For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2019, 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 Consulting entered into the following transactions during April: Apr. 1. 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 liabilities received. 1. Paid three months' rent on a lease rental contract, $6,000. Paid the premiums on property and casualty insurance policies, $4,200. 2. 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. Paid Smith Office Supply Co. for part of the debt incurred on April 5, $6,400. 12. 12. Provided services 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. Received cash from cash clients for fees earned during the period April 1-16, $6,600. 18. Paid cash for supplies, $725. 20. Provided services on account for the period April 13-20, $16,800. 24. Received cash from cash clients for fees earned for the period April 17-24, $4,450. 26. Received cash from clients on account, $26,500. Paid receptionist for two weeks' salary, $1,650. 27. Paid telephone bill for April, $540. 29. Paid electricity bill for April, $760. 30. I April 25-30, $5,160. 30. Received cash from cash clients for fees earned for the per Provided services on account for the remainder of April, $2,590. 30. 30. Jeff withdrew $18,000 for personal use. 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.) 11 Cash 12 Accounts Receivable 31 Jeff Horton, Capital 32 Jeff Horton, Drawing 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 41 Fees Earned 51 Salary Expense 52 Supplies Expense 53 Rent Expense 19 Accumulated Depreciation-Office Equipment 54 Depreciation Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 55 Insurance Expense 59 Miscellaneous Expense 2. Post the joumal 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 owner's 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 Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.