menu
bartleby
search
close search
Hit Return to see all results
close solutoin list

Complete accounting cycle For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 20Y6, 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 entered into the following transactions during April: Record the following transactions on Page 2 of the journal: 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 stockholders’ 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 the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.

BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

Solutions

Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 4, Problem 5PB
Textbook Problem
41 views

Complete accounting cycle

For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 20Y6, 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 entered into the following transactions during April:

Chapter 4, Problem 5PB, Complete accounting cycle For the past several years, Jeff Horton has operated a part-time , example  1

Record the following transactions on Page 2 of the journal:

Chapter 4, Problem 5PB, Complete accounting cycle For the past several years, Jeff Horton has operated a part-time , example  2

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, Complete accounting cycle For the past several years, Jeff Horton has operated a part-time , example  3

  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).
  4. (a) Insurance expired during April is $350.
  5. (b) Supplies on hand on April 30 are $1,225.
  6. (c) Depreciation of office equipment for April is $400.
  7. (d) Accrued receptionist salary on April 30 is $275.
  8. (e) Rent expired during April is $2,000.
  9. (f) Unearned fees on April 30 are $2,350.
  10. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet.
  11. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal.
  12. 7. Prepare an adjusted trial balance.
  13. 8. Prepare an income statement, a statement of stockholders’ equity, and a balance sheet.
  14. 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 the Balance columns opposite the closing entry.
  15. 10. Prepare a post-closing trial balance.

1 and 2.

To determine

Journalize the transactions of April in a two column journal beginning on page 1 and the following in page 2.

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Journalize the transactions of April in a two column journal beginning on page 1.

                                                   Journal                                           Page 1
DateDescriptionPost. RefDebit ($)Credit ($)
20Y6 Cash 1120,000 
April 1Accounts receivable1214,700 
  Supplies143,300 
  Office equipment1812,000 
      Common stock31 50,000
  (To record the receipt of assets)   
 
 1Prepaid Rent156,000 
     Cash11 6,000
  (To record the payment of rent)   
 
  2Prepaid insurance164,200 
      Cash11 4,200
  (To record the payment of insurance premium)   
 
 4Cash119,400 
      Unearned fees23 9,400
  (To record the cash received for the service yet to be provide)   
 
 5Office equipment188,000 
      Accounts payable21 8,000
  (To record the purchase of supplies of account)   
 
 6Cash1111,700 
      Accounts receivable12 11,700
  (To record the cash received from clients)   
 
 10Miscellaneous expense59350 
      Cash11 350
  (To record the payment made for Miscellaneous expense)   
 
 12Accounts payable  216,400 
   Office supplies11 6,400
  (To record the payment made to creditors on account)   
 
 12Accounts receivable1221,900 
       Fees earned41 21,900
  (To record the revenue earned and billed)   
 
 14Salary Expense511,650 
      Cash11 1,650
  (To record the payment made for salary)   

Table (1)

                                                   Journal                                           Page 2
DateDescriptionPost...

2, 6 and 9.

To determine

Record the balance of each account in the appropriate balance column of a four-column account and post them to the ledger.

3.

To determine

Prepare an unadjusted trial balance for Company.

5.

To determine

Enter the unadjusted trial balance on an end of period spreadsheet and complete the spread sheet.

6.

To determine

Journalize the adjusting entries of Company RC for April 31.

7.

To determine

Prepare an adjusted trial balance of Company RC for April 31, 20Y6.

8.

To determine

Prepare an income statement for the year ended April 31, 20Y6.

9.

To determine

Journalize the closing entries for Company RC.

10.

To determine

Prepare a post–closing trial balance of D Consulting for the month ended April 31, 20Y6.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 4 Solutions

Financial And Managerial Accounting
Show all chapter solutions
add
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Statement of stockholders equity Scott Lockhart...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Working capital and current ratio Current assets...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation (FDX) had the...Ch. 4 - Statement of stockholders equity Climate Control...Ch. 4 - Statement of stockholders equity; net loss...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Balance sheet The following balance sheet was...Ch. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries with net income Automation...Ch. 4 - Closing entries with net loss Summit Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Completing an end-of-period spreadsheet List (a)...Ch. 4 - Appendix 1 Adjustment data on an end-of-period...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Appendix 1 Financial statements from an...Ch. 4 - Appendix 1 Adjusting entries from an end-of-period...Ch. 4 - Appendix 1 Closing entries from an end-of-period...Ch. 4 - Reversing entry The following adjusting entry for...Ch. 4 - Adjusting and reversing entries On the basis of...Ch. 4 - Adjusting and reversing entries On the basis of...Ch. 4 - Entries posted to wages expense account Portions...Ch. 4 - Entries posted to wages expense account Portions...Ch. 4 - Financial statements and closing entries Beacons...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Analyze and compare Amazon.com to Best Buy...Ch. 4 - Analyze and compare Zynga, Electronic Arts, and...Ch. 4 - Analyze and compare Foot Locker and The Finish...Ch. 4 - Analyze Under Armour The following year-end data...Ch. 4 - Analyze Sears Holding Corporation Sears Holdings...Ch. 4 - Analyze and compare Alphabet (Google) and...Ch. 4 - Ethics in Action New Wave Images is a graphics...Ch. 4 - Your friend, Daniel Nat, recently began work as...Ch. 4 - Minus for supplies? The following is an excerpt...Ch. 4 - Financial statements and loan Assume that you...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions add
Identify the major compensation decisions that HRM managers make.

Foundations of Business (MindTap Course List)

Why would a firm ever offer a price on a product that is below its full cost?

Managerial Accounting: The Cornerstone of Business Decision-Making

Explain the calculation of net sales and net purchases.

College Accounting (Book Only): A Career Approach

Refer back to the FULL COMPANY REPORT used in Question 1. Manually plot earnings per share, dividends per share...

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