Assignment: Financial and Managerial Accounting
1. Derrick Epstein has operated a part-time consulting business from his home. As of June 1, 2008, Derrick decided to move to rented quarters and to operate the business, which was to be known as Luminary Consulting, on a full-time basis.
June 1. The following assets were received from Derrick Epstein: cash, $26,200; accounts receivable, $6,000; supplies, $2,800; and office equipment, $25,000. There were no liabilities received.
1. Paid three months’ rent on a lease rental contract, $5,250.
2. Paid the premiums on property and casualty insurance policies, $2,100.
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 Station Co., $5,000.
6. Received cash from clients on account, $3,000.
10. Paid cash for a newspaper advertisement, $200.
12. Paid Office Station Co. for part of the debt incurred on June 5, $1,000.
12. Recorded services provided on account for the period June 1–12, $5,100.
14. Paid part-time receptionist for two weeks’ salary, $800.
17. Recorded cash from cash clients for fees earned during the period June 1–16, $3,500.
18. Paid cash for supplies, $750.
20. Recorded services provided on account for the period June 13–20, $1,100.
24. Recorded cash from cash clients for fees earned for the period June 17–24, $4,150.
26. Received cash from clients on account, $4,900.
27. Paid part-time receptionist for two weeks’ salary, $800.
29. Paid telephone bill for June, $150.
30. Paid electricity bill for June, $400.
30. Recorded cash from cash clients for fees earned for the period June 25–30, $1,500.
30. Recorded services provided on account for the remainder of June, $1,000.
30. Derrick withdrew $8,000 for personal use.
1. Journalize each transaction in a two-column journal, referring to the following chart of accounts 11 Cash 31 Derrick Epstein, Capital
12 Accounts Receivable 32 Derrick Epstein, 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. at the end of June, the following adjustment
a. Insurance expired during June is $175.
b. Supplies on hand on June 30 are $2,000.
c. Depreciation of office equipment for June is $500.
d. Accrued receptionist salary on June 30 is $120.
e. Rent expired during June is $1,500.
f. Unearned fees on June 30 are $1,875.
Prepare: – Complete Accounting Cycle?
Exemplary Academic Writing Service
At TheQuizlet.com, you are guaranteed of quality service from our professional writers. We maintain consistent communication with customers after placing an order to avoid missing anything that may compromise the quality of delivered work.
Our hiring process is rigorous to maintain the desired quality that has become the core of our business. We expose potential writers to an uncompromising selection process that enables TheQuizlet to pick the best out of the rest. TheQuizlet boasts of a competent team of writers, editors, and professors who work towards accomplishing your goals.
TheQuizlet has an in-house plagiarism software that lowers the probability of delivering plagiarized papers to our clients. Referencing is guided by the format specified by a customer when placing an order. Our writers are conversant with all referencing formats that include APA, MLA, Chicago, Harvard, and Vancouver among others.
24/7 Customer Support
We understand the importance of effective communication and as such, TheQuizlet has a dedicated customer support department that responds to all client needs. You can easily contact our team through a chat window at the bottom left corner. Additionally, clients can reach us through support’s email or a telephone number available on our contact page. Feel free to contact us at any time and our team of experts will solve all your problems.
Swift Delivery and 100% Money-back Guarantee
When placing an order, ensure that you specify the correct deadline to help our writers work around the provided timeline. At TheQuizlet, we deliver our tasks before the projected deadline to give time for the customer to proofread the work before submission. In the event we cannot deliver a paper on time, we initiate contact with the client to renegotiate a new deadline.
Unlimited and Free Revisions
We urge all our customers to request for a revision whenever they identify a need to amend the paper. Since we understand your concerns, TheQuizlet.com does not charge for revisions. Nonetheless, we encourage customers to be genuine when requesting for revisions.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
TheQuizlet is a one-stop shop for all your writing needs. We tackle each customer’s needs differently to improve the quality of outcomes and meet your expectations.
TheQuizlet is committed to delivering quality work on time to ensure our clients get the value for their money.
Admission Essays and Professional Writing
Admission essays are personal, as opposed to other papers. For this reason, our team will request for any information that will enable them to deliver quality work, which allows you to convince the admissions board on why you should be granted the application.
Editing and Proofreading
Our team comprises of qualified researchers, writers, and editors who go through the different papers before delivering them to our clients. Whether your paper is being written from scratch or you want it to be edited, you can trust TheQuizlet for all your needs.
After receiving the final draft, you can request for a revision to incorporate various changes that are aligned with your expectations. All our papers are written in line with the latest writing standards.