I/ 8. Net income: $53,775 Excel PR 4-5B Complete accounting cycle OBJ. 4, 5 For the past several years, Jeff Horton has operated a part-tirne 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 . 6. 10. 1 2. 12. 14. The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and oice equipment, $12,000. There were no liabilities received. Paid three months' rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $4,200. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $9,400. Purchased additional ofce equipment on account from Smith Ofce Supply Co., $8,000. Received cash from clients on account, $11,700. Paid cash for a newspaper advertisement, $350. Paid Smith Ofce Supply Co. for part of the debt incurred on April 5, $6,400. Provided services on account for the period April 112, $21,900. Paid receptionist for two weeks' salary, $1,650. Record the following transactions on Page 2 of tbejoumai: 17. 18. 20. 24. 26. 27. 29. 30. 30. 30. 30. Received cash from cash clients for fees earned during the period April 116, $6,600. Paid cash for supplies, $725. Provided services on account for the period April 1320, $16,800. Received cash from cash clients for fees earned for the period April 1724, $4,450. Received cash from clients on account, $26,500. Paid receptionist for two weeks' salary, $1,650. Paid telephone bill for April, $540. Paid electricity bill for April, $760. Received cash from cash clients for fees earned for the period April 2530, $5,160. Provided services on account for the remainder of April, $2,590. Jeff withdrew $18,000 for personal use. Instructions 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 11 Cash 31 Jeff Horton, Capital 12 Accounts Receivable 32 Jeff Horton, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies Expense 18 Ofce Equipment 53 Rent Expense 19 Accumulated DepreciationOfce Equipment 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. 10. 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. c. Depreciation of office equipment for April is $400. d. Accrued receptionist salary on April 30 is $275. e. Rent expired during April is $2,000. f. Unearned fees on April 30 are $2,350. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. . Journalize and post the adjusting entries. Record the adjusting entries on Page 5 of the journal. Prepare an adjusted trial balance. Prepare an income statement, a statement of owner's equity, and a balance sheet. Prepare and post the closing entries. Record the closing entries on Page 4 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Prepare a post-closing trial balance