Question
free dowonload for the past several years.john adams has operated apart time business from his home as of april 1,2002. john decided to move to
free dowonload for the past several years.john adams has operated apart time business from his home as of april 1,2002. john decided to move to rented quarters and to operate the business, which was to be known as addams and family, inv on a full time basis . Addams and families entered into the following transactions during april
Apr. 4 The following assets were received from John Addams: Cash, $10,000; Accounts Receivable, $1,500; Supplies, $1,250; and Office Equipment, $7,500 (Hence, John contributed in business with $20,250). There were no liabilities received.
4 Paid three months’ rent on a lease rental contract, $4,500.
4 Paid the premium (price) on property insurance policy for the year, $1,800.
6 Received cash from clients as an advance payment for services to be provided, $3,000.
7 Purchased additional office furniture on account from Morrilton Company, $1,800.
8 Received cash from clients on account, $800.
11 Paid cash for newspaper advertisement, $120.
12 Paid Morrilton Company $800 for debt incurred on April 7.
15 Recorded services provided on account for the period April 4-15, $2,250.
15 Paid part-time receptionist for two weeks’ salary, $400.
15 Recorded cash from cash clients for fees earned April 4-15, $3,175.
18 Paid cash for supplies, $750.
22 Recorded services provided on account for April 18-22, $1,100.
22 Recorded cash from cash clients for fees earned April 18-22, $1,850.
25 Received cash from clients on account, $1,600.
27 Paid part-time receptionist for two weeks’ salary, $400.
28 Paid telephone bill for April, $200.
29 Recorded cash from cash clients for fees earned April 25-29, $2,050
29 Recorded services provided on account for April 25-29, $1,000.
29 John received $4,500 from the company as his salary.
i record the transaction stated above in general journal form
ii post the transaction to T accounts
iii record and post the fooling adjustments
a insurance expired in April $ 150
b supplies on hand April 29 $ 1020
c depreciation for the office equipment in April 6
d accrued receptionist salary on April 30,# 20
iv prepare an income statements , statements of retained earnings and BALANCE SHEET
V RECORD AND POST CLOSING ENTRIES
vi prepare a post closing trial balance
e rent expired in April $ 1500
f earned $ 2000 of services that were previously paid for on april 6
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