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Management Tools Application-Unit 2 Assignment
For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of June 1, 2010, Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions during June:
June 1. The following assets were received from Dustin Larkin: cash, $10,000; accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500. There were no liabilities received.
June 1. Paid three months' rent on a lease rental contract, $4,500.
June 2. Paid the premiums on property and casualty insurance policies, $1,800.
June 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $3,000.
June 5. Purchased additional office equipment on account from Crawford Company, $1,800.
June 6. Received cash from clients on account, $800.
June 10. Paid cash for a newspaper advertisement, $120.
June 12. Paid Crawford Company for part of the debt incurred on June 5, $800.
June 12. Recorded services provided on account for the period June 1-12, $2,250.
June 14. Paid part-time receptionist for two weeks' salary, $400.
June 17. Recorded cash from cash clients for fees earned during the period June 1-16, $3,175.
June 18. Paid cash for supplies, $750.
June 20. Recorded services provided on account for the period June 13-20, $1,100.
June 24. Recorded cash from cash clients for fees earned for the period June 17—24, $1,850.
June 26. Received cash from clients on account, $1,600.
June 27. Paid part-time receptionist for two weeks' salary, $400.
June 29. Paid telephone bill for June, $130.
June 30. Paid electricity bill for June, $200.
June 30. Recorded cash from cash clients for fees earned for the period June 25-30, $2,050.
June 30. Recorded services provided on account for the remainder of June, $1,000.
June 30. Dustin withdrew $4,500 for personal use.
Instructions-Use the provided Excel template to complete the following:
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.
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 Fees
31 Dustin Larkin, Capital
32 Dustin Larkin, Drawing
41 Fees Earned
51 Salary Expense
52 Rent Expense
53 Supplies Expense
54 Depreciation Expense
55 Insurance Expense
59 Miscellaneous Expense
2. Post the journal to a ledger of four-column accounts.
3. Prepare a trial balance as of June 30, 2010.
Be sure and save your work, you will complete the accounting cycle in Unit 3 using the same Excel Template and information.
Unit 3 Instructions:
Management Tools Application - Unit 3 Assignment
Continue with the Assignment from Unit 2, using the same Excel Template complete the following steps:
1. Prepare the Adjusting entries A-F. a. Insurance expired during June is $150.
b. Supplies on hand on June 30 are $1,020.
c. Depreciation of office equipment for June is $500.
d. Accrued receptionist salary on June 30 is $120.
e. Rent expired during June is $1,500.
f. Unearned fees on June 30 are $2,000.
2. Prepare an income statement, a statement of owner's equity, and a balance sheet.
3. Journalize and Post the adjusting entries.
4. Journalize and post the closing entries. (Income Summary is account #33 in the chart of accounts.)
5. Prepare a post-closing trial balance.
COMPREHENSIVE PROBLEM 1 Solution
1. and 2. JOURNAL Pages 1 and 2
Post.
Date Description Ref. Debit Credit
2003
June 1 Cash 11 10,000
Accounts Receivable 12 1,500
Supplies 14 1,250
Office Equipment 18 7,500
Dustin Larkin, Capital 31 20,250
1 Prepaid Rent 15 4,500
Cash 11 4,500
2 Prepaid Insurance 16 1,800
Cash 11 1,800
4 Cash 11 3,000
Unearned Fees 23 3,000
5 Office Equipment 18 1,800
Accounts Payable 21 1,800
6 Cash 11 800
Accounts Receivable 12 800
10 Miscellaneous Expense 59 120
Cash 11 120
12 Accounts Payable 21 800
Cash 11 800
12 Accounts Receivable 12 2,250
Fees Earned 41 2,250
14 Salary Expense 51 400
Cash 11 400
17 Cash 11 3,175
Fees Earned 41 3,175
18 Supplies 14 750
Cash 11 750
20 Accounts Receivable 12 1,100
Fees Earned 41 1,100
24 Cash 11 1,850
Fees Earned 41 1,850
Comp. Prob. 1 Continued
1. and 2. JOURNAL Pages 1 and 2
Post.
Date Description Ref. Debit Credit
2003
June 26 Cash 11 1,600
Accounts Receivable 12 1,600
27 Salary Expense 51 400
Cash 11 400
29 Miscellaneous Expense 59 130
Cash 11 130
30 Miscellaneous Expense 59 200
Cash 11 200
30 Cash 11 2,050
Fees Earned 41 2,050
30 Accounts Receivable 12 1,000
Fees Earned 41 1,000
30 Dustin Larkin, Drawing 32 4,500
Cash 11 4,500
Comp. Prob. 1 Continued
2., 5., and 6.
Cash 11
Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2003
June 1 1 10,000 10,000
1 1 4,500 5,500
2 1 1,800 3,700
4 1 3,000 6,700
6 1 800 7,500
10 1 120 7,380
12 1 800 6,580
14 1 400 6,180
17 2 3,175 9,355
18 2 750 8,605
24 2 1,850 10,455
26 2 1,600 12,055
27 2 400 11,655
29 2 130 11,525
30 2 200 11,325
30 2 2,050 13,375
30 2 4,500 8,875
Accounts Receivable 12
2003
June 1 1 1,500 1,500
6 1 800 700
12 1 2,250 2,950
20 2 1,100 4,050
26 2 1,600 2,450
30 2 1,000 3,450
Supplies 14
2003
June 1 1 1,250 1,250
18 2 750 2,000
30 Adjusting 3 980 1,020
Comp. Prob. 1 Continued
Prepaid Rent 15
Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2003
June 1 1 4,500 4,500
30 Adjusting 3 1,500 3,000
Prepaid Insurance 16
2003
June 2 1 1,800 1,800
30 Adjusting 3 150 1,650
Office Equipment 18
2003
June 1 1 7,500 7,500
5 1 1,800 9,300
Accumulated Depreciation 19
2003
June 30 Adjusting 3 500 500
Accounts Payable 21
2003
June 5 1 1,800 1,800
12 1 800 1,000
Salaries Payable 22
2003
June 30 Adjusting 3 120 120
Unearned Fees 23
2003
June 4 1 3,000 3,000
30 Adjusting 3 1,000 2,000
Comp. Prob. 1 Continued
Dustin Larkin, Capital 31
Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2003
June 1 1 20,250 20,250
30 Closing 4 7,925 28,175
30 Closing 4 4,500 23,675
Dustin Larkin, Drawing 32
2003
June 30 2 4,500 4,500
30 Closing 4 4,500 — —
Income Summary 33
2003
June 30 Closing 4 12,425 12,425
30 Closing 4 4,500 7,925
30 Closing 4 7,925 — —
Fees Earned 41
2003
June 12 1 2,250 2,250
17 2 3,175 5,425
20 2 1,100 6,525
24 2 1,850 8,375
30 2 2,050 10,425
30 2 1,000 11,425
30 Adjusting 3 1,000 12,425
30 Closing 4 12,425 — —
Salary Expense 51
2003
June 14 1 400 400
27 2 400 800
30 Adjusting 3 120 920
30 Closing 4 920 — —
Comp. Prob. 1 Continued
Rent Expense 52
Post. Balance
Date Item Ref. Dr. Cr. Dr. Cr.
2003
June 30 Adjusting 3 1,500 1,500
30 Closing 4 1,500 — —
Supplies Expense 53
2003
June 30 Adjusting 3 980 980
30 Closing 4 980 — —
Depreciation Expense 54
2003
June 30 Adjusting 3 500 500
30 Closing 4 500 — —
Insurance Expense 55
2003
June 30 Adjusting 3 150 150
30 Closing 4 150 — —
Miscellaneous Expense 59
2003
June 10 1 120 120
29 2 130 250
30 2 200 450
30 Closing 4 450 — —
218
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