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Dixi Miller
Dixi Miller
Date joined: 10/27/2013
Questions asked: 147
Asker response rate: 64%

For the past several years, Dustin Larkin has operated a part

time consulting business from his

home. As of June 1, 2013, Dustin decided to move to rented quarters and to operate the business,

which was to be known as Quixote Consulting, on a full

time basis. Quixote Consulting entered into

the following transactions during June:

June 1.

The follow

ing assets were received from Dustin Larkin: cash,

$10,000; accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500.

Ther

e were no liabilities received.

June 1.

Paid three months’ rent on a

lease rental contract, $4,500.

June 2.

Pa

id the premiums on property and casua

lty insurance policies, $1,800.

June 4.

Received cash from clients as an advance payment for services to be provided (Recor

d

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 ad

vertisement to run d

uring June, $120.

June 12.

Paid Crawford Company for part of the

debt incurred on June 5, $800.

June 12.

Re

corded services provided on ac

count for the period June 1 to June 12, $2,250.

June 14.

Paid part

time receptionist for

2

weeks’ salary, $400. (Note: Ignore an

y payroll tax or

withholdings).

June 17.

Recorded cash from cash clients for fees earned

durin

g 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 17

24, $1,850.

June 26.

Received cash f

rom clients on account, $1,600.

June 27.

Paid part

time receptionist for two weeks’ salary, $400. (Note: Ignore an

y pay

roll tax or

withholdings).

June 29.

Paid telephone bill for June, $130.

June 30.

Paid electricity bill f

or 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 wi

thdrew $4,500 for personal use.

1. Journalize each transaction in the two

column journal tab, referring to the following chart of

acc

ounts in selecting the accoun

ts to be debited and credited.

11

Cash

31

Dustin Larkin, Capital

12

Accounts Receivable

32

Dustin Larkin, 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. Post the journal to a ledger of four

column accounts, see the

Excel tab labeled accordingly.

3. Prepare a trial balance as of June 30, 2013

–using the tab in the Excel workbook labeled accordingly.

 

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