tep 1: Journalize Business Transactions 1/1 Jonathan Tinker deposited $15,000 into a business checking account (Frawd Company). 1/3 Purchased $1,000 of supplies on account. 1/4$4,000 of equipment was purchased. He paid $3,000 down and signed a note for the remainder. 1/4 Paid $1,500 for three-months rent. He\}loved into the space the same day. 1/9 Received an advance payment of $2,000 from a client for services to be provided later in the month. /12 Paid $600 towards the office supplies purchased on January 3 rd. /15 Provided $10,000 of services on account. Payment for these services should be received by the end of the month. /16 Paid $200 towards a monthly business phone line. / 20 Hired a receptionist. He will earn $15 an hour and will begin working the following week. /21 Received $2,000 from customers on account. 130 Paid $400 for advertising. /30 Withdrew $1,000 for personal use. At the end of January, Jonathan made the following observations: a) Only $200 of the supplies were remaining. b) Recorded one month of depreciation, $100. c) Rent for the month needed to be recorded. d) His receptionist had worked three days, six hours a day, and had not been paid yet. e) Jonathan had provided $500 worth of services in relation to the advance payment on received on 1/9. f) Services provided but not yet billed to the customer totaled $700 at the end of the month. Step 5: Post Adjusting Entries to the General Ledger Step 6: Create Adjusted Trial Balance Step 7: Create Financial Statements Step 8: Journalize Closing Entries Step 9: Post Closing Entries to General Ledger Step 10: Create Post-Closing Trial Balance tep 1: Journalize Business Transactions 1/1 Jonathan Tinker deposited $15,000 into a business checking account (Frawd Company). 1/3 Purchased $1,000 of supplies on account. 1/4$4,000 of equipment was purchased. He paid $3,000 down and signed a note for the remainder. 1/4 Paid $1,500 for three-months rent. He\}loved into the space the same day. 1/9 Received an advance payment of $2,000 from a client for services to be provided later in the month. /12 Paid $600 towards the office supplies purchased on January 3 rd. /15 Provided $10,000 of services on account. Payment for these services should be received by the end of the month. /16 Paid $200 towards a monthly business phone line. / 20 Hired a receptionist. He will earn $15 an hour and will begin working the following week. /21 Received $2,000 from customers on account. 130 Paid $400 for advertising. /30 Withdrew $1,000 for personal use. At the end of January, Jonathan made the following observations: a) Only $200 of the supplies were remaining. b) Recorded one month of depreciation, $100. c) Rent for the month needed to be recorded. d) His receptionist had worked three days, six hours a day, and had not been paid yet. e) Jonathan had provided $500 worth of services in relation to the advance payment on received on 1/9. f) Services provided but not yet billed to the customer totaled $700 at the end of the month. Step 5: Post Adjusting Entries to the General Ledger Step 6: Create Adjusted Trial Balance Step 7: Create Financial Statements Step 8: Journalize Closing Entries Step 9: Post Closing Entries to General Ledger Step 10: Create Post-Closing Trial Balance