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.	1	The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and 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.
	12	Recorded services provided on account for the period April 112, $21,900.
	14	Paid receptionist for two weeks salary, $1,650.

Record the following transactions on Page 2 of the journal:

Apr.	17	Recorded cash from cash clients for fees earned during the period April 117, $6,600.
	18	Paid cash for supplies, $725.
	20	Recorded services provided on account for the period April 1320, $16,800.
	24	Recorded cash from cash clients for fees earned for the period April 1724, $4,450.
	26	Received cash from clients on account, $26,500.
	27	Paid receptionist for two weeks salary, $1,650.
	29	Paid telephone bill for April, $540.
	30	Paid electricity bill for April, $760.
	30	Recorded cash from cash clients for fees earned for the period April 2530, $5,160.
	30	Recorded services provided on account for the remainder of April, $2,590.
	30	Jeff withdrew $18,000 for personal use.

At the end of April, the adjustment data were assembled. Analyze and use these data to complete requirements (5)

	Insurance expired during April is $350.
	Supplies on hand on April 30 are $1,225.
	Depreciation of office equipment for April is $400.
	Accrued receptionist salary on April 30 is $275.
	Rent expired during April is $2,000.
	Unearned fees on April 30 are $2,350.

INSTRUCTIONS: 1. Journalize each transaction

2. Post to T-accounts/ four column accounts

3. Journalize and post the adjusting entries

4. Prepare an adjusted trial balance

5. Answer the following questions as of April 30 after adjusted trial balance is completed: a. What is the balance in Jeff Horton, Capital to be entered on the Balance Sheet?

b. In what order do the financial statements get completed?

c. What accounts will be closed and therefore used to update the Capital balance?

d. What is the book value of plant assets?

e. What is the Net Income/Loss?

f. What is the value of current assets?

g. What is the current ratio?

h. What is the balance of Liabilities plus owner's equity?

i. What were the ten steps to the accounting cycle to get to this point?