H K M N Jenny Watson started her consulting business, Jenny Consulting, in 2020. During January 2021, Jenny Consulting had the 2 following transactions 4 January 5 6 7 9 10 11 12 13 3 9 Received cash from clients for payment in advance for services to be provided in future, $1,000 Paid cash for advertisement expenses, $500 16 Paid total cash of $4,400 for salaries, including January salaries of $3,200 and $1,200 of salaries payable from December 20 Purchased supplies on account, $400 22 Received cash from clients on account, $2,800 25 Performed services on account and billed clients for services provided, $980 28 Received cash for services performed in January, $5,800 29 Jenny withdrew $2,000 from capital 30 Paid cash for telephone bill, $150 14 Required: 1. Record the January transactions in the general journal. Please include an explanation for each journal entry. 2. Post the journal entries in the general ledger (for Part 1 only, no need for other Parts) 15 16 17 1 10 19 Ready General Journal Mark Date January Description 3 Cash AC no. Journal no. Debit $ Credit $ 1010 J1 1,000 3030 3000 . Instructions & marking Part 1 soln Part 2 soln Part 3 soln Part 4 soln Part 5 soln 4 5 H26 A B C D E F G 6 Account Name 7 Cash 8 Accounts Receivable 9 Supplies 10 Prepaid Rent 11 Office Equipment 12 Accumulated Depreciation- Office Equipment 13 Accounts Payable 14 Salaries Payable 15 Unearned Revenue 16 Jenny Watson, Capital 17 Jenny Watson, Withdrawals 18 Income Summary 19 Service Revenue 20 Advertising Expense 21 Salaries Expense 22 Rent Expense 23 Supplies Expense 24 Depreciation Expense 25 Telephone Expense 26 Debit $ Credit $ 27 0 28 Instructions & marking Part 1 soln Part 2 soln Part 3 soln Part 4 se Ready Accessibility: Investigate A B C D E F G H K At the end of January, the following adjustments were required. 1. Physical count for Supplies on hand: cost $850 on January 31. 2. Depreciation was calculated for January, $125. 3. Accrued salaries on January 31, $600. 5 4. Rent was used during January, $1,500 5 5. Unearned Revenue were earned during January, $2,500. 7 B Required: Complete the following worksheet 9 10 11 12 13 14 $ 15. Jenny Consulting Worksheet For the month ended January 31, 2021 Unadjusted Trial Balance 16 Account Name Debit Adjustments Adjusted Trial Balance Credit Debit Credit Debit Credit 17 Cash 18 Accounts Receivable 19 Supplies 20 Prepaid Rent 1 4 Instructions & marking Part 1 soln Part 2 soln Part 3 soln Part 4 soln Part 5 soln Ready Accessibility Investigate 60F Cloudy Account Name Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Debit 1 4 2 3 5 B 9 Unearned Revenue Jenny Watson, Capital Jenny Watson, Withdrawals. Income Summary Service Revenue 5 10 1 Advertising Expense Salaries Expense 2 Rent Expense 3 Supplies Expense 34 Depreciation Expense 3 4 1 2 85 Telephone Expense Instructions & marking Part 1 soln Part 2 soln Part 3 soln Part 4 soln. Part 5 soln Ready Accessibility: Investigate 60F Cloudy B C D E F H 1 Required: Prepare an income statement, a statement of owner's equity and a balance sheet from the adjusted trial bala Mark A Jenny Consulting Income Statement For the month ended January 31, 2021 2 3 4 5 6 7 8 Revenue 9 Service Revenue 10 11 12 13 14 15 16 17 Expenses: Advertising Expense Salaries Expense Rent Expense Supplies Expense Depreciation Expense Telephone Expense Total expenses 18 Net income 19 20 21 22 23 $ S Jenny Consulting Statement of Oumar's Enuity. Instructions & marking Part 1 soln Part 2 soln Part 3 soln Part 4 soln Part 5 soln Ready Accessibility: Investigate + Undo D60 Xfx =D58+D55 B C D E F H 18 Net income 19 20 21 22 23 24 Jenny Consulting Statement of Owner's Equity For the month ended January 31, 2021 25 $ 26 27 Jenny Watson, Capital, January 1, 2021 28 Net Income 29 30 31 Withdrawals Jenny Watson, Capital, January 31, 2021 32 33 34 35 36 37 Jenny Consulting Balance Sheet As of January 31, 2021 38 39 S $ 40. Anantar Instructions & marking Part 1 soln Part 2 soln Part 3 soln Part 4 soln Part 5 D60 35 36 37 38 A B Jenny Consulting Balance Sheet As of January 31, 2021 S 39 40 Assets: 41 42 43 44 45 46 47 481 Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Less: Accumulated Depreciation Total Assets 49 50 Liabilities: 51 Accounts Payable 52 Salaries Payable 53 Unearned Revenue 54 55 Total Liabilities 56 L.T Instructions & marking Part 1 soln Part 2 soln Part 3 soln Part 4 soln Part 5 soln Ready Accessibility. Investigate 60F a 45 46 524 47 48 49 50 51 53 54 55 56 57 58 59 60 61 62 Office Equip Less: Accumulated Depreciation Total Assets Liabilities: Accounts Payable Salaries Payable Unearned Revenue Total Liabilities Owner's Equity Jenny Watson, Capital Total Liabilities and Owner's Equity B C E G H K M onsulting wants to close the accounting period as at January 31, 2021. Olves bringing the balances in all revenue, expense, and drawings accounts to zero, and updating the balance in the Owner's Capital account. d: Prepare closing entries and a post-closing trial balance Prepare closing entries 1. close revenue accounts: Debit each individual revenue account for its balance, and credit Income Summary for total revenues. 2. close expense accounts: Debit Income Summary for total expenses, and credit each individual expense account for its balance. 3. close Income Summary account: Debit Income Summary for its balance (or credit it if there is a loss) and credit (debit) the Owner's Capital account. 4. Debit the Owner's Capital account and credit the Owner's Drawings account for the balance in drawings. Date Description General Journal 1 January 31 Service Revenue 2 Income Summary To close revenue account Income Summary PR: J10 AC no. Debit $ Credit $ 4010 3030 3030 Advertising Expense 5005 Enin Instructions & marking Part 1 soln Part 2 soln Part 3 soln Part 4 soln Part 5 soln Accubility investigat Mark www General Journal AC no. Debit $ Credit $ Date Description 4010 1 January 31 Service Revenue 3030 Income Summary To close revenue account 3030 2 Income Summary Advertising Expense 5005 Salaries Expense 5010 Rent Expense 5020 Supplies Expense 5030 Depreciation Expense 5040 Telephone Expense 5050 To close expense accounts 26 27 3 Income Summary 3030 28 Jenny Watson, capital 3010 29 To close profit to capital 30 30 Instructions & marking Part 1 soln 3010 Part 2 soln Part 3 soln Part 4 soln Part 5 soln Ready Accessibility: Investigate XV fx B C D E Salaries Expense F G H 5005 Advertising Expense 5010 5020 Rent Expense 5030 Supplies Expense Depreciation Expense 5040 Telephone Expense 5050 To close expense accounts 3 Income Summary 3030 Jenny Watson, capital 3010 To close profit to capital Jenny Watson, capital 3010 Jenny Watson, drawings 3020 To close drawings account B Account Name Post-Closing Trial Balance January 31, 2021 Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Unearned Revenue Jenny Watson, Capital Debit $ Credit $