For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of 1 July 2020, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, $8,900. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $6,000. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. 5. Purchased additional office equipment on account from Office Necessities Co., $5,100. 6. Received cash from clients on account, $12,750. 10. Paid cash for a newspaper advertisement, $500. 12. Paid Office Necessities Co. for part of the debt incurred on July 5, $3,000. 12. Provided services on account for the period July 1–12, $14,200. 14. Paid receptionist for two weeks' salary, $1,500. 17. Received cash from cash clients for fees earned during the period July 1–17, $10,400. 18. Paid cash for supplies, $1,000. 20. Provided services on account for the period July 13–20, $9,000. 24. Received cash from cash clients for fees earned for the period July 17–24, $8,500. 26. Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks' salary, $1,500. 29. Paid telephone bill for July, $325. 31. Paid electricity bill for July, $675. 31. Received cash from cash clients for fees earned for the period July 25–31, $7,100. 31. Provided services on account for the remainder of July, $5,500. 31. Jolene withdrew RM20,000 for personal use. Additional information: At the end of July, the following adjustment data were assembled: a. Insurance expired during July is $375. b. Supplies on hand on July 31 are $2,850. c. Depreciation of office equipment for July is $400. d. Accrued receptionist salary on July 31 is $140. e. Rent expired during July is $2,000. f. Unearned fees on July 31 are $3,000. 1.Post the journal entries to T accounts 2. Prepare adjusting journal entries for transaction (a) to (f) . Then, post the entries to the appropriate T accounts.

For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of 1 July 2020, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, $8,900. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $6,000. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. 5. Purchased additional office equipment on account from Office Necessities Co., $5,100. 6. Received cash from clients on account, $12,750. 10. Paid cash for a newspaper advertisement, $500. 12. Paid Office Necessities Co. for part of the debt incurred on July 5, $3,000. 12. Provided services on account for the period July 1–12, $14,200. 14. Paid receptionist for two weeks' salary, $1,500. 17. Received cash from cash clients for fees earned during the period July 1–17, $10,400. 18. Paid cash for supplies, $1,000. 20. Provided services on account for the period July 13–20, $9,000. 24. Received cash from cash clients for fees earned for the period July 17–24, $8,500. 26. Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks' salary, $1,500. 29. Paid telephone bill for July, $325. 31. Paid electricity bill for July, $675. 31. Received cash from cash clients for fees earned for the period July 25–31, $7,100. 31. Provided services on account for the remainder of July, $5,500. 31. Jolene withdrew RM20,000 for personal use. Additional information: At the end of July, the following adjustment data were assembled: a. Insurance expired during July is $375. b. Supplies on hand on July 31 are $2,850. c. Depreciation of office equipment for July is $400. d. Accrued receptionist salary on July 31 is $140. e. Rent expired during July is $2,000. f. Unearned fees on July 31 are $3,000. 1.Post the journal entries to T accounts 2. Prepare adjusting journal entries for transaction (a) to (f) . Then, post the entries to the appropriate T accounts.

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Description: For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of 1 July 2020, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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July 1.		The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, $8,900. There were no liabilities received.
1.		Paid three months' rent on a lease rental contract, $6,000.
2.		Paid the premiums on property and casualty insurance policies, $4,500.
4.		Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000.
5.		Purchased additional office equipment on account from Office Necessities Co., $5,100.
6.		Received cash from clients on account, $12,750.
10.		Paid cash for a newspaper advertisement, $500.
12.		Paid Office Necessities Co. for part of the debt incurred on July 5, $3,000.
12.		Provided services on account for the period July 1–12, $14,200.
14.		Paid receptionist for two weeks' salary, $1,500.
17.		Received cash from cash clients for fees earned during the period July 1–17, $10,400.
18.		Paid cash for supplies, $1,000.
20.		Provided services on account for the period July 13–20, $9,000.
24.		Received cash from cash clients for fees earned for the period July 17–24, $8,500.
26.		Received cash from clients on account, $12,000.
27.		Paid receptionist for two weeks' salary, $1,500.
29.		Paid telephone bill for July, $325.
31.		Paid electricity bill for July, $675.
31.		Received cash from cash clients for fees earned for the period July 25–31, $7,100.
31.		Provided services on account for the remainder of July, $5,500.
31.		Jolene withdrew RM20,000 for personal use.

Additional information:

At the end of July, the following adjustment data were assembled:

a. Insurance expired during July is $375.

b. Supplies on hand on July 31 are $2,850.

c. Depreciation of office equipment for July is $400.

d. Accrued receptionist salary on July 31 is $140.

e. Rent expired during July is $2,000.

f. Unearned fees on July 31 are $3,000.

1.Post the journal entries to T accounts

2. Prepare adjusting journal entries for transaction (a) to (f) . Then, post the entries to the appropriate T accounts.

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