o reza income statement closing trial balance

Jan. 1 The following assets were received from Oneida Reza: Cash $65,000; Accounts Receivables 14,700; Equipment, $24,000; Supplies $5,000. There were no liabilities. 1 Paid three months rent on a lease rental contract, $9,000. 2 Paid 12-month premiums on property and casualty insurance policies, $12,000. 4 Received cash from a corporate client as an advance payment (unearned revenue) for 5 6 10 11 12 fitness design, $9,400. Purchased fitness equipment on account from Doubletree Fitness Equipment, $8,000. Received check from design clients on account, $11,700. Paid cash for a newspaper advertisement, $350. Paid Doubletree Fitness Equipment for part of the debt incurred on Jan. 5, $6,400. Recorded design services provided on account for the period Jan. 1-12, $21,900. 14 Paid fitness assistants for two weeks' salary, $1,650. Record the following transactions on Page 2 of the journal 17 Recorded cash from membership fees earned during the period Jan. 1-16, $7,600. 18 Paid cash for supplies, $825 20 Recorded services design services provided on account for the period Jan. 13-20, $16,800. 24 Recorded cash from membership fees earned for the period Jan. 17-24, $4,450 26 Received cash from design clients on account, $26,500. 27 Paid fitness assistants for two weeks' salary, $1,650. 29 Paid telephone bill for January, $540 0 Paid electricity bill for January, $760. 30 Recorded cash from membership fees earned for the period Jan. 25-30, $5,160. 30 Recorded design services provided on account for the remainder of January, $2,590. 30 Oneida withdrew $20,000 for personal use. At the end of January, the following adjustment data is prepared. Analyze and use the data to requirements 3 and 4 a. One month's insurance expired during January (calculation required) b. Supplies on hand on January 31 are $1225. c. Depreciation of Furniture &Equipment is for one month. Equipment of $24,000 was new with no previous depreciation. Estimated life of equipment is 2.5 years. d. Accrued fitness assistants salary on January 31 is $275 e. One month of rent expired during January f. Unearned fees on January 31 are $2,350