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Accounting Cycle

The document contains journal entries for Eli Consulting Services for the month of January. It records transactions including supplies purchased, prepaid insurance and rent, cash receipts from fees, cash payments for expenses like advertising, utilities and salaries. Adjusting entries were also made at the end of the month for supplies used, insurance and rent expenses.

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Joshua Pelegrino
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© © All Rights Reserved
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Download as XLSX, PDF, TXT or read online on Scribd
43 views

Accounting Cycle

The document contains journal entries for Eli Consulting Services for the month of January. It records transactions including supplies purchased, prepaid insurance and rent, cash receipts from fees, cash payments for expenses like advertising, utilities and salaries. Adjusting entries were also made at the end of the month for supplies used, insurance and rent expenses.

Uploaded by

Joshua Pelegrino
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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JOURNAL ENTRIES (ADJUSTING ENTRIES BELOW)

ELI CONSULTING SERVICES

January 2 Supplies $ 14,000.00


Cash $ 14,000.00

Prepaid Insurance $ 16,800.00


Cash $ 16,800.00

7 Cash $ 30,000.00
Accounts Receivable $ 20,000.00
Fees Income $ 50,000.00

12 Cash $ 8,000.00
Accounts Receivable $ 8,000.00

12 Advertising Expense $ 7,200.00


Cash $ 7,200.00

13 Cash $ 9,000.00
Accounts Receivable $ 9,000.00

14 Cash $ 1,500.00
Supplies $ 1,500.00

15 Cash $ 41,400.00
Accounts Receivable $ 4,600.00
Fees Income $ 46,000.00

20 Supplies $ 10,000.00
Accounts Payable $ 10,000.00

Cash $ 25,000.00
Accounts Receivable $ 7,000.00
Fees Income $ 32,000.00

Cash $ 11,200.00
Accounts Receivable $ 11,200.00

21 Maintenance Expenses $ 14,130.00


Cash $ 14,130.00

22 Advertising Expense $ 7,200.00


Cash $ 7,200.00

23 Telephone Expense $ 2,050.00


Cash $ 2,050.00

26 Cash $ 3,200.00
Accounts Receivable $ 3,200.00

27 Accounts Payable $ 6,000.00


Cash $ 6,000.00

28 Utilities Expense $ 5,350.00


Cash $ 5,350.00

29 Cash $ 38,000.00
Accounts Receivable $ 5,500.00
Fees Income $ 43,500.00

31 Salaries Expense $ 65,600.00


Cash $ 65,600.00

Trayton Eli, Drawing $ 24,000.00


Cash $ 24,000.00

Maintenance Expense $ 8,300.00


Cash $ 8,300.00

Equipment $ 30,000.00
Cash $ 20,000.00
Accounts Payable $ 10,000.00

Cash $ 15,200.00
Accounts Receivable $ 3,240.00
Fees Income $ 18,440.00

ADJUSTING ENTRIES

January 31 Supplies Expense $ 14,100.00


Supplies $ 14,100.00

Insurance Expense $ 1,400.00


Prepaid Insurance $ 1,400.00
Rent Expense $ 4,000.00
Prepaid Rent $ 4,000.00

Depreciation Expense $ 183.00


Accumulated Depreciation $ 183.00
LEDGER POSTING

Cash Supplies
Date Debit Credit Balance Date Debit
1/1/2021 111,350.00 1/2/2021
1/2/2021 14,000.00 97,350.00 1/2/2021 14,000.00
1/2/2021 16,800.00 80,550.00 1/14/2021
1/7/2021 30,000.00 110,550.00 1/20/2021 10,000.00
1/12/2021 8,000.00 118,550.00
1/12/2021 7,200.00 111,350.00
1/13/2021 9,000.00 120,350.00
1/14/2021 1,500.00 121,850.00 Prepaid Insurance
1/15/2021 41,400.00 163,250.00 Date Debit
1/20/2021 25,000.00 188,250.00 1/2/2021 16,800.00
1/20/2021 11,200.00 199,450.00
1/21/2021 14,130.00 185,320.00
1/22/2021 7,200.00 178,120.00
1/23/2021 2,050.00 176,070.00
1/26/2021 3,200.00 179,270.00 Prepaid Rent
1/27/2021 6,000.00 173,270.00 Date Debit
1/28/2021 5,350.00 167,920.00 1/1/2021
1/29/2021 38,000.00 205,920.00
1/31/2021 65,600.00 140,320.00
1/31/2021 24,000.00 116,320.00
1/31/2021 8,300.00 108,020.00 Equipment
1/31/2021 20,000.00 88,020.00 Date Debit
1/31/2021 15,200.00 103,220.00 1/1/2021
1/31/2021 30,000.00
Accounts Receivable
Date Debit Credit Balance
1/1/2021 5,000.00 Accumulated Depreciation
1/7/2021 20,000.00 25,000.00 Date Debit
1/12/2021 8,000.00 17,000.00 1/1/2021
1/13/2021 9,000.00 8,000.00
1/15/2021 4,600.00 12,600.00
1/20/2021 7,000.00 19,600.00
1/20/2021 11,200.00 8,400.00
1/26/2021 3,200.00 5,200.00
1/29/2021 5,500.00 10,700.00
1/31/2021 3,240.00 13,940.00

Accounts Payable Eli, Capital


Date Debit Credit Balance Date Debit
1/1/2021 3,500.00 1/1/2021
1/20/2021 10,000.00 13,500.00
1/27/2021 6,000.00 7,500.00
1/31/2021 10,000.00 17,500.00 Eli, Drawing
17,500.00 Date Debit
1/31/2021 24,000.00
Advertising Expense
1/12/2021 7200 7200
1/22/2021 7,200.00 14,400.00

14,400.00

Salaries Expense Fees Income


Date Debit Credit Balance Date Debit
1/1/2021 - 1/7/2021
1/31/2021 65,600.00 65,600.00 1/15/2021
65,600.00 1/20/2021
1/29/2021
Utilties Expense 1/31/2021
Date Debit Credit Balance
1/1/2021 -
1/31/2021 5,350.00 5,350.00
5,350.00

Telephone Expense
Date Debit Credit Balance
1/1/2021 -
1/23/2021 2,050.00 2,050.00
2,050.00

Maintenance Expense
Date Debit Credit Balance
1/1/2021 -
1/21/2021 14,130.00 14,130.00
1/31/2021 8,300.00 22,430.00
22,430.00
Supplies
Credit Balance
1,000.00
15,000.00
1,500.00 13,500.00
23,500.00
23,500.00
23,500.00

Prepaid Insurance
Credit Balance
16,800.00
16,800.00
16,800.00

Prepaid Rent
Credit Balance
4,000.00
4,000.00
4,000.00

Equipment
Credit Balance
11,000.00
41,000.00
41,000.00

Accumulated Depreciation
Credit Balance
183.00
183.00
183.00

Eli, Capital
Credit Balance
128,667.00 128,667.00
128,667.00

Eli, Drawing
Credit Balance
24,000.00
24,000.00

Fees Income
Credit Balance
50,000.00 50,000.00
46,000.00 96,000.00
32,000.00 128,000.00
43,500.00 171,500.00
18,440.00 189,940.00
ELI CONSULTING SERV
Worksheet
for the month ended Janua
Trial Balance Adjustment
Account Debit Credit Debit
Cash 103,220.00
Accounts Receivable 13,940.00
Supplies 23,500.00
Prepaid Insurance 16,800.00
Prepaid Rent 4,000.00
Equipment 41,000.00
Accumulated Depreciation 183.00
Accounts Payable 17,500.00
Eli, Capital 128,667.00
Eli, Drawing 24,000.00
Fees Income 189,940.00
Salaries Expense 65,600.00
Utilties Expense 5,350.00
Telephone Expense 2,050.00
Advertising Expense 14,400.00
Maintenance Expense 22,430.00
336,290.00 336,290.00

Supplies Expense 14,100.00


Insurance Expense 1,400.00
Rent Expense 4,000.00
Depreciation Expense 183.00
19,683.00
Net Income
ELI CONSULTING SERVICES
Worksheet
for the month ended January 20x2
Adjustment Adjusted TB Income Statement Balance Sheet
Credit Debit Credit Debit Credit Debit Credit
103,220.00 103,220.00
13,940.00 13,940.00
14,100.00 9,400.00 9,400.00
1,400.00 15,400.00 15,400.00
4,000.00 -
41,000.00 41,000.00
183.00 366.00 366.00
17,500.00 17,500.00
128,667.00 128,667.00
24,000.00 24,000.00
189,940.00 189,940.00
65,600.00 65,600.00
5,350.00 5,350.00
2,050.00 2,050.00
14,400.00 14,400.00
22,430.00 22,430.00

14,100.00 14,100.00
1,400.00 1,400.00
4,000.00 4,000.00
183.00 183.00
19,683.00 336,473.00 336,473.00 129,513.00 189,940.00 206,960.00 146,533.00
60,427.00 60,427.00
189,940.00 189,940.00 206,960.00 206,960.00
ELI CONSULTING SERVICES
Income Statement
for the month ended January 20x2

Revenue
Fees Income 189,940.00

Expenses
Salaries Expense 65,600.00
Utilties Expense 5,350.00
Telephone Expense 2,050.00
Advertising Expense 14,400.00
Maintenance Expense 22,430.00
Supplies Expense 14,100.00
Insurance Expense 1,400.00
Rent Expense 4,000.00
Depreciation Expense 183.00
Total Expenses 129,513.00
Net Income 60,427.00
ELI CONSULTING SERVICES
Changes in Owner's Equity
for the month ended January 20x2

Trayton Eli, Capital, January 1, 20x2 128,667.00


Net Income - January 60,427.00
Less: Withdrawals 24,000.00
36,427.00
Trayton Eli, Capital, January 31, 20x2 165,094.00
ELI CONSULTING SERVICES
Balance Sheet
As of January 31, 20x2

Assets
Cash 103,220.00
Accounts Receivable 13,940.00
Supplies 9,400.00
Prepaid Insurance 15,400.00

Equipment 41,000.00
Accumulated Depreciation 366.00 40,634.00
Total Assets 182,594.00

Liabilities and Owner's Equity


Accounts Payable 17,500.00

Eli, Capital 165,094.00


182,594.00

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