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please solve this cycle problem MILTON COMPANY On April 1, John Milton opened Milton Company. The company provides services to a variety of clients. The

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MILTON COMPANY On April 1, John Milton opened Milton Company. The company provides services to a variety of clients. The company was organized as a corporation and has a monthly accounting period. The following transactions occurred during April Apr. 1 Apr. 1 Apr. 1 Apr. 4 Apr. 7 Apr. 14 Apr. 24 Apr. 28 Apr. 30 Apr. 30 Milton invested $50,000 cash in the company in exchange for its common stock. The company paid $1,500 cash to rent office space for April. The company paid $720 cash for the premium on a six-month insurance policy. Coverage begins on April 1. The company performed services for a client and received $3,800 cash. The company purchased $1,780 of supplies on account. The company paid $980 cash for salary earned by an employee. The company performed services for a client and received $5,400 cash. The company paid $980 cash for salary earned by an employee. The company paid $480 cash for this month's utility bill. The company paid $900 cash in dividends. The company's chart of accounts follows: REVENUES Service Revenue ASSETS Cash Supplies Prepaid Insurance LIABILITIES Accounts Payable Salary Payable EXPENSES Salary Expense Rent Expense Supplies Expense Utilities Expense Insurance Expense EQUITY Common Stock Retained Earnings CLEARING Income Summary DIVIDENDS Dividends Adjustment Data 1. As of April 30, $120 of insurance coverage has expired. 2. As of April 30, the company has $849 of supplies remaining. 3. As of April 30, the company has incurred $140 of unpaid and unrecorded salary. Debit Credit Date Account Titles Cash Service Revenue Supplies Salary Expense Prepaid Insurance Rent Expense Accounts Payable Supplies Expense Salary Payable Utilities Expense Common Stock Insurance Expense Retained Earnings Income Summary Dividends MILTON COMPANY Unadjusted Trial Balance April 30 Debit Credit Cash Supplies Prepaid Insurance Accounts Payable Salary Payable Common Stock Retained Earnings Dividends Service Revenue Salary Expense Rent Expense Supplies Expense Utilities Expense Insurance Expense Totals MILTON COMPANY Adjusted Trial Balance April 30 Debit Credit Cash Supplies Prepaid Insurance Accounts Payable Salary Payable Common Stock Retained Earnings Dividends Service Revenue Salary Expense Rent Expense Supplies Expense Utilities Expense Insurance Expense Totals MILTON COMPANY Income Statement For Month Ended April 30 Revenues Expenses Total expenses Net income MILTON COMPANY Statement of Retained Earnings For Month Ended April 30 Retained earnings, April 1 Add: Net income Less: Dividends Retained earnings, April 30 MILTON COMPANY Balance Sheet April 30 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity MILTON COMPANY Post-Closing Trial Balance April 30 Debit Credit Cash Supplies Prepaid Insurance Accounts Payable Salary Payable Common Stock Retained Earnings Totals

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