April 1 The following assets were received from Dustin Larkin: Cash, $35,000, Account Receivable $5,500, Supplies, $1,750, Office Equipment, $26,500, and a long term Note Payable (on the Office Equipment, $15,000. 1 Paid four months rent on a leased rental contract, $6,000. 1 Paid the premium on property and casulty insurance policies for the year, $2,400. 3 Received cash from clients as an advanced payment for services to be provided and recorded it as unearned fees, $3,000. 4 Purchased funiture and fixtures on account for the rental quarters from Century, Inc, $8,800. 5 Received cash from clients on account, $1,000. 9 Paid for a April newspaper advertisement, $120. 9 Entered into a contract with Southside Food Vendors to place vending machines in the waiting room. Quixote Consulting is to receive 10% of all sales, with a minimum of $200 monthly. Quxiote Consulting received $200 as an advance payment. 10 Paid cash for supplies, $1,750. 11 Received cash from clients on account, $2,000. 13 Made a partial payment to Century, Inc. on account, $800. 15 Recorded services provided on account for the period April 1-15, $1,250. 16 Paid part-time receptionist for two weeks' salary, $1,750. 17 Recorded cash from cash clients for fees earned April 1-16, $4,175. 19 Purchased supplies on account, $2,500. 21 Recorded services provided on account for the period April 16-20, $1,100. 25 Recorded cash from cash clients for fees earned April 17-23, $1,850. 26 Wrote a business check to pay for Dustin's home phone bill, $130. 27 Received cash from clients on account, $1,600. 29 Recorded cash from cash clients for fees earned April 24-29, $2,050. 30 Dustin withdrew cash for personal use, $6,000. 30 Southside Food Vendors reported a total of $3,000 of vending machine sales for April. Since the business had already received $200, Southside paid the remaining amount due. For the past several years, Dustin Larkin has operated a part-time consulting business from his home. As of April 1, 2024, Dustin decided to move to rented quarters and to operate the business, which is to be known as Quixote Consulting, on a full-time basis. He has hired you to do his accounting since he needs to know about how well his business is doing, his ownership amount, and what the future of his business looks like. Quixote Consulting entered into the following transactions during April its first month (next page). QUIXOTE CONSULTING CHART OF ACCOUNTS ASSETS OWNER'S EQUITY 111 CASH 311 DUSTIN LARKIN, CAPITAL 112 ACCOUNTS RECEIVABLE 312 DUSTIN LARKIN, DRAWING 113 SUPPLIES 114 PREPAID RENT 115 PREPAID INSURANCE REVENUE 150 OFFICE EQUIPMENT 411 CONSULTING FEES EARNED 1561 ACC. DEPR. - OFFICE EQUIPMENT 412 VENDING MACHINE REVENUE 160 FURNITURE & FIXTURES 161 ACC. DEPR. - FURNITURE & FIXTURES EXPENSES 511 SALARY EXPENSE 512 RENT EXPENSE LIABILITIES 513 SUPPLIES EXPENSE 211 ACCOUNTS PAYABLE 520 DEPRECIATON EXPENSE - OFFICE EQ. 212 SALARIES PAYABLE 521 DEPRECIATION EXPENSE - F&F 213 UNEARNED CONSULTING FEES 530 INSURANCE EXPENSE 250 NOTES PAYABLE, LONG TERM 531 UTILITIES EXPENSE 599 MISCELLANEOUS EXPENSE Directions: DO THESE IN ORDER!! 1. The ledger should include each of the accounts from the Chart of Accounts, inspect the leger. 2. Journalize each transaction in April posting daily (next page). 3. Atthe end of the month, prepare an Unadjusted Trial Balance in the worksheet. 4 The following data was accumulated for month end adjustments: (a) Supplies on hand, $1,000. b) Insurance expired, $200. ) Salaries accrued, 2 weeks of the salaries. ) Depreciation of Office Equipment, $200, Furniture and Fixtures, $250. ) Bills for April received in May; Telephone, $160; Electricity, $250. Rent expired this month, $1,500. g) Unearned fees remaining at month end, $1,500. (h) Accrued consulting fees earned in this month, $2,000. 5. Finish the manual worksheet. 6. Prepare the 3 Financial Statements for the month of April 2024 including a Classified Balance Sheet. Journalize (in the General Journal) and post the Adjusting Entries. Journalize (in GJ) and post the Closing Entries. Prepare the Post-Closing Trial Balance. c d e f o~