Scenario On June 1, 2017, Elite Service Co. was started with .docx

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Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash $ 4,600 Notes payable $12,000 Accounts receivable 4,000 Accounts payable 500 Service revenue 7,500 Supplies expense 1,000 Supplies 2,400 Maintenance and repairs expense 600 Advertising expense 400 Utilities expense 300 Equipment 26,000 Salaries and wages expense 1,400 Common stock 22,100 In June, the company issues no additional stock but paid dividends of $1,400. Prepare an income statement, retained earnings statement, and balance sheet using the Excel Template that is attached. Then address the following in a Word document which does not have any minimum word count : Briefly address whether the company's first month of operations was a success. Discuss the company's decision to distribute a dividend. Submit the Excel® spreadsheet with the Financial Statements and submit the Word document with your analysis in order to earn the possible points. ...

Education

2,400
Maintenance and repairs expense
600
Advertising expense
400
Utilities expense
300
Equipment
26,000
Salaries and wages expense
1,400
Common stock
22,100
In June, the company issues no additional stock but paid
dividends of $1,400.
Prepare
an income statement, retained earnings statement, and balance
sheet using the Excel Template that is attached. Then address
the following in a Word document which
does not have any minimum word count
:

Briefly address whether the company's first month of operations
was a success.
Discuss the company's decision to distribute a dividend.
Submit
the Excel® spreadsheet with the Financial Statements and
submit
the Word document with your analysis in order to earn the
possible points.

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SOS Please please please help on this problem!!!!!!!!!!!!!!!!!!!!!! :) Closing Entries and the Postclosing Trial Balance 192 CHAPTER 6 Mini-Practice Set 1 Service Business Accounting Cycle Eli\'s Consulting Services ing principles and This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eli\'s Consulting Services for the month o January 2020. Assume that you are the chief accountant for Eli\'s Consulting Services, During January, the busi ness will use the same types of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts for Eli\'s Consulting Services has been expanded to include a few new accounts. Follow the instructions to complete the accounting records for the month of January. INTRODUCTION Eli\'s Consulting Services Chart of Accounts Revenue 401 Fees Income Assets 101 Cash 111 Accounts Receivable 121 Supplies 134 Prepaid Insurance 137 Prepaid Rent 141 Equipment 142 Accumulated Depreciation Equipment Liabilities 202 Accounts Payable Expenses 511 Salaries Expense 514 Utilities Expense 517 Supplies Expense 520 Rent Expense 523 Depreciation Expense-Equipment 526 Advertising Expense 529 Maintenance Expense 532 Telephone Expense 535 Insurance Expense Owner\'s Equity 301 Trayton Eli, Capital 302 Trayton Eli, Drawing 309 Income Summary INSTRUCTIONS 1. Open the general ledger accounts and enter the balances for January 1, 2020. Obtain the necessary figures from the postclosing trial balance prepared on December 31, 2019, which appears in Figure 6.3. 2. Analyze each transaction and record it in the general journal. Use page 3 to begin January\'s transactions. 3. Post the transactions to the general ledger accounts. 4. Prepare the Trial Balance section of the worksheet. 5. Prepare the Adjustments section of the worksheet. a. Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $5,200 on hand. b. Compute and record the adjustment for expired insurance for the month. c. Record the adjustment for one month of expired rent of $4,000. d. Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February, 6. Complete the worksheet. 7. Prepare an income statement for the month. 8. Prepare a statement of owner\'s equity. Solution Journal Entries Date Account Title Debit Credit 2-Jan Supplies 7000 Cash 7000 7-Jan Cash 20000 Accounts receivable 5000 Fees Income 25000 2-Jan Insurance expense 8400 Cash 8400 12-Jan Cash 4000 Accounts receivable 4000 Advertising expense 3600 Cash 3600 Cash 20700 Accounts receivable 2300 Fees Income 23000 13-Jan Cash 4500 Accounts receivable 4500 14-Jan Cash 750 Supplies 750 20-Jan Supplies 5000 Accounts Payable 5000 20-Jan Cash 12500 Accounts receivable 3500 Fees Income 16000 20-Jan Cash 5600 Accounts receivable 5600 21-Jan Ma.

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Sherif Consultant Group provides engineering consulting services. During January 2019, Sherif recorded over 25 transactions including starting the business, purchases, sales, expenses, payments, and adjusting entries. The transactions were recorded in a general journal and posted to accounts. Financial statements including an income statement, owner's equity statement, and balance sheet were prepared showing the results for the month.

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Sherif Consultant Group provides engineering consulting services. During January 2019, Sherif recorded over 25 transactions including starting the business, purchases, sales, expenses, payments, and adjustments. The assistant summarized the accounting cycle by journalizing transactions, posting to accounts, and preparing financial statements including an income statement showing net income of $12,000 and an ending capital balance of $76,500, as well as a balance sheet with total assets of $87,500 equal to total liabilities and owner's equity.

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