For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June: June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received. Paid three months’ rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $2,400. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700. Purchased additional office equipment on account from Office Depot Co., $3,500. Received cash from clients on account, $3,000. Paid cash for a newspaper advertisement, $200. Paid Office Depot Co. for part of the debt incurred on June 5, $750. Recorded services provided on account for the period June 1–12, $5,100. Paid part-time receptionist for two weeks’ salary, $1,100. Recorded cash from cash clients for fees earned during the period June 1–16, $6,500. Paid cash for supplies, $750. Recorded services provided on account for the period June 13–20, $3,100. Recorded cash from cash clients for fees earned for the period June 17–24, $5,150. Received cash from clients on account, $6,900. Paid part-time receptionist for two weeks’ salary, $1,100. Paid telephone bill for June, $150. Paid electricity bill for June, $400. Recorded cash from cash clients for fees earned for the period June 25–30, $2,500. Recorded services provided on account for the remainder of June, $1,000. Emily withdrew $5,000 for personal use. INSTRUCTION A) Prepare an UNADJUSTED TRIAL BALANCE
For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June: June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received. Paid three months’ rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $2,400. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700. Purchased additional office equipment on account from Office Depot Co., $3,500. Received cash from clients on account, $3,000. Paid cash for a newspaper advertisement, $200. Paid Office Depot Co. for part of the debt incurred on June 5, $750. Recorded services provided on account for the period June 1–12, $5,100. Paid part-time receptionist for two weeks’ salary, $1,100. Recorded cash from cash clients for fees earned during the period June 1–16, $6,500. Paid cash for supplies, $750. Recorded services provided on account for the period June 13–20, $3,100. Recorded cash from cash clients for fees earned for the period June 17–24, $5,150. Received cash from clients on account, $6,900. Paid part-time receptionist for two weeks’ salary, $1,100. Paid telephone bill for June, $150. Paid electricity bill for June, $400. Recorded cash from cash clients for fees earned for the period June 25–30, $2,500. Recorded services provided on account for the remainder of June, $1,000. Emily withdrew $5,000 for personal use. INSTRUCTION A) Prepare an UNADJUSTED TRIAL BALANCE
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...
Related questions
Question
For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June:
June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received.
- Paid three months’ rent on a lease rental contract, $6,000.
- Paid the premiums on property and casualty insurance policies, $2,400.
- Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.
- Purchased additional office equipment on account from Office Depot Co., $3,500.
- Received cash from clients on account, $3,000.
- Paid cash for a newspaper advertisement, $200.
- Paid Office Depot Co. for part of the debt incurred on June 5, $750.
- Recorded services provided on account for the period June 1–12, $5,100.
- Paid part-time receptionist for two weeks’ salary, $1,100.
- Recorded cash from cash clients for fees earned during the period June 1–16, $6,500.
- Paid cash for supplies, $750.
- Recorded services provided on account for the period June 13–20, $3,100.
- Recorded cash from cash clients for fees earned for the period June 17–24, $5,150.
- Received cash from clients on account, $6,900.
- Paid part-time receptionist for two weeks’ salary, $1,100.
- Paid telephone bill for June, $150.
- Paid electricity bill for June, $400.
- Recorded cash from cash clients for fees earned for the period June 25–30, $2,500.
- Recorded services provided on account for the remainder of June, $1,000.
- Emily withdrew $5,000 for personal use.
INSTRUCTION
A) Prepare an UNADJUSTED
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT