PART 1: (45 points) Journalize transactions as described for On Point Accounting Services. 1. Click on the link in the assignment to access the transaction description page. 2. Download the fillable form journal pages and save with your name in the file name. (Ex. "Brinson Pt. 1") 3. Journalize the transactions provided on the fillable pdf forms. 4. Once you have completed your journal entries, submit the journal pages for grading. HINT: to journalize the first entry, you should have a separate debit line for each asset contributed to the business (4 debit lines) and credit the owner's capital account for the sum of those 4 debits. PART 2: (25 points) Post journal entries; prepare unadjusted trial balance. 1. Post the journal entries from Part 1 in the ledger. 2. Prepare the unadjusted trial balance report using the balances in the ledger. 3. Submit Part 2 for grading. PART 3: (20 points) Journalize adjustments; post adjusting entries to ledger; prepare adjusted trial balance. 1. Journalize the necessary adjustments using the adjustment data provided. 2. Post the adjusting journal entries in the ledger. 3. Prepare the adjusted trial balance report using the adjusted balances in the ledger. 4. Submit Part 3 for grading. PART 4: (25 points) Prepare financial statements; journalize closing entries; post closing entries to ledger; prepare post-closing trial balance. 1. Prepare financial statements - Income Statement, Statement of Owner's Equity, and Balance Sheet for the year ending December 31, 2021. 2. Journalize the closing entries. 3. Post the closing journal entries in the ledger. 4. Prepare the post-closing trial balance report. 5. Submit Part 4 for grading. Kari Davis started an accounting and tax preparation business December 1,2021 . She had been operating the business casually on a part-time basis from home for several years. Since demand for her services had increased, she decided to do the work full-time. She selected a more professional, rented office space for the business, using the name "On Point Accounting Services." Office equipment and supplies used in Kari's home office were taken to the new office, along with accounts receivable for work she had previously completed. The December transactions for On Point Accounting Services are detailed below. Instructions: Journalize each transaction using the journal pages provided. Number each page of the journal, beginning with "1." Use the following chart of accounts to select the accounts to debit and credit. Dec 1 Kari Davis contributed the following assets to On Point Accounting Services: cash, \$10,000; accounts receivable, $6,200; supplies, $2,000; and office equipment, $3,100 12 months' rent paid on new office space, $3,000 2 Business insurance premiums paid for 6 months, $1,820 3 Paid $650 for a magazine advertisement (use misc. expense) 5 Received cash from clients paying on their accounts, $3,700 6 Purchased office furniture on account from Budget Basics, $2,760 10 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000 14 Paid Budget Basics for part of the debt owed for the furniture purchased, $1,300 15 Billed clients for services provided on account from Dec 114,$16,250 15 Paid the admin. assistant for 2 weeks' salary, $1,200 Record the following transactions on PAGE 2 of the journal: 16 Cash received from cash clients for fees earned Dec 115,$14,000 18 Paid cash for supplies purchased, $1,510 21 Billed clients for services provided on account from Dec 1520,$4,500 24 Received cash from cash clients for fees earned Dec 1623,$6,620 28 Paid telephone bill for December, \$405 29 Paid the admin. assistant for 2 weeks' salary, $1,200 30 Received cash from clients paying on account, $13,400 31 Paid electricity bill for December, $310 31 Kari withdrew $6,000 for personal use 31 Received cash from cash clients for fees earned Dec 24-31, $2,150 31 Provided services on account from Dec 21-31, \$4,500 PART 1: (45 points) Journalize transactions as described for On Point Accounting Services. 1. Click on the link in the assignment to access the transaction description page. 2. Download the fillable form journal pages and save with your name in the file name. (Ex. "Brinson Pt. 1") 3. Journalize the transactions provided on the fillable pdf forms. 4. Once you have completed your journal entries, submit the journal pages for grading. HINT: to journalize the first entry, you should have a separate debit line for each asset contributed to the business (4 debit lines) and credit the owner's capital account for the sum of those 4 debits. PART 2: (25 points) Post journal entries; prepare unadjusted trial balance. 1. Post the journal entries from Part 1 in the ledger. 2. Prepare the unadjusted trial balance report using the balances in the ledger. 3. Submit Part 2 for grading. PART 3: (20 points) Journalize adjustments; post adjusting entries to ledger; prepare adjusted trial balance. 1. Journalize the necessary adjustments using the adjustment data provided. 2. Post the adjusting journal entries in the ledger. 3. Prepare the adjusted trial balance report using the adjusted balances in the ledger. 4. Submit Part 3 for grading. PART 4: (25 points) Prepare financial statements; journalize closing entries; post closing entries to ledger; prepare post-closing trial balance. 1. Prepare financial statements - Income Statement, Statement of Owner's Equity, and Balance Sheet for the year ending December 31, 2021. 2. Journalize the closing entries. 3. Post the closing journal entries in the ledger. 4. Prepare the post-closing trial balance report. 5. Submit Part 4 for grading. Kari Davis started an accounting and tax preparation business December 1,2021 . She had been operating the business casually on a part-time basis from home for several years. Since demand for her services had increased, she decided to do the work full-time. She selected a more professional, rented office space for the business, using the name "On Point Accounting Services." Office equipment and supplies used in Kari's home office were taken to the new office, along with accounts receivable for work she had previously completed. The December transactions for On Point Accounting Services are detailed below. Instructions: Journalize each transaction using the journal pages provided. Number each page of the journal, beginning with "1." Use the following chart of accounts to select the accounts to debit and credit. Dec 1 Kari Davis contributed the following assets to On Point Accounting Services: cash, \$10,000; accounts receivable, $6,200; supplies, $2,000; and office equipment, $3,100 12 months' rent paid on new office space, $3,000 2 Business insurance premiums paid for 6 months, $1,820 3 Paid $650 for a magazine advertisement (use misc. expense) 5 Received cash from clients paying on their accounts, $3,700 6 Purchased office furniture on account from Budget Basics, $2,760 10 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000 14 Paid Budget Basics for part of the debt owed for the furniture purchased, $1,300 15 Billed clients for services provided on account from Dec 114,$16,250 15 Paid the admin. assistant for 2 weeks' salary, $1,200 Record the following transactions on PAGE 2 of the journal: 16 Cash received from cash clients for fees earned Dec 115,$14,000 18 Paid cash for supplies purchased, $1,510 21 Billed clients for services provided on account from Dec 1520,$4,500 24 Received cash from cash clients for fees earned Dec 1623,$6,620 28 Paid telephone bill for December, \$405 29 Paid the admin. assistant for 2 weeks' salary, $1,200 30 Received cash from clients paying on account, $13,400 31 Paid electricity bill for December, $310 31 Kari withdrew $6,000 for personal use 31 Received cash from cash clients for fees earned Dec 24-31, $2,150 31 Provided services on account from Dec 21-31, \$4,500