Instructions:
1. Analyze, journalize, and post daily transactions. (Daily transaction data included below.)
2. Prepare an unadjusted trial balance (general ledger balances after daily transactions have been posted but before adjusting entries are posted).
3. Analyze, journalize, and post adjusting entries. (Adjustment data included below.)
4. Prepare an adjusted trial balance (general ledger balances after adjusting entries have been posted but before closing entries are posted).
5. Prepare the financial statements: income statement, statement of owner's equity, and balance sheet.
6. Analyze, journalize, and post closing entries.
7. Prepare the post-closing trial balance.
Note 1: All forms are provided, including (in order of listing) General Journal, Unadjusted Trial Balance, Adjusted Trial Balance, Income Statement,
Statement of Owner's Equity, Balance Sheet, and Post-Closing Trial Balance. Be sure to use the following account names in the Chart of Accounts
(exactly as they are listed).
Note 2: General ledger accounts for posting begin at cell B24. Remember, when preparing the trial balances, the amounts come from the general ledger.
Be sure to:
1. Post only the daily transactions and then prepare the unadjusted trial balance.
2. Prepare the adjusted trial balance immediately after posting the adjusting entries.
3. Prepare the post-closing trial balance after posting the closing entries.
Acct.
No.	Chart of Accounts
101	Cash
106	Accounts Receivable
124	Supplies
128	Prepaid Rent
167	Equipment
168	Accumulated Depreciation
201	Accounts Payable
209	Salaries Payable
301	Happy, Capital
302	Happy, Withdrawals
405	Fees Earned
612	Depreciation Expense
622	Salaries Expense
637	Insurance Expense
640	Rent Expense
650	Supplies Expense
901	Income Summary
Transactions for April:
	YOU'VE DONE IT!
	General Journal
Date	Account Titles	Trans. No.	Debit	Credit
Apr. 1	Owner invested cash of $50,000 and equipment of $150,000.
		1
2	Paid rent for six months, $24,000 ($4,000 per month for 6 months). (Check #1)
		2
3	Purchased supplies for cash of $7,000. (Check #2)
		3
8	Paid insurance for April, $2,000. (Check #4)
		4
10	Performed tax services for clients, receiving cash of $20,000 immediately.
		5
12	Paid employee salary of $1,000 for April 1-12. (Check #5)
		6
15	Performed tax services for clients on account, $15,000.
		7
20	Collected $5,000 from clients on account for services performed and
	recorded on April 15. Balance to be collected in May.
		10
26	Paid employee salary of $1,000 for April 15-26. (Check #6)
		8
28	Purchased equipment on account, $30,000.
		9
29	Paid $10,000 for equipment purchased on account on April 28. Balance to be
	paid in May and June. (Check #7)
		10
30	Owner withdrew $8,000 for personal use. (Check #8)
		11
Reminder: Stop here and post the daily transactions to the general ledger.
Then prepare the unadjusted trial balance.
Adjusting Entries
Apr. 30	Adjust for expired rent for month.
		12
30	Adjust for supplies used. Ending supplies inventory is $4,400.
		13
30	Adjust for monthly depreciation of equipment, $3,000.
		14
30	Adjust for salaries. Salary accrued but unpaid is $400.
		15
30	Accrued fees earned from clients are $9,000.
		16
Reminder: Stop here and post the adjusting entries to the general ledger.
Then prepare the adjusted trial balance and financial statements.
Closing Entries
Apr. 30	Closing entry #1
		17
30	Closing entry #2
		18
30	Closing entry #3
		19
30	Closing entry #4
		20
Reminder: Stop here and post the closing entries to the general ledger.
Then prepare the post-closing trial balance.
	YOU'VE DONE IT!
	Unadjusted Trial Balance
	April 30, 2007
	Account Titles	Debits	Credits
	Cash
	Accounts Receivable
	Supplies
	Prepaid Rent
	Equipment
	Accumulated Depreciation
	Accounts Payable
	Salaries Payable
	Happy, Capital
	Happy, Withdrawals
	Fees Earned
	Depreciation Expense
	Salaries Expense
	Insurance Expense
	Rent Expense
	Supplies Expense
	Totals
	YOU'VE DONE IT!
	Adjusted Trial Balance
	April 30, 2007
	Account Titles	Debits	Credits
	Cash
	Accounts Receivable
	Supplies
	Prepaid Rent
	Equipment
	Accumulated Depreciation
	Accounts Payable
	Salaries Payable
	Happy, Capital
	Happy, Withdrawals
	Fees Earned
	Depreciation Expense
	Salaries Expense
	Insurance Expense
	Rent Expense
	Supplies Expense
	Totals
	YOU'VE DONE IT!
	Income Statement
	For Month Ended April 30, 2005
	Revenues:
	Fees earned
	Expenses:
	Depreciation expense
	Salaries expense
	Insurance expense
	Rent expense
	Supplies expense
	Total expenses
	Net income
	YOU'VE DONE IT!
	Statement of Owner's Equity
	For Month Ended April 30, 2007
	Happy, Capital, April 1, 2007
	Plus: Investment by owner
	Net income
	Total
	Less withdrawals
	Happy, Capital, April 30, 2007
	YOU'VE DONE IT!
	Balance Sheet
	April 30, 2007
Assets
	Cash
	Accounts receivable
	Supplies
	Prepaid rent
	Equipment
	Accumulated depreciation
	Total assets
Liabilities
	Accounts payable
	Salaries payable
	Total liabilities
Owner's Equity
	Happy, Capital
	Total liabilities and equity
	YOU'VE DONE IT!
	Post-Closing Trial Balance
	April 30, 2007
	Account Titles	Debits	Credits
	Cash
	Accounts receivable
	Supplies
	Prepaid rent
	Equipment
	Accumulated depreciation
	Accounts payable
	Salaries payable
	Happy, Capital
	Totals
YOU'VE DONE IT!
General Ledger
Cash				Account No.	101
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr 1	Daily	1
2	Daily	2
3	Daily	3
8	Daily	4
10	Daily	5
12	Daily	6
20	Daily	8
26	Daily	9
29	Daily	11
30	Daily	12
Accounts Receivable				Account No.	106
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 15	Daily	7
20	Daily	8
30	Adjusting	17
Supplies				Account No.	124
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 3	Daily	3
30	Adjusting	14
Prepaid Rent				Account No.	128
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 2	Daily	2
30	Adjusting	13
Equipment				Account No.	167
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 1	Daily	1
28	Daily	10
Accumulated Depreciation				Account No.	168
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 30	Adjusting	15
Accounts Payable				Account No.	209
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 28	Daily	10
29	Daily	11
Salaries Payable				Account No.	209
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 30	Adjusting	16
Happy, Capital				Account No.	301
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 1	Daily	1
30	Closing	20
30	Closing	21
Happy, Withdrawals				Account No.	302
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 30	Daily	12
30	Closing	21
Fees Earned				Account No.	405
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 10	Daily	5
15	Daily	7
30	Adjusting	17
30	Closing	18
Depreciation Expense				Account No.	612
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 30	Adjusting	15
30	Closing	19
Salaries Expense				Account No.	622
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 12	Daily	6
26	Daily	9
30	Adjusting	16
30	Closing	19
				.
Insurance Expense				Account No.	637
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 8	Adjusting	4
30	Closing	19
Rent Expense				Account No.	640
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 30	Adjusting	13
30	Closing	19
Supplies Expense				Account No.	650
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 30	Adjusting	14
30	Closing	19
Income Summary				Account No.	901
Date	Explanation	Trans. No.	Debit	Credit	Balance
Apr. 30	Closing	18
30	Closing	19
30	Closing	20