Janine Jones opens JJ Consulting Services on January 2 of the current month; and three months thereafter, its Trial Balance is as follows:

JJ Consulting Services

For the Quarter Ended March 31

Trial Balance

Account Titles Debit Credit

Cash 11,400

Account Receivable 5,620

Prepaid Insurance 2,400

Supplies 1,050

Equipment 30,000

Account payable 12,350

Note Payable 10,000

Janine Joness Capital 20,000

Janine Joness Drawing 600

Consulting Fees 13,620

Rent expenses 1,200

Wages Expenses 2,200

Travel expenses 1,300

Miscellaneous expenses 200

55,970 55,970

Additional (adjustment) data:

Supplies on hand total $480

Annual depreciation of the equipment is $3200

The annual interest rate on the 24-month note issued on January 1 is 12%

The insurance policy is for one year.

Consulting serviced provided but unbilled by end of the quarter amounts to $1030

Requirements (100 points)

Record the adjusting entries and complete the Work Sheet

Prepare the financial statements (Income Statement, Statement of Owners Equity, and Balance Sheet)

Record the closing entries and compute the Post-closing Trial Balance

Answer Key: Adjusted Trial Balance $58,100 Net Income $7,480 Total Assets $49,530