Question

Complete Accounting Cycle For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2016. 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 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. 12. Pald 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 journal: 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.

the rest of the question

Answer 1

Date Account Titles Apr-01 Prepaid Rent Cash Apr-02 Prepaid Insurance Cash Apr-04 Cash Unearned Fees Apr-05 Office Equipment Accounts Payable Apr-06 Cash Accounts Receivable Apr-10 Advertising expenses Cash Apr-12 Accounts Payable Cash Apr-12 Accounts Receivable Fee earned Apr-14 Salaries Expenses Cash Apr-17 Cash Fee earned Apr-18 Supplies Cash Apr-20 Accounts Receivable Fee earned Apr-24 Cash Fee earned Apr-26 Cash Accounts Receivable Apr-27 Salaries Expenses Cash Apr-29 Telephone expenses Cash Apr-30 Electricity expenses Cash Apr-30 Cash Fee earned Apr-30 Accounts Receivable Fee earned Apr-30 Dividend Debit Credit $ 6,000 | $ 6,000 $ 4,200 $ 4,200 $ 9,400 $ 9,400 $ 8.000 $ 8,000 $ 11,700 $ 11,700 350 $ 350 $ 6,400 | $ 6,400 $ 21,900 $ 21,900 $ 1,650 | $ 1,650 $ 6,600 $ 6,600 725 $ 725 $ 16,800 $ 16,800 $ 4,450 $ 4,450 $ 26,500 $ 26,500 $ 1,650 $ 1,650 $ 540 | $ 540 $ 760 $ 760 $ 5,160 $ 5,160 $ 2,590 $ 2,590 $ 18,000 $ 18,000 350 $ 350 $ 2,800 $ 2,800 $ 400 $ 400 $ 275 $ 275 $ 2,000 $ 2,000 $ 7,050 $ 7,050 Cash 4025-1225 Insurance Expenses Prepaid Insurance Supplies expenses Supplies Depreciation Expenses Accmulated Depreciation Salaries Expenses Salaries payable Rent Expenses Prepaid Rent Unearned Fees Fee earned f. 9400-2350

Credit Unadjusted Trial Balance Account Titles Debit Credit Accounts Receivable $ 17,790 Cash $ 43,535 Office Equipment $ 20,000 Prepaid Insurance 4,200 Prepaid Rent $ 6,000 Common Stock $ 50,000 Accounts Payable $ 1,600 Unearned Fees $ 9,400 Dividend $ 18,000 Fee earned 57,500 Electricity expenses $ 760 Advertising expenses $ 350 Salaries Expenses $ 3,300 Supplies $ 4,025 Telephone expenses $ 540 $ 1,18,500 $ 1,18,500 Adjusted trial balance Account Titles Debit Accounts Receivable $ 17,790 Cash $ 43,535 Supplies $ 1.225 Prepaid Insurance $ 3,850 Prepaid Rent $ 4,000 Office Equipment $ 20,000 Accmulated Depreciation Common Stock Accounts Payable Salaries payable Unearned Fees Dividend $ 18,000 Fee earned Insurance Expenses $ 350 Rent Expenses $ 2,000 | Advertising expenses $ 350 Electricity expenses $ 760 Salaries Expenses $ 3,575 Depreciation Expenses $ 400 Supplies expenses $ 2,800 Telephone expenses $ 540 $1,19,175 $ $ $ $ $ 400 50,000 275 1,600 2,350 $ 64,550 $ 1,19,175

$ 64,550 2,000 Income Statement Revenue: Fee earned Expenses: Insurance Expenses 350 Rent Expenses Advertising expenses 350 Electricity expenses 760 Salaries Expenses 3,575 Depreciation Expenses $ 400 Supplies expenses $ 2,800 Telephone expenses $ 540 Net Income Post Closing Trial Balance Accounts Title Debit Credit Accounts Receivable $17,790 Cash $43,535 Supplies $ 1.225 Prepaid Insurance $ 3,850 Prepaid Rent $ 4,000 Office Equipment $20,000 Accmulated Depreciation $ 400 Accounts Payable $ 275 Salaries payable $ 1,600 Unearned Fees $ 2,350 Common Stock $50,000 Retained Earnings $35,775 $90,400 $90,400 $ Balance Sheet Assets Current Assets Accounts Receivable $ 17,790 Cash $43.535 Supplies $ 1,225 Prepaid Insurance $ 3,850 Prepaid Rent $ 4,000 Total Current Assets $ 70,400 Plant ,property & Equipment Office Equipment 20000 Less: Accmulated Depreciation $ 400 $19,600 Total Assets $90,000 Liabilities & Stockholder's Equity Current Liabilities Accounts Payable $ 275 Salaries payable $ 1,600 Unearned Fees $ 2,350 Total Current Liabilities $ 4,225 Stockholder's Equity Common Stock $50,000 Retained Earnings $35,775 Total Stockholder's Equity $85,775 Total Liabilities & Stockholer's Equity $90,000 10,775 53,775 Statement of Stockholder's Equity Common Stock Retained Earnings Total Opening balance $ 50,000 $ - $ 50,000 Add: Net Income 53,775 $ 53,775 Less: Dividend -18,000 $-18,000 Closing Balance S 50,000 $ 35,775 $ 85,775