Apr. 1. The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,7(0); supplies, $3,300; and office equipment, $12,00M). 'There were 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. 6. Received cash from clients on account, $11,700. 10. Paid cash for a newspaper advertisement, $350. Paid Smith Office Supply Co. for part of the debt incurred on April 5, $6,400. 12. 12. Provided services on account for the period April 1-12, $21,900. 14. Paid receptionist for two weeks' salary, $1,650. Record the following trunscactions on Page 2 uf tbe journal: 17. Received cash from cash clients for fees earned during the period April 1-16, $6,600. 18. Paid cash for supplies, $725. 20. Provided services on account for the pericxl April 13-20, $16,800. 24. Reveived cash frum cash cdients 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. Received cash from cash clients for fees earned for the period April 25-30, $5,160. 30. Provided services on account for the remainder of April, $2,590. 30. Jeff withdrew $18,000 for personal use. 31 Jeff Horton, Capital 32 Jeff Horton, Drawing 11 Cash 12 Accounts Receivable 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies Expense 18 Office Equipment 19 Accumulated Depreciation-Office Equipment 54 Depreciation Expense 53 Rent Expense 55 Insurance Expense 21 Accounts Payable 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees

College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 1PB
icon
Related questions
Topic Video
Question

For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2019, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud Consulting entered into the following transactions during April:

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.)

2. Post the journal to a ledger of four-column accounts.

3. 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.

     f. Unearned fees on April 30 are $2,350.

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 3 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 4 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.

Apr. 1. The following assets were received from Jeff Horton: cash, $20,000; accounts
receivable, $14,7(0); supplies, $3,300; and office equipment, $12,00M). 'There were
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.
6. Received cash from clients on account, $11,700.
10. Paid cash for a newspaper advertisement, $350.
Paid Smith Office Supply Co. for part of the debt incurred on April 5, $6,400.
12.
12.
Provided services on account for the period April 1-12, $21,900.
14. Paid receptionist for two weeks' salary, $1,650.
Record the following trunscactions on Page 2 uf tbe journal:
17. Received cash from cash clients for fees earned during the period April 1-16,
$6,600.
18. Paid cash for supplies, $725.
20. Provided services on account for the pericxl April 13-20, $16,800.
24. Reveived cash frum cash cdients 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. Received cash from cash clients for fees earned for the period April 25-30, $5,160.
30. Provided services on account for the remainder of April, $2,590.
30. Jeff withdrew $18,000 for personal use.
Transcribed Image Text:Apr. 1. The following assets were received from Jeff Horton: cash, $20,000; accounts receivable, $14,7(0); supplies, $3,300; and office equipment, $12,00M). 'There were 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. 6. Received cash from clients on account, $11,700. 10. Paid cash for a newspaper advertisement, $350. Paid Smith Office Supply Co. for part of the debt incurred on April 5, $6,400. 12. 12. Provided services on account for the period April 1-12, $21,900. 14. Paid receptionist for two weeks' salary, $1,650. Record the following trunscactions on Page 2 uf tbe journal: 17. Received cash from cash clients for fees earned during the period April 1-16, $6,600. 18. Paid cash for supplies, $725. 20. Provided services on account for the pericxl April 13-20, $16,800. 24. Reveived cash frum cash cdients 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. Received cash from cash clients for fees earned for the period April 25-30, $5,160. 30. Provided services on account for the remainder of April, $2,590. 30. Jeff withdrew $18,000 for personal use.
31 Jeff Horton, Capital
32 Jeff Horton, Drawing
11 Cash
12 Accounts Receivable
14 Supplies
41 Fees Earned
15 Prepaid Rent
51 Salary Expense
16 Prepaid Insurance
52 Supplies Expense
18 Office Equipment
19 Accumulated Depreciation-Office Equipment 54 Depreciation Expense
53 Rent Expense
55 Insurance Expense
21 Accounts Payable
22 Salaries Payable
59 Miscellaneous Expense
23 Unearned Fees
Transcribed Image Text:31 Jeff Horton, Capital 32 Jeff Horton, Drawing 11 Cash 12 Accounts Receivable 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Supplies Expense 18 Office Equipment 19 Accumulated Depreciation-Office Equipment 54 Depreciation Expense 53 Rent Expense 55 Insurance Expense 21 Accounts Payable 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

Journalize the adjusting entries on Page 3 of the journal. Prepare the adjusted trial balance. Journalize the closing entries on Page 4 of the journal. Prepare a post-closing trial balance.

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage