5–31, $7,100. 31. Provided services on account for the remainder of July, $5,500. 31. Jolene withdrew $20,000 for personal use

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter4: The Accounting Cycle
Section: Chapter Questions
Problem 5PA: Complete accounting cycle For the past several years, Steffy Lopez has operated a part-time...
icon
Related questions
icon
Concept explainers
Question

Complete accounting cycle.
For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, 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, $22,300; supplies, $3,800; 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.
Record the following transactions on Page 2 of the journal:
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 $20,000 for personal use

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub