Question
Apr. 1.The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and office equipment, $12,000. There were no liabilities received.1.Paid
Apr. 1.The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and office equipment, $12,000. There were no liabilities received.1.Paid three months' rent on a lease rental contract, $6,000.2.Paid the premiums on property and casualty insurance policies, $4,200.4.Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $9,400.5.Purchased additional office equipment on account from Smith Office Supply Co., $8,000.6.Received 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 debt incurred on April 5, $6,400.12.Provided services on account for the period April 1-12, $21,900.14.Paid receptionist for two weeks' salary, $1,650.Record the following transactions on Page 2 of the journal:17.Received cash from cash clients for fees earned during the period April 1-16, $6,600.18.Paid cash for supplies, $725.20.Provided services on account for the period April 13-20, $16,800.24.Received cash from cash clients for fees earned for the period April 17-24, $4,450.26.Received cash from clients on account, $26,500.27.Paid receptionist for two weeks' salary, $1,650.29.Paid telephone bill for April, $540.30.Paid electricity bill for April, $760.30.Received cash from cash clients for fees earned 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.
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.
Journalize the adjusting entries on Page 3 of the journal. (Do not insert the account numbers in the journal at this time.) Post the adjusting entries to the general ledger in the spreadsheet. The posting must be in chronological order. Then go back and enter the appropriate posting references in the journal.
GENERAL JOURNALPAGE 3 Adjusting Entries
Date. Account Title. Post.Ref. Debit Credit
a.
b.
c.
d.
e.
f.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started