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4 AAA Tax Service opens their business on April 1 and have the following transactions in the month.: Suggested Chart of Accounts Cash Accounts Receivable Prepaid Insurance a b d e g h i j k 1 4/1 The company founder invests $100,000 and becomes the company's only shareholder. 4/2 The Company pays cash for a 12 month insurance policy 24,000. Effective 4/1 - 3/31ext year 4/2 The company buys 4 computers for total cost $12,000, paying 2,000 cash and 10,000 on account. 4/8 The company's first customer pays cash of $5000 for tax service 4/12 More tax service is performed for customers on account for $9000 4/14 The company buys supplies that will be used for several months. This costs $6,000 on account 4/15 The company pays payroll expense of $3,500 4/25 The company collects 4,000 from customers for service just completed in e above on 4/12 4/27 The company pays $3,000 for the first months rent expense 4/26 The company receives $5,000 cash for tax work for a customer. Work will be done next Month 4/28 The company pays the amount owed for the 4 computers bought on 4/2 above ($10,000) 4/30 The company pays a dividend of $1,500 for the month Adjustments 4/30 Create the depreciation entry for the month for the computers. $300 per month 4/30 Make the adjustment entry for one month of insurance for the insurance purchased on 4/2 4/30 They rush and complete half the job for the customer in j above. Create the entry to recognize half of the revenue. 4/30 A count of the supplies shows a total of $2,500 remaining in supplies. Supplies Computer & Office Equipment Accumulated Depreciation Accounts payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Expense Payroll Expense Insurance Expense Depreciation Expense Supplies Expense m n o p Describe each of the above with a Journal entry Include the date 6 Create the Trial Balance in the space below

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