The following are the transactions of J. Lo, owner of "LABANGO", a laundry shop, for the month of June 2020. June 1-J. Lo invested cash P50,000 and Laundry Equipment worth P20,000. June 3-Purchase supplies on account from Pili Trading worth P15,000. June 5- Performed service to J. Credo and received P10,000. June 10- Paid utilities, P8,000 June 13- Billed customer, K. Lopez, for service performed worth P16,000. June 14-Withdraws P7,000 for personal use. June 17-Received payment form K. Lopez for service rendered last June 13. June 30- Paid employee salaries, P21,000. Prepare the following: 1. Chart of accounts AMA
Q: Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus…
A: Net income is calculated after analysing the revenue and expenses of the organisation.
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: The transactions are given. Required Pass the Journal Entries.
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Income Statement: Income statement is one of the financial statement which helps the corporations to…
Q: On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…
A: The journal entries are prepared to keep the record of day to day transactions of the business.…
Q: The following transactions are taken from the books of Mr. Noushad for the month of May 2020. May 1…
A: Journal is a place where journal entries are recorded in the book keeping system before ledger…
Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date…
A: The financial statements of the business include the income statement and balance sheet of the firm.…
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Journal entries are entries recorded in the books of accounts. Journal entries are recorded from the…
Q: The following entries are in the books of Moh Co. for the month of Jan,2021: 10th Jan Started up the…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Mr. Simon Valve, a dentist, started Valve Dental Company on January 1, 2021. The following…
A: Unadjusted trial balance is prepared before the adjusting entries are recorded in the books. It can…
Q: Mr. Klean opened a Cleaning Service shop on September 1, 2019. During the month, the business…
A: The journal entries refer to the accounting entries passed in the books of accounts using the…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Journal entries Date Accounts and…
Q: Omer provides the following data of his company Cargowings Pvt. ltd. for the month of December 2020.…
A: According to the above question, the following should be the…
Q: Below are accounts & balances of TechnoSupport, a sole proprietorship that installs and repairs home…
A: The income statement reports the financial performance of a company during a given period of time.…
Q: The following entries are in the books of Ali Co. for the month of May,2021: 10th May Establish the…
A: Journal is a financial book in which all the business transactions are recorded first, therefore…
Q: The following transactions of Willy Manalo, an attorney, took place during January 2016 Manalo…
A: Journal entries records the transaction in such a way that there are 2 effects in the financial…
Q: Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the…
A: A double-entry bookkeeping system is a system of accounting for the transactions of a business.…
Q: Mr. Zee started a Grocery store on March 1, 2020. The following transactions occurred during the…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus…
A: T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a…
Q: Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions…
A: The statement which is prepared to verify if the account balances results in equal debits and…
Q: Transactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account…
A: What is meant by Journal Entries? It is the first step to record the financial transactions in the…
Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…
A: Journal entries recording is the first step of accounting process, under which atleast one account…
Q: relanado established the EG Travels on May 15. 2019 The following transactions occurred during the…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: Transactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account with…
A: What is meant by Trail balance? Trial balance is the third step after passing journal entries and…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: In this question, we have been given a business transaction, on the basis of which we have been…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Ledger: Account transactions are recorded in a collection of accounts. This collection of accounts…
Q: Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.
Q: Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on…
A: JOURNAL ENTRY :— journal entry is the process of Recording financial transactions. A journal entry…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Book Keeping Recording of all financial transactions incurred by a business is called Book…
Q: The following transactions were taken from the books of Cartago Repair Shopfor the month of May…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…
Q: On November 1, 2020, Aleli Gomuna purchased a pest – control company from its previous owner. Aleli…
A: Financial Transaction Worksheet In the financial transaction work sheet it includes the details of…
Q: On June 1, 2019, Teofila Albay, Optometrist, established the Albay Eye Clinic. Transactions…
A: Assets=Liabilities+Owner's Equity
Q: Pio Baconga started Baconga Industrial Spray Service on Apr. 1, 2019. During April, Baconga…
A: As per accounting equation, assets equal to sum of liabilities and equity.
Q: Architects completed the following transactions: A. Issued common stock to Marjorie Knaus in…
A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…
Q: Requirements: 1 Journalize the December transactions using a general journal and the account titles…
A: You have posted three questions under a single question. A journal entry for the whole month of…
Q: Carmen Ramos started a business under the name of Perfect Cleaning. The following transactions…
A: Journal Entry The purpose of recording Jounral entry to make the clear picture about the transaction…
Q: On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs.…
A: Record journal entries for the transactions as shown below:
Q: For the past several years, M. Adam has operated a part-time business from his home. As of April 1,…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: WABWIRE starts business on 1* July 2021, when he pays Sbs. 180,000 into business account. During the…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: During the year 2021, the following transaction took place: January 1 Elisha contributed additional…
A: Lets understand the basics. Journal entry is a recording of financial event and transaction in books…
Q: On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs.…
A: As per authoring guidelines the first three sub-parts of question is answerd. Please repost the…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Journal entry is also known as the primary recording of transactions in chronological order. It…
Q: On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following…
A: Accounting cycle refers to the 8-step process of recording, analyzing, summarizing and interpreting…
Q: Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions…
A: The journal entries are prepared to record daily transactions of the business.
Q: On 1st April 2021, Jazni established an interior decorating business, JazniDeco. During the month,…
A: In the context of the given question, we are required to determine the effect of each transaction on…
Q: During March 2020, ABC engaged in the following transactions: a. ABC received cash of $50,000 from…
A: Journal entry is the process of recording business transactions in the books of accounts for the…
Q: ransactions for the month of December 2020 are as follows: 1-Dec Rey Millora opened an account with…
A: General Ledger: All company's transactions are recorded through general ledger to prepare the…
Q: On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investmen…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: john began an Upholstery cleaning business on October 1,2020 and engaged in the following…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics 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 music 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 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music 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 250 to creditors 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 Page 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. July 21. Paid 620 to Upload Music for use of its current music demos in making various music 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, 2019. 27.Paid electric bill, 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 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, 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, 2019.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's 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 music: 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 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO 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 250 to creditors 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. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 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. July 21. Paid 620 to Upload Music for use of its current music demos in making various music 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, 2019. 27. Paid electric bill, 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 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (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 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies 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, 2019, 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, 2019.Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the seller
- Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2019, follows: The following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, 6,500. 2.Purchased office supplies on account, 2,300. 5.Paid insurance premiums, 6,000. 10.Received cash from clients on account, 52,300. 15.Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 17.Paid creditors on account, 6,450. 20.Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. 23.Paid advertising expense, 4,300. Enter the following transactions on Page 19 of the two-column journal: 27.Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. 28.Paid automobile expense (including rental charges for an automobile), 1,500. 29.Paid miscellaneous expenses, 1,400. 30.Recorded revenue earned and billed to clients during the month, 57,000. 30.Paid salaries and commissions for the month, 11,900. 30.Withdrew cash for personal use, 4,000. 30.Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. Instructions 1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissions should have been 19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional 60,000 in the business during the year and withdrew cash of 40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was 1,020,000.Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2019, follows: The following business transactions were completed by Valley Realty during August 2019: Aug. 1. Purchased office supplies on account, 3,150. 2.Paid rent on office for month, 7,200. 3.Received cash from clients on account, 83,900. 5.Paid insurance premiums, 12,000. 9.Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 400. Analyzing Transactions Aug. 17. Paid advertising expense, 8,000. 23.Paid creditors on account, 13,750. Enter the following transactions on Page 19 of the two-column journal: 29.Paid miscellaneous expenses, 1,700. 30.Paid automobile expense (including rental charges for an automobile), 2,500. 31.Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, 2,000. 31.Paid salaries and commissions for the month, 53,000. 31.Recorded revenue earned and billed to clients during the month, 183,500. 31.Purchased land for a future building site for 75,000, paying 7,500 in cash and giving a note payable for the remainder. 31.Withdrew cash for personal use, 1,000. 31.Rented land purchased on August 31 to a local university for use as a parking lot during football season (September, October, and November); received advance payment of 5,000. Instructions 1. Record the August 1 balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for August in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of August 31, 2019. 5. Assume that the August 31 transaction for Cindy Getmans cash withdrawal should have been 10,000. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?
- A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. 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. Provided services 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. Received 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. Provided services on account for the period May 1620, 4,820. 25. Received 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. Received cash from cash clients for fees earned for the period May 2631, 3,300. 31. Provided services 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, 2019, 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, 2019, 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 Consulting's 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. 3Prepare 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 3 1 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 owner's 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 Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.Assume that a lawyer bills her clients $15000 on June 30, for services rendered during June. The lawyer collects $8500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue for the fees? A. June, $15,000; July, $0; and August, $0 B. June, $0; July, $6,500; and August, $8,500 C. June, $8,500; July, $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500