Chapter 4 Corting the Accounting were to coded has PR 4-58 Complete accounting cycle Nor the passenal years, Jerr Horton has operated a purt time consulting busi home. As of April 2018, Jell decided to move to rented quarters and to operate entered which was to be known as Rosebud Consulting on a full-time basis. Rosebudete following transactions during April A l. The following assets were received from Jeff Horton in exchange for common stock cash accounts receivable $14.700: supplies S300, and orice equipment, $12.000. There wer20. received 1 Paid three months rent on a lease rental contract, 56,000 2 Paid the premiums on property and casualty insurance policies, 54.200. Received cash from clients as an advance payment for services to be provided and recorded earned fres. $9.400 S Purchased additional office equipment on account from Smith Office Supply Co. 58.000 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, 56,400. 12. Recorded services provided on account for the period April 1-12, 521,900. 14 Paid receptionist for two weeks'salary: $1,650 Avond the long runsactions on Page 2 of the journal 17. Recorded cash from cash clients for fees earned during the period April 1-16, S6,600 18. Paid cash for supplies, $725. 20. Recorded services provided on account for the period April 13-20, 516,800. 24 Recorded cash from cash clients for fees earned for the period April 17-24, $4450. 26. Received cash from clients on account, 526,500. 27. Paid receptionist for two weeks'salary, $1,650. 29. Paid telephone bill for April 5540 30. Paid electricity bill for April, $760. 30. Recorded cash from cash clients for fees earned for the period April 25-30, 55,160. 30. Recorded services provided on account for the remainder of April, $2,590. 30 Paid dividends, 518,000. 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 Common Stock 32 Retained Earnings 12 Accounts Receivable 14 Supplies 33 Dividends 15 Prepaid Rent 41 Fees Earned 16 Prepaid Insurance 51 Salary Expense 18 Office Equipment 52 Supplies Expense 19 Accumulated Depreciation 53 Rent Expense 21 Accounts Payable 54 Depreciation Expense 22 Salaries Payable 55 Insurance Expense 23 Unearned Fees 59 Miscellaneous Expense 2. Post the journal to a ledger of four-column accounts 3. Prepare an unadjusted trial balance. 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. (0) 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. Chapter 4 Completing the Accounting Cycle 221 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 retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 4 of the journal. (Income Summary is account w34 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. Chapter 4 Corting the Accounting were to coded has PR 4-58 Complete accounting cycle Nor the passenal years, Jerr Horton has operated a purt time consulting busi home. As of April 2018, Jell decided to move to rented quarters and to operate entered which was to be known as Rosebud Consulting on a full-time basis. Rosebudete following transactions during April A l. The following assets were received from Jeff Horton in exchange for common stock cash accounts receivable $14.700: supplies S300, and orice equipment, $12.000. There wer20. received 1 Paid three months rent on a lease rental contract, 56,000 2 Paid the premiums on property and casualty insurance policies, 54.200. Received cash from clients as an advance payment for services to be provided and recorded earned fres. $9.400 S Purchased additional office equipment on account from Smith Office Supply Co. 58.000 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, 56,400. 12. Recorded services provided on account for the period April 1-12, 521,900. 14 Paid receptionist for two weeks'salary: $1,650 Avond the long runsactions on Page 2 of the journal 17. Recorded cash from cash clients for fees earned during the period April 1-16, S6,600 18. Paid cash for supplies, $725. 20. Recorded services provided on account for the period April 13-20, 516,800. 24 Recorded cash from cash clients for fees earned for the period April 17-24, $4450. 26. Received cash from clients on account, 526,500. 27. Paid receptionist for two weeks'salary, $1,650. 29. Paid telephone bill for April 5540 30. Paid electricity bill for April, $760. 30. Recorded cash from cash clients for fees earned for the period April 25-30, 55,160. 30. Recorded services provided on account for the remainder of April, $2,590. 30 Paid dividends, 518,000. 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 Common Stock 32 Retained Earnings 12 Accounts Receivable 14 Supplies 33 Dividends 15 Prepaid Rent 41 Fees Earned 16 Prepaid Insurance 51 Salary Expense 18 Office Equipment 52 Supplies Expense 19 Accumulated Depreciation 53 Rent Expense 21 Accounts Payable 54 Depreciation Expense 22 Salaries Payable 55 Insurance Expense 23 Unearned Fees 59 Miscellaneous Expense 2. Post the journal to a ledger of four-column accounts 3. Prepare an unadjusted trial balance. 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. (0) 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. Chapter 4 Completing the Accounting Cycle 221 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 retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 4 of the journal. (Income Summary is account w34 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance