Cissi Jean Oliver opened Cleaning Angels, Inc. on April 1, 2017. During April, the following transactions were completed: Apr 3 Issued 5,000 shares of Cleaning Angels common stock for $13,000. Each share has a $1.50 par. 3 Borrowed $8,000 on a 2-year, 6% note payable. 3 Paid $9,020 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,200 for the window equipment). 3 Paid $220 for October Internet and phone service. 3 Purchased cleaning supplies for $980 on account. 4 Hired 4 employees. Each will be paid $480 per 5-day work week (Monday-Friday). Employees will begin working on Monday, April 10. 5 Obtained insurance coverage for $9,840 per year. Coverage runs from October 1, 2017, through September 30, 2018. Cissi Jean paid $2,460 cash for the first quarter of coverage. 5 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Cissi Jean sold the window cleaning equipment for $3,950 cash. 17 Billed customers $3,900 for cleaning services performed through April 14, 2017. 17 Received $540 from a customer for 4 weeks of cleaning services to begin on April 20, 2017. (By paying in advance, this customer received 10% off the normal weekly fee of $150.) 18 Paid $300 on amount owed on cleaning supplies. 20 Paid $3 per share to buy 300 shares of Cleaning Angels, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock. 24 Billed customers $4,300 for cleaning services performed through April 21. 24 Paid cash for employees wages for 2 weeks (April 10-14 and 17-21). 25 Collected $2,500 cash from customers billed on April 17. 27 Paid $220 for Internet and phone services for May. 27 Declared and paid a cash dividend of $0.20 per share. 28 Received notice that a customer who was billed $200 for services performed October 10 has filed for bankruptcy. Cleaning Angels, Inc does not expect to collect any portion of this outstanding receivable. (Cleaning Angels will follow the GAAP Guidelines for uncollectible accounts.) Adjusting Data: A. Services performed for customers through April 28, 2017, but unbilled and uncollected were $3,800. B. Cleaning Angels used the allowance method to estimate bad debts. Cleaning Angels estimates that 3% of its month-end receivables will not be collected. C. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 4 years, and $500 salvage value. D. Record 1 month of insurance expense. E. An inventory count shows $400 of supplies on hand at April 30. F. One week of services were performed for the customer who paid in advance on April 17. G. Accrue for wages owed through April 28, 2017. H. Accrue for interest expense for 1 month. I. Cissi Jean estimates a 20% income tax rate. (Hint: Prepare an income statement up to income before taxes to help with the income tax calculation.) Instructions: Journalize the April transactions. Post to ledger accounts. Prepare a Trial Balance as of April 30, 2017. Journalize the adjustments. (Round all amounts to whole dollars.) Post adjusting entries to the ledger accounts. Prepare an adjusted trial balance. Journalize the closing entries.