Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / For the past several years Jolene Upton has operated a part time consulting business from ...

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

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.

Instructions
 

1. Journalize each transaction in a two-column journal starting on Page 1, 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.)

 
 

Apr 12 2021 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions