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Cover DAVIS CONSULTING JOURNALS LEDGERS NOTES and FINANCIAL STATEMENTS INSTRUCTOR ACCT 201 Section ______ GROUP MEMBERS: Chart of Accounts Davis Consulting Chart of Accounts Assets 100Cash 110Accounts Receivable 111Allowance for Bad Debt 120Office Supplies 130Software Inventory 140Prepaid Rent 150Equipment 151Accumulated depreciation -- Equipment 155Furniture 156Accumulated Depreciation -- Furniture Liabilities 200Accounts Payable 205Salaries Payable 210Interest Payable 215Unearned Revenue 225Current Portion of Long-term liability 250Long-Term Liabilities Equity 300Davis, Capital 305Davis, Withdrawals 310Common Stock 311Additional Paid-In Capital--Common Stock 315Preferred Stock 316Additional Paid-In Capital--Preferred Stock 320Retained Earnings Revenue 400Service Revenue 405Sales Revenue Expenses 500Cost of Goods Sold 505Salaries Expense 510Office Supply Expense 515Rent Expense 520Utilities Expense 525Depreciation Expense--Equipment 530Depreciation Expense--Furniture 535Bad Debt Expense 540Bank Expense 600Interest Income 700Interest Expense 800Income Summary Journals DATEACCOUNTS AND EXPLANATIONSAccount NumberDEBITCREDIT Dec. 2Cash10020,000.00 Davis, Capital30020,000.00 To record owner contribution. 2Rent Expense515500.00 Cash100500.00 To record payment of rent. 3Equipment1502,700.00 Cash1002,700.00 To record purchase of computer (5 year life). 4Furniture1553,900.00 Accounts Payable2003,900.00 To record purchase of furniture on credit (5 year life). 5Office Supplies120400.00 Accounts Payable200400.00 To record purchase of office supplies on credit. 9Accounts Receivable1101,500.00 Service Revenue4001,500.00 To record services rendered on account. 12Utilities Expense520200.00 Cash100200.00 To record payment of utilities. 18Cash1001,000.00 Service Revenue4001,000.00 To record payment for services provided. 21Cash1001,800.00 Unearned Revenue2151,800.00 To record receipt for services paid in advance. 21No entry needed(Hired admin assis for $2055 monthly to be paid on the 20th every month). 26Accounts Payable200400.00 Cash100400.00 To record payment on account. 28Cash100300.00 Accounts Receivable110300.00 To record collection on account. 30Davis, Withdrawals3051,500.00 Cash1001,500.00 To record David's withdrawal of cash. Adjusting Entries Dec. 31Accounts Receivable110600.00 Service Revenue400600.00 To accrue service revenue. Dec. 31Unearned Revenue215600.00 Service Revenue400600.00 To record service revenue earned that was collected in advance. Dec. 31Office Supply Expense510200.00 Office Supplies 120200.00 To record supplies used. (400-200 remaining) Dec. 31Depreciation Expense— Equipment52545.00 Depreciation Expense—Furniture53065.00 Accumulated Depreciation—Equipment15145.00 Accumulated Depreciation—Furniture 15665.00 To record depreciation on equipment and furniture. Dec. 31Salaries Expense505872.31 Salaries Payable205872.31 To accrue salaries expense. Closing Entries Dec. 31Service Revenue4003,700.00 Income SummaryN/A3,700.00 To close revenue. 31Income SummaryN/A1,882.31 Salaries Expense505872.31 Office Supply Expense510200.00 Rent Expense515500.00 Utilities Expense520200.00 Dep. Expense—Equipment52545.00 Dep. Expense—Furniture53065.00 To close expenses. 31Income SummaryN/A1,817.69 Davis, Capital3001,817.69 To close income summary 31Davis, Capital3001,500.00 Davis, Withdrawals3051,500.00 To close withdrawals. Jan. 2Cash1007,800.00 Service Revenue4007,800.00 To record consulting engagement Prepaid Rent1402,375.00 Cash1002,375.00 To record prepayment of 5 months rent Jan. 5Office Supplies120300.00 Accounts Payable200300.00 To record purchase of office supplices on account. Jan. 7Software Inventory ($1,680 + $80)1301,760.00 Accounts Payable2001,760.00 Purchases 80 units of software inventory Jan. 18Accounts Receivable1102,000.00 Sales Revenue4052,000.00 To record sale of software inventory Cost of Goods Sold500880.00 Software Inventory130880.00 To record cost of software inventory sold Jan. 19Accounts Receivable1101,000.00 Service Revenue4001,000.00 To record consulting fee. Jan. 20Salaries Payable205872.31 Salaries Expense5051,227.69 Cash1002,100.00 To record payment of salaries. Jan. 21Software Inventory1306,240.00 Accounts Payable2006,240.00 To record purchase of software inventory. Jan. 22Accounts Payable2001,760.00 Cash1001,760.00 To record payment on account. Jan. 24Utilities Expense520200.00 Cash100200.00 To record payment of utilities. Jan. 26Accounts Payable2003,900.00 Cash1003,900.00 To record payment on account. Jan. 28Cash1006,000.00 Sales Revenue4056,000.00 To record sale of software inventory. Cost of Goods Sold5003,120.00 Software Inventory1303,120.00 To record cost for sale of software inventory. Cash1001,500.00 Accounts Receivable1101,500.00 To record collection on account. Bank Reconcilliation Entries Jan. 31Cash100400.00 Accounts Receivable110400.00 To record EFT collection from Hip Hop Hats. Cash10022.00 Interest Income60022.00 To record interest revenue on bank statement. Office Supply Expense5109.00 Cash1009.00 To record EFT payment ot Paper Products. Utilities Expense52085.00 Cash10085.00 To record EFT payment to The Cable Co. Bank Expense54015.00 Cash10015.00 To record bank service charges incurred. Adjusting Entries Jan. 31Salaries Expense505678.72 Salaries Payable205678.72 To accrue salary expense. Jan. 31Office Supplies Expense510350.00 Office Supplies120350.00 To record used office supplies Jan. 31Depreciation Expense—Equipment52545.00 Depreciation Expense—Furniture53065.00 Accumulated Depr.—Equipment15145.00 Accumulated Depr.—Furniture15665.00 To record depreciation expense. Jan. 31Rent Expense515475.00 Prepaid Rent140475.00 To record one month rent expired. Jan. 31Cost of Goods Sold500390.00 Software Inventory130390.00 To adjust for inventory shrinkage. Closing Entries Jan. 31Service Revenue 4008,800.00 Sales Revenue4058,000.00 Interest Income60022.00 Income Summary80016,822.00 To move revenue to income summary Jan. 31Income Summary8007,540.41 Cost of Goods Sold5004,390.00 Rent Expense515475.00 Utilities Expense520285.00 Office Supply Expense510359.00 Salaries Expense5051,906.41 Depr. Expense—Equipment52545.00 Depr. Expense—Furniture53065.00 Bank Expense54015.00 To move expenses to income summary Jan. 31Income Summary8009,281.59 Davis, Capital3009,281.59 To close income summary to capital &"Arial,Bold"&12JOURNAL ENTRY&"Arial,Bold"&12PAGE NO.: J &P GL POSTING TO GENERAL LEDGER IS OPTIONAL FOR PHASE 3 (5 POINTS EXTRA CREDIT IF YOU DO) ACCOUNT NAME:CASHACCOUNT NUNBER:100 DateItemPost Ref.DebitCreditBalance DebitCredit 2-DecJ 120,000.0020,000.00 2-DecJ 1500.0019,500.00 3-DecJ 12,700.0016,800.00 12-DecJ 1200.0016,600.00 18-DecJ 11,000.0017,600.00 21-DecJ 11,800.0019,400.00 26-DecJ 2400.0019,000.00 28-DecJ 2300.0019,300.00 30-DecJ 21,500.0017,800.00 2-JanJ 37,800.0025,600.00 Ck # 206J 32,375.0023,225.00 20-JanCk # 207J 42,100.0021,125.00 21-JanCk # 208J 41,760.0019,365.00 24-JanCk # 209J 4200.0019,165.00 26-JanCk # 210J43,900.0015,265.00 28-JanJ 46,000.0021,265.00 J41,500.0022,765.00 31-JanJ 4400.0023,165.00 J 422.0023,187.00 J 59.0023,178.00 J 585.0023,093.00 J 515.0023,078.00 ACCOUNT NAME:ACCOUNTS RECEIVABLEACCOUNT NUNBER:110 DateItemPost Ref.DebitCreditBalance DebitCredit 9-DecJ 11,500.001,500.00 28-DecJ 2300.001,200.00 31-DecJ 2600.001,800.00 18-JanJ 32,000.003,800.00 19-JanJ 41,000.004,800.00 28-JanJ41,500.003,300.00 31-JanJ 4400.002,900.00 ACCOUNT NAME:Allowance for Bad DebtACCOUNT NUNBER:111 DateItemPost Ref.DebitCreditBalance DebitCredit ACCOUNT NAME:OFFICE SUPPLIESACCOUNT NUNBER:120 DateItemPost Ref.DebitCreditBalance DebitCredit 5-DecJ 1400.00400.00 31-DecJ 2200.00200.00 5-JanJ3300.00500.00 31-Jan350.00150.00 ACCOUNT NAME:Software InventoryACCOUNT NUNBER:130 DateItemPost Ref.DebitCreditBalance DebitCredit 7-JanJ 31,760.001,760.00 18-JanJ 3880.00880.00 22-JanJ 46,240.007,120.00 28-JanJ 43,120.004,000.00 31-JanJ 5390.003,610.00 ACCOUNT NAME:Prepaid RentACCOUNT NUNBER:140 DateItemPost Ref.DebitCreditBalance DebitCredit 2-JanJ 32,375.002,375.00 31-JanJ 5475.001,900.00 ACCOUNT NAME:EquipmentACCOUNT NUNBER:150 DateItemPost Ref.DebitCreditBalance DebitCredit 3-DecJ 12,700.002,700.00 ACCOUNT NAME:Accum Depr -- EquipACCOUNT NUNBER:151 DateItemPost Ref.DebitCreditBalance DebitCredit 31-DecJ 245.0045.00 31-JanJ 545.0090.00 ACCOUNT NAME:FurnitureACCOUNT NUNBER:155 DateItemPost Ref.DebitCreditBalance DebitCredit 4-DecJ 13,900.003,900.00 ACCOUNT NAME:Assum Depr--FurnitureACCOUNT NUNBER:156 DateItemPost Ref.DebitCreditBalance DebitCredit 31-DecJ 265.0065.00 31-JanJ 565.00130.00 ACCOUNT NAME:Accounts PayableACCOUNT NUNBER:200 DateItemPost Ref.DebitCreditBalance DebitCredit 4-DecJ 13,900.003,900.00 5-DecJ 1400.004,300.00 26-DecJ 2400.003,900.00 5-JanJ3300.004,200.00 7-JanJ 31,760.005,960.00 21-JanJ 46,240.0012,200.00 22-JanJ 41,760.0010,440.00 26-JanJ43,900.006,540.00 ACCOUNT NAME:Salaries PayableACCOUNT NUNBER:205 DateItemPost Ref.DebitCreditBalance DebitCredit 31-DecJ 2872.31872.31 20-JanJ 4872.310 31-JanJ 5678.72678.72 ACCOUNT NAME:Interest PayableACCOUNT NUNBER:210 DateItemPost Ref.DebitCreditBalance DebitCredit Administrator: Administrator: ACCOUNT NAME:Unearned RevenueACCOUNT NUNBER:215 DateItemPost Ref.DebitCreditBalance DebitCredit 21-DecJ 11,800.001,800.00 31-DecJ 2600.001,200.00 ACCOUNT NAME:Current Portion-LTLACCOUNT NUNBER:225 DateItemPost Ref.DebitCreditBalance DebitCredit ACCOUNT NAME:Long-Term LiabilitiesACCOUNT NUNBER:250 DateItemPost Ref.DebitCreditBalance DebitCredit ACCOUNT NAME:Davis, CapitalACCOUNT NUNBER:300 DateItemPost Ref.DebitCreditBalance DebitCredit 2-DecJ 120,000.0020,000.00 31-DecJ 31,817.6921,817.69 J 31,500.0020,317.69 31-JanJ 69,281.5929,599.28 ACCOUNT NAME:Davis, WithdrawalsACCOUNT NUNBER:305 DateItemPost Ref.DebitCreditBalance DebitCredit 30-DecJ 21,500.001,500.00 31-DecJ 31,500.000.00 ACCOUNT NAME:Common StockACCOUNT NUNBER:310 DateItemPost Ref.DebitCreditBalance DebitCredit ACCOUNT NAME:Add Pd-In Capital-CSACCOUNT NUNBER:311 DateItemPost Ref.DebitCreditBalance DebitCredit ACCOUNT NAME:Preferred StockACCOUNT NUNBER:315 DateItemPost Ref.DebitCreditBalance DebitCredit ACCOUNT NAME:Add Pd-In Capital-PSACCOUNT NUNBER:316 DateItemPost Ref.DebitCreditBalance DebitCredit ACCOUNT NAME:Retained EarningsACCOUNT NUNBER:320 DateItemPost Ref.DebitCreditBalance DebitCredit ACCOUNT NAME:Service RevenueACCOUNT NUNBER:400 DateItemPost Ref.DebitCreditBalance DebitCredit 9-DecJ 11,500.001,500.00 18-DecJ 11,000.002,500.00 31-DecJ 2600.003,100.00 J 2600.003,700.00 J 33,700.000.00 2-JanJ 37,800.007,800.00 19-JanJ 41,000.008,800.00 31-JanJ 68,800.000.00 ACCOUNT NAME:Sales RevenueACCOUNT NUNBER:405 DateItemPost Ref.DebitCreditBalance DebitCredit 18-JanJ 32,000.002,000.00 28-JanJ 46,000.008,000.00 31-JanJ 68,000.000.00 ACCOUNT NAME:Cost of Goods SoldACCOUNT NUNBER:500 DateItemPost Ref.DebitCreditBalance DebitCredit 18-JanJ 3880.00880.00 28-JanJ 43,120.004,000.00 31-JanJ 5390.004,390.00 J 64,390.000.00 ACCOUNT NAME:Salaries ExpenseACCOUNT NUNBER:505 DateItemPost Ref.DebitCreditBalance DebitCredit 31-DecJ 2872.31872.31 J 3872.310.00 20-JanJ 41,227.691,227.69 31-JanJ 5678.721,906.41 J 61,906.410.00 ACCOUNT NAME:Office Suply ExpenseACCOUNT NUNBER:510 DateItemPost Ref.DebitCreditBalance DebitCredit 31-DecJ 2200.00200.00 J 3200.000.00 31-JanJ 59.009.00 J5350.00359.00 J6359.000.00 ACCOUNT NAME:Rent ExpenseACCOUNT NUNBER:515 DateItemPost Ref.DebitCreditBalance DebitCredit 2-DecJ 1500.00500.00 J 3500.000.00 31-JanJ 5475.00475.00 J 6475.000.00 ACCOUNT NAME:Utilities ExpenseACCOUNT NUNBER:520 DateItemPost Ref.DebitCreditBalance DebitCredit 12-DecJ 1200.00200.00 J 3200.000.00 24-JanJ 4200.00200.00 31-JanJ 585.00285.00 J 6285.000.00 ACCOUNT NAME:Depr Exp - EquipmentACCOUNT NUNBER:525 DateItemPost Ref.DebitCreditBalance DebitCredit 31-DecJ 245.0045.00