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fill in charts from chart of accounts pic1 need income statement, retained earnings statement, balance sheet all charts needs filled Accounting Cycle Practice Problem-Summer 2018
fill in charts from chart of accounts pic1 need income statement, retained earnings statement, balance sheet all charts needs filled
Accounting Cycle Practice Problem-Summer 2018 For the past several years, John Addarms has operatad a part me tusivess from hos ne A of April 1,2002, John decikled to move to ranted quarters and to operate Phe busness, wi was?be known as Addams Farnily Inc , on a rull time, basie Addarns & Farney entered me the folowing transactions during Apr Aprit 4 The fotowing assets were receired from John Addarns: cash, $10,000, wzounts receivable, $1,800, supplies, 31,250 and office eqpmerd, $7,00 There wers no liabilties received Apri 4 Paid three months' rent on a lease rental contract, $4,500 Apni 4 Paid the premium on property and casuaty insurance policies for the year, $1800 Apni 8 Received cash from clents as an advance paryment for services to be pevuited, Apil 7 Purchased additional office furniture on account from Moriton Company, $1,800 $3,000 April 8 Received cash from clients on account, 380 April 11 Paid cash for newspaper advertisement, $120 April 12 Paid Morriton Company $800 for debt incurred on Aprl 7 April 15 Recorded services provided on account for the peried April 4-15, $2.250 April 15 Paid part-time receptionist for two weeks salary. $400 April 15 Recorded cash from cash clients for fees earned Aprit 4-15, 33,175 April 18 Paid cash for supplies, $750 April 22 Recorded services prowided on account for April 18-22, $1,100 April 22 Recorded cash from cash clients for fees earned April 18-22, $1,850 Apri 25 Received cash from clients on account, $1,600 Apri 27 Paid part-tme receptionist for two week's salary, $400 Apri 28 Paid telephone bill for April, $130. Apil 29 Paid electric bil for April, $200 April 29 Recorded cash from cash clients for fees eamed April 25-29, $2,050 April 29 Recorded services provided on account for Apri 25-29, $1,000 April 29 John received $4,500 from the company as his salary. Instructions: (The first transaction has been recorded and posted for you). 1. Record the transactions stated above in good general journal form 2. Post the transactions to T-accounts. 3. Record and post the following adjustments: a Insurance expired in April, $150 b. Supples on hand April 29, $1,020 c. Depreciation for the office equipment in April, $500 d. Accrued receptionist salary on April 30, $20 e. Rent expired in April, $1,500 f Earned $2,000 of services that were previously paid for on 4/ 5. Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet. 0. Record and post closing entries. 7. Prepare a post-closing trial balanceStep by Step Solution
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