a) Accrued salary expense ( 1/3 of the month). b) Depreciation of computer and furniture. c) Expiration of prepaid rent. d) Expiration of prepaid insurance. e) Physical count of inventory, $2,300. f) Earned the remaining revenue from December 22. g) Robbins estimates that 3% of inventory sold will be returned. 1) Prepare journal entries for the above transactions and post these entries to the ledger. 2) Prepare adjusting entries on January 31 and post to the ledger. 3) Prepare an adjusted trial balance, a multi-step income statement, a statement of owner's equity, and a classified balance sheet as of / on January 31, 2022. 4) Prepare closing entries at January 31, 2022 and post to the ledger. 5) Prepare a post-closing trial balance on January 31,2022. 6) Write a letter to the CEO explaining the financial position of the company. Part III Lacey Robbins decided to expand her business and begin selling accounting software, as well as providing consulting services. During January, Robbins Consulting completed these transactions: Jan 2 Completed a consulting engagement and received cash of $5,200. 2 Prepaid three months' office rent, $4,500. 7 Purchased software inventory on account, $4,200, plus freight in, $100. 15 Withdrew $2,500 for personal use. 18 Sold software on account, $2,100 (cost $1,200), term n/30. 19 Consulted with a client for a fee of $700 on account. 20 Paid the secretary's salary for the month. 21 Paid on account, $3,000. 24 Paid utilities, $375. 28 Sold software for cash, $800 (cost $600 ). 31 Recorded these adjusting entries: a) Accrued salary expense ( 1/3 of the month). b) Depreciation of computer and furniture. c) Expiration of prepaid rent. d) Expiration of prepaid insurance. e) Physical count of inventory, $2,300. f) Earned the remaining revenue from December 22. g) Robbins estimates that 3% of inventory sold will be returned. 1) Prepare journal entries for the above transactions and post these entries to the ledger. 2) Prepare adjusting entries on January 31 and post to the ledger. 3) Prepare an adjusted trial balance, a multi-step income statement, a statement of owner's equity, and a classified balance sheet as of / on January 31, 2022. 4) Prepare closing entries at January 31, 2022 and post to the ledger. 5) Prepare a post-closing trial balance on January 31,2022. 6) Write a letter to the CEO explaining the financial position of the company

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!