AC 499 Unit 2 and 3 Management Tools Assignment

Management Tools Application -Unit 2 Assignment
For the past several years, Dustin Larkin has operated a part -time consulting business from his home. As of June 1, 20 10, Dustin decided to move to rented quarters and to operate the business, which was to
be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions during June:
June 1. The following assets were received from Dustin Larkin: cash, $10,000; accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500. There were no liabilities received.
June 1. Paid three months' rent on a lease rental contract, $4,500.
June 2. Paid the premiums on property and casualty insurance policies, $1,800.
June 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $3,000.
June 5. Purchased additional office equipment on account from Crawford Company, $1,800.
June 6. Received cash from clients on account, $800.
June 10. Paid cash for a newspaper advertisement, $120.
June 12. Paid Crawford Company for part of the debt incurred on June 5, $800.
June 12. Recorded services provided on account for the period June 1-12, $2,250.
June 14. Paid part-time receptionist for two weeks' salary, $400.
June 17. Recorded cash from cash clients for fees earned during the period June 1-16, $3,175.
June 18. Paid cash for supplies, $750.
June 20. Recorded services provided on account for the period June 13-20, $1,100.
June 24. Recorded cash from cash clients for fees earned for the period June 1724, $1,850.
June 26. Received cash from clients on account, $1,600.
June 27. Paid part-time receptionist for two weeks' salary, $400.
June 29. Paid telephone bill for June, $130.

June 30. Paid electricity bill for June, $200.
June 30. Recorded cash from cash clients for fees earned for the period June 25-30, $2,050.
June 30. Recorded services provided on account for the remainder of June, $1,000.
June 30. Dustin withdrew $4,500 for personal use.
Instructions-Use the provided Excel template to complete the following:
1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited.
11
12
14
15
16
18
19
21
22
23

Cash
Accounts Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Unearned Fees

31
32
41
51
52
53
54
55
59

Dustin Larkin, Capital
Dustin Larkin, Drawing
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense

2. Post the journal to a ledger of four-column accounts.
3. Prepare a trial balance as of June 30, 2010.
Be sure and save your work, you will complete the accounting cycle in Unit 3 using the same Excel Template and information.