- 100% + 4 AAA Tax Service opens their business on April 1 and have the following transactions in the month a b d th 1 Suggested Chart of Accounts Cash Accounts Receivable Prepaid Insurance Supplies Computer & Office Equipment Accumulated Depreciation Accounts payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Expense Payroll Expense insurance Expense Depreciation Expense Supplies Expense k 1 4/1 The company founder invests $100,000 and becomes the company's only shareholder 4/2 The Company pays cash for a 12 month insurance policy 24,000. Effective 4/1-3/31ext year 4/2 The company buys 4 computers for total cost $12,000, paying 2,000 cash and 10,000 on account 4/8 The company's first customer pays cash of $5000 for tax service 4/12 More tax service is performed for customers on account for 59000 4/14 The company buys supplies that will be used for several months. This costs $5,000 on account 4/15 The company pays payroll expense of $3,500 4/25 The company collects 4,000 from customers for service just completed in e above on 4/12 4/27 The company pays $3,000 for the first months rent expense 4/26 The company receives $5,000 cash for tax work for a customer. Work will be done next Month 4/28 The company pays the amount owed for the 4 computers bought on 42 above ($10,000) 4/30 The company pays a dividend of $1,500 for the month Adjustments 4/30 Create the depreciation entry for the month for the computers $300 per month 4/30 Make the adjustment entry for one month of insurance for the insurance purchased on 4/2 4/30 They rush and complete half the job for the customer in jabove. Create the entry to recognize half of the revenue 4/30 A count of the supplies shows a total of $2.500 remaining in supplies. Describe each of the above with a Journal entry include the date Account Debit Date Credit m n 5 Prepare T-accounts for the accounts above and post all transactions for April CASH HHE 6 Create the Trial Balance in the space below 7 Create an income statement for the month in the space below