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I have included the attachments to do all of the work I need completed. This one very short notice so I’ll need it done rather quickly. I have included working papers and the questions I need answered. These questions are very important. If there are anymore questions feel free to contact.
1
. and
2
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JOURNAL
Page 1
Post.
Date
Ref.
Debit
Credit
20
10
Oct.
1
4
5
6
12
12
14
JOURNAL
Page 2
Post.
Date
Ref.
Debit
Credit
2010
Oct.
17
18
24
26
27
29
31
31
31
31
2., 6., and 9.
Cash
11
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
1
1
2
4
6
10
12
14
17
18
24
26
27
29
31
31
31
Accounts Receivable
12
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
1
1
6
1
12
1
20
2
26
2
31
2
Supplies
14
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
1
18
31
Adjusting
Prepaid Rent
15
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
1
31
Adjusting
Prepaid Insurance
16
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
2
31
Adjusting
Equipment
18
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
1
5
Accumulated Depreciation
– Equipment
19
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
31
Adjusting
400
Accounts Payable
21
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
5
12
Salaries Payable
22
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
31
Adjusting
Unearned Fees
23
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
4
31
Adjusting
Kareem Ismail, Capital
31
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
1
31
Closing
31
Closing
Kareem Ismail, Drawing
32
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
31
31
Closing
Income
Summary
33
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
31
Closing
31
Closing
31
Closing
Fees Earned
41
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
12
17
20
24
31
31
31
Adjusting
31
Closing
Salary Expense
51
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
14
27
31
Adjusting
31
Closing
Rent Expense
52
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
31
Adjusting
31
Closing
Supplies Expense
53
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
31
Adjusting
31
Closing
Depreciation Expense
54
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
31
Adjusting
31
Closing
Insurance Expense
55
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
31
Adjusting
31
Closing
Miscellaneous Expense
59
Post.
Balance
Date
Item
Ref.
Dr.
Cr.
Dr.
Cr.
2010
Oct.
10
29
31
31
Closing
3.
IRON MOUNTAIN CONSULTING
Unadjusted
Trial Balance
October 31, 2010
Debit Balances
Credit Balances
Cash
Accounts Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Accounts Payable
Salaries Payable
Unearned Fees
Kareem Ismail, Capital
Kareem Ismail, Drawing
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
5.
IRON MOUNTAIN CONSULTING
End-of-Period Spreadsheet (Work
Sheet
)
For the Month Ended October 31, 2010
Adjusted
Balance
Adjustments
Trial Balance
Statement
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
25,650
Accounts Receivable
11,900
Supplies
2,100
Prepaid Rent
4,800
Prepaid Insurance
2,700
Office Equipment
12,000
Accum. Depreciation
Accounts Payable
500
Salaries Payable
Unearned Fees
3,150
Kareem Ismail, Capital
35,250
Kareem Ismail, Drawing
7,500
Fees Earned
30,425
Salary Expense
1,800
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
875
69,325
69,325
6.
JOURNAL
Page 3
Post.
Date
Ref.
Debit
Credit
2010
Adjusting Entries
Oct.
31
31
31
31
31
31
7.
IRON MOUNTAIN CONSULTING
Adjusted Trial Balance
October 31, 2010
Debit Balances
Credit Balances
Cash
Accounts Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Unearned Fees
Kareem Ismail, Capital
Kareem Ismail, Drawing
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
8.
IRON MOUNTAIN CONSULTING
Income Statement
For the Month Ended October 31, 2010
Revenues:
Total
revenues
Expenses:
Total expenses
Net Income
IRON MOUNTAIN CONSULTING
Statement of
Owner’s Equity
For the Month Ended October 31, 2010
Kareem Ismail, capital
, October 1, 2010
Kareem Ismail, capital, October 31, 2010
IRON MOUNTAIN CONSULTING
Balance Sheet
October 31, 2010
Assets
Liabilities
Current assets:
Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Total assets
Total liabilities and owner’s equity
9.
JOURNAL
Page 4
Post.
Date
Ref.
Debit
Credit
2010
Closing Entries
Oct.
31
31
31
31
10.
IRON MOUNTAIN CONSULTING
Post-Closing Trial Balance
October 31, 2010
Debit Balances
Credit Balances
Cash
Accounts Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Unearned Fees
Kareem Ismail, Capital
For the past several years, Kareem Ismail has operated a part-time consulting business from his home. As of October 1, 2010 Kareem decided to move to rented quarters and to operate the business, which was to be known as Iron Mountain Consulting, on a full-time basis. Iron Mountain Consulting entered into the following transactions during October:
Oct.
1. The following assets were received from Kareem Ismail: cash, $18,000 accounts receivable, $5,000 supplies, $1,500; and office equipment, $10,750. There were no liabilities received.
Oct. 1. Paid three months’ rent on a lease rental contract, $4,800.
2. Paid the premiums on property and casualty insurance policies, $2,700.
4. Received cash from the clients as an advance payment for services to be provided and recorded it as unearned fees, $3,150.
5. Purchased additional office equipment on account from Office Station Co., $1,250.
6. Received cash from clients on account, $2,000.
10. Paid cash for a newspaper advertisement $325.
12. Paid Office Station Co. for part of the debt incurred October 5, $750.
12. Recorded services and provided on account for the period October 1—12, $5,750.
14. Paid part-time receptionist for two weeks’ salary, $900.
17. Recorded cash from cash clients for fees earned during the period of October 1—17, $9,250.
18. Paid cash for supplies, $600.
20. Recorded services provided on account for the period October 13—20, $4,100.
24. Recorded cash from cash clients for fees earned for the period October 17—24, $4,850.
26. Received cash from clients on account, $3,450.
27. Paid part-time receptionist for two weeks’ salary, $900.
29. Paid telephone bill for October, $250.
31. Paid electricity bill for October, $300.
31. Recorded cash from cash clients for fees earned for the period October 25—31, $3,975.
31. Recorded services provided on account for the remainder of October, $2,500.
31. Kareem withdrew $7,500 for personal use.
**********Instructions**********
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. (Do not insert the account numbers in the journal at this time.)
11. Cash 31. Kareem Ismail, Capital
12. Accounts Receivable 32. Kareem Ismail, 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 54. Depreciation Expense
21. Accounts Payable 55. Insurance expense
22. Salaries Payable 59. Miscellaneous expense
23. Unearned fees
2. Post journal to ledger of four-column accounts.
3. Prepare an unadjusted trial balance.
4. At the end of October, the following adjustment data were assembled. Analyze and use the data to complete parts (5) and (6).
a. Insurance expired during October is $225.
b. Supplies on hand on October 31 are $875.
c. Depreciation of office equipment for October is $400.
d. Accrued receptionist salary on October 31 is $200.
e. Rent expired during October is $1,600.
f. Unearned fees on October 31 are $1,150.
5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet.
6. Journalize and post the adjusting entries.
7. Prepare an adjusted trial balance.
8. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
9. Prepare and post closing entries. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.
10. Prepare a post-closing trial balance.
I have also included questions with multiple choice answers. I care about these because they will determine what kind of grade I will end up with.
1. The ending balance of the adjusted trial balance is:
a. 69,925 dollars
b. 69,905 dollars
c. 69,915 dollars
d. 69,935 dollars
2. Income statement, the net income is:
a. 27,100
b. 26,100
c. 25,100
d. 28,100
3. Statement of Owner’s equity, ending capital is:
a. 43,850
b. 33,850
c. 53,850
d. 66,850
4. Balance sheet, ending balance is:
a. 55,400
b. 55,500
c. 55,600
d. 55,700
5. Post-closing Trial balance, Kareem Ismail, Capital ending balance is:
a. 53,850
b. 54,850
c. 52,850
d. 55,850
6. Post-closing Trial balance, ending balance is:
a. 56,000
b. 56,100
c. 56,200
d.
56,300
