Based on the information that follows, complete the accounting cycle twice including monthly financial statements for April and May 2022 for Booth Consulting. The instructions describe the steps of the accounting cycle without a worksheet. You can use a worksheet if you prefer. If you are comfortable with Excel, you can use it but please start from scratch so I can verify you are the author of the spreadsheet and did not just copy from someone else. Note: the company should only have one Ledger and all entries including closing entries should be posted there. That is, there is only one T for cash, and it must have enough room for all entries for two months so plan ahead. On April 1, 2022, Betty Booth incorporated a consulting business known as Booth Consulting. Booth Consulting entered into the following transactions during April: Apr. 1. Betty Booth contributed $31,000 cash for 2,000 shares of common stock. 1. Borrowed $12,000 on a notes payable from the bank. The principal and interest at 6% are due June 30, 2021. 1. Purchased supplies, $1,400 and office equipment, $12,500 for cash. 1. Paid four months rent on a lease rental contract, $4,800. 2. Paid the premium on a three-month property and casualty insurance policy, $2,100. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned revenue, $6,000. 5. Purchased additional office equipment on account from Office Station Co., $2,000. 6. Provided consulting services on account, $4,700. 10. Paid cash for an April newspaper advertisement, $120. 12. Paid Office Station Co. for part of the debt incurred on April 5, $1,200. 12. Provided consulting services on account, $7,200. 14. Paid part-time receptionist for two weeks salary, $750. 17. Recorded cash from cash clients for fees earned, $6,250. 18. Paid cash for supplies, $900. 20. Provided consulting services on account, $2,100. 24. Recorded cash from cash clients for revenue earned, $3,850. 26. Received cash from clients on accounts, $5,600. 27. Paid part-time receptionist for two weeks salary, $750. 29. Paid telephone bill for April, $330. 30. Paid electricity bill for April, $250. 30. Recorded cash from cash clients for revenue earned, $3,250. 30. Provided consulting services on account, $1,500. 30. Paid Betty Booth a $8,500 Dividend.

The companys chart of accounts is useful in determining which accounts are affected by the transaction. The chart of accounts for Booth Consulting is as follows (you do not need to use referencing as you post transactions): 11 Cash 31 Common Stock 12 Accounts Receivable 32 Retained Earnings 14 Supplies 33 Dividends 15 Prepaid Rent 41 Service Revenue 16 Prepaid Insurance 51 Salary Expense 18 Office Equipment 52 Rent Expense 19 Accumulated Depreciation 53 Supplies Expense 21 Accounts Payable 54 Depreciation Expense 22 Notes Payable 55 Insurance Expense 23 Interest Payable 56 Interest Expense 24 Salary Payable 57 Utilities Expense 25 Unearned Revenue 58 Advertising Expense After analyzing each of Booth Consultings transactions for April, prepare journal entries in the general journal, post to the general ledger, update account balances and prepare an unadjusted trial balance. Use the following data assembled on April 30, 2021, for analysis of possible adjustments for Booth Consulting and complete and post adjusting entries for April (Hint: the adjusting entries should be posted to the same T accounts used for the April transactions when possible i.e., there is only one salary expense T). Update ledger balances and complete an adjusted trial balance. Next, complete financial statements for April (Income Statement, Statement of Shareholders Equity, and Balance Sheet): a. One month of insurance expired during April. b. Supplies on hand on April 30 are $1,350. c. Monthly depreciation of office equipment is $350. d. Accrued receptionist salary on April 30 is $120. e. One month of rent expired during April. f. $4,000 of the Unearned Revenue has been earned by April 30. g. One month of interest accrued on the Note Payable.

After completion of Aprils financial statements, prepare and post closing entries, update balances, and prepare a post-closing trial balance. Complete another accounting cycle for Booth Consulting for May given the information below and your knowledge of the company from April. During May, Booth Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned revenue, $1,600. 5 Received cash from clients on account, $1,750. 9. Paid cash for a May newspaper advertisement, $100. 13. Paid Office Station Co. for part of the debt incurred on April 5, $400. 15. Provided services on account, $9,100. 16. Paid part-time receptionist for two weeks salary including the amount owed on April 30, $750. 17. Recorded cash from cash clients for revenue earned, $8,800. 20. Purchased supplies on account, $650. 21. Provided services on account, $2,900. 25. Recorded cash from cash clients for revenue earned, $5,000. 27. Received cash from clients on accounts, $7,500. 28. Paid part-time receptionist for two weeks salary, $750. 30. Paid telephone bill for May, $150. 31. Paid electricity bill for May, $225. 31. Recorded cash from cash clients for revenue earned, $3,100. 31. Provided services on account, $1,800. 31. Paid Betty Booth a dividend of $6,500. At the end of May, the following adjustment data were assembled. Record these four adjusting entries plus four additional adjusting entries based on your knowledge from the previous month. a. Betty performed $3,000 of services on account on a long-term contract and has not accrued this revenue. b. Supplies on hand on May 31 are $750. c. $1,500 of the Unearned Revenue was earned by May 31. d. Accrued receptionist salary on May 31 is $260. You should complete the accounting cycle for May including similar steps and the same three financial statements completed in April. Complete the entire accounting cycle (through closing) so that Booth Consulting is ready to begin recording June transactions.