Oswald Consultant tutorial in excel

On July 1, 2012, the account balances of Oswald Consultants, Inc. were as follows:

                              Debits                                                                           Credits

            Cash                                         $4,680                        Accumulated Depreciation        $1,200

            Accounts Receivable                 4,420                        Accounts Payable                        3,800

            Supplies                                      5,200                        Salaries Payable                          1,500

            Office equipment                     19,000                        Common Stock                          16,000

Salaries Expense                        4,700                        Retained Earnings                       9,400

            Rent Expense                             3,000                        Service Revenue                          9,100

                                                           $41,000                                                                         $41,000

During November the following summary transactions were completed.

 Jul. 1 Paid $3,000 for a one year insurance policy.  

  6 Received $3,100 cash from customers on account.

  8 Paid $2,500 for salaries due employees, of which $1,000 is for July.

12 Received $6,300 cash for services performed in July.

15 Purchased office equipment on account $3,700.

22 Paid July rent $1,000.

25 Paid salaries $4,000.

27 Performed services on account and billed customers for services provided $8,000.

29 Paid creditors on account $1,620.

30 Received $1,500 from customers for services to be performed in August.

Adjustment data consists of:

1. Supplies on hand $2,220.
2. Accrued salaries payable $2,100.
3. Depreciation for the month is $1,000.
4. One month of insurance has expired.

a)      Prepare the trial balance at July 1.

b)      Prepare and post journal entries for the summary transactions during July.

c)      Prepare the trial balance at July 31.

d)     Prepare and post the adjusting entries.

e)      Prepare the adjusted trial balance at July 31.

f)       Prepare an income statement, retained earnings statement, and balance sheet.

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