Complete Accounting Cycle For the past several years, Jeff Horton has operated a part-time consulting business...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Complete Accounting Cycle For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2019, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud Consulting entered into the following transactions during April: Apr. The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and 1. 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. Provided services on account for the period Apnl 1-12, $21,900. 12. 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, 56,600. Paid cash for supplies, $725 10. Pald 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. 18. 20. 24. 26. 27. 29. 30. 30. Received cash from cash clients for fees earned during the period April 1-16, $6,600. Paid cash for supplies, $725. Provided services on account for the period April 13-20, $16,800. Received cash from cash clients for fees earned for the period April 17-24, $4,450. Received cash from clients on account, $26,500. Paid receptionist for two weeks' salary, $1,650. Paid telephone bill for April, $540. Paid electricity bill for April, $760. 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. Required: Required: 1. Journalize each transaction, in chronological order 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. If there is more than one entry on the same date, be sure to enter the transactions in the exact order as presented in the data. (Do not insert the account numbers in the journal at this time.) If an amount box does not require an entry, leave it blank 11 Cash 31 Jeff Horton, Capital 12 Accounts Receivable 32 Jeff Horton, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies Expense 18 Office Equipment 53 Rent Expense 19 Accumulated Depreciation 541 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees Date JOURNAL PAGE 1 Account Title Post. Ref. Debit Credit Date 2019 Apr. 1 Cash JOURNAL PAGE 1 Account Title Post. Ref. Debit Credit Accounts Receivable Supplies Office Equipment Jeff Horton, Capital Apr. 1 Rent Expense Apr. 21 Apr. 41 20,000 14,700 3,300 12,000 6,000 50,000 Chapter 4 Homework Apr. 4 Apr. 5 Apr. 6 Apr. 10 Apr. 12 Apr. 12 eBook Spreadsheet Print Item 11 11 11 Chapter 4 Homework eBook Spreadsheet Print Item Apr. 12 Apr. 14 JOURNAL Date Account Title Post. Ref. Debit 2019 Apr. 17 Apr. 18 Apr. 20 PAGE 2 Credit Apr. 20 Apr. 24 Apr. 26 Apr. 27 Apr. 29 Apr. 30 CBOOK > Chapter 4 Homework Apr. 301 Apr. 30 Apr. 30 Apr. 301 Print Item eBook Spreadsheet Chapter 4 Homework eBook Spreadsheet You will use the attached spreadsheet to complete several of the remaining parts of this problem. Click on the Spreadsheet icon above to open and save the Excel file to your computer Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem 2. Post the transactions from part 1 to the general ledger in the attached spreadsheet. The posting must be in chronological order. Be sure to go back and enter the appropriate posting references in the journal 3. In the spreadsheet, 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. c. Depreciation of office equipment for April is $400. d. Accrued receptionist salary on April 30 is $275 Rent expired during April is $2,000. f. Unearned fees on April 30 are $2,350. 5. (Optional) In the spreadsheet, notice that the unadjusted trial balance amounts have been entered. Enter the adjusting entries and complete the remainder of the worksheet 6. 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. If an amount box does not require an entry, leave it blank Oter 4 Homework Date Account Title Adjusting Entries d. eBook GENERAL JOURNAL Spreadsheet Post.Ref. Debit PAGE 3 Credit Print Item Chapter 4 Homework eBook Spreadsheet Print Item 7. In the spreadsheet, prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner's equity, and a balance sheet. Rosebud Consulting Income Statement For the Month Ended April 30, 2019 Expenses: Expenses: Total Expenses Rosebud Consulting Income Statement For the Month Ended April 30, 20Y9 Rosebud Consulting Statement of Owner's Equity For the Month Ended April 30, 2019 Rosebud Consultim Current Tital stats Rosebud Consulting Balance Sheet April 30, 201 the gel the journal Dentist the annumbers in the al GENERAL JOURNAL PAGE 4 Description Post Raf Deb Credit 200 Total If an amount box does not require an entry, leave it blank GENERAL JOURNAL PAGE 4 Date: Description Post Ref. Debit Credit 2019 Closing Entries Apr. 30 Apr 30 10. Prepare a post-closing trial balance. If a box does not require an entry, leave it blank Rosebud Consulting Post-Closing Trial Balance April 30, 2019 Debit Credit Balances Balances Complete Accounting Cycle For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2019, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud Consulting entered into the following transactions during April: Apr. The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and 1. 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. Provided services on account for the period Apnl 1-12, $21,900. 12. 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, 56,600. Paid cash for supplies, $725 10. Pald 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. 18. 20. 24. 26. 27. 29. 30. 30. Received cash from cash clients for fees earned during the period April 1-16, $6,600. Paid cash for supplies, $725. Provided services on account for the period April 13-20, $16,800. Received cash from cash clients for fees earned for the period April 17-24, $4,450. Received cash from clients on account, $26,500. Paid receptionist for two weeks' salary, $1,650. Paid telephone bill for April, $540. Paid electricity bill for April, $760. 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. Required: Required: 1. Journalize each transaction, in chronological order 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. If there is more than one entry on the same date, be sure to enter the transactions in the exact order as presented in the data. (Do not insert the account numbers in the journal at this time.) If an amount box does not require an entry, leave it blank 11 Cash 31 Jeff Horton, Capital 12 Accounts Receivable 32 Jeff Horton, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies Expense 18 Office Equipment 53 Rent Expense 19 Accumulated Depreciation 541 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees Date JOURNAL PAGE 1 Account Title Post. Ref. Debit Credit Date 2019 Apr. 1 Cash JOURNAL PAGE 1 Account Title Post. Ref. Debit Credit Accounts Receivable Supplies Office Equipment Jeff Horton, Capital Apr. 1 Rent Expense Apr. 21 Apr. 41 20,000 14,700 3,300 12,000 6,000 50,000 Chapter 4 Homework Apr. 4 Apr. 5 Apr. 6 Apr. 10 Apr. 12 Apr. 12 eBook Spreadsheet Print Item 11 11 11 Chapter 4 Homework eBook Spreadsheet Print Item Apr. 12 Apr. 14 JOURNAL Date Account Title Post. Ref. Debit 2019 Apr. 17 Apr. 18 Apr. 20 PAGE 2 Credit Apr. 20 Apr. 24 Apr. 26 Apr. 27 Apr. 29 Apr. 30 CBOOK > Chapter 4 Homework Apr. 301 Apr. 30 Apr. 30 Apr. 301 Print Item eBook Spreadsheet Chapter 4 Homework eBook Spreadsheet You will use the attached spreadsheet to complete several of the remaining parts of this problem. Click on the Spreadsheet icon above to open and save the Excel file to your computer Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem 2. Post the transactions from part 1 to the general ledger in the attached spreadsheet. The posting must be in chronological order. Be sure to go back and enter the appropriate posting references in the journal 3. In the spreadsheet, 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. c. Depreciation of office equipment for April is $400. d. Accrued receptionist salary on April 30 is $275 Rent expired during April is $2,000. f. Unearned fees on April 30 are $2,350. 5. (Optional) In the spreadsheet, notice that the unadjusted trial balance amounts have been entered. Enter the adjusting entries and complete the remainder of the worksheet 6. 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. If an amount box does not require an entry, leave it blank Oter 4 Homework Date Account Title Adjusting Entries d. eBook GENERAL JOURNAL Spreadsheet Post.Ref. Debit PAGE 3 Credit Print Item Chapter 4 Homework eBook Spreadsheet Print Item 7. In the spreadsheet, prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner's equity, and a balance sheet. Rosebud Consulting Income Statement For the Month Ended April 30, 2019 Expenses: Expenses: Total Expenses Rosebud Consulting Income Statement For the Month Ended April 30, 20Y9 Rosebud Consulting Statement of Owner's Equity For the Month Ended April 30, 2019 Rosebud Consultim Current Tital stats Rosebud Consulting Balance Sheet April 30, 201 the gel the journal Dentist the annumbers in the al GENERAL JOURNAL PAGE 4 Description Post Raf Deb Credit 200 Total If an amount box does not require an entry, leave it blank GENERAL JOURNAL PAGE 4 Date: Description Post Ref. Debit Credit 2019 Closing Entries Apr. 30 Apr 30 10. Prepare a post-closing trial balance. If a box does not require an entry, leave it blank Rosebud Consulting Post-Closing Trial Balance April 30, 2019 Debit Credit Balances Balances
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Westile Company buys plain ceramic tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small company in Europe, so at all times it keeps on hand a stock...
-
Explain how to set priorities by answering three priority questions and determining whether activities have high, medium, or low priority.
-
Declare a dividend valued at $100,000.
-
Helena Chocolate Products Ltd is considering the introduction of a new chocolate bar into its range of chocolate products. The new chocolate bar will require the purchase of a new piece of equipment...
-
Weller Company acquires a delivery truck at a cost of $42,000. The truck is expected to have a salvage value of $9,000 at the end of its 4-year useful life. Compute annual depreciation for the first...
-
Required information Foundational (LO4-1, LO4-2, LO4-3, LO4-4) Greenwood Company manufactures two products-14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide...
-
Discuss how rivers might differ if the fluid being transported were of a different density or viscosity or both. And lest you think this silly, we are learning about a landscape on Titan that appears...
-
Bushman and colleagues reference Abraham Lincoln in their experiment on aggression in married couples where he noted that aggressive behavior and damage caused by intimate partners primarily result...
-
Saskatchewan Soy Products (SSP) buys soy beans and processes them into other soy products. Each tonne of soy beans that SSP purchases for $300 can be converted for an additional $200 into 500 lbs of...
-
Pharoah Acres sponsors a defined-benefit pension plan. The corporation's actuary provides the following information about the plan: January 1, 2025 December 31, 2025 Vested benefit obligation $510...
-
Company panther is compelled to pick between two machines An and B. The two machines are planned in an unexpected way, yet have indistinguishable limit and do the very same work. Machine A costs...
-
On April 30, 2023, a company issued $600,000 worth of 5% bonds at par. The term of the bonds is 9 years, with interest payable semi- annually on October 31 and April 30. The year-end of the company...
-
Identify the following; MethodBodyReturn statementReturn typeParameter Look at this example we saw in our Methods lesson: public double findTheArea (double length, double w idth) { double area =...
-
You are a consultant to a large manufacturing corporation that is considering a project with the following net after-tax cash flows (in millions of dollars): Years from Now After-Tax Cash Flow 0 -30...
-
Why is the national security argument for tariffs questionable?
-
Accounting for loan assets at amortised cost LO12, 13, 14 Last Ltd is a manufacturing company that makes loans to other parties from time to time. The loan assets are classified by Last Ltd as...
-
Trading in shares LO9 Pedro Ltd is an investment company that trades in shares on the Australian Securities Exchange. Pedro Ltd measures the shares at fair value through the profit or loss. Pedro...
-
Forward to buy shares LO5 Wilshere Ltd enters a forward contract to buy its own ordinary shares after 12 months at a fixed forward price. Wilshere Ltd has a contractual obligation based on the...
Study smarter with the SolutionInn App