"Books of Accounts ofKE ConsultingIntroduction: KE Consulting ("the firm"), is a consulting firm providing consultancy services on fulltime basis. It has been promoted and started by Kel El. The firm provides services on cashbasis as well as on account basis. Similary recurring expenses as well as capitalexpenditures are on cash as well as on account basis. The Firm has also appointed areceptionist to take care of its front office related matters.The firm commenced itsoperations from July 1, 2016. Various financial transactions have enteredt into for themonth of July 2016 have been recorded, summerised and following have been preparedherewith: 1 Journal Entries for the month of July 31, 2016 2 Ledger Accounts for the month of July 31, 2016 3 Trail Balance as at July 31, 2016 4 Adjustment Entries as at July 31, 2016 5 Adjusted Trail Balance as at July 31, 2016 6 Income Statement for the month of July 31, 2016 7 Balance Sheet as at July 31, 2016 8 Statement of Owner's Equity In the books of KE Consulting Journal for the month of July 2016 Debit Amount Credit Amount Particulars LF (in $) (in $) Cash A/c Dr30,000 To Kel El Capital Account 30,000 (Being 30,000$ deposited into KE Consulting for business start) Suplies A/c Dr1,500 To Cash A/c 1,500 (Being purchase of supplies) Office Equipments A/c Dr15,500 To Cash A/c 15,500 (Being purchase of office equipments made) Rent Expenses A/cDr3,300 To Cash A/c 3,300 (Being payment of 3 months rental expenses) Insurance Expenses A/cDr7,200 To Cash A/c 7,200 (Being payment of insurance expenses made) Cash A/c Dr5,000 To Unearned fees5,000 (being fees received from clients as an advance payment) Office Equipments A/c Dr1,500 To Office Equipm Co 1,500 (being additional office equipment purchased on account) Advertising Expenses A/c Dr 120 To Cash A/c120 (being cash paid for advertising expenses) Account Receivable A/c Dr2,300 To Fees Earned 2,300 (being fees recorded for services provided on accountfrom 1st July to 14th July) Office Equipm Co A/cDr1,100 To Cash A/c 1,100 (Being payment made for on account purchases made) Balance c/d67,520 67,520In the books of KE Consulting Journal Continued Particulars LF Debit Amount Credit Amount (in $) (in $) Balance b/d67,520 67,520 Salary Expenses A/cDr 600 To Cash A/c600 (being two weeks salary paid to part time receptionist) Cash A/c Dr4,250 To Fees Earned 4,250 (Being fees earned and received from cash clients forperiod 1st July to 16th July) Suplies A/c Dr 500 To Cash A/c500 (Being purchase of supplies) Account Receivable A/c Dr2,100 To Fees Earned 2,100 (being fees recorded for services provided on accountfrom 15th July to 22nd July) Cash A/c Dr1,850 To Fees Earned 1,850 (Being fees earned and received from cash clients forperiod 17th July to 25th July) Cash A/c Dr2,600 To Acccounts Receivables 2,600 (Being fees received from on account clients) Salary Expenses A/cDr 600 To Cash A/c600 (being two weeks salary paid to part time receptionist) Utility Expenses A/c Dr 35 To Cash A/c35 (Being water biils paid for the month of July) Utility Expenses A/c Dr 224 To Account Payables224 (Being electricity bills paid for the month of Julyreceived and recorded to be paid later) Balance c/d80,279 80,279 In the books of KE ConsultingJournal Continued Particulars LF Debit Amount Credit Amount (in $) (in $) Balance b/d80,279 80,279 Cash A/c Dr3,250 To Fees Earned 3,250 (Being fees earned and received from cash clients forperiod 26th July to 30th July) Account Receivable A/c Dr1,200 To Fees Earned 1,200 (being fees recorded for services provided on accountfor July) Kel El, Drawings A/c Dr4,000 To Cash A/c 4,000 (being cash withdrwan for personal use) Kel EI, Capital A/c Dr4,000 To Kel EL, Drawings 4,000 (Being drawings charged to capital) Total92,729 92,729In the books of KE Consulting Ledger Accounts All Amount in $ Cash A/c Date Particulars JF Amount Date Particulars JF Amount To Kel Capital30,000 By Supplies1,500 To Unearned fees5,000 By office equipments15,500 To fees earned4,250 By Rent Expenses3,300 To fees earned1,850 By Insurance Expenses7,200 To Accounts Receivables 2,600 By Advertisiment Expense 120 To fees earned3,250 By Office Equipm Co1,100 By salary expense 600 By Supplies 500 By salary expense 600 By Utility Expenses 35 By KEL, Drawings4,000 By Balance12,495 46,95046,950 Kel EL, Capital A/c Date Particulars JF Amount Date Particulars JF Amount To Kel EL, drawings4,000 By Cash30,000 To balance26,000 30,00030,000 Supplies Date Particulars JF Amount Date Particulars JF Amount To Cash1,500 By Balance2,000 To Cash 500 2,0002,000Office Equipment Date Particulars JF Amount Date Particulars JF Amount To Cash15,500 By Balance17,000 To Office Equip Co1,500 17,00017,000 Rent Expenses Date Particulars JF Amount Date Particulars JF Amount To Cash3,300 By Balance3,300 3,3003,300 Insurance Expenses Date Particulars JF Amount Date Particulars JF Amount To Cash7,200 By Balance7,200 7,2007,200 Unearned fees Date Particulars JF Amount Date Particulars JF Amount To Balance5,000 By Cash5,000 5,0005,000 Office Equip Co Date Particulars JF Amount Date Particulars JF Amount To Cash1,100 By office equipment1,500 To balance 400 1,5001,500 Advertising Expenses Date Particulars JF Amount Date Particulars JF Amount To Cash 120 By Balance 120120 120Accounts Receivable Date Particulars JF Amount Date Particulars JF Amount To fees earned2,300 By Cash2,600 To fees earned2,100 By Balance3,000 To fees earned1,200 5,6005,600 Fees Earned Date Particulars JF Amount Date Particulars JF Amount To Balance14,950 By accounts receivable2,300 By Cash4,250 By accounts receivable2,100 By Cash1,850 By Cash3,250 By accounts receivable1,200 14,95014,950 Salary Expenses Date Particulars JF Amount Date Particulars JF Amount To cash 600 By Balance1,200 To cash 600 1,2001,200 Utility Expenses Date Particulars JF Amount Date Particulars JF Amount To Cash 35 By Balance 259 To Account Payable 224259 259 Accounts Payable Date Particulars JF Amount Date Particulars JF Amount To Balance 224 By Utility Expenses 224224 224 KEL EL, Drawings Date Particulars JF Amount Date Particulars JF Amount To cash4,000 By Kel EL, Capital4,000 By Balance- 4,0004,000"