Intermediate Accounting I

Exercise $($Review$)-$ ACCT$3321$ Consulting Co

Post the transactions to the appropriate T$-$Accounts based on the Post$-$closing Trial Balance and the transactions below and prepare the Balance Sheet and the Income Statement of ACCT$3321$ Consulting Co$.$ on December $31,2024.$

Post$-$Closing Trial Balance $-$ Nov. $30,2024$

$\backslash$table$[[$Accounts$,$Debits,Credits$],[$Cash$,36,000,],[$Accounts Receivable,$9,000,],[$Supplies$,20,000,],[$Prepaid rent,$5,000,],[$Equipment$,50,000,],[$Accumulated depreciation,,$10,000],[$Accounts Payable,,$20,000],[$Salaries Payable,,$15,000],[$Common Stock,,$50,000],[$Retained Earnings,,$25,000],[$Total$,120,000,120,000]]$

Transactions:

December $1$ On December $1,$ Mary invested more in the business, $$40,000$ cash in exchange for common stock.

December $5$ ACCT$3321$ Co$.$ provides consulting services and immediately collects $$5,000$ cash.

December $7$ ACCT$3321$ Co$.$ paid the salaries recorded as accrued liability.

December $8$ ACCT$3321$ Co$.$ provides consulting services of $$10,000$ on account.

December $9$ ACCT$3321$ Co$.$ receives $$4,000$ cash from the client billed on December $8.$

December $10$ ACCT$3321$ Co$.$ paid the supplier $$6,000$ cash as partial payment for the supplies purchased last month.

December $11$ ACCT$3321$ Co$.$ declared dividends of $$2,000$ to be paid in January $2025.$

December $12$ ACCT$3321$ Co$.$ receives $$17,000$ cash in advance of providing consulting services to a customer into three deliverables $($A$,$ B and C$)$ between December $2024$ and January $2025.$

December $13$ ACCT$3321$ Co$.$ paid $$3,000$ cash $($insurance premium$)$ for a $12-$month insurance policy. Coverage will begin on January $1,2025.$

December $14$ ACCT$3321$ Co$.$ paid $$2,000$ to the supplier.

December $15$ ACCT$3321$ Co$.$ collected $$3,000$ cash from the clients billed last month.

December $16$ Consulting services $($deliverable A$)$ of $$7,000$ provided to the customer that paid in advance on December $12.$

December $20$ Consulting services $($deliverable B$)$ of $$5,000$ provided to the customer that paid in advance on December $12.$

December $30$ The associate responsible to control the supplies counted the supplies and informed that $50\%$ remain available for use.

Please, consider the additional information below to prepare the adjusting entries:

the balance of prepaid rent refers to the December rent and the lease of the office was renewed for the next $12$ months for $$12,000$ paid in advance after a negotiation with the landlord.

The payroll for December will be paid in January $2025$ at the same amount.

the depreciation of the equipment for the month is $$2,000.$

Post the transactions to the appropriate T$-$Accounts based on the Post$-$closing Trial Balance and the transactions below and prepare the Balance Sheet and the Income Statement of ACCT$3321$ Consulting Co$.$ on December $31,2024.$

Post$-$Closing Trial Balance $-$ Nov. $30,2024$

$\backslash$table$[[$Accounts$,$Debits,Credits$],[$Cash$,36,000,],[$Accounts Receivable,$9,000,],[$Supplies$,20,000,],[$Prepaid rent,$5,000,],[$Equipment$,50,000,],[$Accumulated depreciation,,$10,000],[$Accounts Payable,,$20,000],[$Salaries Payable,,$15,000],[$Common Stock,,$50,000],[$Retained Earnings,,$25,000],[$Total$,120,000,120,000]]$

Transactions:

December $1$ On December $1,$ Mary invested more in the business, $$40,000$ cash in exchange for common stock.

December $5$ ACCT$3321$ Co$.$ provides consulting services and immediately collects $$5,000$ cash.

December $7$ ACCT$3321$ Co$.$ paid the salaries recorded as accrued liability.

December $8$ ACCT$3321$ Co$.$ provides consulting services of $$10,000$ on account.

December $9$ ACCT$3321$ Co$.$ receives $$4,000$ cash from the client billed on December $8.$

December $10$ ACCT$3321$ Co$.$ paid the supplier $$6,000$ cash as partial payment for the supplies purchased last month.

December $11$ ACCT$3321$ Co$.$ declared dividends of $$2,000$ to be paid in January $2025.$

December $12$ ACCT$3321$ Co$.$ receives $$17,000$ cash in advance of providing consulting services to a customer into three deliverables $($A$,$ B and C$)$ between December $2024$ and January $2025.$

December $13$ ACCT$3321$ Co$.$ paid $$3,000$ cash $($insurance premium$)$ for a $12-$month insurance policy. Coverage will begin on January $1,2025.$

December $14$ ACCT$3321$ Co$.$ paid $$2,000$ to the supplier.

December $15$ ACCT$3321$ Co$.$ collected $$3,000$ cash from the clients billed last month.

December $16$ Consulting services $($deliverable A$)$ of $$7,000$ provided to the customer that paid in advance on December $12.$

De