08.45 Completing the Accounting Cyde PR 4-58 Complete accounting cycle his home As of April 1, 2019. Jeff decided to move to rented quarters and to operate the For the past several years, Jeff Horton has operated a part-time consulting business Finess, which was to be known as Rosebud Consulting on a full-time basis. Road receivable, $14.700, supplies, $3.500, and office equipment, $12,000. There were Contingentered into the following transactions during April Ape 1. no es received 1. Pald three month rent on a lease rental contract, $6,000 2. Paid the premiums on property and casualty Insurance policies, $4,200 and recorded it as unearned fees, $9.400. Recehed ash from clients as an advance payment for services to be provided 5 Purchased additional office equipment on account from Smith Office Supply Co. 8.000 6. Heceded cash from clients on account, $11,700 10 Paid cash for a newspaper advertisement, $350. 12. Paid Smith Office Supply Co. for part of the debe incurred on April 5.16.400. 12. Provided services on account for the period April 1-12, $21,900. 14. Paid receptionist for two weeks' salary, $1.650. Recond the following transactions on Page 2 of the journal 17. Received cash from cash clients for fees camed during the period April 1-16, $6,600 18. Paid cash for supplies, 5725 20. Provided services on account for the period April 13-20, 516,800 24. Received cash froen cash clients for fees carned for the period April 17-24, $1.450 26. Received cash from clients on account, $26,500. 27. Paid receptionist for two weeks' salary, $1,650. 29. Paid telephone bill for April, $510 30. Paid electricity bill for April, $760. 30. Received cash from cash clients for fees cared for the period April 25-30, $5,160). 30. Provided services on account for the remainder of April, $2,590. 30. Jeff withdrew $18,000 for personal use. Instructions 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited (Do not insert the account numbers in the journal at this time.) 11 Cash 31 Jeff Horton, Capital 12 Accounts Receivable 32 Jeff Horton, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies Expense 18 Office Equipment 53 Rent Expense 19 Accumulated Depreciation--Office Equipment 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 2. Post the Journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. Chapter 4 Completing the Accounting Cycle 225 4. At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during April is $350. b. Supplies on hand on April 30 are $1,225. c. Depreciation of office equipment for April is $400. d. Accrued receptionist salary on April 30 is $275. e. Rent expired during April is $2,000. f. Unearned fees on April 30 are $2,350. 5. Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner's equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 4 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. Llam