Solved by verified expert :Management Tools Application -Unit 2 AssignmentFor the past several years, Dustin Larkin has operated a part -time consulting business from his home. As of June 1, 20 10, Dustin decided to move to rented quarters and to operate the business, which was tobe 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 and recorded 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, $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 1-12, $2,250.June 14. Paid part-time receptionist for two weeks’ salary, $400.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 1724, $1,850.June 26. Received cash from clients on account, $1,600.June 27. Paid part-time receptionist for two weeks’ salary, $400.June 29. Paid telephone bill for June, $130.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 provided Excel template to complete the following: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.11121415161819212223CashAccounts ReceivableSuppliesPrepaid RentPrepaid InsuranceOffice EquipmentAccumulated DepreciationAccounts PayableSalaries PayableUnearned Fees313241515253545559Dustin Larkin, CapitalDustin Larkin, DrawingFees EarnedSalary ExpenseRent ExpenseSupplies ExpenseDepreciation ExpenseInsurance ExpenseMiscellaneous Expense2. Post the journal to a ledger of four-column accounts.3. Prepare a trial balance as of June 30, 2010.Be sure and save your work, you will complete the accounting cycle in Unit 3 using the same Excel Template and information.*****************Management Tools Application – Unit 3 AssignmentContinue with the Assignment from Unit 2, using the same Excel Template complete the following steps:1. Prepare the Adjusting entries A-F.Insurance expired during June is $150.Supplies on hand on June 30 are $1,020.Depreciation of office equipment for June is $500.Accrued receptionist salary on June 30 is $120.Rent expired during June is $1,500.Unearned fees on June 30 are $2,000.2. Prepare an income statement, a statement of owner’s equity, and a balance sheet.3. Journalize and Post the adjusting entries.4. Journalize and post the closing entries. (Income Summary is account #33 in the chart of accounts.)5. Prepare a post-closing trial balance.
Expert answer:AC 499 Unit 2 and 3 Management Tools Assignment
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