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.

BuyFind

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
BuyFind

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

Solutions

Chapter
Section
Chapter 4, Problem 5PB
Textbook Problem

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:

Chapter 4, Problem 5PB, For the past several years, Jeff Horton has operated a part-time consulting business from his home. , example  1

Instructions

  1. 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.)

Chapter 4, Problem 5PB, For the past several years, Jeff Horton has operated a part-time consulting business from his home. , example  2

  1. 2. Post the journal to a ledger of four-column accounts.
  2. 3. Prepare an unadjusted trial balance.
  3. 4. At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
    1. a. Insurance expired during April is $350.
    2. b. Supplies on hand on April 30 are $1,225.
    3. c. Depreciation of office equipment for April is $400.
    4. d. Accrued receptionist salary on April 30 is $275.
    5. e. Rent expired during April is $2,000.
    6. f. Unearned fees on April 30 are $2,350.
  4. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet.
  5. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal.
  6. 7. Prepare an adjusted trial balance.
  7. 8. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
  8. 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.
  9. 10. Prepare a post-closing trial balance.

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 4 Solutions

Financial Accounting
Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Marcie Davies owns and operates Gemini Advertising...Ch. 4 - Blake Knudson owns and operates Grab Bag Delivery...Ch. 4 - The following accounts appear in an adjusted trial...Ch. 4 - The following accounts appear in an adjusted trial...Ch. 4 - After the accounts have been adjusted at December...Ch. 4 - After the accounts have been adjusted at April 30,...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - Current assets and current liabilities for HQ...Ch. 4 - Current assets and current liabilities for...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Balances for each of the following accounts appear...Ch. 4 - Bamboo Consulting is a consulting firm owned and...Ch. 4 - Elliptical Consulting is a consulting firm owned...Ch. 4 - The following account balances were taken from the...Ch. 4 - The following revenue and expense account balances...Ch. 4 - FedEx Corporation had the following revenue and...Ch. 4 - Apex Systems Co. offers its services to residents...Ch. 4 - Selected accounts from the ledger of Restoration...Ch. 4 - Ex 410 Classifying assets Identify each of the...Ch. 4 - At the balance sheet date, a business owes a...Ch. 4 - Optimum Weight Loss Co. offers personal weight...Ch. 4 - List the errors you find in the following balance...Ch. 4 - From the list that follows, identify the accounts...Ch. 4 - Prior to closing, total revenues were 12,840,000...Ch. 4 - Assume that the entry closing total revenues of...Ch. 4 - Stylist Services Co. offers its services to...Ch. 4 - Which of the following accounts will usually...Ch. 4 - An accountant prepared the following post-closing...Ch. 4 - Rearrange the following steps in the accounting...Ch. 4 - The following data (in thousands) were taken from...Ch. 4 - The following data (in thousands) were taken from...Ch. 4 - List (a) through (j) in the order they would be...Ch. 4 - Alert Security Services Co. offers security...Ch. 4 - Alert Security Services Co. offers security...Ch. 4 - Based on the data in Exercise 4-25, prepare an...Ch. 4 - Based on the data in Exercise 4-24, prepare the...Ch. 4 - Based on the data in Exercise 4-25, prepare the...Ch. 4 - The following adjusting entry for accrued wages...Ch. 4 - On the basis of the following data, (a) journalize...Ch. 4 - On the basis of the following data, (a) journalize...Ch. 4 - Portions of the wages expense account of a...Ch. 4 - Portions of the salaries expense account of a...Ch. 4 - Beacon Signals Company maintains and repairs...Ch. 4 - Finders Investigative Services is an investigative...Ch. 4 - The unadjusted trial balance of Epicenter Laundry...Ch. 4 - The unadjusted trial balance of Lakota Freight Co....Ch. 4 - For the past several years, Jolene Upton has...Ch. 4 - Last Chance Company offers legal consulting advice...Ch. 4 - The Gorman Group is a financial planning services...Ch. 4 - The unadjusted trial balance of La Mesa Laundry at...Ch. 4 - The unadjusted trial balance of Recessive...Ch. 4 - For the past several years, Jeff Horton has...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - New Wave Images is a graphics design firm that...Ch. 4 - Your friend, Daniel Nat, recently began work as...Ch. 4 - The following is an excerpt from a telephone...Ch. 4 - Assume that you recently accepted a position with...

Additional Business Textbook Solutions

Find more solutions based on key concepts
How can technology help to build long-term customer relationships?

Foundations of Business (MindTap Course List)

List and describe the three functions of money.

Principles of Macroeconomics (MindTap Course List)

Describe the role of prices in market economies.

Brief Principles of Macroeconomics (MindTap Course List)

Revenue accounts normally have debit balances.

College Accounting, Chapters 1-27

Until now, we have assumed that XOMs dividend will grow at a long-run constant rate of 5%. To gauge whether thi...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

An overstatement of ending inventory in the year 20-1 will cause net income to be overstated in the year 20-1.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)