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P1. Transaction Analysis: Journal Entries; Adjusting Journal Entries. Jester Entertainment Company began operations on January 1, 2018. The company had the following transactions in its first year of business: January 4: Owners invested $120,000 (the par value of the stock) in exchange for 20,000 shares of com- mon stock February 2: Jester took out a 10-year note payable in the amount of $80,000 to pay for operating expenses. Interest payments are due every six months, and the balance of the note will be paid off in a lump-sum in 10 years. The interest rate is 10% annually, that is, 5% every six months. February 16: Jester signed a rental lease for its operating facility and paid a year of rent up front in the amount of $60,000. The rental lease runs from March 1, 2018, through February 29, 2019. March 1: Jester purchased office supplies in the amount of $12,000 and paid in cash. March 12: Jester paid $18,000 cash for advertising expenses. April 1: Jester purchased a two-year insurance policy that runs from April 1, 2018, to March 31, 2020, in the amount of $40,000 and paid in full for the policy in cash. May 12: Jester negotiated a contract with a customer to provide entertainment services for a one-year period running from June 1, 2018, to May 31, 2019. The customer paid the contract in full on May 12 with cash in the amount of $64,000. June 16: Jester paid wages in the amount of $12,000 to employees in cash. July 20: Jester negotiated a contract with a customer to provide entertainment services for a six-month period running from September 1, 2018, to February 28, 2019. The customer paid the contract in full on July 20 with cash in the amount of $42,000. August 2: Jester paid cash in the amount of $4,000 for the first interest payment on the note payable taken out on February 2. August 18: Jester received and paid a utilities bill in the amount of $7,000 in cash. September 10: Jester paid wages in the amount of $28,000 in cash. October 1: Jester negotiated a contract with a customer to provide entertainment services for a one-year period running from October 1, 2018, to September 30, 2019, in the amount of $420,000. The customer paid the contract in full on October 1. November 14: Jester purchased office supplies in the amount of $26,000 on account with the vendor. December 6: Jester received an advertising bill for $22,000. The services were provided in 2018 and the bill will be paid in January. Note: At year-end, Jester had $18,000 of office supplies remaining on hand. Required a. Prepare the journal entries for the original transactions. Omit explanations. b. Show the accounting equation effect of each of the original transactions. c. Prepare any necessary year-end adjusting journal entries for these transactions. d. Show the accounting equation effect of each of the adjusting journal entries. . . P2. Transaction Analysis; Journal Entries; Adjusting Journal Entries. Branton Stores began operations on January 1, 2018. Branton had the following transactions in its first year of business: January 4: Owners invested $400,000 (the par value of the stock) in exchange for 40,000 shares of com- mon stock January 31: Branton purchased an office building for $320,000 and paid for the purchase with a note payable. Interest in the amount of $16,000 will be due annually on January 31 of each year, beginning in 2019. February 1: Branton rented out a portion of its office building to another company. The renter signed a rental lease for the period of February 1, 2018, to January 31, 2019, and paid the annual rent amount of $60,000 upfront in cash. March 1: Branton paid $12,000 cash for administrative expenses. March 28: Branton purchased supplies in the amount of $42.000 on account with the supplier. April 8: Branton purchased a one-year insurance policy that runs from May 1, 2018, to April 30, 2019, in the amount of $62,000 and paid for the policy in full in cash. May 1: Branton recorded sales revenue in the amount of $240,000 that was received in cash from custom- ers. Ignore Cost of Goods Sold. July 6: Branton paid employees $34,000 in wages in cash. September 30: Branton recorded $320,000 in sales revenue. Of this amount, $200,000 was paid in cash and the remainder was on account. Ignore Cost of Goods Sold. October 31: Branton received a cash payment from a customer in the amount of $40,000 to be applied to its account balance related to the September 30 sale. November 15: Branton purchased supplies in the amount of $26,000 on account with the vendor. December 1: Branton recorded sales revenue in the amount of $222,000, all on credit. Ignore Cost of Goods Sold. December 22: Branton received a legal bill for $14,000, which it will pay when due in February 2019. Note: Branton records straight-line depreciation on buildings, using a 32-year life and a salvage value of zero. At year-end, wages for 2018 in the amount of $86,000 are due to employees and will be paid in January 2019. Supplies in the amount of $6,000 remain on hand on December 31. Required a. Prepare the journal entries for the transactions. Omit explanations. b. Show the accounting equation effect of each of these transactions. c. Prepare any necessary year-end adjusting journal entries for these transactions. d. Show the accounting equation effect of each of the adjusting journal entries. P3. Journal Entries; Post to the General Ledger; Prepare a Trial Balance. Herman and Sons' Law Offices opened on January 1, 2018. During the first year of business, the company had the following transactions: January 2: The owners invested $250,000 (the par value of the stock) into the business and acquired 25,000 shares of common stock in return. January 15: Herman and Sons' bought an office building in the amount of $80,000. The company took out a long-term note from the bank to finance the purchase. February 12: Herman and Sons' billed clients for $60,000 of services performed. March 1: Herman and Sons' took out a two-year insurance policy, which it paid cash for in the amount of $22,000 March 10: Herman collected $20,000 from clients toward the outstanding accounts receivable balance. May 13: Herman received cash payments totaling $210,000 for legal services$40,000 was for services previ- ously billed to customers on February 12 and the remainder was for services provided in May not yet recorded. June 10: Herman purchased office supplies in the amount of $35,000, all on credit. July 15: Herman paid wages of $16,000 in cash to office staff workers. August 8: Herman paid off the $35,000 balance owed to a supplier for the purchase made on June 10. September 3: Herman and Sonchased $25,000 of office supplies in cash. epterber 2016 comp 124% sh tilities October 1: Herman and Sons' paid wages in the amount of $24,000 to office workers. . . . Dombor 1.Und Sonderbonte from cliente in the out of 200000 for . Journal Entries; Post to the General Ledger; Prepare a Trial Balance. Herman and Sons' Law Offices opened on January 1, 2018. During the first year of business, the company had the following transactions: January 2: The owners invested $250,000 (the par value of the stock) into the business and acquired 25,000 shares of common stock in return. January 15: Herman and Sons' bought an office building in the amount of $80,000. The company took out a long-term note from the bank to finance the purchase. February 12: Herman and Sons' billed clients for $60,000 of services performed. March 1: Herman and Sons' took out a two-year insurance policy, which it paid cash for in the amount of $22,000 March 10: Herman collected $20,000 from clients toward the outstanding accounts receivable balance. May 13: Herman received cash payments totaling $210,000 for legal services$40,000 was for services previ- ously billed to customers on February 12 and the remainder was for services provided in May not yet recorded. June 10: Herman purchased office supplies in the amount of $35,000, all on credit. July 15: Herman paid wages of $16,000 in cash to office staff workers. August 8: Herman paid off the $35,000 balance owed to a supplier for the purchase made on June 10. September 3: Herman and Sons' purchased $25,000 of office supplies in cash. September 20: The company paid $11,000 cash for utilities. October 1: Herman and Sons' paid wages in the amount of $24,000 to office workers. December 1: Herman and Sons' received cash payments from clients in the amount of $320,000 for services to be performed in the upcoming months. December 31: Herman declared and paid a $10,000 dividend. The chart of accounts used by Herman and Sons Law Offices is as follows: Group 100: Assets Chart of Accounts Account # Account Title 101 102 103 104 110 112 Cash Accounts Receivable Office Supplies Prepaid Insurance Building Accumulated Depreciation Building Chart of Accounts Account # Account Title Group 200: Liabilities 201 202 203 210 220 Accounts Payable Unearned Service Revenue Wages Payable Interest Payable Notes Payable 300: Stockholders' Equity 301 310 320 Common Stock Retained Earnings Dividends 400: Revenues 401 501 502 503 504 505 506 510 Service Revenue 500: Expenses Wage Expense Utilities Expense Seling Expense Administrative Expense Insurance Expense Supplies Expense Depreciation ExpenseBuikling 520 Interest Expense 600: Other 601 Income Summary Required a. Journalize the transactions for the year. Omit explanations. b. Post the journal entries to the general ledger. c. Prepare an unadjusted trial balance as of December 31. P4. Preparing the Trial Balance; Adjusting Journal Entries; Preparing Financial Statements. Using the information provided in P3, perform the following steps: Required a. Journalize and post adjusting journal entries for Herman and Sons based on the following additional information: Of the cash payments received from customers on December 1, half of these services were performed in December and half relates to future services to be rendered in the following year. Ten months of the insurance policy expired by the end of the year, Depreciation for the full year should be recorded on the building purchased. The building has a 20-year life and no residual value. Depreciation will be recorded on a straight-line basis. A total of $15,000 of office supplies remains on hand at the end of the year. Interest expense in the amount of $7,000 should be accrued on the note payable. Wages in the amount of $32,000 must be accrued at year-end to be paid in January b. Prepare an adjusted trial balance as of December 31, c. Prepare a single-step income statement, a statement of shareholders' equity, and a balance sheet. Assume Jester Entertainment Company started operations on January 1, 2017. Jester had the following trial balance at December 31, 2017 after financial statements had been prepared. Jester Entertainment Company Trial Balance December 31 2017 DR CR Cash 114,000 Accounts Receivable 2,500 Office Supplies 1,000 Land 40,000 Accounts Payable 5,000 Common Stock 150,000 Retained Earnings 2,500 157,500 157,500 a. Complete the following: Prepare the journal entries for the transactions shown in problem 4-1 except for the following: Replace the January 4 entry with the following: Purchased Office Equipment for $30,000. The equipment has a six-year useful life with no salvage value. For the May 12 entry Change the length of the payment to a 10-month contract (Until March 31) For the Dec 6 entry The amount of the bill was $12,000, instead of the given amount b. Prepare any necessary year-end adjusting entries for the transactions in part a Prepare an income statement for the year ended December 31, 2018 and classified balance sheet at 2018 for Jester c. Entertainment