Solved

On July 31, 2019, After One Month of Operation, the General

question 11

Essay

On July 31, 2019, after one month of operation, the general ledger of Dakota Consulting contained the following accounts and balances. The firm adjusts losses from uncollectible accounts only at the end of the fiscal year. Monthly adjustments are listed below. Prepare the Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet.
$\begin{array}{|l|l|l|l|}\hline {\text { ACCOUNT }} & \text { BALANCE } & \text { ACCOUNT } & \text { BALANCE } \\\hline \text { Cash } & \$ 13,185 \mathrm{Dr} . & \text { Interest Payable } & - \\\hline \text { Accounts Receivable } & 9,500 \mathrm{Dr} . & \text { Unearned Income } & \$ 600 \mathrm{Cr} . \\\hline\end{array}$
$On July 31, 2019, after one month of operation, the general ledger of Dakota Consulting contained the following accounts and balances. The firm adjusts losses from uncollectible accounts only at the end of the fiscal year. Monthly adjustments are listed below. Prepare the Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet. \begin{array}{|l|l|l|l|} \hline {\text { ACCOUNT }} & \text { BALANCE } & \text { ACCOUNT } & \text { BALANCE } \\ \hline \text { Cash } & \$ 13,185 \mathrm{Dr} . & \text { Interest Payable } & - \\ \hline \text { Accounts Receivable } & 9,500 \mathrm{Dr} . & \text { Unearned Income } & \$ 600 \mathrm{Cr} . \\ \hline \end{array} Adjustments: (a)On July 31, an inventory of the supplies showed that items costing $250 were on hand. (b)On July 1, the firm paid $3,000 in advance for 6 months rent. (c)On July 1, the firm paid $240 interest in advance on a 3-month note that it issued to the bank. (d)On July 2, the firm purchased office equipment for $14,500. The office equipment is expected to have a useful life of 5 years and a salvage value of $1,000. (e)On July 1, the firm issued a 3-month, 9 percent note for $4,000. (f)During July, the firm received $600 from customers in advance of providing services. An Analyze of the firm's records shows that the full amount applies to services provided in July. DAKOTA CONSULTING Worksheet Month Ended July 31, 2019 DAKOTA CONSULTING Worksheet, continued (through Adjusted Trial Balance Column)Month Ended July 31, 2019 \begin{array} { | l | l | l | } \hline 20 & \quad\quad\quad& \quad\quad\quad\\ \hline 21 & & \\ \hline 22 & & \\ \hline \end{array}$
Adjustments:
(a)On July 31, an inventory of the supplies showed that items costing $250 were on hand.
(b)On July 1, the firm paid $3,000 in advance for 6 months rent.
(c)On July 1, the firm paid $240 interest in advance on a 3-month note that it issued to the bank.
(d)On July 2, the firm purchased office equipment for $14,500. The office equipment is expected to have a useful life of 5 years and a salvage value of
$1,000.
(e)On July 1, the firm issued a 3-month, 9 percent note for $4,000.
(f)During July, the firm received $600 from customers in advance of providing services. An Analyze of the firm's records shows that the full amount applies to services provided in July.
DAKOTA CONSULTING
Worksheet
Month Ended July 31, 2019
$On July 31, 2019, after one month of operation, the general ledger of Dakota Consulting contained the following accounts and balances. The firm adjusts losses from uncollectible accounts only at the end of the fiscal year. Monthly adjustments are listed below. Prepare the Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet. \begin{array}{|l|l|l|l|} \hline {\text { ACCOUNT }} & \text { BALANCE } & \text { ACCOUNT } & \text { BALANCE } \\ \hline \text { Cash } & \$ 13,185 \mathrm{Dr} . & \text { Interest Payable } & - \\ \hline \text { Accounts Receivable } & 9,500 \mathrm{Dr} . & \text { Unearned Income } & \$ 600 \mathrm{Cr} . \\ \hline \end{array} Adjustments: (a)On July 31, an inventory of the supplies showed that items costing $250 were on hand. (b)On July 1, the firm paid $3,000 in advance for 6 months rent. (c)On July 1, the firm paid $240 interest in advance on a 3-month note that it issued to the bank. (d)On July 2, the firm purchased office equipment for $14,500. The office equipment is expected to have a useful life of 5 years and a salvage value of $1,000. (e)On July 1, the firm issued a 3-month, 9 percent note for $4,000. (f)During July, the firm received $600 from customers in advance of providing services. An Analyze of the firm's records shows that the full amount applies to services provided in July. DAKOTA CONSULTING Worksheet Month Ended July 31, 2019 DAKOTA CONSULTING Worksheet, continued (through Adjusted Trial Balance Column)Month Ended July 31, 2019 \begin{array} { | l | l | l | } \hline 20 & \quad\quad\quad& \quad\quad\quad\\ \hline 21 & & \\ \hline 22 & & \\ \hline \end{array}$
$On July 31, 2019, after one month of operation, the general ledger of Dakota Consulting contained the following accounts and balances. The firm adjusts losses from uncollectible accounts only at the end of the fiscal year. Monthly adjustments are listed below. Prepare the Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet. \begin{array}{|l|l|l|l|} \hline {\text { ACCOUNT }} & \text { BALANCE } & \text { ACCOUNT } & \text { BALANCE } \\ \hline \text { Cash } & \$ 13,185 \mathrm{Dr} . & \text { Interest Payable } & - \\ \hline \text { Accounts Receivable } & 9,500 \mathrm{Dr} . & \text { Unearned Income } & \$ 600 \mathrm{Cr} . \\ \hline \end{array} Adjustments: (a)On July 31, an inventory of the supplies showed that items costing $250 were on hand. (b)On July 1, the firm paid $3,000 in advance for 6 months rent. (c)On July 1, the firm paid $240 interest in advance on a 3-month note that it issued to the bank. (d)On July 2, the firm purchased office equipment for $14,500. The office equipment is expected to have a useful life of 5 years and a salvage value of $1,000. (e)On July 1, the firm issued a 3-month, 9 percent note for $4,000. (f)During July, the firm received $600 from customers in advance of providing services. An Analyze of the firm's records shows that the full amount applies to services provided in July. DAKOTA CONSULTING Worksheet Month Ended July 31, 2019 DAKOTA CONSULTING Worksheet, continued (through Adjusted Trial Balance Column)Month Ended July 31, 2019 \begin{array} { | l | l | l | } \hline 20 & \quad\quad\quad& \quad\quad\quad\\ \hline 21 & & \\ \hline 22 & & \\ \hline \end{array}$
$On July 31, 2019, after one month of operation, the general ledger of Dakota Consulting contained the following accounts and balances. The firm adjusts losses from uncollectible accounts only at the end of the fiscal year. Monthly adjustments are listed below. Prepare the Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet. \begin{array}{|l|l|l|l|} \hline {\text { ACCOUNT }} & \text { BALANCE } & \text { ACCOUNT } & \text { BALANCE } \\ \hline \text { Cash } & \$ 13,185 \mathrm{Dr} . & \text { Interest Payable } & - \\ \hline \text { Accounts Receivable } & 9,500 \mathrm{Dr} . & \text { Unearned Income } & \$ 600 \mathrm{Cr} . \\ \hline \end{array} Adjustments: (a)On July 31, an inventory of the supplies showed that items costing $250 were on hand. (b)On July 1, the firm paid $3,000 in advance for 6 months rent. (c)On July 1, the firm paid $240 interest in advance on a 3-month note that it issued to the bank. (d)On July 2, the firm purchased office equipment for $14,500. The office equipment is expected to have a useful life of 5 years and a salvage value of $1,000. (e)On July 1, the firm issued a 3-month, 9 percent note for $4,000. (f)During July, the firm received $600 from customers in advance of providing services. An Analyze of the firm's records shows that the full amount applies to services provided in July. DAKOTA CONSULTING Worksheet Month Ended July 31, 2019 DAKOTA CONSULTING Worksheet, continued (through Adjusted Trial Balance Column)Month Ended July 31, 2019 \begin{array} { | l | l | l | } \hline 20 & \quad\quad\quad& \quad\quad\quad\\ \hline 21 & & \\ \hline 22 & & \\ \hline \end{array}$
DAKOTA CONSULTING
Worksheet, continued (through Adjusted Trial Balance Column)Month Ended July 31, 2019
$On July 31, 2019, after one month of operation, the general ledger of Dakota Consulting contained the following accounts and balances. The firm adjusts losses from uncollectible accounts only at the end of the fiscal year. Monthly adjustments are listed below. Prepare the Trial Balance, Adjustments, and Adjusted Trial Balance sections of a worksheet. \begin{array}{|l|l|l|l|} \hline {\text { ACCOUNT }} & \text { BALANCE } & \text { ACCOUNT } & \text { BALANCE } \\ \hline \text { Cash } & \$ 13,185 \mathrm{Dr} . & \text { Interest Payable } & - \\ \hline \text { Accounts Receivable } & 9,500 \mathrm{Dr} . & \text { Unearned Income } & \$ 600 \mathrm{Cr} . \\ \hline \end{array} Adjustments: (a)On July 31, an inventory of the supplies showed that items costing $250 were on hand. (b)On July 1, the firm paid $3,000 in advance for 6 months rent. (c)On July 1, the firm paid $240 interest in advance on a 3-month note that it issued to the bank. (d)On July 2, the firm purchased office equipment for $14,500. The office equipment is expected to have a useful life of 5 years and a salvage value of $1,000. (e)On July 1, the firm issued a 3-month, 9 percent note for $4,000. (f)During July, the firm received $600 from customers in advance of providing services. An Analyze of the firm's records shows that the full amount applies to services provided in July. DAKOTA CONSULTING Worksheet Month Ended July 31, 2019 DAKOTA CONSULTING Worksheet, continued (through Adjusted Trial Balance Column)Month Ended July 31, 2019 \begin{array} { | l | l | l | } \hline 20 & \quad\quad\quad& \quad\quad\quad\\ \hline 21 & & \\ \hline 22 & & \\ \hline \end{array}$
$\begin{array} { | l | l | l | } \hline 20 & \quad\quad\quad& \quad\quad\quad\\\hline 21 & & \\\hline 22 & & \\\hline\end{array}$

Definitions:

GDP

Gross Domestic Product, a measure of the economic performance of a country, representing the total value of all goods and services produced over a specific time period.

Government Expenditures

The total amount of money spent by the government on various services, projects, and operations within a specific period.

United States

A country in North America composed of 50 states, a federal district, five major self-governing territories, and various possessions.

Government Size

The extent or scale of government operations and interventions in a country's economy and society.