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Assignment For MBA Students

This document provides instructions for an accounting assignment for Bottom Line Consulting. Students are asked to journalize and post transactions for the month of June, prepare an unadjusted trial balance, make adjusting entries, prepare an adjusted trial balance, and financial statements including an income statement, statement of owner's equity, and balance sheet. Closing entries are also to be prepared.

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61 views

Assignment For MBA Students

This document provides instructions for an accounting assignment for Bottom Line Consulting. Students are asked to journalize and post transactions for the month of June, prepare an unadjusted trial balance, make adjusting entries, prepare an adjusted trial balance, and financial statements including an income statement, statement of owner's equity, and balance sheet. Closing entries are also to be prepared.

Uploaded by

adane baye
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Samara University
College of Business and Economics
Department of Accounting and Finance
Individual Assignment
The assignment should be hand written
Submission date: January, 5/2020
Total Point: 15%

For the past several years, Emily Page has operated a part-time consulting business from her
home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the
business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line
Consulting entered into the following transactions during June:

1. The following assets were received from Emily Page: cash, $20,000; accounts receivable,
$4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received.
2. Paid three months’ rent on a lease rental contract, $6,000.
3. Paid the premiums on property and casualty insurance policies, $2,400.
4. Received cash from clients as an advance payment for services to be provided and
recorded it as unearned fees, $2,700.
5. Purchased additional office equipment on account from Office Depot Co., $3,500.
6. Received cash from clients on account, $3,000.
7. Paid cash for a newspaper advertisement, $200.
8. Paid Office Depot Co. for part of the debt incurred on June 5, $750.
9. Recorded services provided on account for the period June 1–12, $5,100.
10. Paid part-time receptionist for two weeks’ salary, $1,100.
11. Recorded cash from cash clients for fees earned during the period June 1–16,
$6,500.
12. Paid cash for supplies, $750.
13. Recorded services provided on account for the period June 13–20, $3,100.
14. Recorded cash from cash clients for fees earned for the period June 17–24, $5,150.
15. Received cash from clients on account, $6,900.
16. Paid part-time receptionist for two weeks’ salary, $1,100.
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17. Paid telephone bill for June, $150.


18. Paid electricity bill for June, $400.
19. Recorded cash from cash clients for fees earned for the period June 25–30, $2,500.
20. Recorded services provided on account for the remainder of June, $1,000.
21. Emily withdrew $5,000 for personal use.
Instructions
1. Journalize each transaction in a two-column journal
2. Post the journal to a ledger of four-column accounts.
3. Prepare an unadjusted trial balance.
4. At the end of June, the following adjustment data were assembled. Analyze
and use these data to complete (6).
A. Insurance expired during June is $200.
B. Supplies on hand on June 30 are $650.
C. Depreciation of office equipment for June is $250.
D. Accrued receptionist salary on June 30 is $220.
E. Rent expired during June is $2,000.
F. Unearned fees on June 30 are $1,875.
5. Journalize and post the adjusting entries.
6. Prepare an adjusted trial balance.
7. Prepare an income statement, a statement of owner’s equity, and a balance
sheet.
8. Prepare and post the 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.
9. Prepare a post-closing trial balance.

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