Solved by verified expert :ACCT120 Principles of Accounting I
Key Graded Assignment – Preparing Financial
Statements Handout
The
L&L Accounting Firm
The
May 31, 20XX, post-closing trial balance for the L&L Accounting Firm
appears below.
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 began on May 30 and billed Elliott for the total services performed,
including the accrued revenues that had been recognized in an adjusting entry
in May, $1,400
10 Paid the receptionist 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.
