80.2K

Verified Solution

Link Copied!

You will use the attached spreadsheet to complete several of the remaining parts of this problem. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

$2.$ Post the transactions from part $1$ to the general ledger in the attached spreadsheet. The posting must be in chronological order. Be sure to go back and enter the appropriate posting references in the journal.

$3.$ In the spreadsheet, 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$)$ In the spreadsheet, enter the unadjusted trial balance on the end$-$of$-$period work sheet and complete the work sheet.

$6.$ Journalize the adjusting entries on Page $3$ of the journal. $($Do not insert the account numbers in the journal at this time.$)$ Post the adjusting entries to the general ledger in the spreadsheet. The posting must be in chronological order. Then go back and enter the appropriate posting references in the journal.

Question a $1)$

For the past several vears, Leff Hoctan has operated a part$-$time consulting business from his home. As of Apni $1,20$ve 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 Consultingentered into the following transactions during April:

Apr. The following assets were received from Jeff Horton: cash, $$20,000$; accounts

receivable, $$14,700$; supplies, $$3,300$; and office equipment, $$12,000.$ There were no liabil ties received.

Paid three months' rent on a lease rental contract, $$6,000.$

Paid the premiums on property and casualty insurance policies, $$4,200.$

Recerved cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $$9,400.$

Purchased additional office equipment on account from Smith Office Supply Co$.,$ $$8,000.$

Received cash from clients on account, $$11,700.$

Paid cash for a newspaper advertisement, $$350.$

Paid Sm th Orfice Supply Co$.$ for part of the debt incurred on April $5,$$$6,400.$

Provided services on account for the period April $1-12,$ $$21,900.$

Paid receptionist for two weeks" salar $$1,650.$

Reciord the follewing transactions on Page $2$ of the journal:

$17.$ Rectived tash frem cash clients for fees earned during the period April $1-16,$

$36,600.$

Pail cash for supplies $$725$

$20$ Provided servicas on account for the period Apnl $13-20,$ $$16,800.$

$24$ Recring cash from cash clients for fees earned for the period April $17-24,$ $$4\mathrm{.}450.$

$26$ Recieived cash frem clients on account, $$26,500.$

$27$ Pais receptienict for two weeks' satan $$1,650$

Sais telephone bill for April, $$540.$

$30$ anid electriehy or $1$ for Aprit, $$760.$

Recrived cash from cash clients for fees earned for the period Apnl $25-30,35,160.$

Answer & Explanation Solved by verified expert

See Answer