Question

please do all steps. i really need help thank you!

PR 4-6B Complete accounting cycle Obj. 4,5 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: Apr. 1. The following assets were received from Jeff Horton in exchange for common stock: cash, $20,000, accounts receivable, $14,700, supplies, $3,300, and office equipment, $12,000. 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 uneared fees, $9,400. 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. 12. Paid Smith Office Supply Co. for part of the debt incurred on April 5, $6,400. 12. Recorded services provided on account for the period April 1-12. $21,900. 14. Paid receptionist for two weeks' salary, $1,650. Record the following transactions on Page 2 of the fournal: 17. Recorded cash from cash clients for fees earned during the period April 1-16, $6,600. 18. Paid cash for supplies, $725. 20. Recorded services provided on account for the period April 13-20, $16,800. 24. Recorded cash from cash clients 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. Recorded cash from cash clients for fees earned for the period April 25-30, $5,160. 30. Recorded services provided on account for the remainder of April, $2,590. 30. Paid dividends, $18,000.

Answer 1

Roseud Consulting Journal Enteries Debit in $ Credit in $ Particulars Date 1.4.2019 Cash a/c Dr. 20000 Accounts Receivable a/c Dr. 14700 Supplies a/c Dr. 3300 Office Equipment a/c Dr. 12000 To Jeff Horton, Capital 50000 (Capital Invested) Prepaid Rent a/c 1. 2019 Dr. 6000 To Cash 6000 (3 months rent paid) Prepaid Insurance a/c 2.4.2019 Dr. 4200 To Cash 4200 |(Premiums paid) 4.9.2019 Cash a/c 9400 Dr. To Unearned Fees 9400 (Advance from client) Office Equipment a/c To Accounts Payable 8000 5.4.2019 Dr. 8000 (Office Equipment on account) 6.4.2019 Cash a/c Dr. 11700 To Accounts Receivable 11700 (Cash from debtors) 10.4.2019 Miscellaneous Expense a/c Dr. 350 To Cash 350 (Advertisement expense paid) 12.4.2019 Accounts Receivable a/c Dr. 21900 To Cash 21900 (Creditors paid) 14.4.2019 Salary Expense a/c Dr. 1650 To Cash 1650 (Salary paid)

Debit in $ Credit in $ Date Particulars 17.4.2019 Cash a/c Dr. 6600 To Fees Earned 6600 (Fees earned) 18.4.2019 Supplies a/c Dr. 725 To Cash 725 (Supplies purchased) 20.4.2019 Accounts Receivable a/c Dr. 16800 To Fees Earned 16800 (Fees earned) 24.4.2019 Cash a/c Dr. 4450 To Fees Earned 4450 (Fees earned) 26.4.2019 Cash a/c 26500 Dr. To Accounts Receivable 26500 (Cash from debtors) 27.4.2019 Salary Expense a/c Dr. 1650 To Cash 1650 (Salary paid) 29.4.2019 Miscellaneous Expense a/c Dr. To Cash 540 540 (Telephone expense paid) 30.4.2019 Miscellaneous Expense a/c Dr. 760 To Cash 760 (Electricity expense paid) 30.4.2019 Cash a/c Dr. 5160 To Fees Earned 5160 (Fees earned) 30.4.2019 Accounts Receivable a/c Dr. 2590 To Fees Earned 2590 (Fees earned) 30.4.2019 Jeff Horton, Drawing a/c Dr. 18000 To Cash 18000 |(Drawings recorded)

Adjusting Enteries Debit in $ Credit in $ Date Particulars 30.4.2019 Insurance Expense a/c Dr. 350 To Prepaid Insurance 350 (Insurance expensed) 30.4.2019 Supplies Expense a/c To Supplies Dr. 2800 2800 |(Supplies expensed) 3300 + 725 - 1225 30.4.2019 Depreciation Expense a/c Dr. 400 Accum Depre - Office Equip. (To record depreciation) 30.4.2019 Salary Expense a/c Dr. 275 To Salary Payable 275 (Salary expense accrued) 30.4.2019 Rent Expense a/c Dr. 2000 To Prepaid Rent 2000 |(Rent expensed) 6000/3 30.4.2019 Unearned Fees a/c Dr. 7050 To Fees Earned 7050 (Fees earned) 9400 - 2350

Worksheet For the Month ending 30.4.2019 Post Closing Unadjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Adjustments Adjusted Particulars Cash 28035 28035 28035 Accounts Receivable 17790 17790 17790 Supplies 3300 2800 500 500 2000 Prepaid Rent 6000 4000 4000 Prepaid Insurance Office Equipment 3850 4200 350 3850 20000 20000 20000 Accum Depre - Office Equip. 400 400 400 ccounts Payable 8000 8000 8000 Salary Payable 275 275 275 Unearned Fees 9400 7050 2350 2350 Jeff Horton, Capital 50000 50000 63150 Jeff Horton, Drawing 18000 18000 Fees Earned 7050 35600 42650 Salary Expense 3300 275 3575 Miscellaneous Expense 1650 1650 Insurance Expense 350 350 Supplies Expense 725 2800 3525 Depreciation Expense 400 400 Rent Expense 2000 2000 Totals 74175 103000 103000 12875 12875 103675 103675 74175

Statement of Income For the Month ending 30.4.2019 Fees Earned 42650 Less: Salary Expense 3575 Miscellaneous Expense 1650 Insurance Expense 350 Supplies Expense 3525 Depreciation Expense 400 Rent Expense 2000 11500 Net Income 31150 Statement of Owner's Equity For the Month ending 30.4.2019 Jeff Horton, Capital 50000 Net Income 31150 81150 Jeff Horton, Drawing -18000 63150

Balance Sheet As at 30.4.2019 Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Assets Current Liabilities Current Assets Cash 28035 Accounts Payable 8000 Accounts Receivable Salary Payable 17790 275 Supplies 500 Unearned Fees 2350 10625 Prepaid Rent 4000 Prepaid Insurance 54175 3850 Non Current Assets Owner's Equity 19600 Jeff Horton, Capital Office Equipment 20000 Accum Depre - Office 63150 -400 73775 Total Liabilities & Equity Total Assets 73775

Closing Enteries Particulars Debit in $ Credit in $ Date 30.4.2019 Income Summary a/c Dr. 11500 To Salary Expense 3575 To Miscellaneous Expense 1650 To Insurance Expense 350 To Supplies Expense 3525 To Depreciation Expense 400 To Rent Expense 2000 (Expense accounts closed) 30.4.2019 Fees Earned a/c Dr. 42650 To Income Summary 42650 (Revenue accounts closed) 30.4.2019 Income Summary a/c To Jeff Horton, Capital Dr. 31150 31150 |(Profits transferred) 30.4.2019 Jeff Horton, Capital a/c Dr. 18000 To Jeff Horton, Drawing 18000 (To record drawings)