Instructions 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Lakota Freight Co.'s chart of accounts should be used; Wages Payable, 22; Supplies Expense, 52; Depreciation Expense-Equipment, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance. PR 4-5A Complete accounting cycle OBJ. 4,5 For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $6,000. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. 5. Purchased additional office equipment on account from Office Necessities Co., \$5,100. 6. Received cash from clients on account, $12,750. 10. Paid cash for a newspaper advertisement, $500. 12. Paid Office Necessities Co. for part of the debt incurred on July 5,$3,000. 12. Provided services on account for the period July 112,$14,200. 14. Paid receptionist for two weeks' salary, $1,500. Record the following transactions on Page 2 of the journal: 17. Received cash from cash clients for fees earned during the period July 117,$10,400. 18. Paid cash for supplies, $1,000. 20. Provided services on account for the period July 1320,$9,000. 24. Received cash from cash clients for fees earned for the period July 1724,$8,500. 26. Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks' salary, $1,500. 29. Paid telephone bill for July, \$325. 31. Paid electricity bill for July, $675. 31. Received cash from cash clients for fees earned for the period July 2531,$7,100. 31. Provided services on account for the remainder of July, $5,500. 31. Jolene withdrew $20,000 for personal use. (Continued) 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.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during July is $375. b. Supplies on hand on July 31 are $2,850. c. Depreciation of office equipment for July is $400. d. Accrued receptionist salary on July 31 is $140. c. Rent expired during July is $2,000. f. Unearned fees on July 31 are $3,000. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner's equity, and a balance sheet. 9. 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. 10. Prepare a post-closing trial balance. PR 4-1B Financial statements and closing entries OBJ. 1,2,3 Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet shown at the top of the following page at June 30,2019 , the end of the fiscal year. Instructions 1. Prepare an income statement for the year ended June 30. 2. Prepare a statement of owner's equity for the year ended June 30 . No additional investments were made during the year. 3. Prepare a balance sheet as of June 30. 4. On the basis of the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance