John Smith established Cornerstone Consulting in March by contribution $20,000 cash to the business in exchange for common stock and a used vehicle valued at $8,000 Cornerstone had the following transactions in April April 2 Purchased $7,500 of office equipment the company paid $1,000 cash, with the balance due in 30 days April 3 Paid $3,600 cash for a twoyear (or 24month) premium toward insurance April 5 Purchased $1,500 of supplies on credit April 10 Received an advance of $2,500 cash from a client for an investigation to be completed during April and May April 12 Billed clients $8,500 for services performed April 18 Collected $5,200 cash from clients toward their accounts billed on April 12 April 29 Paid $860 cash for vehicle fuel used in April April 30 Paid $100 cash for April newspaper advertising April 30 Paid $4,500 cash for the wages earned by the field agent April 30 Billed clients $6,000 for services performed April 30 Declared and paid cash dividends of $8,000 Record the effects of each of above transactions for April using the financial statement effects template (note, some accounts have balances on March 31) Continue in the FSET to record the effects of the following adjustments to the following accounts insurance expense, supplies expense, depreciation expensevehicle, depreciation expenseequipment, and service fees earned Supplies still available on April 30 amount to $200 Depreciation for April was $250 on the vehicle and $50 on equipment Twofifth of the fee received on April 10 for the investigation was earned by April 30 Record the about transactions for April using journal entries Set up Taccounts for the following accounts cash, accounts receivable, supplies, prepaid insurance, vehicle, accumulated depreciationvehicle, equipment, accumulated depreciationequipment, accounts payable, unearned fees, common stock, retained earnings, dividends, consulting fees earned, fuel expense, advertising expense, wages expense, insurance expense, supplies expense, depreciation expensevehicle, and depreciation expenseequipment Enter the balances at the as of March 31 Post the journal entries from part 3 to their Taccounts (reference transactions in Taccounts by date) Prepare journal entries to adjust the following accounts (a) insurance expense, (b) supplies expense, (c) depreciation expensevehicle, (d) depreciation expenseequipment, and (e) service fees earned Supplies still available on April 30 amount to $200 Depreciation for April was $250 on the vehicle and $50 on equipment Two fifth of the fee received on April 5 for the investigation was earned by April 30 Post the adjusting journal entries from part 5 to their Taccounts set up in part 4 and contain the postings from part 5 Prepare Beneish Corporations income statement and statement of stockholders equity for yearend December 31 and its balance sheet as of December 31 There were no stock issuances or repurchases during the year b Prepare journal entries to close Beneishs temporary accounts c Set up Taccounts for each account and post the closing entrie Prepare Beneish Corporations income statement and statement of stockholders equity for yearend December 31 and its balance sheet as of December 31 There were no stock issuances or repurchases during the year b Prepare journal entries to close Beneishs temporary accounts c Set up Taccounts for each account and post the closing entrie Prepare Cornerstones income statement and statement of stockholders equity for month ended April 30 and its balance sheet as of April 30 Prepare journal entries to close Cornerstones temporary accounts Post the closing entries to the T accounts set up in part 4 and contain the postings from parts 5 and 7

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John Smith established Cornerstone Consulting in March by contribution $20,000 cash to the business in exchange for common stock and a used vehicle valued at

John Smith established Cornerstone Consulting in March by contribution $20,000 cash to the business in exchange for common stock and a used vehicle valued at $8,000. Cornerstone had the following transactions in April.

April 2 Purchased $7,500 of office equipment; the company paid $1,000 cash, with the balance due in 30 days.

April 3 Paid $3,600 cash for a twoyear (or 24month) premium toward insurance.

April 5 Purchased $1,500 of supplies on credit.

April 10 Received an advance of $2,500 cash from a client for an investigation to be completed during April and May.

April 12 Billed clients $8,500 for services performed.

April 18 Collected $5,200 cash from clients toward their accounts billed on April 12.

April 29 Paid $860 cash for vehicle fuel used in April.

April 30 Paid $100 cash for April newspaper advertising.

April 30 Paid $4,500 cash for the wages earned by the field agent.

April 30 Billed clients $6,000 for services performed.

April 30 Declared and paid cash dividends of $8,000.

Record the effects of each of above transactions for April using the financial statement effects template (note, some accounts have balances on March 31).
Continue in the FSET to record the effects of the following adjustments to the following accounts: insurance expense, supplies expense, depreciation expensevehicle, depreciation expenseequipment, and service fees earned. Supplies still available on April 30 amount to $200. Depreciation for April was $250 on the vehicle and $50 on equipment. Twofifth of the fee received on April 10 for the investigation was earned by April 30.

Record the about transactions for April using journal entries.
Set up Taccounts for the following accounts: cash, accounts receivable, supplies, prepaid insurance, vehicle, accumulated depreciationvehicle, equipment, accumulated depreciationequipment, accounts payable, unearned fees, common stock, retained earnings, dividends, consulting fees earned, fuel expense, advertising expense, wages expense, insurance expense, supplies expense, depreciation expensevehicle, and depreciation expenseequipment. Enter the balances at the as of March 31.
Post the journal entries from part 3 to their Taccounts (reference transactions in Taccounts by date).
Prepare journal entries to adjust the following accounts: (a) insurance expense, (b) supplies expense, (c) depreciation expensevehicle, (d) depreciation expenseequipment, and (e) service fees earned. Supplies still available on April 30 amount to $200. Depreciation for April was $250 on the vehicle and $50 on equipment. Two fifth of the fee received on April 5 for the investigation was earned by April 30.
Post the adjusting journal entries from part 5 to their Taccounts set up in part 4 and contain the postings from part 5.

Prepare Beneish Corporations income statement and statement of stockholders equity for yearend

December 31 and its balance sheet as of December 31. There were no stock issuances or repurchases

during the year.

b. Prepare journal entries to close Beneishs temporary accounts.

c. Set up Taccounts for each account and post the closing entrie

Prepare Beneish Corporations income statement and statement of stockholders equity for yearend

December 31 and its balance sheet as of December 31. There were no stock issuances or repurchases

during the year.

b. Prepare journal entries to close Beneishs temporary accounts.

c. Set up Taccounts for each account and post the closing entrie

Prepare Cornerstones income statement and statement of stockholders equity for month ended April 30 and its balance sheet as of April 30.
Prepare journal entries to close Cornerstones temporary accounts.
Post the closing entries to the T-accounts set up in part 4 and contain the postings from parts 5 and 7.