Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pro Printem Campeg Cyde For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2016,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Pro Printem Campeg Cyde For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2016, Jelf decided to move to rented quarters and to operate the site, which was to be bu Conviting on a time basis, Rosebud Consulting entered into the following transactions during for 1. The following sets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,700 polles 43,300, and office equipment, $12,000. There were no labilities received 1. Pald three months rent on a lease rental contract, 56,000 Paid the premiums on property and cauty insurance policies, 54,200 4 Received cash from clents as an advance payment for services to be provided and recorded it as unearned tom, 19.400 5. Purchased additional office equipment on account from Smith Office Supply Co. 18.000 Received cash from clients on account, $11,700 10. Tal cash for a newspaper advertisement, $350. 12. Paid Smitomo Supply Co. for part of the debt incurred ones. 6.400 13. Recorded services provided on account for the period 1-12, 121,400 14 deceptionist for two weeks'salary, 51,650 Head the following transactions on Page of the jour 17 Recorded cash from cash cents for fees earned during the period A-136,600 18 Para can for supplies, 5725 20, Recorded services provided on account for the period April 15-20, 516.800 24. Recorded casts from cash clients for fees and for the period on 17-24, 14.450 Required 1. Journanze each transactions in chronoloder in a two-column ang on Page 1, referring to the following to account selecting the better there is more on entry on the same date, be sure to enter the transactions in the exact order as presented in the data (Dont the wombers in the journalistime) o condannat box does not require an entry wit blank 11 C 31 Jul Horten, Capit 12 Accounts Receivable 32 Jeff Horton, Drawing 14 Supplies 41 Fees Eated 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies per 18 mm 33 tent Expense 19 Accurated Depreciation 54 Depreciation 21 Account Patie 55 Insurance 22 Swanes Payati 59 Macaneus go 23 newned Fees Chapter 4 Homework eBook IE Spreadsheet Print Item JOURNAL PAGE 1 Date Account Title Post. Ref. Debit Credit 2016 Apr. 1 Cash 11 20,000 Accounts Receivable 12 14,700 Supplies 14 3,300 Office Equipment 18 12,000 Jeff Horton, Capital 31 50,000 Apr. 1 Prepaid Rent 53 x 6,000 Cash 11 6,000 Apr. Prepaid Insurance 55 4,200 Cash 11 4,200 Apr. 4 Cash 11 9,400 9,400 Unearned Fees 23 9,400 Apr. Office Equipment 5 18 8,000 Accounts Payable 21 8,000 Apr. 6 Cash 11 11,700 Accounts Receivable 12 11,700 Apr. 10 Miscellaneous Expense 59 350 Cash 11 350 Apr. 12 Accounts Payable 21 6,400 Cash 11 6,400 apter 4 Homework eBook Spreadsheet Prir Apr. 12 Accounts Receivable 12 21,900 Cash 11 x 21,900 Apr. 14 Salary Expense 51 1,650 Cash 11 1,650 JOURNAL PAGE 2 Date Account Title Post. Ref. Debit Credit 2016 Apr. 17 Cash 11 6,600 Fees Earned 41 6,600 Apr. 18 Supplies Expense X 52 X 725 Cash 11 725 Apr. Accounts Receivable 16 ann Apr. 20 Accounts Receivable 12 16,800 Fees Earned 41 16,800 Apr. 24 Cash 11 4,450 Fees Earned 41 4,450 Apr. 26 Cash 11 26,500 Accounts Receivable 12 26,500 |Apr. Salary Expense 51 1,650 27 Cash 11 1,650 Apr. 29 Miscellaneous Expense 59 540 Cash 11 540 Apr. 29 Miscellaneous Expense 59 540 Cash 11 540 Apr. 30 Miscellaneous Expense 59 760 Cash 11 760 Apr. 30 Cash 11 5,160 Fees Earned 41 5,160 Apr. 30 Accounts Receivable 12 2,590 Fees Earned 41 2,590 Apr. 30 Jeff Horton, Drawing 32 18,000 Cash 11 18,000 3. In the spreadsheet, prepare an unadjusted trial balance. 4. At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during April is $350. b. Supplies on hand on April 30 are $1,225. c. Depreciation of office equipment for April is $400. d. Accrued receptionist salary on April 30 is $275. e. Rent expired during April is $2,000. 1. Unearned fees on April 30 are $2.350. 5. (Optional) in the spreadsheet, notice that the unadjusted trial balance amounts have been entered. Enter the adjusting entries and co 6. Journalize the adjusting entries on Page 3 of the journal. (Do not insert the account numbers in the journal at this time.) Post the adju chronological order. Then go back and enter the appropriate posting references in the journal GENERAL JOURNAL PAGE 3 Date Account Title Post.Ref. Debit Credit Adjusting Entries a. Insurance Expense 350 Prepaid Insurance 350 b. Supplies Expense 2,800 Supplies 2,800 C. Depreciation Expense 400 Accumulated Depreciation 400 d. Salary Expense 275 Salaries Payable 275 Rent Expense 2,000 Prepaid Rent 2,000 Prepaid Insurance 350 b. Supplies Expense 2,800 Supplies 2,800 C. Depreciation Expense 400 Accumulated Depreciation 400 d. Salary Expense 275 Salaries Payable 275 e. Rent Expense 2,000 Prepaid Rent 2,000 Unearned Fees 7,050 Fees Earned 7,050 Spreadsheet, prepare the adjusted trial balance. 8. Prepare an income statement, a statement of owner's equity, and a balance sheet. Rosebud Consulting Income Statement For the Month Ended April 30, 2016 Fees earned 44,350 X Expenses: Salary expense $ 3,675 X Supplies expense 3,275 X Rent expense 2,400 X Depreciation expense > 750 X Insurance expense 375 X Miscellaneous expense 1,400 x Total Expenses 11,875 X Net income 32,475 X Rosebud Consulting Statement of Owner's Equity For the Month Ended April 30, 2016 Jeff Horton, capital, April 1, 2016 45,000 x Investment during month 0 x Net income 32,475 X 12,525 X Less withdrawals 12,500 x Increase in owner's equity 25 X Jeff Horton, capital, April 30, 2016 45,025 X moment Sec LOREAL Oct Chapter 4 Homework Sprog stock 1 ir Rosebud Cane Balance Sheet Apr 30, 2016 Us Current A Current C 32.450 1,300 16.450 1,sas 175 x 2,750 2.400 4,125 Toca 4.225 56.950 X Turent assets Property, plant and equipment Offio Lederea Owner's toy Lo Hot 45.025 14,000 750 Total property, blant and met 13.250 X Total 70,200 Xites and owners 49,250 9. Jumal the singer on Page of the journa. Do street the account ombers in the journal at this time.) Post the dooing entries to the general ledger in the sheet. Then go back and enter the appropriate posting references in the journal. account *33 in the chart of account) For a compound transaction, if an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE 4 Date Description Post.Ref. Debit Credit 2016 Closing Entries Fees Earned Apr. 30 44,350 X Income Summary 44,350 X Apr. 30 Income Summary 10,875 x Salary Expense 3,675 X Supplies Expense 2,275 x Rent Expense 2,400 X 750 X Depreciation Expense Insurance Expense 375 X Miscellaneous Expense 1,400 X Apr. 30 Income Summary 32,475 X Jeff Horton, Capital 32,475 x Apr. 30 Jeff Horton, Capital 12.500 Apr. 30 Jeff Horton, Capital 12,500 x Jeff Horton, Drawing 12,500 x Chapter 4 Homework eBook Spreadsheet 10. Prepare a post-closing trial balance. If a box does not require an entry, leave it blank. Rosebud Consulting Post-Closing Trial Balance April 30, 2016 Debit Balances Credit Balances Cash 32,450 X Accounts Receivable 16,450 X Supplies 1,525 X Prepaid Rent 2,400 X Prepaid Insurance 4,125 x 14,000 X Office Equipment Accumulated Depreciation 750 x Accounts Payable 1,300 X Salaries Payable 175 X Unearned Fees 2,750 x Jeff Horton, Capital 65,975 x 70,950 X 70,950 X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started