Question

1. prepare adjusted trial balance including income statement and balance sheet sections 2. journailize adjustments H-J...

1. prepare adjusted trial balance including income statement and balance sheet sections

2. journailize adjustments H-J

3. prepare financial statements.

please help me it is due tomorrow.

Journalize and post the following June transactions. Include full details in JE explanation.
Transaction Ref: Yr: 2018 External Entries included in Trial Balance
A 1-Jun Dan Evans invests (contributes) $20,000 cash and $2,000 of supplies in business: Evans Consulting.
B 2-Jun Evans pays seven month's rent in advance totaling $8,500 Ck # 101
C 10-Jun Evans provides services of $20,000 on account to a customer, Aatrix Corp.
D 11-Jun Evans purchases equipment for $28,800 with Check # 102 for $13,000 with the balance "on account" payable from Home Depot Inv #27487
    Useful life of the equipment is 5 years. $4,000 salvage value.
E 16-Jun Evans collects $5,000 of the Accounts Receivable from Aatrix Corp.
F 18-Jun Dan Evans takes a $2,500 draw Ck # 103
G 20-Jun Evans purchased office supplies for $2,000 Inv# 12345 Ck #104 from Office Depot
Adjusting Entries
H 30-Jun June Rent Used
i 30-Jun Equipment depreciated for one month.
J 30-Jun Took physical Inventory of Supplies totalling $4,000
Closing Entries
K, L See page 161 27e Remember Explanation required: K. Closing, L. Closing, etc
Business   Accounting   
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Homework Answers

Answer #1

1. In the books of Evans Consulting :

Adjusting entries :

Adjustment Account Titles Debit Credit
$ $
H. Rent Expense ( 8,500 / 7 ) 1,214.29
Prepaid Rent 1,214.29
I. Depreciation Expense 413.33
Accumulated Depreciation : Equipment 413.33
J. Supplies Expense 4,000
Supplies 4,000

2.

Evans Consulting
Adjusted Trial Balance
June 30
Account Titles Debit Credit
$ $
Cash (1,000)
Accounts Receivable 15,000
Supplies 4,000
Prepaid Rent 7,285.71
Equipment 28,800
Accumulated Depreciation : Equipment 413.33
Accounts Payable 15,800
Dan Evans, Capital 22,000
Dan Evans, Withdrawals 2,500
Service Revenue 20,000
Rent Expense 1,214.29
Depreciation Expense 413.33
Totals $ 58,213.33 $ 58,213.33
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