ACCT 10 Pasadena City College A Complete Accounting Cycle Project Memo & Worksheet

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ACCT 10

Pasadena City College

ACCT

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Hi, I recently had some work completed by a Studypool tutor, and would like someone to check it for errors.

This is a project for my bookkeeping accounting class.

I'll provide the files from the Studypool tutor (attached): memorandum, project excel file, as well as the files and template from my professor.

If the project needs corrections, I'll invite you work on it.

Directions from Professor:

To receive full credit, you must build the spreadsheet using the Excel template provided in the "Files" section.

You will complete a Problem as your project on a multi-page, formulated, interconnected Excel sheet including the following tabs:

  • General Journal Tab
  • General Ledger - Asset Tab
  • General Ledger - Liability Tab
  • General Ledger - Equity Tab
  • Worksheet Tab
  • Income statement and Stock Holders’ Equity Tab
  • Classified Balance Sheet Tab
  • Post-Closing Trial Balance Tab

The Excel project of “Group X Consulting Inc.” must be submitted with a Business Memorandum.

A memorandum—usually known as a memo—is a document which is most commonly used for internal communication between coworkers or members of a department. In our case, the Board of Directors is concerned about this year profitability. Each issue in a memorandum needs one paragraph plus you should start with one introduction at the beginning and finish with one conclusion at the end of the memorandum. You do not write unnecessary information in the memorandum. You should write only about requested issues. You need to write a memo to the board of director about their concern based on your prepared financial reports.

Unformatted Attachment Preview

A Complete Accounting Cycle Project 1-Jul 1 2 4 5 6 10 12 12 14 17 18 20 24 26 27 29 31 31 31 31 a b d e After graduating from College you have decided to open a Bookkeeping Consulting Firm. You did some consulting during last few months and you recently filed a corporation starting July 2016. You should choose a name: NAME Consulting Inc. Your new firm entered into the following transactions starting July 1st, 2016 Following assets were received from you in exchange for 1000 shares of common stock: Cash A/R Supplies Use straight line of Depreciation Office Equipment Office Equipment useful life: Years 3 Residual Value: 320,00 The firm paid 2 months' rent for a office space lease contract………...…….…… $ Paid one year insurance policy premium in advance Received advance cash from a new clients for future services Purchased additional office equipment on account from Office Depot Received cash from clients on account Paid cash for a local newspaper advertisement Paid Office Depot for part of equipment purchased on account Sent invoice #005 to a customer for 90 hrs consultation provided recently Paid your receptionist for two weeks' salary From a cash clients, you received cash after providing some consultation You paid by your business debit card to purchase some supplies Sent invoice #006 to a customer for the service provided during last few days From a cash clients, you received cash after providing some consultation Received cash from clients on account Paid your receptionist for two weeks' salary Received and paid telephone bill for July (Ch# 007) Received and paid electricity bill for July (Ch# 008) From a cash clients, you received cash after providing some consultation Sent invoice #007 to a customer for the service provided during last few days Declared and paid dividends (Ch# 009) 1 Instructions: Record the transactions & Post to the General Ledger accounts. 2 Prepare Bank Reconciliation and post the necessery General Journal Entries. 3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and use these data to complete month-end adjustments. Supply on hand………………………………………………………………………….…………...……… $ Record adjustments to Insurance, Rent and Equipment Depreciation Accrual receptionist salary on July 31st for one day. Unearned fees as of July 31 …………………………………………… 4 Journalize and post adjusting entries after completing the worksheet 5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet 6 Prepare, record, and post closing entries. 7 Prepare a Post-closing Trial Balance. 8 Write a Memorandum to your bank in regards to Profitability of your new corporation. 13500 20800 3200 7500 5000 4500 5500 6500 15300 400 5200 1750 450 600 200 12000 1750 300 600 150 1500 1525 2750 General Journal Entries Group Consulting Inc. JE 1 Date 1-Jul 1-Jul 2-Jul Account Name Debit Credit General Journal Entries Group Consulting Inc. JE 2 Date Account Name Debit Credit General Journal Entries Group Consulting Inc. JE 3 Date Account Name Debit Credit P General Ledger Sample T-Account Acc# Date Debit Balance Credit Debit Credit A Complete Accounting Cycle Project After graduating from College you have decided to open a Bookkeeping Consulting Firm. You did some consulting during last few months and you recently filed a corporation starting July 2016. You should choose a name: NAME Consulting Inc. Your new firm entered into the following transactions starting July 1st, 2016 1-Jul Following assets were received from you in exchange for 1000 shares of common stock: 1 2 4 5 6 10 12 12 14 17 18 20 24 26 27 29 31 31 31 31 a b d e Use straight line of Depreciation Office Equipment useful life: Years 3 Residual Value: 320,00 The firm paid 2 months' rent for a office space lease contract………...…….…… $ Paid one year insurance policy premium in advance Received advance cash from a new clients for future services Purchased additional office equipment on account from Office Depot Received cash from clients on account Paid cash for a local newspaper advertisement Paid Office Depot for part of equipment purchased on account Sent invoice #005 to a customer for 90 hrs consultation provided recently Paid your receptionist for two weeks' salary From a cash clients, you received cash after providing some consultation You paid by your business debit card to purchase some supplies Sent invoice #006 to a customer for the service provided during last few days From a cash clients, you received cash after providing some consultation Received cash from clients on account Paid your receptionist for two weeks' salary Received and paid telephone bill for July (Ch# 007) Received and paid electricity bill for July (Ch# 008) From a cash clients, you received cash after providing some consultation Sent invoice #007 to a customer for the service provided during last few days Declared and paid dividends (Ch# 009) 1 Instructions: Record the transactions & Post to the General Ledger accounts. 2 Prepare Bank Reconciliation and post the necessery General Journal Entries. 3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and use these data to complete month-end adjustments. Supply on hand………………………………………………………………………….…………...……… $ Record adjustments to Insurance, Rent and Equipment Depreciation Accrual receptionist salary on July 31st for one day. Unearned fees as of July 31 …………………………………………… 4 Journalize and post adjusting entries after completing the worksheet 5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet 6 Prepare, record, and post closing entries. 7 Prepare a Post-closing Trial Balance. 8 Write a Memorandum to your bank in regards to Profitability of your new corporation. roject recently filed a mmon stock: Cash A/R Supplies Office Equipment 13500 20800 3200 7500 5000 4500 5500 6500 15300 400 5200 1750 450 600 200 12000 1750 300 600 150 1500 analyze and ………….…………...……… $ 1525 2750 GENERAL JOURNAL ENTRIES GROUP CONSULTING CORPORATION DATE 1-Jul PARTICULARS Cash Accounts Recievables Supplies Office Equipment-Depreciation Common Stock (to record assets acquissition by sale of shares) 1-Jul Pre-paid rent Cash (to record prepaid office rent paid by cash) 2-Jul Prepaid insurance Cash 4-Jul (To record payment of one year insurance policy by cash Cash Unearned Revenue 5-Jul To record advance cash received from new clients Office Equipment Accounts Payables 6-Jul (Being purchase of equipment on account) cash Accounts Recievables 10-Jul 12-Jul to record cash received from clients on account) Advertising Expense cash (to record payment of advertisiment) Accounts Payables cash 12-Jul (To record the payment of office space as part of equipment purchase) Accounts Recievables revenue 14-Jul (To record revenue received in advance) Salary expense cash 17-Jul (To record payment of salaries) Cash revenue (To record cash recieved from consultation services) 18-Jul Supplies Cash 20-Jul Accounts Recievables Revenue (To record invoicing of services provided) JOURNAL ENTRIES GROUP CONSULATING INCORPORATION DATE 24-Jul PARTICULARS Cash Revenue 26-Jul (To record cash received from cash clients for services rendered) Cash Acconts Recievables 27-Jul To record cash received from clients on account) salary expense Cash 29-Jul (To record salaries paid to receptionists) Telephone expense Cash 31-Jul 31-Jul 31-Jul 31-Jul (Being payment of telephone bill by cash) Utility expense Cash (To record revenue earned from consultation services) cash revenue (To record cash recived from cash customers) Accounts Recievable Revenue Dividend cash Retained Earnings Dividends payable (To record dividend declaration) ES ATION DEBIT CREDIT 13.500 20.800 3.200 7.500 45.000 5.000 5.000 General ledger# 1 4.500 4.500 Total Debits= $ 105,100 Total Credits=$ 105,100 DEBIT SIDE=CREDIT SIDE 5.500 5.500 6.500 6.500 15.300 15.300 400 400 6.500 6.500 13.500 13.500 1.750 1.750 450 450 600 600 6.600 6.600 111.600 111600 RATION Journal Entries # 2 JOURNAL ENTRY TWO DEBIT CREDIT 200 200 12.000 12.000 1.750 1.750 300 300 600 600 150 150 3.000 3.000 1.500 1.500 1.500 1.500 21000 21000 Total Debits =$ 21,000 Total Credits =$ 21,000 TOTAL DEBITS=TOTAL CREDITS Items for Determining Statement of Bank Reconciliation $ 1 2 3 4 beginning balance ending balance deposit/credits outstanding cheques 5 balance as per book, July 7 6 7 Bank service fee intuit quick books 0 27.856 47.115 #7 #8 #9 25.500 10 49 $ 300 600 1.500 GROUP CONSULTING INC STATEMENT OF BANK RECONCILIATION AS AT 31/7/2016 $ $ 27.856 Balance as per Bank ,July 31 Less:Outstanding Cheques #7 #8 #9 Total 300 600 1.500 -2.400 Bank Balance Adjusted Balance as per the cash books,July 31 Add:Interest from the bank $25.456 25.500 15 25.515 Less:Bank Service Fee Intuit Quick Books 10 49 -59 $25.456 GENERAL LEDGER CASH A/C Dr Date 1 4 6 17 24 26 31 Particulars A/c recievables unearned rev A/c recievables Revenue Revenue Revenue Revenue Cr Amount 13.500 5.500 15.300 450 200 12.000 150 Date 1 2 10 12 14 18 27 28 31 31 Particulars prepaid rent prepaid insurance advertising cash a/c payables salaries suplies expense salary expense telephone expense supplies dividend 47.100 25.500 debit balance= Amount 5.000 4.500 400 5.200 1.750 600 1.750 300 600 1.500 21.600 GENERAL LEDGER PREPAID RENT A/C Date Dr 1/7/2016 cash Cr Dr 5.000 credit balance =5,000 Cr Balance GENERAL LEDGER OFFICE EQUIPMENT A/C Dr Date 1-Jul 5-Jul Cr particulars Eqpt Depreciation A/c payables amount 7.500 6.500 date particulars amount ACCOUNTS RECIEVABLE A/C Dr Date 1-Jul 12 20 31 particulars cash balance Cr amount 20.800 cash Revenue Revenue 13.500 6.600 3.000 43.900 Date 6 26 particulars Cash cash amount 15.300 12.000 27.300 PREPAID INSURANCE A/C Dr Date 2-Jul Pariculars cash Cr Amount 4.500 4.500 debit balance=4,500 Date Particulars Amount SUPPLIES A/C Dr Date Particulars 1/7/2016 common stock 18/7/2016 cash Cr Amount 3.200 600 3.800 Date Particulars debit balance=3,800 Amount UNEARNED REVENUE A/C Dr Date Particulars Cr Amount Date Particulars Amount 4-Jul Cash 5.500 5.500 credit balance=5,500 DIVIDEND PAYABLE A/C Dr Date Particulars 31-Jul Retained earnings Amount 1.500 1.500 ACCOUNTS PAYABLE A/C Dr Date Cr Particulars Amount 12-Jul cash 5.200 date Particular 5-Jul Equipment Amount 6.500 1.300 credit balance=6,500 1300 PAYABLE A/C Cr Date particulars Amount debit balance =1,500 DIVIDEND A/C Date Particulars Debit 31-Jul Credit Dr Balance 1.500 1.500 1.500 RETAINED EARNINGD A/C Date Pariculars Debit 31-Jul Credit 1.500 1.500 Dr Balance 1.500 COMMON STOCK Date particulars 1-Jul Debit Credit 45.000 45.000 Dr balance 45.000 Cr Balance Cr Balance Cr Balance GROUP CONSULTING I WORK SHEET Particulars Trial Balance Dr Cash A/C's Recievable Supplies Prepaid Insurance Prepaid Rent Equipment Acc.depreciation-Equipment Accounts payable Interest payable Rent payable Dividend payable Unearned Revenue Wages payable Common Stock Dividend Revenue Depreciation exp-Equip Wages expense Utility expense Rent expense Advertising expense Telephone Expense retained earnings insurance expense Cr Adjustments Dr 25.500 16.600 3.800 4.500 5.000 14.000 Adjusted Trial Balan Cr Dr 1525 375 2500 13800,6 1525 1.300 1.500 5500 25500 16600 5325 4125 2500 14000 2750 175 45000 0 0 23900 3500 600 2750 13800,6 175 2500 400 300 1500 375 13800,6 3675 600 2500 400 300 1500 375 GROUP CONSULTING INC WORK SHEET Adjusted Trial Balance Income Statement Balance Sheet Cr DR CR 25500 16600 5325 4125 2500 14000 13800,6 2825 13800,6 2825 1500 2750 175 45000 1500 2750 175 45000 0 26650 26650 13800,6 3675 600 2500 400 300 1500 375 GROUP CONSULTING INC. STATEMENT OF INCOME FOR THE PERIOD ENDED 31/7/20 Revenues Expenses Total Net Income STATEMENT OF RETAINED EARNINGS FOR THE PERIOD ENDED 31/7/2016 Net income Less:Dividend Retained Earnings 31-July GROUP CONSULTING INC. STATEMENT OF INCOME FOR THE PERIOD ENDED 31/7/2016 26.650 Insurance expense Telephom expense Advertising Expense Salary Expense Rent Expense utility exxpense Depreciation Expense Total Expenses 375 300 400 3.675 2.500 600 13.800 21.650 -21.650 5000 OF RETAINED EARNINGS ERIOD ENDED 31/7/2016 5.000 -1.500 3500 GROUP CONSULTING INC. STATEMENT OF FINANCIAL POSITION $ 1 ASSETS Cash Prepaid insurance Prepaid Rent Accounts Recievable Suplies Equipment Acc. Deprectaion-Equipment Total Curent & Fixed Assets 2 LIABILITY &SHAREHOLDER EQUITY Accounts Payables Dividend payable Common stock unearned Revenue Retained Earnings Salaries Payable Dividend Total Liabilities and O/E 25.500 4.125 2.500 16.600 5.325 14.000 -13.800 $ $ N/B Total Assets =Total libilities and share holder equity 54.250 2.825 1.500 45.000 2.750 3.500 175 -1.500 54.250 P GROUP CONSULTING INC. POST-CLOSING TRIAL BALANCE ACCOUNT NAME DEBITS $ Supplies Cash Equipment Prepaid Insurance Prepaid Rent Accounts Recievable Dividend Accounts Payables Salary Payable Dividend Payable Acc.Depreciation -Equipment Common Stock Unearned Revenue Retained Earnings 5.325 25.500 14.000 4.125 2.500 16.600 1.500 TOTALS 69.550 CREDITS $ 2.825 175 1.500 13.800 45.000 2.750 3.500 69550 N/B Debit balances=Credit balance GENERAL LEDGER SAMPLE -T ACCOUNT Date Particulars Amount Date Particulars Amount MEMORANDUM To: Page 1 of 3 U.S. Bank From : Group Consulting Inc. Date :10/10/2020 Subject: Profitability Realization The purpose of this memorandum is to express our gratitude relating to the loan you provided us. The main objective of our borrowing “Boosting our corporate’s profitability” was well achieved. The company’s growth in revenue was finance by the short-term loan from U. S bank. The current revenue stands at $ 26,650. Attached below is our first reported net income since we began our operations. Group Consulting Inc. Income Statement For the Period Ended 31st July,2016 Revenues Expenses 26,650 Insurance 375 expense Telephone 300 expense Advertising 400 Expense Salary Expense 3,675 Rent Expense 2,500 utility expense Depreciation 600 13,800 Expense Total Expenses Total Net Income 21,650 (21,650) $ 5000 From the above attachment, it’s very evident that we are capable of paying off our obligations effectively. Relatively, Group Consulting Inc. Therefore, request for a short-term loan of $ 800 MEMORANDUM Page 2 of 3 payable in four months. Our main aim of borrowing is to “facilitate the completion of three regional offices”. The funds will further enable us to “maximize on our business growth and further improve on our business performance”. Additional Financial Highlights GROUP CONSULTING INC. STATEMENT OF FINANCIAL POSITION AS AT 31ST JULY,2016 $ 1 $ ASSETS Cash Prepaid insurance Prepaid Rent Accounts Receivable Supplies Equipment Acc. Deprecation-Equipment 25,500 4,125 2,500 16,600 5,325 14,000 -13,800 Total Current & Fixed Assets 2 $ LIABILITY &SHAREHOLDER EQUITY Accounts Payables Dividend payable Common stock unearned Revenue Retained Earnings Salaries Payable Dividend Total Liabilities and shareholder’s E 54,250 2,825 1,500 45,000 2,750 3,500 175 -1,500 54,250 It might be interesting for you to note that we are doing well in terms of our financial position. Group Consulting current financial position stands at $ 54,250 Group Consulting Inc. Profitability Ratios 1. Return on Assets: (Net Income/Assets) *100 = (5,000/54,250) *100 MEMORANDUM Page 3 of 3 =9.21 %, (this is considered a good performance. We are earning a lot from fewer investments) 2. Return on Equities (Net Income/Shareholders’ Equity) 5,000/45,000 =0.11, 10% ROE, we have the capability of generating income from our available equities. From the above financial highlights on Group Consulting Inc., we affirm that we will be able to pay this loan effectively, meeting all the stipulated obligations that comes with it. Pasadena Federal Credit Union Account Statement Account # Statement Period 12345 7/1/2016 7/31/2016 Page 1 of 1 P.O. Box 5555 Pasadena, CA 91106 Tel: (888) 555-5555 Group Consulting Inc. 2000 Forever St. Pasadena, CA 91106 Beginning Balance $0.00 Business Checking Deposit / Credits Withdraws / Debits $ 47,115.00 $ 19,259.00 Trans. Date 1-Jul 5-Jul 5-Jul 6-Jul 6-Jul 10-Jul 12-Jul 16-Jul 17-Jul 18-Jul 24-Jul 26-Jul 28-Jul 30-Jul 31-Jul 31-Jul 31-Jul Cash deposit at the branch Ch # 001 Deposit by check Ch # 002 Deposit by check Ch # 003 Ch # 004 Ch # 005 Cash deposit at the branch Debit card transaction Cash deposit at the branch Deposit by check Ch # 006 Cash deposit at the branch Deposit Interest rate 0.100% Branch service fee Withdraw Debit Card, Intuit QuickBooks 800-466-8848 Ending Balance YTD Interest $ 27,856.00 $ 15.00 Deposit Withdraw Balance 13500 13500 5000 8500 5500 14000 4500 9500 15300 24800 400 24400 5200 19200 1750 17450 450 17900 600 17300 200 17500 12000 29500 1750 27750 150 27900 15 27915 10 27905 49 27856 Cleared checks (amounts already deducted in above section): Check # Ch # 001 Ch # 002 Ch # 003 Date 5-Jul 6-Jul 10-Jul Amount 5000 4500 400 Check # Ch # 004 Ch # 005 Ch # 006 Date 12-Jul 16-Jul 28-Jul Amount 5200 1750 1750 Exam 1 Review Name: Date: ABC Inc. established its operation at January 1st, 2014. A) Enter all necessery Journal Entries that occured during the year. B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts. 1) In January, Initial stock issuance: 2) Bought Equipment for $ 48000, 10 years life, $3000 residual value 3) November, paid total utility bills: 4) In January, paid in advance rent for two years: 5) In February, received prepayment from a customer for service to be provided: 6) Dec. 31st 2014, unearned revenue balance 7) In December, Dividend declared: During the Year JE's Account Name Adjusting Entries Dec. 31st 2014 Debit Credit $350,000 $48,000 $12,000 $36,000 $65,000 $2,000 $22,000 $3,000 Closing Entries ABC Inc. Income Statement ABC Inc. Statement of Retained Earnings ABC Inc. Balance Sheet ABC Inc. Post Closing Trial Balance Balance
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A Complete Accounting Cycle Project
After graduating from College you have decided to open a Bookkeeping
Consulting Firm. You did some consulting during last few months and you recently filed a
corporation starting July 2016. You should choose a name: NAME Consulting Inc.
Your new firm entered into the following transactions starting July 1st, 2016
1-Jul Following assets were received from you in exchange for 1000 shares of common stock:

1
2
4
5
6
10
12
12
14
17
18
20
24
26
27
29
31
31
31
31

a
b
d
e

Use straight line of Depreciation
Office Equipment useful life: Years
3
Residual Value:
320.00
The firm paid 2 months' rent for a office space lease contract………...…….…… $
Paid one year insurance policy premium in advance
Received advance cash from a new clients for future services
Purchased additional office equipment on account from Office Depot
Received cash from clients on account
Paid cash for a local newspaper advertisement
Paid Office Depot for part of equipment purchased on account
Sent invoice #005 to a customer for 90 hrs consultation provided recently
Paid your receptionist for two weeks' salary
From a cash clients, you received cash after providing some consultation
You paid by your business debit card to purchase some supplies
Sent invoice #006 to a customer for the service provided during last few days
From a cash clients, you received cash after providing some consultation
Received cash from clients on account
Paid your receptionist for two weeks' salary
Received and paid telephone bill for July (Ch# 007)
Received and paid electricity bill for July (Ch# 008)
From a cash clients, you received cash after providing some consultation
Sent invoice #007 to a customer for the service provided during last few days
Declared and paid dividends (Ch# 009)

1 Instructions: Record the transactions & Post to the General Ledger accounts.
2 Prepare Bank Reconciliation and post the necessery General Journal Entries.
3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and
use these data to complete month-end adjustments.
Supply on hand………………………………………………………………………….…………...……… $
Record adjustments to Insurance, Rent and Equipment Depreciation
Accrual receptionist salary on July 31st for one day.
Unearned fees as of July 31 ……………………………………………
4 Journalize and post adjusting entries after completing the worksheet
5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet
6 Prepare, record, and post closing entries.

7 Prepare a Post-closing Trial Balance.
8 Write a Memorandum to your bank in regards to Profitability of your new corporation.

roject

recently filed a

mmon stock:
Cash
A/R
Supplies
Office Equipment

13500
20800
3200
7500

5000
4500
5500
6500
15300
400
5200
1750
450
600
200
12000
1750
300
600
150
1500

analyze and

………….…………...……… $

1525

2750

GENERAL JOURNAL ENTRIES
EAGLE CONSULTING CORPORATION
DATE
1-Jul

PARTICULARS
Cash
Accounts Recievables
Supplies On Hand
Office Equipment

DEBIT
13,500
20,800
3,200
7,500

Common Stock

CREDIT

45,000

(To record purchased of 1000 shares using cash and assets)
1-Jul

Pre-paid rent

5,000
Cash

5,000

(To record prepaid office rent paid by cash)
2-Jul

Prepaid insurance

4,500
DEBIT SIDE=CREDIT SIDE

(To record payment of one year insurance policy by cash
Cash
Unearned Revenue

5,500

5-Jul

(To record advance cash received from new clients )
Office Equipment
Accounts Payables

6,500

6-Jul

(Being purchase of office quipment on account)
cash
Accounts Recievables

15,300

4-Jul

10-Jul

12-Jul

(To record cash received from clients on account)
Advertising Expense
Cash
(To record payment of advertisement)
Accounts Payables
Cash

12-Jul

(To record the payment of part of equipment purchase)
Accounts Recievables
Revenue

14-Jul

(To record invoice#005 for Revenue - consultation serviceson account)
Salary expense
Cash

17-Jul

(To record payment of 2 weeks salaries to receptionist)
Cash
Revenue

18-Jul

20-Jul

Total Debits= $ 110,300
Total Credits=$ 110,300

4,500
Cash

(To record cash recieved from Revenue - consultation services)
Supplies On Hand
Cash
(To record the payment of debit card for purchased of supplies)
Accounts Recievables
Revenue
(To record invoice#006 for Revenue - consultation services on account)

5,500

6,500

15,300
400
400
5,200
5,200
13,500
13,500
1,750
1,750
450
450
600
600
6,600
6,600
110,300

110300

GENERAL JOURNAL ENTRIES
EAGLE CONSULATING INCORPORATION
DATE
24-Jul

PARTICULARS
Cash

JOURNAL ENTRY TWO
DEBIT
CREDIT
200

Revenue
26-Jul

(To record cash received from cash clients for services rendered)
Cash
Acconts Recievables

27-Jul

(To record cash received from clients on account)
salary expense
Cash

29-Jul

(TTo record payment of 2 weeks salaries to receptionist)
Telephone expense
Cash

31-Jul

31-Jul

31-Jul

31-Jul

(Being payment of telephone bill for July by cash)
Utility expense
Cash
(Being payment of electricity bill for July by cash)
cash
Revenue
(To record cash recived from cash customers)
Accounts Recievable
Revenue
Dividend

Total Debits =$ 21,000
Total Credits =$ 21,000
200
TOTAL DEBITS=TOTAL CREDITS

12,000
12,000
1,750
1,750
300
300
600
600
150
150
3,000
3000
1,500

Dividend Payables
Dividend Payables

1500
1,500

Cash

1500

(To record dividend declared and paid)
21000

31-Jul

31-Jul

Bank Charges - Service Fee
Software Charges - Intuit Quick Books
Interest Received
cash
(To record items in the bank statement but not taken up in book)

Supplies Expenses

15
44

2,275

Supplies On Hand
(To record month end adjustment for supplies expense)
31-Jul

Insurance Expense

2275

375

Prepaid Insurance
(To record month end adjustment for insurance expense)
31-Jul

Rent Expense

375

2,500

Prepaid Rent
(To record month end adjustment for rent expense)
31-Jul

31-Jul

2500

Depreciation - Office Equpiment
Accumulated Deprecaition - Office Equipment
(To record month end adjustment for depreciation expense)

380

Salary Expense

125

380

Accrued Salary
(To record month end adjustment for salary accural)
31-Jul

Unearned Revenue
Revenue
(To record month end adjustment for unearned fee into revenue)

21000

10
49

125

2,750
2750

Items for Determining Statement of Bank
Reconciliation
$
1
2
3
4

beginning balance
ending balance
deposit/credits
outstanding cheques

5

balance as per book, July 7

6
7

Bank service fee
intuit quick books

0
27,856
47,115
#7
#8
#9
25,500
10
49

$

300
600
1,500

EAGLE CONSULTING INC
STATEMENT OF BANK RECONCILIATION
AS AT 31/7/2016
$

$
27,856

Balance as per Bank ,July 31
Less:Outstanding Cheques

#7
#8
#9
Total

300
600
1,500
-2,400

Bank Balance Adjusted
Balance as per the cash books,July 31
Add:Interest from the bank

$25,456
25,500
15
25,515

Less:Bank Service Fee
Intuit Quick Books

10
49
-59
$25,456

CASH A/C
Dr
Date
1-Jul-16
4-Jul-16
6-Jul-16
17-Jul-16
24-Jul-16
26-Jul-16
31-Jul-16
31-Jul-16

Particulars
common stock
unearned rev
A/c recievables
Revenue
Revenue
Revenue
Revenue
interest received

1-Aug-16 Balance b/d

Cr
Amount
13,500
5,500
15,300
450
200
12,000
150
15

Date
1-Jul-16
2-Jul-16
10-Jul-16
12-Jul-16
14-Jul-16
18-Jul-16
27-Jul-16
28-Jul-16
31-Jul-16
31-Jul-16
31-Jul-16
31-Jul-16
31-Jul-16

Particulars
prepaid rent
prepaid insurance
advertising cash
a/c payables
salaries
suplies expense
salary expense
telephone expense
utility expenses
dividend
bank charges
software charges
Balance c/d

47,115
25,456

Amount
5,000
4,500
400
5,200
1,750
600
1,750
300
600
1,500
10
49
25,456
47,115

PREPAID RENT A/C
Dr

Date
Particulars
1/7/2016 cash

...


Anonymous
Just what I needed…Fantastic!

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