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The May 31, 20XX, post-closing trial balance is $20,700 During June, the firm engaged in the...

The May 31, 20XX, post-closing trial balance is $20,700

During June, the firm engaged in the following transactions:

1 Received an investment of cash from J. Long, $8,000.

3 Purchased office equipment with cash, $2,000.

4 Received office equipment transferred to the firm from J. Long, $1,800

7 Purchased extra office supplies with cash, $190

9 Completed bookkeeping services for Elliott Electric Company that amounted to $1,400

10 Paid the receptionist in cash for two weeks’ wages, $1,600

13 Paid the amount due to Office Depot for the office equipment purchased last month, $750

14 Accepted an advance in cash for services to be done for a new client, $2,200

15 Purchased a copier (office equipment) from Office Depot for $2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over the next six months.

16 Performed consulting services and received a cash fee, $1,650.

17 Received payment on account from Sally’s Salon for services performed last month, $3,200.

18 Paid amount due for the telephone bill that was received and recorded at the end of May, $260.

19 Performed consulting services for Sally’s Salon and agreed to accept payment next month, $4,600.

20 Performed bookkeeping services for cash, $780.

23 Received and paid the utility bill for June, $340.

24 Paid the secretary for two weeks’ wages, $1,600.

27 Paid the rent for July in advance, $2,000.

28 Received the telephone bill for June, which is to be paid next month, $220.

30 Paid cash to J. Long as a withdrawal for personal expenses, $1,750.

How would I fill this out?

L&L Accounting Frim
Income Statement
For the Month Ended June 30, 20xx

Revenues
	Consulting fees earned		$ —
	Bookkeeping fees earned		—
	Total revenues			$ —
Expenses
	Wages expense		$ —
	Utilities expense		—
	Telephone expense		—
	Rent expense		—
	Insurance expense		—
	Office supplies expense		—
			—
	Depreciation expense, office equipment		—
	Depreciation expense, office furniture		—
	Total expenses			—
Net income				$ —



L&L Accounting Firm
Statement of Owner's Equity
For the Month Ended June 30, 20xx

J.Long, Capital, May 31, 20xx				$ —
Add:		Investments by J.Long	$ —
		Net income	—	—
Subtotal				$ —
Less withdrawals				—
J.Long, Capital, June 30, 20xx				$ —

Expert Solution

L&L Accounting Frim
Income Statement
For the Month Ended June 30, 20xx

Revenues

Consulting fees earned:

a. advance in cash for services to be done for a new client - 2200

b. consulting services and received a cash fee 1650

c. received from Sally’s Salon for services performed last month -3200

d. agreed to accept payment next month 4600 850

Bookkeeping fees earned

a. bookkeeping services for Elliott Electric Company 1400

b. bookkeeping services for cash 780 2180

Total revenues 3030

Expenses

Wages expense

a. Paid the receptionist in cash for two weeks’ wages 1600

receptionist two weeks’ wages accrue 1600

b. Paid the secretary for two weeks’ wages 1600

secretary two weeks’ wages accrue 1600 6400

Utilities expense

a. utility bill for June 340 340

Telephone expense

a. Amount due for the telephone bill of May - 260

b. telephone bill for June, to be paid next month 220 - 40

Rent expense

a. rent for July in advance - 2000 - 2000

Insurance expense

Office supplies expense

a. Purchased extra office supplies with cash 190 190

Depreciation expense, office equipment

Depreciation expense, office furniture

Total expenses 4890

Net Loss 1860

Note -

a. Deprecaiton is not calculated as depreciation rate in not given, will be calculated on = 2000 , 1800, 2400, 750.

b . All income and expenditure of current month will be taken into account only.

c. All income and expenditure of prevoius or next month will not be taken into account.

L&L Accounting Firm

Statement of Owner's Equity

For the Month Ended June 30, 20xx

J.Long, Capital, May 31, 20xx

Add:

Investments by J.Long

a. Received an investment of cash 8000

b. Received office equipment transferred to the firm 1800 9800

Net income - 1860

Subtotal 7940

Less withdrawals

a. Purchased office equipment with cash 2000

b. Purchased a copier (office equipment) from Office Depot 400

c. Paid cash to J. Long as a withdrawal for personal expenses 1750

d. Paid amount for office equipment purchased last month 750

4900

Note - complete information not given regarding opening balance of Capital .

ekkarill92 answered 1 year ago

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