Comprehensive Problem Spring 2011 2.1-1

Comprehensive Problem Spring 2011 2.1-1 - Comprehensive...

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Unformatted text preview: Comprehensive Problem This is a NOT a group projectthe project is due in TWO parts. The general journal, the ledger and the adjusted trial balance is due first. The final portion consists of a full set of financial statements and is due the last day of class. ABC Consulting. One night while sitting at the bar in Maxies, three friends (Ahmad, Barbara and Chen) decided to start a consulting business. They decided to name the Business ABC Consulting. They specialize in marketing services for small creative businesses. Although all three were marketing majors they did remember some accounting and decided to use the following chart of accounts. Account Name Account Name Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Consulting Fees Earned Office Equipment Salaries Expense Accumulated DepreciationOffice Equipment Promotional Materials (supplies) Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Consulting Fees Income Taxes Expense Income Taxes Payable Promotional Expense Other Expenses ABC Consulting Inc. closes its accounts and prepares financial statements at the end of each month. During Sept (their first month of operations) they had the following transactions. Date Transaction or Event Sept 1, 2010 25,000 shares of capital stock issued to each shareholder in exchange for $100,000 contribution from each....
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This note was uploaded on 04/11/2011 for the course ACCOUNTING 2101 taught by Professor Shelow during the Spring '08 term at Temple.

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Comprehensive Problem Spring 2011 2.1-1 - Comprehensive...

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