Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The fol- lowing end-of-period spreadsheet was prepared for the year ended June 30, 2019: A Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted 2 3 Adjusted 4 Trial Balance Adjustments Trial Balance Dr. 6 Account Title Dr. Cr. Dr. Cr. Cr. 8 Cash 9 Accounts Receivable 10 Supplies 11 Office Equipment 12 Accumulated Depreciation 13 Accounts Payable 14 Salaries Payable 15 Jayson Neese, Capital 16 Jayson Neese, Drawing 17 Fees Earned 18 Salary Expense 19 Supplies Expense 20 Depreciation Expense 21 Miscellaneous Expense 22 23 27,000 53,500 3,000 30,500 27,000 53,500 900 30,500 (a) 2,100 |(b) 1,500 6,000 3,300 375 82,200 4,500 3,300 |(c) 375 82,200 2,000 2,000 60,000 60,000 (c) 375 (a) 2,100 (b) 1,500 32,000 32,375 2,100 1,500 2,000 3.975 151,875 151,875 2,000 150,000 150,000 3,975 Based on the preceding spreadsheet, prepare an income statement, statement of owner's equity, and balance sheet for Elliptical Consulting.

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The fol- lowing end-of-period spreadsheet was prepared for the year ended June 30, 2019: A Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted 2 3 Adjusted 4 Trial Balance Adjustments Trial Balance Dr. 6 Account Title Dr. Cr. Dr. Cr. Cr. 8 Cash 9 Accounts Receivable 10 Supplies 11 Office Equipment 12 Accumulated Depreciation 13 Accounts Payable 14 Salaries Payable 15 Jayson Neese, Capital 16 Jayson Neese, Drawing 17 Fees Earned 18 Salary Expense 19 Supplies Expense 20 Depreciation Expense 21 Miscellaneous Expense 22 23 27,000 53,500 3,000 30,500 27,000 53,500 900 30,500 (a) 2,100 |(b) 1,500 6,000 3,300 375 82,200 4,500 3,300 |(c) 375 82,200 2,000 2,000 60,000 60,000 (c) 375 (a) 2,100 (b) 1,500 32,000 32,375 2,100 1,500 2,000 3.975 151,875 151,875 2,000 150,000 150,000 3,975 Based on the preceding spreadsheet, prepare an income statement, statement of owner's equity, and balance sheet for Elliptical Consulting.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 2P: Balance Sheet without Amounts The following is an alphabetical list of all of While Limnology...

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Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closingtrial balance as of April 30, 2019, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a twocolumn journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.
Using the following data for Sentinel Travel Service as well as the statement of owners equity shown in Practice Exercise 1-5B, prepare a report form balance sheet as of August 31, 2019:
Balance Sheet without Amounts The following is an alphabetical list of all of While Limnology Companys adjusted trial balance accounts as of December 31, 2019: Required: Prepare White Limnologys balance sheet (without amounts) in proper format.
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: The Gorman GroupEnd-of-Period SpreadsheetFor the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash 14,730 Accounts Receivable 32,060 Supplies 5,010 Prepaid Insurance 10,820 Land 114,000 Buildings 410,000 Accumulated Depreciation-Buildings 133,500 Equipment 296,000 Accumulated Depreciation-Equipment 173,800 Accounts Payable 37,930 Salaries Payable 3,760 Unearned Rent 1,700 Nicole Gorman, Capital 486,900 Nicole Gorman, Drawing 28,500 Service Fees 540,830 Rent Revenue 5,710 Salaries Expense 387,720 Depreciation Expense—Equipment 21,000 Rent Expense 17,600 Supplies Expense 12,470 Utilities Expense 11,270 Depreciation…
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: The Gorman GroupEnd-of-Period SpreadsheetFor the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash 14,380 Accounts Receivable 31,300 Supplies 4,890 Prepaid Insurance 10,560 Land 111,000 Buildings 400,000 Accumulated Depreciation-Buildings 130,300 Equipment 289,000 Accumulated Depreciation-Equipment 169,700 Accounts Payable 37,020 Salaries Payable 3,670 Unearned Rent 1,660 Nicole Gorman, Capital 474,850 Nicole Gorman, Drawing 27,800 Service Fees 527,880 Rent Revenue 5,570 Salaries Expense 378,440 Depreciation Expense—Equipment 20,500 Rent Expense 17,200 Supplies Expense 12,180 Utilities Expense 11,000 Depreciation…
Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019: Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 58,000 58,000 Accounts Receivable 106,200 106,200 Supplies 11,900 (a) 7,500 4,400 Office Equipment 515,000 515,000 Accumulated Depreciation 28,000 (b) 5,600 33,600 Accounts Payable 20,500 20,500 Salaries Payable (c) 2,500 2,500 Lisa Gooch, Capital 516,700 516,700 Lisa Gooch, Drawing 25,000 25,000 Fees Earned 348,500 348,500 Salary Expense 186,500 (c) 2,500 189,000 Supplies Expense (a) 7,500 7,500 Depreciation Expense (b) 5,600 5,600 Miscellaneous Expense 11,100 11,100 913,700 913,700 15,600 15,600…
Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019: Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 58,000 58,000 Accounts Receivable 106,200 106,200 Supplies 11,900 (a) 7,500 4,400 Office Equipment 515,000 515,000 Accumulated Depreciation 28,000 (b) 5,600 33,600 Accounts Payable 20,500 20,500 Salaries Payable (c) 2,500 2,500 Lisa Gooch, Capital 516,700 516,700 Lisa Gooch, Drawing 25,000 25,000 Fees Earned 348,500 348,500 Salary Expense 186,500 (c) 2,500 189,000 Supplies Expense (a) 7,500 7,500 Depreciation Expense (b) 5,600 5,600 Miscellaneous Expense 11,100 11,100 913,700 913,700 15,600 15,600…
Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00 10,000.00Fees Earned 388,700.00 (a) 12,500.00…
Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00 10,000.00Fees Earned 388,700.00 (a) 12,500.00…
Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00…
Davidson Company was started on May 1, 2021 by Jane Davidson. Using the adjustedaccount balances below, prepare IN GOOD FORM the Income Statement, Owner’s EquityStatement and Balance Sheet for the month completed May 31, 2021.***Be very careful with the information, as the accounts are provided in alphabetical order. You must prepare the Financial Statements with the appropriate accounts, in the appropriate order. Advertising Expense 6,000 Accounts Payable 9,000 Accounts Receivable 15,400 Accumulated Depreciation: Equipment 8,000 Cash 10,300 Commissions Revenue 12,000 Depreciation Expense 14,000 Equipment 36,000 Insurance Expense 3,200 Interest Expense 2,800 Interest Payable 1,000 Notes Payable 12,000 Prepaid Insurance 2,600 Rent Expense 3,000 Salaries Expense 39,000 Salaries Payable 7,500 Service Revenue 78,000 Owner’s Capital 20,000 Owner’s Drawing 10,000 Supplies 2,500 Supplies Expense 5,700 Unearned Revenue 5,000 Utilities Expense 2,000
Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. Thefollowing end-of-period spreadsheet was prepared for the year ended July 31, 2019:Based on the preceding spreadsheet, prepare an income statement, statement ofowner’s equity, and balance sheet for Bamboo Consulting