On december 1 2015 sally jones invested 10000 cash and 5000

Question

PART ONE -

On December 1, 2015 Sally Jones invested $10,000 cash and $5,000 worth of equipment in a new business, Jones Consulting. Additional transactions that occurred during the month of December were:

Dec 2 - Bought $4,000 in supplies with cash

Dec 5 - Billed client $8,000 for services performed

Dec 8 - Paid $3,000 cash for six month insurance policy

Dec 15 - Client paid $1,000 towards Dec 5^th invoice

Dec 20 - Paid Assistant $4,000 salary

Dec 25 - Sally Jones withdrew $3,000 for personal use

Dec 31 - Paid $1,000 Rent for month

1) The following chart of accounts was created for Jones Consulting:

Chart of Accounts
101	Cash	302	S. Jones, Withdrawals
120	Accounts Receivable	401	Consulting Fees Earned
130	Supplies	501	Salaries Expense
140	Prepaid Insurance	503	Depreciation Expense - Equipment
161	Equipment	505	Supplies Expense
162	Accumulated Depreciation	508	Insurance Expense
201	Salaries Payable	510	Rent Expense
301	S. Jones, Capital

2. Prepare the journal entries for the month of December. (Hint: Do not abbreviate account names. Include explanations.)

Post the entries from the journal in the general ledger accounts. (Hint Make sure to use posting references.)

3. Prepare the Unadjusted Trial Balance on the Worksheet.

Do not abbreviate account names or dollar amounts

PART TWO:

Use the following to journalize and post adjusting entries for the month:

a) Supplies on hand at December 31, 2016 totaled $2,000.

b) Jones's assistant has earned $2,000 in salary that will be paid the first pay in January.

c) Depreciation on the Equipment for December is $200.

d) One month's insurance expense has been incurred.

e) Performed $8,000 in consulting services that were not billed.

Prepare the Following financial statements at month ending December 31, 2015:

JONES CONSULTING

• Income Statement
• Statement of Owner's Equity
• Balance Sheet

Attachment:- Assignment File.rar