AC 499 Unit 2 Assignment: Management Tools - Quixote Consulting
Question # 00028643
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Updated on: 10/19/2014 01:49 AM Due on: 10/19/2014
Unit 2 Assignment: Management Tools
Application
For the past several years, Dustin Larkin has operated a part-time consulting business from his
home. As of June 1, 2013, 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 (Record
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 to run during June, $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 to June 12, $2,250.
June 14.
Paid part-time receptionist for 2 weeks' salary, $400. (Note: Ignore any payroll tax or
withholdings).
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 17-24, $1,850.
June 26.
Received cash from clients on account, $1,600.
June 27.
Paid part-time receptionist for two weeks' salary, $400. (Note: Ignore any payroll tax or
withholdings).
June 29.
Paid telephone bill for June, $130.
Unit 2
[AC499: Bachelor’s Capstone in Accounting]
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 Excel template provided in the class titled “Unit 2 and 3 Management
Tools Assignment” to complete the following 3 requirements for Unit 2:
1. Journalize each transaction in the two-column journal tab, referring to the following chart of
accounts in selecting the accounts to be debited and credited.
11-Cash
31-Dustin Larkin, Capital
12-Accounts Receivable
32-Dustin Larkin, Drawing
14-Supplies
41-Fees Earned
15-Prepaid Rent
51-Salary Expense
16-Prepaid Insurance
52-Rent Expense
18-Office Equipment
53-Supplies Expense
19-Accumulated Depreciation
21-Accounts Payable
22-Salaries Payable
54-Depreciation Expense
55-Insurance Expense
59-Miscellaneous Expense
23-Unearned Fees
2. Post the journal to a ledger of four-column accounts, see the Excel tab labeled accordingly.
3. Prepare a trial balance as of June 30, 2013 – using the tab in the Excel workbook labeled
accordingly.
Be sure and save your work, you will complete the accounting cycle in Unit 3 using the same Excel
Template and information.
Application
For the past several years, Dustin Larkin has operated a part-time consulting business from his
home. As of June 1, 2013, 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 (Record
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 to run during June, $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 to June 12, $2,250.
June 14.
Paid part-time receptionist for 2 weeks' salary, $400. (Note: Ignore any payroll tax or
withholdings).
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 17-24, $1,850.
June 26.
Received cash from clients on account, $1,600.
June 27.
Paid part-time receptionist for two weeks' salary, $400. (Note: Ignore any payroll tax or
withholdings).
June 29.
Paid telephone bill for June, $130.
Unit 2
[AC499: Bachelor’s Capstone in Accounting]
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 Excel template provided in the class titled “Unit 2 and 3 Management
Tools Assignment” to complete the following 3 requirements for Unit 2:
1. Journalize each transaction in the two-column journal tab, referring to the following chart of
accounts in selecting the accounts to be debited and credited.
11-Cash
31-Dustin Larkin, Capital
12-Accounts Receivable
32-Dustin Larkin, Drawing
14-Supplies
41-Fees Earned
15-Prepaid Rent
51-Salary Expense
16-Prepaid Insurance
52-Rent Expense
18-Office Equipment
53-Supplies Expense
19-Accumulated Depreciation
21-Accounts Payable
22-Salaries Payable
54-Depreciation Expense
55-Insurance Expense
59-Miscellaneous Expense
23-Unearned Fees
2. Post the journal to a ledger of four-column accounts, see the Excel tab labeled accordingly.
3. Prepare a trial balance as of June 30, 2013 – using the tab in the Excel workbook labeled
accordingly.
Be sure and save your work, you will complete the accounting cycle in Unit 3 using the same Excel
Template and information.
-
Rating:
/5
Solution: AC 499 Unit 2 Assignment: Management Tools - Quixote Consulting