Janet Stevens began her tax business, Stevens Tax Service, on February 1, 2020. Below is the Chart of Accounts for the company:

Acct # Account Title:

11 Cash

12 Accounts receivable

14 Supplies

15 Prepaid Rent

16 Prepaid Insurance

18 Office Equipment

19 Accumulated Depreciation

21 Accounts Payable

23 Unearned Fees

31 Janet Stevens, Capital

32 Janet Stevens, Drawing

41 Fees Earned

51 Salary Expense

52 Rent Expense

53 Supplies Expense

54 Depreciation Expense

55 Insurance Expense

59 Miscellaneous Expense.

After closing the books at the end of March, Stevens Tax Service had the following post-closing trial balance:

Stevens Tax Service Post-Closing Trial Balance March 31, 2020

Acct # Account Title:

Debit:

11 Cash 12,800

12 Accounts Receivable 9,750

14 Supplies 725

15 Prepaid Rent 5,000

16 Prepaid Insurance 2,250

18 Office Equipment 10,500

Credit:

19 Accumulated Depreciation 700

21 Accounts Payable 1,510

23 Unearned Fees 1,800

31 Janet Stevens, Capital 37,015

Totals: Debit- 41,025 Credit- 41,025

During the month of April, 2020, Stevens Tax Service entered into the following transactions:

Apr. 3. Received cash from clients as advance payments for services to be provided and recorded it as unearned fees, $4,500. 5. Received cash from clients on account, $5,550.

8. Paid cash for an online advertisement for $600.

10. Paid Office Depot on account, $1,000.

12. Recorded services provided on account for the period of April 1-15, $9,450.

14. Paid receptionist for two weeks salary $1,500.

15. Recorded cash from cash clients for fees earned during the period of April 1-15, $8,300.

16. Purchased office supplies on account, $1,500.

20. Paid telephone bill, $500.

21. Paid electricity bill, $720.

25. Recorded cash received from clients on account, $6,200.

28. Paid receptionist for two weeks pay, $1,500.

30. Recorded cash from cash clients for fees earned for the period March 16-30, $8,900.

30. Recorded services on account for February 16-30, $10,600.

30. Janet withdrew $9,000 for personal use.

Instructions:

2. Post the transactions from the journal to the general ledger accounts.

3. Prepare an unadjusted trial balance on the worksheet provided.

4. At the end of April, the following adjustment data were assembled. Analyze and use this data to prepare and journalize the adjusting journal entries in journal page 7: a. Insurance expired during April, $250. b. Supplies on hand on April 30, $l,250. c. Depreciation on office equipment for April, $350. d. Rent expired during April, $500. e. Unearned fees on April 30, $3,400.

5. Enter the adjusting entries on the worksheet and complete all ten columns of the worksheet.

6. Post the adjusting journal entries in the general ledger accounts.

7. Prepare an income statement, statement of owners equity, and classified balance sheet.

8. Prepare and journalize the closing entries on page 8 of the journal.

9. Post the closing entries in the general ledger accounts.

10. Prepare a post-closing trial balance as of April 30, 2020.