Question

The general ledger of Jay Consulting shows the following balances at July 31

Cash $4,440

Accounts Receivable 5,780

Prepaid Rent 1,200

Accounts Payable 2,850

Salaries Payable 475

Jay Blue, Capital 7,486

Jay Blue, Drawing 2,000

Consulting Fees 6,920

Rent Expense 600

Salary Expense 2,600

Supplies Expense 755

Utilities Expense 196

Miscellaneous Expense 160

The general ledger of Jay Consulting shows the following balances at August 31

Cash $7,527

Accounts Receivable 4,287

Prepaid Rent 600

Accounts Payable 1,495

Salaries Payable 400

Jay Blue, Capital 8,095

Jay Blue, Drawing 1,800

Consulting Fees 8,820

Rent Expense 600

Salary Expense 2,800

Supplies Expense 950

Utilities Expense 221

Miscellaneous Expense 25

Make a template start with a Trial Balance

The template should be connected to the financial statements: Income Statement, Statement of Owner's Equity, Balance Sheet

Requirements:  Two sets of Financial July 31 and Aug 31

1) Answer question: How is the Company doing? (size of company, possible industry)

2) Complete a Comparative analysis for July and August

3) Create two chart

a) Pie chart showing the percentage of each assets to total assets

b) Second chart may not be a Pie chart. The chart can be of your choosing but the chart must support question "How is the company doing?"

Thank you a lot in advance. Hope you guys can help me. Wish you guys all the best

Answer 1

Trial Balance

as on August, 31

as on July, 31

Particulars	Debit (in $)	Credit (in $)	Debit (in $)	Credit (in $)
Cash	7,527	-	4,440	-
Accounts Receivable	4,287	-	5,780	-
Prepaid Rent	600	-	1,200	-
Accounts Payable	-	1,495	-	2,850
Salaries Payable	-	400	-	475
Jay Blue Capital	-	8,095	-	7,486
Jay Blue Drawings	1,800	-	2,000	-
Consulting Fees	-	8,820	-	6,920
Rent Expense	600	-	600	-
Salary Expense	2,800	-	2,600	-
Supplies Expense	950	-	755	-
Utilities Expense	221	-	196	-
Miscellaneous Expense	25	-	160	-
Total	18,810	18,810	17,731	17,731

Financial Statements
Income Statement	For period ending 31 August	For period ending 31 July	Absolute Change	Change in %
INCOME
Revenue
Consulting Revenue	8,820	6,920	1,900	27%
Other Income	-	-	-
			-
Total Revenue	8,820	6,920	1,900	27%
			-
EXPENSES			-
Rent Expense	600	600	-	0%
Salary Expense	2,800	2,600	200	8%
Supplies Expense	950	755	195	26%
Utilities Expense	221	196	25	13%
Miscellaneous Expense	25	160	(135)	-84%
			-
Total Expenses	4,596	4,311	285	7%
			-
Profit ( Excess of Revenue over Expenses)	4,224	2,609	1,615	62%

Statement of Owners Equity	For period ending 31 August	For period ending 31 July
Opening Capital	8,095	7,486
Add -
Profit credited during period ( as per Income statement)	4,224	2,609
Less -
Drawings during period	1,800	2,000
Closing Capital	10,519	8,095
Balance Sheet	As on August, 31	As on July 31
ASSETS
Current Assets
Accounts Receivable	4,287	5,780
Prepaid Expenses	600	1,200
Cash	7,527	4,440
Total	12,414	11,420
EQUITY AND LIABILITIES
Owners Capital	10,519	8,095
Current Liabilities
Accounts Payable	1,495	2,850
ekkarill92 Next > < Previous Related Solutions Q3 / On July 31, 2018, the general ledger of Sandhill Inc. showed these balances: Cash... Q3 / On July 31, 2018, the general ledger of Sandhill Inc. showed these balances: Cash $3,980; Accounts Receivable $1,490; Supplies $550; Equipment $4,970; Accounts Payable $4,090; Common Shares $3,500; and Retained Earnings $3,400. During August, the following transactions occurred: Aug. 2 Collected $1,190 of accounts receivable due from customers. 3 Received $1,300 for issuing common shares to new investors. 6 Paid $2,680 on accounts payable owing. 7 Earned fees of $6,500, of which $3,000 was collected in cash and... On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors... On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $443,000 Administrative Expenses 534,000 Building 984,000 Cash 95,000 Cost of Merchandise Sold 941,000 Interest Expense 7,000 Merchandise Inventory 140,000 Notes Payable 121,000 Peter Bronsky, Capital 644,000 Peter Bronsky, Drawing 18,000 Sales 1,745,000 Sales Tax Payable 4,500 Selling Expenses 194,000 Store Supplies 19,000 Store Supplies Expense 25,500 Required: Prepare the July 31, 20Y7, closing entries for... 1) Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable... 1) Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred. Oct.   15      Sold $30,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge.           25      Made sales of $900 on Visa credit cards. The credit card service charge is 2%. Instructions Journalize the transactions. 2) Indicate whether each of the following expenditures should be classified as land (L), land improvements (LI),... On July 31, 2022, the general ledger of Sunland Legal Services Inc. showed the following balances:... On July 31, 2022, the general ledger of Sunland Legal Services Inc. showed the following balances: Cash $3,520, Accounts Receivable $1,320, Supplies $440, Equipment $4,400, Accounts Payable $3,610, Common Stock $3,080, and Retained Earnings $2,990. During August, the following transactions occurred. Aug. 3 Collected $1,060 of accounts receivable due from customers. 5 Received $1,140 cash for issuing common stock to new investors. 6 Paid $2,380 cash on accounts payable. 7 Performed legal services of $5,720, of which $2,640 was collected... On July 31, 2022, the general ledger of Sunland Legal Services Inc. showed the following balances:... On July 31, 2022, the general ledger of Sunland Legal Services Inc. showed the following balances: Cash $3,520, Accounts Receivable $1,320, Supplies $440, Equipment $4,400, Accounts Payable $3,610, Common Stock $3,080, and Retained Earnings $2,990. During August, the following transactions occurred. Aug. 3 Collected $1,060 of accounts receivable due from customers. 5 Received $1,140 cash for issuing common stock to new investors. 6 Paid $2,380 cash on accounts payable. 7 Performed legal services of $5,720, of which $2,640 was collected... On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS... On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS Cash 61,400 Accounts Receivable 20,900 Supplies 7,400 Prepaid Insurance 6,600 Equipment 89,900 Accum. Depr.—Equip. 0 Accounts Payable 15,100 Sadie Palmer, Capital 80,350 Fees Income 109,000 Depreciation Exp.—Equip. 0 Insurance Expense 0 Rent Expense 9,000 Salaries Expense 9,250 Supplies Expense 0 Additional information: Supplies used during January totaled $4,900. Expired insurance totaled $1,650. Depreciation expense for the month was $1,425. Complete the worksheet through the... Spielberg Company's general ledger shows a checking account balance of $22,910 on July 31, 2021 Exercise 4-9A Calculate the balance of cash using a bank reconciliation (LO4-5) Spielberg Company's general ledger shows a checking account balance of $22,910 on July 31, 2021. The July cash receipts of $1,825, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $49. The bank processes all checks written by the company by... Spielberg Company's general ledger shows a checking account balance of $22,880 on July 31, 2021. The... Spielberg Company's general ledger shows a checking account balance of $22,880 on July 31, 2021. The July cash receipts of $1,795, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $46. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for... The following selected list of accounts with their normal balances was taken from the general ledger... The following selected list of accounts with their normal balances was taken from the general ledger of Windsor Company as of December 31, 2013: Common stock, $1 par Winsor $ 190,000 Retained earnings 131,000 Paid-in capital in excess of par - preferred 35,000 Treasury Stock 165,000 Preferred stock, $100 par 300,000 Paid-in capital in excess of par -common 380,000 Given above information, at the end of 2013: Select one: A. Total Paid in Capital is $1,070,000, and Total Stockholders' equity... General Corporation's ledger includes the following account balances at December 31, 2005:  Stockholder's Equity General Corporation's ledger includes the following account balances at December 31, 2005: Common Stock, S1 par value, 100,000 shares issued 100,000 Add"l Paid-in Capital in Excess of Par Value, Common 800,000 Preferred Stock, 10%, S60 par value, 10,000 shares issued 600,000 Add'l Paid-in Capital in Excess of Par Value, Preferred 300,000 Retained Earnings 500,000 Treasury Stock, Common, 1,000 shares 100,000 1. The balance sheet prepared at December 31, 2005, would report total legal capital of: 2. The balance sheet prepared at December 31, 2005, would report total... ADVERTISEMENT Subjects Accounting Advanced Math Anatomy and Physiology Biology Chemistry Civil Engineering Computer Science Economics Electrical Engineering Finance History Math Mechanical Engineering Operations Management Physics Psychology Statistics and Probability Nursing Other ADVERTISEMENT Latest Questions A pension fund manager is considering three mutual funds. The first is a stock fund, the... Compute the cost of not taking the following cash discounts. (Use a 360-day year. Do not... During his project presentation, Bob falls sick and performs poorly. However, his colleague, Dan, concludes that... A sample human input file that contains test values that a human would enter on the... A solution is prepared by dissolving 15 ml of methanol in 150.0 ml water at 25... Consider a newlywed who is planning a wedding anniversary gift of a trip to Canada for... We are evaluating a project that costs $868,000, has a life of eight years, and has... ADVERTISEMENT About @ 2020 WizEdu