Cash Accounts Receivable Supplies

1/6 $ 20,000 1/6 $ 6,000 1/6 $ 4,500 6/6 $ 3,000 1/6 $ 2,000
4/6 $ 2,700 2/6 $ 2,400 12/6 $ 5,100 26/6 $ 6,900 18/6 $ 750
6/6 $ 3,000 10/6 $ 200 20/6 $ 3,100 $ 2,750
17/6 $ 6,500 12/6 $ 750 30/6 $ 1,000 Adj.
24/6 $ 5,150 14/6 $ 1,100 $ 3,800 $ 650
26/6 $ 6,900 18/6 $ 750
30/6 $ 2,500 27/6 $ 1,100
29/6 $ 150
30/6 $ 400
30/6 $ 5,000
$ 28,900

Accumulated Depreciation Accounts Payable Salaries Payable

Adj. $ 250 12/6 $ 750 5/6 $ 3,500 Adj.
$ 2,750

Fees Earned Salary Expense Rent Expense

12/6 $ 5,100 14/6 $ 1,100 Adj. $ 2,000
17/6 $ 6,500 27/6 $ 1,100 Clo.
20/6 $ 3,100 $ 2,200
24/6 $ 5,150 Adj. $ 220
30/6 $ 2,500 $ 2,420
30/6 $ 1,000 Clo. $ 2,420
$ 23,350
Adj. $ 825
$ 24,175
Clo. $ 24,175

Miscellaneous Expense Income Summary

10/6 $ 200 $ 7,720 $ 24,175
29/6 $ 150 $ 16,455
30/6 $ 400 $ 16,455
$ 750 $ -
Clo. $ 750
 Supplies Prepaid Rent Prepaid Insurance Office Equipment
1/6 $ 6,000 2/6 $ 2,400 1/6 $ 11,500
Adj. Rp 2,000 Adj. $ 200 5/6 $ 3,500
$ 4,000 $ 2,200 $ 15,000
$ 2,100

aries Payable Unearned Fees Emily Page, Capital Emily Page, Drawing
$ 220 4/6 $ 2,700 1/6 $ 38,000 30/6 $ 5,000
Adj. $ 825 $ 16,455
$ 1,875 $ 54,455 $ -
$ 5,000
$ 49,455

ent Expense Supplies Expense Depreciation Expense Insurance Expense

Adj. $ 2,100 Adj. $ 250 Adj. $ 200
$ 2,000 Clo. $ 2,100 Clo. $ 250 Clo.
ffice Equipment

ily Page, Drawing

$ 5,000

surance Expense

$ 200
 4. Adjusting Entries

a. Insurance Expense $ 200

Prepaid Insurance $ 200

b. Supplie Expense $ 2,100

Supplies $ 2,100

c. Depreciation Expense - Office Equipment $ 250

Accumulated Depreciation - Office Equipment $ 250

d. Salary Expense $ 220

Salary Payable $ 220

e. Rent Expense $ 2,000

Prepaid Rent $ 2,000

f. Unearned Fees $ 825

Fees Earned $ 825
 Emily Page, Bottom Line Consulting
Income Statement
For the month ended June 30, 2010

Fees Earned
Expenses:
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Total Expenses
Net Income
nsulting

30, 2010

$ 24,175

$ 2,420
$ 2,000
$ 2,100
$ 250
$ 200
$ 750
$ 7,720
$ 16,455
 Emily Page, Bottom Line Consulting
Statement of Owner's Equity
For the month ended June 30, 2010

Emily Page, Capital

Net income for the month
Less withdrawals
Increase in owner's equity
Emily Page, Capital, June 30, 2010
onsulting
quity
30, 2010

$ 38,000
$ 16,455
$ 5,000
$ 11,455
$ 49,455
 Emily Page, Bottom Line Consulting
Balance Sheet
30-Jun-10

ASSETS LIABILITIES
CURRENT ASSETS Accounts Payable
Cash $ 28,900 Salaries Payable
Accounts Receivable $ 3,800 Unearned Fees
Supplies $ 650
Prepaid Rent $ 4,000 OWNER'S EQUITY
Prepaid Insurance $ 2,200 Emily Page, Capital
PROPERTY, PLANT, EQUIPMENT Total Liabilities and Owner's Equity
Equipment $ 15,000
Accumulated Depreciation $ 250
Total Asset $ 54,300
 LIABILITIES
$ 2,750
$ 220
$ 1,875

OWNER'S EQUITY
$ 49,455
s and Owner's Equity $ 54,300
Fees Earned $ 24,175
Income Summary $ 24,175

Income Summary $ 7,720

Salary Expense $ 2,420
Rent Expense $ 2,000
Supplies Expense $ 2,100
Depreciation Expense $ 250
Insurance Expense $ 200
Miscellaneous Expense $ 750

Income Summary $ 16,455

Emily Page, Capital $ 16,455

Emily Page, Capital $ 5,000

Emily Page, Drawing $ 5,000
 Emily Page, Bottom Line Consulting
Post-Closing Trial Balance
30-Jun-10

Cash
Accounts Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Accumulated Depreciation - Equipment
Accounts Payable
Salaries Payable
Unearned Fees
Emily Page, Capital
onsulting
nce

Debit Credit
Balances Balances
$ 28,900
$ 3,800
$ 650
$ 4,000
$ 2,200
$ 15,000
$ 250
$ 2,750
$ 220
$ 1,875
$ 49,455
$ 54,550 $ 54,550