Complete Accounting Cycle For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 209, 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. Pald the premiums on property and casualty Insurance policies, $4,200. Received cash from dients as an advance payment for services to be provided and recorded it as uneared fees, 59,400 5. Purchased additional office equipment on account from Smith Office Supply Co. 38,000. 6. Received cash from clients on account, $11,700. 10. Paid cash for a newspaper advertisement$350, 12. Pald 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. 4. Record the following transactions on Page 2 of the journals Received cash from cash clients for fees earned during the period April 1-16, $6,600. 17 18 20. 24. 26. 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, 3760 Received cash from cash clients for fees earned for the period April 25-30, $5,160, 27. 29. 30. 30 30. Provided services on account for the remainder of April, $2,590 30 Jeff withdrew $18,000 for personal use. 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 54 Depreciation Expense 21 Accounts Payable 55 Insurance Experise 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees JOURNAL PAGE 1 Date Account Title Post. Rel. Debit Credit 2049 Apr. 1 Apr. 1 |Apr. 2 Apr. 4 Apr. 4 Apr. 5 Apr. 6 Apr. 10 Apr. 12 |Apr. 12 Apr. 12 Apr. 14 JOURNAL PAGE 2 Date Account Title Post. Rel. Debit Credit 2049 Apr. 17 Apr. 18 Apr. 20 Apr. 24 Apr. 26 II Apr. 27 Apr. 29 Apr. 30 Apr. 30 Apr. 30 Apr. 30 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. e Rent expired during April is $2,000. 1. Unearned fees on April 30 are $2,250, 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 17 an amount box does not require an entry leave it blank GENERAL JOURNAL PAGE 3 Date Account Title Post. Rer. Debit Credit Adjusting Entries 3. II II Il d. 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: Total Expenses Rosebud Consulting Statement of Owner's Equity For the Month Ended April 30, 2019 Balance Sheet April 30, 2019 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant and equipment: Total property, plant and equipment Total assets Total liabilities and owner's equity heet Lovg Liabilities Current liabilities: Total liabilities Owner's Equity Total liabilities and owner's equity PAGE 4 GENERAL JOURNAL Description Post. Ref. Date Debit Credit 2049 Closing Entries Apr. 30 . . - . . Apr. 30 Rosebud Consulting Post Closing Trial Balance April 30, 2019 Debit Credit Balances Balances