• For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-timebasis.BottomLineConsultingenteredintothefollowingtransactionsduringJune: June1.Thefollowingassetswere received from Emily Page: cash,$20,000;accountsreceivable, $4,500; supplies,$2,000;and officeequipment,$11,500.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, $2,400. 4. Received cash from clients as an advance payment for services to be provided and recorded it asunearnedfees,$2,700. 5. Purchased additional office equipment on account from Office Depot Co., $3,500. 6. Received cash from clients on account,$3,000. 10.Paid cash for a newspaper advertisement,$200. 12.Paid Office Depot Co. for part of the debt incurred onJune5,$750. 12.Recorded services provided on account for the period June1–12,$5,100. 14.Paid part-time receptionist for two weeks’salary,$1,100. 17. Recorded cash from cash clients for fees earned during the period June 1–16,$6,500. 18. Paidcashforsupplies,$750. 20.Recorded services provided on account for the periodJune13–20,$3,100. 24.Recorded cash from cash clients for fees earned for the period June17–24,$5,150. 26. Received cash from clients on account,$6,900. 27. Paid part-time receptionist for two weeks’salary,$1,100. 29. Paid telephone bill for June,$150. 30. PaidelectricitybillforJune,$400. 30.Recorded cash from cash clients for fees earned for the period June25–30,$2,500. 30.Recorded services provided on account for the remainder of June,$1,000. 30.Emily withdrew$5,000for personal use. Instructions 1. Journalize each transaction in a two-column journal, 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 31EmilyPage,Capital 12 Accounts Receivable 32EmilyPage,Drawing 14 Supplies 41FeesEarned 15 Prepaid Rent 51SalaryExpense 16 Prepaid Insurance 52RentExpense 18 Office Equipment 53SuppliesExpense 19 Accumulated Depreciation 54DepreciationExpense 21 Accounts Payable 55InsuranceExpense 22 Salaries Payable 59MiscellaneousExpense 23 Unearned Fees 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of June, the following adjustment data were assembled. Analyze and use these data to complete parts(5)and(6). a. InsuranceexpiredduringJuneis$200. b. Supplies on handonJune30 are$650. c. Depreciation of office equipment for June is $250. d. Accrued receptionist salary on June 30 is$220. e. Rent expired duringJuneis$2,000. f. UnearnedfeesonJune30are$1,875. 5. Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. 6. Journalize and post the adjusting entries. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner’s equity, and a balance sheet. 9. Prepare and post the closing entries. (Income Summary is account #33 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.