The May 31, 20XX, post closing trial balance for the L&L Accounting Firm appears below.
During June, the firm engaged in the following transactions:
1 Received an investment of cash from J. Long, $8,000.
3 Purchased office equipment with cash, $2,000.
4 Received office equipment transferred to the firm from J. Long, $1,800
7 Purchased extra office supplies with cash, $190
9 Completed bookkeeping services for Elliott Electric Company that began on May 30 and billed Elliott for the total services performed, including the accrued revenues that had been recognized in an adjusting entry in May, $1,400
10 Paid the receptionist for two weeks’ wages, $1,600
13 Paid the amount due to Office Depot for the office equipment purchased last month, $750
14 Accepted an advance in cash for services to be done for a new client, $2,200
15 Purchased a copier (office equipment) from Office Depot for $2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over the next six months.
16 Performed consulting services and received a cash fee, $1,650.
17 Received payment on account from Sally’s Salon for services performed last month, $3,200.
18 Paid amount due for the telephone bill that was received and recorded at the end of May, $260.
19 Performed consulting services for Sally’s Salon and agreed to accept payment next month, $4,600.
20 Performed bookkeeping services for cash, $780.
23 Received and paid the utility bill for June, $340.
24 Paid the secretary for two weeks’ wages, $1,600.
27 Paid the rent for July in advance, $2,000.
28 Received the telephone bill for June, which is to be paid next month, $220.
30 Paid cash to J. Long as a withdrawal for personal expenses, $1,750.
19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Post. Date Description Ref. Debit Credit 20xx Wages Payable Wages Expense Cash Office Equipment Purchased office equipment Office Supplies Purchased office supplies Accounts Payable Accounts Receivable Paid secretary’s wages Received cash payment for Received payment on account telephone bill Utilities Expense Prepaid Rent Telephone Expense Adjusting entries Rent Expense Insurance Expense Prepaid Insurance – = Office Supplies Expense Depreciation Expense, Accumulated Depreciation, equipment for the month ¸ x / Closing entries Income Summary General Ledger Account No. 111 Balance Item Account No. 113 Account No. 212 Account No. 115 Account No. 118 Account No. 144 Account No. 145 Account No. 146 Accumulated Depreciation, Office Equipment Account No. 147 Account No. 213 Account No. 214 Account No. 311 Closing Account No. 312 Account No. 313 Account No. 411 Account No. 412 Account No. 511 Account No. 512 Account No. 513 Account No. 514 Account No. 515 Account No. 516 Account No. 519 Depreciation Expense, Office Equipment Account No. 520 Work Sheet Adjusted Trial Balance Adjustments Income Statement Balance Sheet Account Name Net Income Revenues Expenses Add: Subtotal Assets Liabilities Owner’s Equity Post Closing Trial Balance Statement of Owner’s Equity Account No. 117 Recognized expiration of one month’s rent insurance the month Accrued unrecorded wages Recorded depreciation of office Recognized performance of services paid for in advance unrecorded Closed the Income Summary account Closed the Withdrawals account Total revenues Wages expense Utilities expense Telephone expense Rent expense Insurance expense Total expenses Office supplies expense Net income Less withdrawals Accounts receivable Office supplies Prepaid rent Prepaid insurance Less accumulated depreciation Office equipment Total…
Attachments:
Copy of ACCT1….xls