Michael Masters opened a web consulting business called Business Mastery and recorded the following transactions in its first month of operations Apr. Masters invests $86,000 cash along with office equipment valued at $39,500 in the Apr 2 The company prepaid $10,200 cash for twelve months' rent for office space. The Apr. 3The company made credit purchases for $8,900 in office equipment and $3,900 in office company company's policy is record prepaid expenses in balance sheet accounts supplies. Payment is due within 10 days Apr 6The company completed services for a client and immediately received $7,300 cash Apr. 9 The company completed a $19,500 project for a client, who must pay within 30 days Apr. 13 The company paid $12,800 cash to settle the account payable created on April 3 Apr. 19 The company paid $2,880 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts Apr. 22 The company received $4,200 cash as partial payment for the work completed on April Apr. 25 The company completed work for another client for $6,600 on credit Apr. 28 Masters withdrew $5,800 cash from the company for personal use Apr. 29 The company purchased $3,300 of additional office supplies on credit. Apr. 30 The company paid $2,500 cash for this month's utility bill Descriptions of items that require adjusting entries on April 30, 2017, follow a) On April 2, the company prepaid $10,200 cash for twelve months' rent for office space b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on April 1 c) Office supplies on hand as of April 30 total $1,500 d) Straight-line depreciation of office equipment, based on a 5-year life and a $7,900 salvage value, is $675 per month e) The company has completed work for a client, but has not yet billed the $2,400 fee f) Wages due to employees, but not yet paid, as of April 30 total $2,900 Unadjusted Account affecting the: Impact on net income Adjusting entry related to: a) Rent b) Insurance c) Office supplies d) Depreciation e) Unbilled fees 1) Unpaid wages Income Statement Balance Sheet Balance Sheet Journal entry worksheet 2 3 4 5 6 On April 2, the company prepaid $10,200 cash for twelve months' rent for office space. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Requirement General Ledger> Journal entry worksheet 2 3 4 5 6 The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy; the policy's coverage began on April 1. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry view general journal View transaction list Journal entry worksheet 2 3 4 5 6 Office supplies on hand as of April 30 total $1,500. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 6 Straight-line depreciation of office equipment, based on a 5-year life and a $7,900 salvage value, is $675 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry Journal entry worksheet 2 3 4 5 6 The company has completed work for a client, but has not yet billed the $2,400 fee. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry view general journal Journal entry worksheet 2 3 4 5 6 Wages due to employees, but not yet paid, as of April 30 total $2,900. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Unadjusted General Ledger Account Cash Accounts receivable Debit Debit Credit Apr 30 63,320 Apr 30 21,900 Office supplies Prepaid insurance Debit Debit Apr 30 7.200 Apr 30 2,880 Prepaid rent Office equipment Debit Debit Apr 30 0,200 Apr 30 48.400 Accounts payable M. Masters, Capital Debit Debit Apr 30 3,300 Apr 30 125,500 M. Masters, Withdrawals Services revenue Debit Debit Apr 30 5,800 Apr 30 33,400 Utilities expense Apr 30 2,500 BUSINESS MASTERY Trial Balance April 30, 2017 Account Title Debit Credit cash 63,320 21,900 7.200 2,880 10,200 48,400 Office supplies Prepaid rent Office equipment Accounts payable M. Masters, Capital 3,300 125,500 M. Masters, Withdrawals Services revenue Utilities expense 5.800 33,400 2.500 Total 162,200 S 162,200 General Ledger Income Statement > Unadjusted BUSINESS MASTERY Income Statement For Month Ended April 30, 2017 Revenues: 0 Expenses: 0 Net income 0 BUSINESS MASTERY Statement of Owner's Equity For Month Ended April 30, 2017 M. Masters, Capital, April 1, 2017 Add: Investments by owner $125,500 125,500 125,500 Less: Withdrawals by owner 5,800 (5,800) $119,700 M. Masters, Capital, April 30, 2017 BUSINESS MASTERY Balance Sheet April 30, 2017 ASSETS Current assets: Plant assets: LIABILITIES AND EQUITY Liabilities Equity: Unadjusted Account affecting the: Impact on net income usting entry related to: Income Statement Balance Sheet a) Rent b) Insurance c) Office supplies e) Unbilled fees Unpaid wages