Knockout Consulting entered into the following transactions during April Apr 1 The following assets were received cash, $20,000 accounts receivable, $14,700 supplies, $3,300 and office equipment, $12,000 1 Paid three months' rent on a lease rental contract, $6,000 2 Paid the premiums on property and casualty insurance policies, $4,200 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $9,400 5 Purchased additional office equipment on account, $8,000 6 Received cash from clients on account, $11,700 10 Paid cash for advertisements, $350 12 Paid for part of the debt incurred on April 5, $6,400 12 Provided services on account for the period April 112, $21,900 14 Paid receptionist for two weeks' salary, $1,650 17 Received cash from cash clients for fees earned during the period April 116, $6,600 18 Paid cash for supplies, $725 20 Provided services on account for the period April 1320, $16,800 24 Received cash from cash clients for fees earned for the period April 1724, $4,450 26 Received cash from clients on account, $26,500 27 Paid receptionist for two weeks' salary, $1,650 29 Paid telephone bill for April, $540 30 Paid electricity bill for April, $760 30 Received cash from cash clients for fees earned for the period April 2530, $5,160 30 Provided services on account for the remainder of April, $2,590 30 Withdrew $18,000 for personal use Instructions Prepare journal entries for the above Prepare an unadjusted trial balance At the end of April, the following adjustment data were assembled Insurance expired during April is $350 Supplies on hand on April 30 are $1,225 Depreciation of office equipment for April is $400 Accrued receptionist salary on April 30 is $275 Rent expired during April is $2,000 Unearned fees on April 30 are $2,350 Prepare the adjusting journal entries for the above Prepare an income statement, a statement of owner's equity, and a balance sheet Prepare closing entries

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Posted on Sep 15, 2024

Knockout Consulting entered into the following transactions during April:

Apr. 1.		The following assets were received : cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and office equipment, $12,000.
1.		Paid three months' rent on a lease rental contract, $6,000.
2.		Paid the premiums on property and casualty insurance policies, $4,200.
4.		Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $9,400.
5.		Purchased additional office equipment on account, $8,000.
6.		Received cash from clients on account, $11,700.
10.		Paid cash for advertisements, $350.
12.		Paid for part of the debt incurred on April 5, $6,400.
12.		Provided services on account for the period April 112, $21,900.
14.		Paid receptionist for two weeks' salary, $1,650.

17.		Received cash from cash clients for fees earned during the period April 116, $6,600.
18.		Paid cash for supplies, $725.
20.		Provided services on account for the period April 1320, $16,800.
24.		Received cash from cash clients for fees earned for the period April 1724, $4,450.
26.		Received cash from clients on account, $26,500.
27.		Paid receptionist for two weeks' salary, $1,650.
29.		Paid telephone bill for April, $540.
30.		Paid electricity bill for April, $760.
30.		Received cash from cash clients for fees earned for the period April 2530, $5,160.
30.		Provided services on account for the remainder of April, $2,590.
30.		Withdrew $18,000 for personal use.

Instructions

Prepare journal entries for the above.
Prepare an unadjusted trial balance.
At the end of April, the following adjustment data were assembled.
1. Insurance expired during April is $350.
2. Supplies on hand on April 30 are $1,225.
3. Depreciation of office equipment for April is $400.
4. Accrued receptionist salary on April 30 is $275.
5. Rent expired during April is $2,000.
6. Unearned fees on April 30 are $2,350.
Prepare the adjusting journal entries for the above.
Prepare an income statement, a statement of owner's equity, and a balance sheet.
Prepare closing entries.