Group Assignment (20%)
COMPREHENSIVE ACCOUNTING CYCLE PROBLEM
Restraint the late sundry years, Emily Page has actd a multiply-age consulting occupation from her settlement. As of June 1, 2010, Emily ruled to propel to divulsioned quarters and to act the occupation, which was to be disclose as Bottom Thread Consulting, on a full-age reason. Bottom Thread Consulting entered into the subjoined actions during June:
June 1. The subjoined goods were common from Emily Page: money, $20,000; totalitys receivable, $4,500; produce, $2,000; and employment equipment, $11,500. There were no liabilities common.
1. Paid three months’ divulsion on a lease divulsional lessen, $6,000.
2. Paid the premiums on gear and contingency prophylactic policies, $2,400.
4. Common money from clients as an pace reimbursement restraint services to be supposing and recitative it as
unearned fees, $2,700.
5. Purchased concomitant employment equipment on totality from Employment Depot Co., $3,500.
6. Common money from clients on totality, $3,000.
10. Paid money restraint a newspaper plan, $200.
12. Paid Employment Depot Co. restraint multiply of the obligation incurred on June 5, $750.
12. Recitative services supposing on totality restraint the era June 1–12, $5,100.
14. Paid multiply-age receptionist restraint brace weeks’ remuneration, $1,100.
17. Recitative money from money clients restraint fees earned during the era June 1–16, $6,500.
18. Paid money restraint produce, $750.
20. Recitative services supposing on totality restraint the era June 13–20, $3,100.
24. Recitative money from money clients restraint fees earned restraint the era June 17–24, $5,150.
26. Common money from clients on totality, $6,900.
27. Paid multiply-age receptionist restraint brace weeks’ remuneration, $1,100.
29. Paid telephone beak restraint June, $150.
30. Paid electricity beak restraint June, $400.
30. Recitative money from money clients restraint fees earned restraint the era June 25–30, $2,500.
30. Recitative services supposing on totality restraint the relics of June, $1,000.
30. Emily withdrew $5,000 restraint peculiar manifestation.
1. Narrativeize each action in a brace-column narrative, referring to the subjoined chart of totalitys in selecting the totalitys to be debited and credited. (Do referable instil the totality quantity in the narrative at this age.)
11 Money 31 Emily Page, Capital
12 Totalitys Receivable 32 Emily Page, Drawing
14 Produce 41 Fees Earned
15 Prepaid Divulsion 51 Remuneration Expense
16 Prepaid Prophylactic 52 Divulsion Expense
18 Employment Equipment 53 Produce Expense
19 Accumulated Depreciation 54 Depreciation Expense
21 Totalitys Payable 55 Prophylactic Expense
22 Salaries Payable 59 Miscellaneous Expense
23 Unearned Fees
2. Post the narrative to a ledger of four-column totalitys.
3. Prepare an unadjusted gauge counterpoise.
4. At the purpose of June, the subjoined compound facts were assembled. Analyze and manifestation these facts to
consummate multiplys (5) and (6).
a. Prophylactic expired during June is $200.
b. Produce on artisan on June 30 are $650.
c. Depreciation of employment equipment restraint June is $250.
d. Accrued receptionist remuneration on June 30 is $220.
e. Divulsion expired during June is $2,000.
f. Unearned fees on June 30 are $1,875.
5. Enter the unadjusted gauge counterpoise on an purpose-of-era spreadquibble (performance quibble) and consummate the
6. Narrativeize and post the adjusting entries.
7. Prepare an adjusted gauge counterpoise.
8. Prepare an proceeds declaration, a declaration of owner’s equity, and a counterpoise quibble.
9. Prepare and post the stagnation entries. (Proceeds Summary is totality #33 in the chart of totalitys.)
Indicate close totalitys by instiling a thread in twain the Counterpoise columns counter the stagnation register.
10. Prepare a post-stagnation gauge counterpoise.
Submission Date: 15/11/2019
Date Particulars Debit Credit
Jun-01 Cash $ 20,000
Accounts Receivable $ 4,500
Supplies $ 2,000
Employment Equipment $ 11,500
Emily Page, Capital $ 38,000
Jun-01 Prepaid Divulsion $ 6,000
Cash $ 6,000
Jun-02 Prepaid Prophylactic $ 2,400
Cash $ 2,400
Jun-04 Cash $ 2,700
Unearned Fees $ 2,700
Jun-05 Employment Equipment $ 3,500
Accounts Payable $ 3,500
Jun-06 Cash $ 3,000
Accounts Receivable $ 3,000
Jun-10 Miscellaneous Expense $ 200
Cash $ 200
Jun-12 Accounts Payable $ 750
Cash $ 750
Jun-12 Accounts Receivable $ 5,100
Fees earned $ 5,100
Jun-14 Remuneration expense $ 1,100
Cash $ 1,100