Knockout Consulting entered into the following transactions during April: Apr. 1. The following assets were received from the owner as an investment : 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. Paid for part of the debt incurred on April 5, $6,400. 12. 12. Provided services on account for the period April 1-12 $21.900. 14. Paid receptionist for two weeks' salary, $1,650. 17. Received cash from cash clients for fees earned during the period April 1-16. $6,600. Paid cash for supplies. $725. Provided services on account for the period Anril 18-20 18. 20. 14. Paid receptionist for two weeks' salary. $1,650. 17. 18. 20. 24. Received cash from cash clients for fees earned during the period April 1-16. $6,600. Paid cash for supplies, $725. Provided services on account for the period April 13-20, $16,800. Received cash from cash clients for fees earned for the period April 17-24, $4.450. Received cash from clients on account, $26,500. Paid telephone bill for April, $540. Received cash from cash clients for fees earned for the period April 25-30, $5,160. Withdrew $18,000 for personal use. 26. 29. 30. 30. Instructions Complete the accounting cycle for the above. Adjusting entries are below. Adjusting Entries 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. Knockout Consulting entered into the following transactions during April: Apr. 1. The following assets were received from the owner as an investment : 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. Paid for part of the debt incurred on April 5, $6,400. 12. 12. Provided services on account for the period April 1-12 $21.900. 14. Paid receptionist for two weeks' salary, $1,650. 17. Received cash from cash clients for fees earned during the period April 1-16. $6,600. Paid cash for supplies. $725. Provided services on account for the period Anril 18-20 18. 20. 14. Paid receptionist for two weeks' salary. $1,650. 17. 18. 20. 24. Received cash from cash clients for fees earned during the period April 1-16. $6,600. Paid cash for supplies, $725. Provided services on account for the period April 13-20, $16,800. Received cash from cash clients for fees earned for the period April 17-24, $4.450. Received cash from clients on account, $26,500. Paid telephone bill for April, $540. Received cash from cash clients for fees earned for the period April 25-30, $5,160. Withdrew $18,000 for personal use. 26. 29. 30. 30. Instructions Complete the accounting cycle for the above. Adjusting entries are below. Adjusting Entries 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