For the past several years, Dustin Larkin has operated a part-time consulting bu

Question

For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of June 1, 2008, Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions during June.
June1. The following assets were received from Dustin Larkin; Cash $10,000; accounts receivable $1,500; supplies $1,250; and office equipment $7,500. There were no liabilities received.
1. Paid three month

Explanation / Answer

(b) Trial Balance $35,675 (c) Adjusted Trial Balance $36,295 (d) Net income $7,925 and Total Assets $26,795 (g) Post-Closing Trial Balance $27,295

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