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(Solved) Elliptical consulting is a consulting firm owned & operated by Jason Neese. The following end-of-period spreadsheet was prepared for the year...


Elliptical consulting is a consulting firm owned & operated by Jason Neese. The following end-of-period spreadsheet was prepared for the year ended June30, 2016:

                                                     unadjusted trial bal.                                                    adjustments                                                    adjusted trial bal

account title                               dr                        cr                                                      dr                                cr                                   dr                                  cr

cash                                            27,000                                                                                                                                                   27,000

a/c's receivable                        53,500                                                                                                                                                    53,500

supplies                                     3,000                                                                                                              (a) 2,100                         900

office equipment                      30,500                                                                                                                                                   30,500

accumulated depreciation                             4,500                                                                                        (b) 1,500                                                         6,000

a/c's payable                                                    3,300                                                                                                                                                                3,300

salaries payable                                                                                                                                                  (c) 375                                                            375

Jayson Neese, Capital                                     82,200                                                                                                                                                              82,200

Jayson Neese, Drawing        2,000                                                                                                                                              2,000 

fees earned                                                      60,000                                                                                                                                                               60,000

salary expense                       32,000                                                             (c) 375                                                                   32,375

supplies expense                                                                                             (a) 2,100                                                                 2,100

depreciation expense                                                                                      (b) 1,500                                                                 1,500

Misc. expense                         2,000                                                                                                       2,000 

                                                   150,000         150,000                               3,975                        3,975                                         151,875                                   151,875

Based on the preceding spreadsheet, prepare an income statement, statement of owners equity, and balance sheet for Elliptical Consulting.

 


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