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GL0303 (Algo) - Extension of Problem 2-1A LO P1, P2, P3, P4, P5 April Mohr opened a web consulting business called Solid Systems and recorded the following transactions in its first month of operations. Apri1 i Mohr inventis 589,000 cash along with office equipesent valued at 340,000 in the coepany in exehange for eotnon April 2 The company prepald B10, Boo eash for twelve monthat rent for otfice apace. The coepany's polifoy Ia record Aprit 3 The company made eredte purehases for sis.lob. Aprit 3 The eompany made eredit purchases for 58,100 in offlee equipesent and s4, 000 in offioe suppliea. Payeent is due Aprit: 6 The oompany completed nervices for a elient and imendately received $7,600 eash. April.9 The conpany coapleted a $20,000 project for a elient, who must pay within 30 days. Apri1 13 The conpany pald $12,100 cash to settle the account payable created on April 3 . April 19 The cospany paid 53,120 cash for the preniuan on a 12-nonth innurance policy. The coepany's policy in record April 22 The company received 54,500 eash as partifal April 22 The company received $4,500 cash as partial payment for the work easpleted on Agril 9. Apri1 25 The conpany cospleted work for another ellent for $6,700 on eredit. April 25 The cospany paid 35,900 cash in dividends. Apri1 29 the company purchased 53,400 of additional of fice supplies on oredit. April 30 The company paid $2,700 cash for this month's atility bil1. Descriptions of items that require adjusting entries on April 30 , follow. a) On April 2, the company prepaid $10.800 cash for twelve months' rent for office space. b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on April 1. c) Office supplies on hand as of April 30 total \$1,600. d) Straight-line depreciation of office equipment, based on a 5 -year life and a $9,100 salvage value, is $650 per month. e) The company has completed work for a client, but has not yet billed the $2,600 fee. f) Wages due to employees, but not yet paid, as of April 30 total \$3,000