Based on this information, record these transactions into the basic accounting equation.
Q: Problem #4 Recording Transactions in T-Accounts Remedios Palaganas is an experienced events planner.…
A: NOTE : As per BARTLEBY guidelines, when multiple sub parts of the question are given, then first…
Q: Question 4 During October 2016, Paws Veterinary Clinic completed the following transactions: BUSI…
A: Journal entry refers to the recording made by the business in the books of accounts, of all the…
Q: Q.1: Journalize the following Transaction into journal post them into ledger and Prepare Trail…
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: Question 2/24 Which of the following transactions does not affect the balance sheet total? 1.…
A: The balance sheet is the statement of financial position of the business.
Q: Q2.a. Enter the following transactions in the Journals of L Linda: 20X7 July 1 started in business…
A: Journal Entries are primary record maintained by an entity for the occurrence or non-occurrence of…
Q: GENERAL JOURNAL ACTIVITY 2. RECORDING 101 The Problem: Express Delivery Service, owned and operated…
A: After identifying the financial transaction in a business, the next step is to record them in the…
Q: 令60% My Messages E3.1 (LO 2) (Transaction Analysis-Service Company) Beverly Crusher is a licensed…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Identifying effects of transactions using accounting equation—Revenues and Expenses LO P1 The…
A:
Q: Q2. Peter Nimmer opened a veterinary business in Nashville, Tennessee, on August 1, 2017. On August…
A: Accounting equation is the equation in accounting which means total assets must be equal to total…
Q: Parrish 2-2 Pg 32 Please solve the following. Put the following transactions in either the Asset,…
A: Assets are referred to the things, balance of cash that is possessed by a business. These amounts or…
Q: Ch. 2 Quiz i Saved Help Save & Exit The following transactions occurred during July: 20 1. Received…
A: The amount of revenue for july will be the amount of sales / services rendered during the month of…
Q: E24 (LO 1) The following information relates to Royale Real Estate Agency. Oct. ! James Royale…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Record the following transactions in the expanded accounting equation. Assets = Liabilities +…
A: Basic accounting equation is Assets = Liabilities + Equity
Q: Problem 8 For each transaction below, tell which account is debited and which account is credited.…
A: Journal- Journalizing is the process by which businesses record their transactions in a systematic…
Q: Case 1: Real Estate Agency Oct. 1 Ms. Lea begins business as a real estate agent with…
A: SNo. Particulars Amount (P) Amount (P) October 1 Cash A/c To Capital A/c (Being Cash invested…
Q: Question 2: 2018 Particulars Jan. 1 2 Mr. Jamal started business with cash $150,000 He purchased…
A: Answer 1) Journal entries:
Q: You are required to prove the accounting equation after each of the transactions by preparing the…
A: Accounting Equation: An accounting equation shows the relationship between assets and liabilities or…
Q: Wunderkind Photography entered into the following transactions during February 2022. Stockholders…
A: "As per bartleby guidelines we will solve the first three question for you. If you want any specific…
Q: The following balances were extracted from the books of ALL DIE BE DIE Enterprise for the month of…
A:
Q: PA3. LO 8.5 Domingo Company started its business on January 1, 2019. The following transactions…
A: Bank reconciliation statement: Bank reconciliation statement to be prepared by customer periodically…
Q: Lesson 6B Aetivity: Analyze the following transactions using Accounting Equation version 2. 1. Mr.…
A: Accounting equation in the business says that total assets should be equal to total liabilities and…
Q: PART B: 1 STRUCTURED QUESTION On 1 January 2020, Mrs. Marissa established Faster Enterprise in…
A: Journal: Journal is the primary books of accounts. Transactions are recorded on it day-to-day basis.…
Q: T PROBLEM 3.5B The Accounting rup Cycle: Journalizing, Dr. Cravati, 1DMD., opened a dental clinic on…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Q#1 On February 1, 1991 Aslam started a business with a cash investment of Rs. 100,000.He…
A: Journal and ledger Accounts are to be prepared using given transactions. Further Ledger balances…
Q: Question 2. S2 On 1st August, 1992 Mr. Furqan established a new business. The transactions for the…
A: Journal entry means the entry in prime book with chronological order. Journal entry should have…
Q: PA3. LO 8.5Domingo Company started its business on January 1, 2019. The following transactions…
A: The journal entries are a crucial step of the accounting process as it records the accounting…
Q: Q.No.5. Following are some transactions, you are required to show their effect on basic accounting…
A: Accounting equation is given as follows Assets = owner's equity + liabilities Let us take each…
Q: Q 1: Given: - The following transactions related to the business of Iqbal & Sons (Broker). 1. Iqbal…
A: The journal entries keep the record of day to day transactions of the business. Further, ledger are…
Q: Q 1. Journalise the following transactions, post the same in a relevant ledger account…
A: Journal entries helps the organisation to record the financial transactions in the organisation At…
Q: Ch. 2 Quiz Larry Bar opened a frame shop and completed these transactions: 21 1. Larry started the…
A: Step 1: Cash balance is calculated as follows:
Q: Lesson 6B Activity: Analyze the following transactions using Accounting Equation version 2. 1. Mr.…
A: Accounting equation of the business means total assets should be equal to total liabilities and…
Q: 2.1 2.2 Calculate the VAT amount that is payable to SARS on the 31 July 2022. During August, the…
A: Given in the question: VAT Payable as on July 1, 2022 R 31,470 VAT Rate 15%…
Q: 1 Lacson invested P100,000 cash in the business 2 3 4. 5. Paid P5,000 for office rent for the month…
A: Introduction: Journals: Another name for journals is book of prime entries. All the business…
Q: Problem 2-4A Preparing general journal entries LO3,5 Abe Factor opened a new accounting practice…
A: Hi student Since there are multiple questions, we will answer only first question. Journal entries…
Q: Q#1 On February 1, 1991 Aslam started a business with a cash investment of Rs. 100,000.He…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Obj. 4 The following selected transactions were completed by Silverado Delivery Service during…
A: generally, revenues earned and customers billed will increase assets like cash and accounts…
Q: 1 2 3 5. 6. 7. Lacson invested P100,000 cash in the business Paid P5,000 for office rent for the…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: To demonstrate the difference between cash account activity and accrual basis profits (net income),…
A: Cash Basis of Accounting - Under the Cash Basis of accounting, transactions are recorded in the…
Q: Ex 3.4 Brian Pud opened a consulting company, and the following transactions resulted: a. Brian…
A: Journal entries recording is the first step of accounting process. Ledger posting is the posting of…
Q: Problem #6 Journalizing Transactions pangeline Jamili Landscaping Service has the following…
A: Journal entries recording is also known as books of original entry. These entries are based on rules…
Q: Record the following transactions in the expanded accounting equation. The running balance may be…
A: Personal expenses such as telephone bill which is paid through entity cash/bank balance results in…
Q: Q#1 The Zuni Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies;…
A: The Zuni Co. has the following transactions for the month of August 2020 Required Journalize the…
Q: PROBLEM SOLVING 3/8 | 100% + » Karl Eric Reyes organized Eternal Images, a photography and pors…
A: A chart of accounts (COA) is an index of all the financial accounts in the general ledger of a…
PQ 2.9
Mike Ackerman decided to open Mike’s Nail Spa. Mike completed the following transactions: a. Invested $17,000 cash from his personal bank account into the business.
b. Bought store equipment for cash, $3,900.
c. Bought additional store equipment on account, $6,100.
d. Paid $700 cash to partially reduce what was owed from transaction C.
Based on this information, record these transactions into the basic
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Comprehensive Problem 1 8 Net income. 31,425 Kelly Pitney began her consulting business. Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter During May, Kelly Consulting entered into the following transactions: May 3.Received cash from clients as an advance payment for services to be provided and recorded it as unearned tree 4,500 5.Received cash from clients on account 2,450. 9.Paid cash for a newspaper advertisement 225. 13.Raid Office Station Co for part of the debt incurred on April , 640. 15.Recorded services provided on account for the period May 1-15, 9,180. 16 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17.Recorded cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the Journal 20.Purchased support on account 735. 21.Recorded services provided on account for the period May 1620. 4,820 25.Recorded cash from cash clients for fees earned for the period May 1723, 7,900 27.Received cash from clients on account 9,520. 28.Paid part-time receptionist for two weeks salary. 7S0. 30.Raid telephone bill for May. 260 31.Paid electricity bill for May, 810. 31.Recorded cash from cash clients tor lees earned for the period May 2031. 3,300. 31.Recorded services provided on account for the remainder of May, 2,650. 31.Paid dividends 10,500 Instructions 1.The chart of accounts foe Kelly Consulting is shown us Exhibit 9. and the post-closing trial balance as of April 30, 20Y8, is shown in Exhibit 17. for each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1. 20Y8. and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting cm Page of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 5.Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (a)Insurance expired during May is 275. (b)Supplies on hand on May II are 715. (c)Depreciation of office equipment for May is 330. (d)Accrued receptionist salary on May 31 is 325. (e)Rent expired during May is 1600. (f)Unearned fees on May 31 are 3,210 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of stockholders equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.Financial statements Assume that you recently accepted a position with Five Star National Bank Trust as an assistant loan officer. As one of your first duties, you have been assigned the responsibility of evaluating a loan request for 300,000 from West Gate Auto Co., a small corporation. In support of the loan application, Joan Whalen, owner and sole stockholder, submitted a Statement of Accounts" (trial balance) for the first year of operations ended October 31, 2016. West Gate Auto Co. Statement of Accounts October 31,2016 Cash.......................... 5,000 Billings Due from Others........ 40,000 Supplies (chemicals, etc.)........ 7,500 Building....................... 222,300 Equipment..................... 50,000 Amounts Owed to Others....... 31,000 Investment in Business......... 179,000 Service Revenue............... 215,000 Wages Expense................ 75,000 Utilities Expense............... 10,000 Rent Expense................... 8,000 Insurance Expense.............. 6,000 Other Expenses................ 1,200 425,000 425,000 1 Explain to Joan Whalen why a set of financial statements (income statement, retained earnings statement, and balance sheet) would be useful to you in evaluating the loan request. 2 In discussing the "Statement of Accounts with Joan Whalen, you discovered that the accounts had not been adjusted at October 31. Analyze the "Statement of Accounts" and indicate possible adjusting entries that might be necessary before an accurate set of financial statements could be prepared. 3 Assuming that an accurate set of financial statements will be submitted by Joan Whalen in a few days, what other considerations or information would you require before making a decision on the loan request?Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement. 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Recorded services provided on account for the period May 1-15; 9,180. 16. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Recorded services provided on account for the period May 16-20, 4,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 31. Recorded services provided on account for the remainder of May, 2,650. 31. Paid dividends, 10,500. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account 34 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.
- Continuing Problem 4.Total of Debit column: 40,750 The transactions completed by PS Music during June 20Y5 were described .it the end of Chapter 1. The following transactions were completed during July, the second month of businesss operations: July 1. Peyton Smith made an additional investment k PS Music in exchange for common stock by depositing 5,000 in PS Mu wet checking account. 1.Instead of continuing to share office space with a local real estate agency. Peyton decided to rent office space near a local musk store, Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft and fire. The policy covers a one year period. 2.Received 1,000 on account 3. On behalf of PS Musk, Peyton signed a contract with a local radio station. KXMD, to provide guest spots for the next three months. The contract requires PS Musk to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 2SO on account 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart. 7,500. 8.Paid for a newspaper advertisement 200. 11.Received 1.000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Pane 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account 850 21.Paid 620 to Upload Musk for use of its current musk demos in making various musk sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500 Received 750, with the remainder due August 4.20YS. 27.Paid electric Ml 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500, Received S00 with the remainder due on August 9. 20Y5. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1.400 royalties (musk expense) to National Musk Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts Receivable 1,000 14 Supplies 170 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4.000 33 Dividends 500 41 Fees Earned 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 67S 53 Utilities Expense 300 54 Music Expense 1.590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1. Enter the July 1, 20Y5, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 20Y5.Problem 2-56A Analyzing Transactions Luis Madero, after working for several years with a large public accounting firm decided to open his own accounting service. The business is operated as a corporation under the name Madero Accounting Services. The following captions and amounts summarize Maderos balance sheet at July 31, 2019. The following events occurred during August 2019. Issued common stock to Ms. Garriz in exchange for $15,000 cash. Paid $850 for first months rent on office space. Purchased supplies of $2,250 on credit. Borrowed $8,000 from the bank. Paid $1,080 on account for supplies purchased earlier on credit. Paid secretarys salary for August of $2,150. Performed amounting services for clients who paid cash upon completion of the service in the total amount of $4,700. Used $3,180 of the supplies on hand. Perfumed accounting services for clients on credit in the total amount of $1,920. Purchased $500 in supplies for cash. Collected $1,290 cash from clients for whom services were performed on credit. Paid $1,000 dividend to stockholders. Required: Record the effects of the transactions listed above on the accounting equation. Use the format given in the problem, starting with the totals at July 31, 20l9. Prepare the trial balance at August 31, 2019.Journal entries and trial balance On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 17,500. b. Purchased supplies on account 2,300. c. Earned sales commissions, receiving cash, 13,300. d. Paid rent on office and equipment for the month, 3,000. e. Paid creditor on account 1,150. f. Paid dividends, 1.800. g. Paid automobile expenses (including rental charge) for month, 1300, and miscellaneous expenses, 400. h. Paid office salaries, 2,800. i. Determined that the cost of supplies used was 1,050. Instructions 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Journal entry explanations may lx omitted. 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of August 31, 20Y7. 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total Expenses recorded in the ledger. c. Amount of net income for August. 5. Determine the increase or decrease in retained earnings for August.
- Journal entries and trial balance On November 1, 2016, Patty Cosgrove established an interior decorating business, Classic Designs. During the month, Patty completed the following transactions related to the business: Nov. 1. Patty transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 27,750. 1. Paid rent for period of November 1 to end of month, 4,000. 6. Purchased office equipment on account, 12,880. 8. Purchased a truck for 32,500 paying 6,500 cash and giving a note payable for the remainder. 10. Purchased supplies for cash, 1,860. 12. Received cash for job completed, 7,500. Nov. 15. Paid annual premiums on property and casualty insurance, 2,400. 23. Recorded jobs completed on account and sent invoices to customers, 512,440. 24. Received an invoice for truck expenses, to be paid in November, 1,100. Enter the following transactions on Page 2 of the two column journal: 29. Paid utilities expense, 3,660. 29. Paid miscellaneous expenses, 1,700. 30. Received cash from customers on account, 8,000. 30. Paid wages of employees, 4,750. 30. Paid creditor a portion of the amount owed for equipment purchased on November 6, 6,220. 30. Paid dividends, 2,000. Instructions 1. Journalize each transaction in a two-column journal beginning 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.) Explanations may be omitted. 11 Cash 31 Common Stock 12 Accounts Receivable 33 Dividends 13 Supplies 41 Fees Earned 14 Prepaid Insurance 51 Wages Expense 15 Equipment 53 Rent Expense 18 Truck 54 Utilities Expense 21 Notes Payable 55 Truck Expense 22 Accounts Payable 59 Miscellaneous Expense 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Classic Designs as of November 30, 2016. 4. Determine the excess of revenues over expenses for November. 5. Can you think of any reason why the amount determined in (4) might not be the net income for November?Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Recorded services provided on account for the period May 115, 9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, 750. 17. Recorded cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Recorded services provided on account for the period May 1620, 4,820. 25. Recorded cash from cash clients for fees earned for the period May 1723, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks' salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Recorded cash from cash clients for fees earned for the period May 2631, 3,300. 31. Recorded services provided on account for the remainder of May, 2,650. 31. Kelly withdrew 10,500 for personal use. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.