Molly Meng opened a web consulting business called OnPoint and recorded the following transactions in its first month of operations. April 1 Meng invests $86,000 cash along with office equipment valued at $27,000 in the company in exchange for common stock. April 2 The company prepaid $10,200 cash for twelve months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. April 3 The company made credit purchases for $8,200 in office equipment and $3,800 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $4,600 cash. April 9 The company completed a $7,000 project for a client, who must pay within 30 days. April 13 The company paid $12,000 cash to settle the account payable created on April 3. April 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. April 22 The company received $4,200 cash as partial payment for the work completed on April 9. April 25 The company completed work for another client for $4,100 on credit. April 28 The company paid $5,700 cash in dividends. April 29 The company purchased $800 of additional office supplies on credit. April 30 The company paid $700 cash for this month's utility bill. Descriptions of items that require adjusting entries on April 30, 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 $1,400. d) Straight-line depreciation of office equipment, based on a 5-year life and a $8,200 salvage value, is $450 per month. e) The company has completed work for a client, but has not yet billed the $2,200 fee. f) Wages due to employees, but not yet paid, as of April 30 total $2,800. General Requirement Journal General Ledger Trial Balance Income Statement St of Retained Earnings Balance Sheet Impact on Income For transactions a-f, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". View transaction list Journal entry worksheet 1 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 April 30 Account Title Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 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 April 30 Account Title Debit Credit > View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 Office supplies on hand as of April 30 total $1,400. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Journal entry worksheet 1 2 3 4 5 6 Straight-line depreciation of office equipment, based on a 5-year life and a $8,200 salvage value, is $450 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date April 30 Account Title Debit Credit > Journal entry worksheet < 1 2 3 LO 6 The company has completed work for a client, but has not yet billed the $2,200 fee. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Journal entry worksheet < 1 2 3 4 5 6 Wages due to employees, but not yet paid, as of April 30 total $2,800. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date April 30 Account Title Debit Credit View general journal Record entry Clear entry