PART 1: ACCOUNTING CALCULATIONSFor 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, RM19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, RM8,900. There were no liabilities received.1. Paid three months' rent on a lease rental contract, RM6,000.2. Paid the premiums on property and casualty insurance policies, RM4,500.4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM8,000.5. Purchased additional office equipment on account from Office Necessities Co., RM5,100.6. Received cash from clients on account, RM12,750.10. Paid cash for a newspaper advertisement, RM500.12. Paid Office Necessities Co. for part of the debt incurred on July 5, RM3,000.12. Provided services on account for the period July 1–12, RM14,200.14. Paid receptionist for two weeks' salary, RM1,500.17. Received cash from cash clients for fees earned during the period July 1–17, RM10,400.18. Paid cash for supplies, RM1,000.20. Provided services on account for the period July 13–20, RM9,000.24. Received cash from cash clients for fees earned for the period July 17–24, RM8,500.26. Received cash from clients on account, RM12,000.27. Paid receptionist for two weeks' salary, RM1,500.29. Paid telephone bill for July, RM325.31. Paid electricity bill for July, RM675.31. Received cash from cash clients for fees earned for the period July 25–31, RM7,100.31. Provided services on account for the remainder of July, RM5,500.31. Jolene withdrew RM20,000 for personal use. Additional information:At the end of July, the following adjustment data were assembled:Insurance expired during July is RM375.Supplies on hand on July 31 are RM2,850.Depreciation of office equipment for July is RM400.Accrued receptionist salary on July 31 is RM140.Rent expired during July is RM2,000.Unearned fees on July 31 are RM3,000.InstructionsPrepare journal entries for each transaction listed in the table above (use Section I template), based on Gourmet Consulting's chart of accounts.Chart of Accounts for Gourmet ConsultingCashJolene Upton, CapitalAccounts ReceivableJolene Upton, DrawingSuppliesFees EarnedPrepaid RentSalary ExpensePrepaid InsuranceRent ExpenseOffice EquipmentSupplies ExpenseAccumulated DepreciationDepreciation ExpenseAccounts PayableInsurance ExpenseSalaries PayableMiscellaneous ExpenseUnearned Fees Post the journal entries to T accounts (use Section II template). Prepare adjusting journal entries for transaction (a) to (f) [use Section III template]. Then, post the entries to the appropriate T accounts. Prepare an unadjusted trial balance and adjusted trial balance as at 31 May 2020 (use Section IV template). Prepare an income statement, a statement of owner's equity, and a balance sheet (use Section V templates).

Name: PART 1: ACCOUNTING CALCULATIONSFor the past several years, Jolene Upto
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Description: PART 1: ACCOUNTING CALCULATIONSFor 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 Gou

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PART 1: ACCOUNTING CALCULATIONS

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, RM19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, RM8,900. There were no liabilities received.
1.		Paid three months' rent on a lease rental contract, RM6,000.
2.		Paid the premiums on property and casualty insurance policies, RM4,500.
4.		Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM8,000.
5.		Purchased additional office equipment on account from Office Necessities Co., RM5,100.
6.		Received cash from clients on account, RM12,750.
10.		Paid cash for a newspaper advertisement, RM500.
12.		Paid Office Necessities Co. for part of the debt incurred on July 5, RM3,000.
12.		Provided services on account for the period July 1–12, RM14,200.
14.		Paid receptionist for two weeks' salary, RM1,500.
17.		Received cash from cash clients for fees earned during the period July 1–17, RM10,400.
18.		Paid cash for supplies, RM1,000.
20.		Provided services on account for the period July 13–20, RM9,000.
24.		Received cash from cash clients for fees earned for the period July 17–24, RM8,500.
26.		Received cash from clients on account, RM12,000.
27.		Paid receptionist for two weeks' salary, RM1,500.
29.		Paid telephone bill for July, RM325.
31.		Paid electricity bill for July, RM675.
31.		Received cash from cash clients for fees earned for the period July 25–31, RM7,100.
31.		Provided services on account for the remainder of July, RM5,500.
31.		Jolene withdrew RM20,000 for personal use.

Additional information:

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

Insurance expired during July is RM375.
Supplies on hand on July 31 are RM2,850.
Depreciation of office equipment for July is RM400.
Accrued receptionist salary on July 31 is RM140.
Rent expired during July is RM2,000.
Unearned fees on July 31 are RM3,000.

Instructions

Prepare journal entries for each transaction listed in the table above (use Section I template), based on Gourmet Consulting's chart of accounts.

Chart of Accounts for Gourmet Consulting
Cash	Jolene Upton, Capital
Accounts Receivable	Jolene Upton, Drawing
Supplies	Fees Earned
Prepaid Rent	Salary Expense
Prepaid Insurance	Rent Expense
Office Equipment	Supplies Expense
Accumulated Depreciation	Depreciation Expense
Accounts Payable	Insurance Expense
Salaries Payable	Miscellaneous Expense
Unearned Fees

Post the journal entries to T accounts (use Section II template).

Prepare adjusting journal entries for transaction (a) to (f) [use Section III template]. Then, post the entries to the appropriate T accounts.

Prepare an unadjusted trial balance and adjusted trial balance as at 31 May 2020 (use Section IV template).

Prepare an income statement, a statement of owner's equity, and a balance sheet (use Section V templates).

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