For the past several years, JEff Horton has operated a part time consulting business from his home. As of April 1, 2016, Jeff decided to move to rented quarters and to operate the bussiness, which was to be known as. Rosebud Consulting. on a full time basis. Net Income: $53,775.

This is problem 4-5B.

208 Chapter 4 Completing the Accounting Cycle business, which was to be known as Rosebud Consulting, on a full-time basis Consulting entered into the following transactions during April: Apr. 1. The following assets were received from Jeff Horton: cash, $20,000, aco receivable, $14,700; supplies, $3,300; and office equipment, $12,000. There accounts 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 Su $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 1-12, $21,900 14. Paid receptionist for two weeks' salary, $1,650. Record the following transactions on Page 2 of the journal Recorded cash from cash clients for fees earned during the period April 1-16, $6,600. 17. 18. Paid cash for supplies, $725. 20. Recorded services provided on account for the period April 13-20, $16,800 Re $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 25-30, $5,160. 30. Recorded services provided on account for the remainder of April, $2,590. 30. Jeff withdrew $18,000 for personal use Instructions 1. Journalize each transaction in a two-column journal starting on Page 1, referring the following chart of accounts in selecting the accounts to be debited and (Do not insert the account numbers in the journal at this time.) 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Jeff Horton, Capital 32 Jeff Horton, Drawing 41 Fees Earned 51 Salary Expense 52 Supplies Expense 53 Rent Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense umulated Depreci 2. Post the journal to a ledger of four-column accounts 3. 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