On January 1, 2005 Charlie Brown established a consulting business, Snoopy Consulting. During the month, Charlie completed the following transactions to the business: Jan 1 Charlie transferred cash from a personal bank account to an account to the used for the business, $15,000. Purchased supplies for cash, $2,000. 2 3 Paid three months' rent on a lease rental contract, $3,600. 4 5 8 9 Paid one years' premium on property and casualty insurance policies, $1,200. Received cash from clients as an advance payment for services to be provided, $4,000. Purchased office equipment on account from Woods Company, $10,000. Paid cash for a newspaper advertisement, $150. Recorded services provided on account for the period January 1-10, $1,500. Paid part-time receptionist for two weeks' salary, $900. Recorded cash from cash clients for fees earned during the first half of January, $3,000. Purchased supplies on account, $800. 10 12 15 16 17 Received cash from clients on account, $1,000. 18 Paid Woods Company for part of the debt incurred on January 8, $5,000. Recorded services provided on account for the period January 11-20, $1,200. 20 22 Received cash from clients on account, $1,200. 23 Paid telephone bill for January, $150. Paid part-time receptionist for two weeks' salary, $900. 24 29 Charlie withdrew a dividend of $3,000. 30 Paid electricity bill for January, $250. Recorded cash from cash clients for fees earned for the remainder of January, $2,200. 31 Instructions: Part 1: 1. Journalize each transaction in, referring to the following chart of accounts in selecting the accounts to be debited and credited. 11 12 14 15 16 18 19 21 22 23 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees 31 32 33 41 51 52 53 54 55 59 Capital Drawing Income Summary Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 2. Post the journal entries to the ledger accounts. Part 2: 3. Prepare a trial balance as of January 31, 2005. Complete the work sheet, using the following adjustment data: a) Supplies on hand on January 31 are $1,000. b) Rent expired during January is $1,200. c) Insurance expired during January is $100. d) Depreciation of office equipment for January is $500. e) Accrued receptionist salary on January 31 is $450. f) Unearned Fees remaining on January 31 are $2,500. 4. Journalize and post the adjusting entries. 5. Journalize and post the closing entries. 6. Prepare a post-closing trial balance. 7. Prepare an income statement, a statement of owner's equity and a balance sheet. On January 1, 2005 Charlie Brown established a consulting business, Snoopy Consulting. During the month, Charlie completed the following transactions to the business: Jan 1 Charlie transferred cash from a personal bank account to an account to the used for the business, $15,000. Purchased supplies for cash, $2,000. 2 3 Paid three months' rent on a lease rental contract, $3,600. 4 5 8 9 Paid one years' premium on property and casualty insurance policies, $1,200. Received cash from clients as an advance payment for services to be provided, $4,000. Purchased office equipment on account from Woods Company, $10,000. Paid cash for a newspaper advertisement, $150. Recorded services provided on account for the period January 1-10, $1,500. Paid part-time receptionist for two weeks' salary, $900. Recorded cash from cash clients for fees earned during the first half of January, $3,000. Purchased supplies on account, $800. 10 12 15 16 17 Received cash from clients on account, $1,000. 18 Paid Woods Company for part of the debt incurred on January 8, $5,000. Recorded services provided on account for the period January 11-20, $1,200. 20 22 Received cash from clients on account, $1,200. 23 Paid telephone bill for January, $150. Paid part-time receptionist for two weeks' salary, $900. 24 29 Charlie withdrew a dividend of $3,000. 30 Paid electricity bill for January, $250. Recorded cash from cash clients for fees earned for the remainder of January, $2,200. 31 Instructions: Part 1: 1. Journalize each transaction in, referring to the following chart of accounts in selecting the accounts to be debited and credited. 11 12 14 15 16 18 19 21 22 23 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees 31 32 33 41 51 52 53 54 55 59 Capital Drawing Income Summary Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 2. Post the journal entries to the ledger accounts. Part 2: 3. Prepare a trial balance as of January 31, 2005. Complete the work sheet, using the following adjustment data: a) Supplies on hand on January 31 are $1,000. b) Rent expired during January is $1,200. c) Insurance expired during January is $100. d) Depreciation of office equipment for January is $500. e) Accrued receptionist salary on January 31 is $450. f) Unearned Fees remaining on January 31 are $2,500. 4. Journalize and post the adjusting entries. 5. Journalize and post the closing entries. 6. Prepare a post-closing trial balance. 7. Prepare an income statement, a statement of owner's equity and a balance sheet