ter 4 Completing the Accounting Cycle business, which was to be known as Rosebud

Question

ter 4 Completing the Accounting Cycle business, which was to be known as Rosebud Consulting, on a full time basis. Rnet consulting entered into the following transactions during Aprili hud were The following assets were received from Jeff Horton: cash, $20,000, accounts , $3.300, and office equipment, $12.000. There receivable, $14,700; supplies, no liabilities received. 1. Paid three months' rent on a lease rental contract, $6,000. 2. Paid the premiums on property and casualty insurance policies, $4,200. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $9,400. 5. Purchased additional office equipment on account from Smith Office Supply Co $8,000. Received cash from clients on account, $11,700 10. Paid cash for a newspaper advertisement, $350 12. Paid Smith Office Supply Co. for part of the debt incurred on April 5, $6,400 14. Paid receptionist for two weeks' salary, $1,650 17. Recorded cash from cash clients for fees earned during the period April 1-16 services provided on account for the period April 1-12, $21,900. Con Record the following transactions on Page 2 of the journal. 2. Net ine $4,955 $6,600. 18. Paid cash for supplies, $725 20. Recorded services provided on account for the period April 13-20, $16,800. 24. Recorded cash from cash clients for fees earned for the period April 17-24, $4,450. 26. Received cash from clients on account, $26,500. 27. Paid receptionist for two weeks' salary, $1,650. 29, Paid telephone bill for April, $540. 30. Paid electricity bill for April, $760. 30. Recorded cash from cash clients for fees earned for the period April 25-30, $5,160. 30. Recorded services provided on account for the remainder of April, $2,590 30. Jeff withdrew $18,000 for personal use. Instructions 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Jeff Horton, Capital 32 Jeff Horton, Drawing 41 Fees Earned 51 Salary Expense 52 Supplies Expense 53 Rent Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense nal to a ledger of four-column accounts. 2. Post the jou 3. Prepare an unadjusted trial balance 4. At the end of April, the following adjustment data were 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. assembled. Analyze and ue

Explanation / Answer

PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT Apr 1, 2019 Cash 11 $20,000 Accounts Receivable 12 $14,700 Supplies 14 $3,300 Office Equipment 18 $12,000 Jeff, Capital 31 $50,000 Apr 1, 2019 Prepaid Rent 15 $6,000 Cash 11 $6,000 Apr 2, 2019 Prepaid Insurance 14 $4,200 Cash 11 $4,200 Apr 4, 2019 Cash 11 $9,400 Unearned Fees 23 $9,400 Apr 5, 2019 Office Equipment 18 $8,000 Accounts Payable 21 $8,000 Apr 6, 2019 Cash 11 $11,700 Accounts Receivable 12 $11,700 Apr 10, 2019 Miscellaneous Expense 59 $350 Cash 11 $350 Apr 12, 2019 Accounts Payable 21 $6,400 Cash 11 $6,400 Apr 12, 2019 Accounts Receivable 12 $21,900 Fees Earned 41 $21,900 Apr 14, 2019 Salary Expense 51 $1,650 Cash 11 $1,650 Apr 17, 2019 Cash 11 $6,600 Fees Earned 41 $6,600 Apr 18, 2019 Supplies 14 $725 Cash 11 $725 Apr 20, 2019 Accounts Receivable 12 $16,800 Fees Earned 41 $16,800 Apr 24, 2019 Cash 11 $4,450 Fees Earned 41 $4,450 Apr 26, 2019 Cash 11 $26,500 Accounts Receivable 12 $26,500 Apr 27, 2019 Salary Expense 51 $1,650 Cash 11 $1,650 Apr 29, 2019 Miscellaneous Expense 59 $540 Cash 11 $540 Apr 31, 2019 Miscellaneous Expense 59 $760 Cash 11 $760 Apr 31, 2019 Cash 11 $5,160 Fees Earned 41 $5,160 Apr 31, 2019 Accounts Receivable 12 $2,590 Fees Earned 41 $2,590 Apr 31, 2019 Jeff, Drawing 32 $18,000 Cash 11 $18,000

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