Comprehensive Accounting Cycle Problem

Assignment Help Managerial Accounting

Reference no: EM132846007

Comprehensive Accounting Cycle Problem - 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 tooperate the business, which was to be known as Bottom Line Consulting, on a full-timebasis. 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.

June 1. Paid three months' rent on a lease rental contract, $6,000.

June 2. Paid the premiums on property and casualty insurance policies, $2,400.

June 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.

June 5. Purchased additional office equipment on account from Office Depot Co., $3,500.

June 6. Received cash from clients on account, $3,000.

June 10. Paid cash for a newspaper advertisement, $200.

June 12. Paid Office Depot Co. for part of the debt incurred on June 5, $750.

June 12. Recorded services provided on account for the period June 1-12, $5,100.

June 14. Paid part-time receptionist for two weeks' salary, $1,100.

June 17. Recorded cash from cash clients for fees earned during the period June 1-16, $6,500.

June 18. Paid cash for supplies, $750.

June 20. Recorded services provided on account for the period June 13-20, $3,100.

June 24. Recorded cash from cash clients for fees earned for the period June 17-24, $5,150.

June 26. Received cash from clients on account, $6,900.

June 27. Paid part-time receptionist for two weeks' salary, $1,100.

June 29. Paid telephone bill for June, $150.

June 30. Paid electricity bill for June, $400.

June 30. Recorded cash from cash clients for fees earned for the period June 25-30, $2,500.

June 30. Recorded services provided on account for the remainder of June, $1,000.

June 30. Emily withdrew $5,000 for personal use.

Reference no: EM132846007

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