Insert Draw Design Layout References Tell me X Share Calibri (Bo... Com 11 A A Aav AO ADA B Paragraph Styles Dictate Sense Project - Comprehensive Problem - M RETL 261 For the past several years, Ket El has operated a part-time consulting business from his home. As of July 1, 2020, Kel decided to move to rented quarters and operate the business, which was to be known as KE Consulting on a full-time basis. Ke Consulting entered into the following transactions during July Transactions: July: 1. yes Kel El deposited $50,000 into KE Consulting as the sole owner. 1. yes Ke Consulting purchased supplies, $2,500, and office equipment, $17,500 with a 3 year note ** payable of $10,000 and the remainder in cash. 1. yes Paid five months' rent on a lease rental contract, $ 5.000. 2.yes Paid the yearly premium on property and casualty insurance policies, 56,000 4. yes Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000 4. yes Purchased additional office equipment on account from Office Equip Co, $2,500 8. yes Keltook clients out for a meat to discuss business, $100 10. yes Paid cash for a newspaper advertisement, $120. 14. yes Recorded services provided on account for the period July 1-14, S4,500 15 yes Paid Office Equip Co, for part of the debt incurred on July 4, 51,200 15 yes Pald part-time receptionist for two weeks' salary, $800. 17. yes Recorded cash from cash clients for services provided during the period July 1-16, $3,500 .. 18. Yes Paid cash for supplies, $2000 22. yes Recorded services provided on account for the period July 15-22, 53,100 25 Recorded cash from cash clients for services provided for the period July 17-25, $2.000.- 26. yes Received cash from clients on account, $2,400 28. yes Pald part-time receptionist for two weeks' salary, 5800 29. yes Paid water bill for July $50. 30. yes Received the electricity bill for July $350 (will pay it later) 30. yes Recorded cash from cash clients for services provided for the period July 26-30 52250 30 vet Recorded services provided on account for the remainder of W. S1,500, age 1 of 3 6 of 690 words Focus 1009 Share Comme Calibri (Bo... 11 ' po B I u vao x x AO-Av Paragraph Styles Dictate Sensiti 30 Kel El withdrew $4,000 for personal use. Instructions 1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 101 Cash 310 Kel El Drawing 120 Accounts Receivable 320 Income Summary 122 Allowance for Doubtful Accounts 401 Fees Earned 124 Supplies 500 Bad Debt Expense 125 Prepaid Rent 501 Salary Expense 126 Prepaid Insurance 502 Rent Expense 150 Office Equipment 503 Supplies Expense 155 Accumulated Depreciation 504 Depreciation Expense 201 Accounts Payable SOS Insurance Expense 205 Note Payable 507 interest Expense 210 Salaries Payable 509 Advertising Expense 220 Unearned Fees 512 Utilities Expense 301 Kel El Capital 515 Meal Expense 2. Post the journal to a ledger of four column accounts. 3. Prepare a trial balance as of July 31, 2020, listing all the accounts in the order given in the ledger. 4. Journalize and post the adjusting entries. a) One month of Insurance has expired. b) Supplies on hand on July 31 are $1,500. c) Accrued receptionist salary on July 31 is $100 d) One month of rent was used. e) Unearned fees on July 31 are $2,000. 1) $2000 af fees needs to be accrued ) Calculate the interest for one month on the Note Payable using a interest rate (Use the Note Payable account and round to nearest whole number) Depreciation of office equipment for Joly based on St depreciation over 5 years. Round to nearest whole number Bad Debt is 1% of sales for the month of July. in: Use the revenue balance after the adjusting entries have been completed) 5. Prepare the adjusted trial balance 6. Prepare an income statement, a statement of owner's equity, and a balance sheet 1. Journalize and post the closing entries. Income Summary is account 20 in the chart of accounts Indicate closed accounts by inserting a line in both lalance columns opposite the coming entry age 2 of 3 690 words Focus 100% Share Comment Calibri (Bo... 11 - A A Ao B I ab X X Avou Paragraph Styles Dictate Sensitivit 2. Post the journal to a ledger of four-column accounts. 3. Prepare a trial balance as of July 31, 2020, listing all the accounts in the order given in the ledger. 4. Journalize and post the adjusting entries. a) One month of Insurance has expired. b) Supplies on hand on July 31 are $1,500. c) Accrued receptionist salary on July 31 is $100. d) One month of rent was used. e) Unearned fees on July 31 are $2,000. 1) $2000 of fees needs to be accrued 8) Calculate the interest for one month on the Note Payable using a 4% interest rate. (Use the Note Payable account and round to nearest whole number) h) Depreciation of office equipment for July based on SL depreciation over 5 years. (Round to nearest whole number) Bad Debt is 1% of sales for the month of July. (Hint: Use the revenue balance after other adjusting entries have been completed) 5. Prepare the adjusted trial balance. 6. Prepare an income statement, a statement of owner's equity, and a balance sheet. 7. Journalize and post the closing entries.(Income Summary is account #320 in the chart of accounts) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 8. Prepare a post closing trial balance. 100