LATE July 1. The following assets were received from Steffy Lopez in exchange for common stock cash, $13,500 accounts receivable $20,800; supplies, $3,200; and office equipment, $7,500. There were no liabilities received. 1. Pald two months' rent on a lease rental contract, $4,800. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500. 5. Purchased additional office equipment on account from Office Station Co. $6,500. 6. Received cash from clients on account, $15,300. 10. Paid cash for a newspaper advertisement, $400. 12. Paid Office Station Co. for part of the debt incurred on July 5, $5,200. 12. Recorded services provided on account for the period July 1-12, 513,300. 14. Paid receptionist for two weeks' salary, $1,750. Record the following transactions on Page 2 of the journal: 17. Recorded cash from cash clients for fees earned during the period July 1-17. $9,450. 18. Paid cash for supplies, $600. 20. Recorded services provided on account for the period July 13-20, $6,650. 24. Recorded cash from cash clients for fees eamed for the period July 17-24, S4,000. 26. Received cash from clients on account. $12,000. 27. Paid receptionist for two weeks' salary, $1.750. 29. Paid telephone bill for July, $325. 31. Paid electricity bill for July, $675. 31. Recorded cash from cash clients for fees earned for the period July 25-31, $5,200. 31. Recorded services provided on account for the remainder of July, $3,000, 31. Paid dividends, $12,500. 4. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (0). (A) Insurance expired during July is $375. (B) Supplies on hand on July 31 are $1,525. (C) Depreciation of office equipment for July is $750. (D) Accrued receptionist salary on July 31 is $175. (E) Rent expired during July is $2,400. (F) Unearned fees on July 31 are $2,750. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. (Income Summary is account #34 in the chart of ac- counts. Record the closing entries on Page 4 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIA 1 jul.1 Cash 11 13,500.00 1 2 12 1 20,800.00 3,200.00 3 14 t Accounts Receivable Supplies Office Equipment Common Stock Jul. 1 Prepaid Rent 18 7,500.00 f 31 45,000.00 15 4,800.00 Cash 11 4,800.00 1 JUL.2 Prepaid Insurance 16 4,500.00 1 9 Cash 11 4,500.00 ! 10 JUL4 Cash 11 5,500.00 Unearned Fees 23 5,500.00 12 JuLS Office Equipment 18 6,500.00 1 13 Accounts Payable 21 6,500.00 14 Jul 6 Cash 11 15,300.00 15 12 Accounts Receivable Jul 10 Miscellaneous Expense 15,300.00 16 59 400.00 17 Cash 11 400.00 18 Jul 12 21 Accounts Payable Cash 5,200.00 19 11 5,200.00 1 . 20 JUL 12 Accounts Receivable 12 13,300.00 1 21 Fees Earned I 13,300.00 41 22 JUL. 14 Salary Expense Cash 51 1,750,00 25 11 1,750.00 DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIAS 1 Jul. 17 Cash 11 9,450.00 2 Fees Eamed 41 9,450.00 Jul. 18 14 600.00 1 Supplies Cash 11 600.00 1 3 12 6,650,00 1 Jul 20 Accounts Receivable Fees Earned 41 6,650.00 JUL 24 Cash 11 4,000.00 1 Fees Eamed 41 4,000.00 9 JUL. 26 Cash 11 12,000.00 f 10 Accounts Receivable 12 12,000.00 11 51 1,750.00 Jul.27 Salary Expense Cash 12 11 1,750.00 55 SUL. 29 Miscellaneous Expense 59 325.00 14 Cash 11 325.00 1 13 59 675.00 10 Jul 31 Miscellaneous Expense Cash Jul. 31 Cash 11 675.00 12 11 5,200.00 18 1 Fees Eamed Jul. 31 Accounts Receivable 41 5,200.00 19 12 3,000.00 20 Fees Eamed 41 3.000.00 21 JUL 31 Dividends 33 12,500.00 22 Cash 11 12,500.00 }
