Question

Please help with Evans 2 and 3. It's due Sunday

201 311 312 411 519 511 518 B K L M N ACCOUNTS PAYABLE EVANS, CAPITAL Take Quiz on these videos in Canvas in Week #3 before starting project. EVANS, WITHDRAWALS SERVICE REVENUE SUPPLIES EXPENSE RENT EXPENSE DEPRECIATION EXP-EQ Evans 1: Journalize and post the following June transactions. Include full details in JE explanation. Transaction Ref: Yr: 2018 External Entries included in Trial Balance 1-Jun Dan Evans invests (contributes) $20,000 cash and $2,000 of supplies in business: Evans Consulting. 2-Jun Evans pays seven month's rent in advance totaling $8,500 Ck # 101 10-Jun Evans provides services of $20,000 on account to a customer, Aatrix Corp. 11 Jun Evans purchases equipment for $28,800 with Check # 102 for $13,000 with the balance "on account" payable from Home Depot Inv #27487 Useful life of the equipment is 5 years. $4,000 salvage value. 16-Jun Evans collects $5,000 of the Accounts Receivable from Aatrix Corp. 18-Jun Dan Evans takes a $2,500 draw Ck # 103 20-Jun Evans purchased office supplies for $2,000 Inv# 12345 Ck #104 from Office Depot Adiusting Entries 30-Jun June Rent Used 30-Jun Equipment depreciated for one month. 30-Jun Took physical Inventory of Supplies totalling $4,000 Closing Entries KL See page 161 27e Remember Explanation required: K. Closing, L. Closing, etc Evans 2 Video: Adjusting entries and Worksheet. Evans2: Submission #2. "Evans2" 5. Prepare Adjusted Trial Balance including Income Statement and Balance sheet sections. 6. Journailize Adjustments H-J and Post. 7. Prepare Financial Statements. Format for Printing. (Note: #'s in TB & Financials s/b supported by balances in Glor- 15 pts each.) 8. Don't proceed to Evans3 until Evans2 Corrected. (Video by McGraw-Hill a different publisher. Chapter #'s different than Cengag. Evans 3 Video: Two Step Closing process by Cenga Evans 3: Submission #3. "Evans3" 1. Journalize closing entries (K, L) Pg 171 27e 2. Post to GL, 3. Prepare post closing trial balance. 4. Don't proceed to Evans4 until Evans 3 is corrected! Evans4: Make all corrections in Evans including page print formatting. Be sure all corrections from Evans1, 2, 83 are done and submit the completed project. You should be able to "preview all reports in the Evans4 assighnment page. That is where your professor will score your submission.

Answer 1

Evan's Consulting Journal Enteries Date Particulars 1.6.2018 Cash a/c Dr. Supplies a/c Dr. To Evan's Capital (Capital Invested) Debit in $ Credit in $ 20000 2000 22000 8500 2.6.2018 Prepaid Rent a/c Dr. To Cash (7 months rent paid) 8500 Dr. 20000 10.6.2018 Accounts Receivable a/c To Sales (Sales on account) 20000 28800 11.6.2018 Equipment a/c Dr. To Cash To Accounts Payable (Equipment on account) 13000 15800 5000 16.6.2018 Cash a/c Dr. To Accounts Receivable (Cash from debtors) 5000 2500 18.6.2018 Evans, Withdrawals a/c Dr. To Cash (Drawings for personal use) 2500 2000 20.6.2018 Supplies a/c Dr. To Cash (Supplies purchased) 2000

Adjusting Enteries Date Particulars 30.6.2018 Rent Expense a/c Dr. To Prepaid Rent (Rent expensed) 8500/7 Debit in $ Credit in $ 1214 1214 413 413 30.6.2018 Depreciation Expense a/c Dr. To Accum. Depre - Equip. (To record depeciation) (28800 - 4000 ) / (5x12) Closing Enteries Date Particulars 30.6.2018 Income Summary a/c Dr. To Rent Expense To Depreciation Expense (Expense accounts closed) Debit in $ Credit in $ 1628 1214 413 20000 30.6.2018 Sales a/c Dr. To Income Summary (Revenue accounts closed) 20000 Dr. 30.6.2018 Income Summary a/c To Evan's Capital (Profits transferred) 18372 2500 30.6.2018 Evan's Capital a/c Dr. To Evans, Withdrawals (Drawings) 2500

Trial Balance For the month ending 30.6.2018 Particulars Bank OD Accounts Receivable Supplies Prepaid Rent Equipment Accum. Depre - Equip. Accounts Payable Evan's Capital Evans, Withdrawals Sales Rent Expense Depreciation Expense Totals Unadjusted Adjustments Adjusted Post Closing Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ -1000 1000 1000 15000 15000 15000 4000 4000 4000 8500 1214 7286 7286 28800 28800 28800 413 413 413 15800 15800 15800 22000 22000 37872 2500 2500 20000 20000 1214 413 413 57800 57800 1628 1628 59213 59213 55086 55086 1214 20000 Statement of Income For the month ending 30.6.2018 Sales Less: Rent Expense Depreciation Expense Net Income 1214 413 1628 18372 Statement of Owner's Equity For the month ending 30.6.2018 Evan's Capital Net Income 22000 18372 40372 -2500 37872 Evans, Withdrawals