For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of 1 April 2021, 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:April 1. The following assets were received from Jeff Horton: cash, RM20,000; accounts receivable, RM14,700; supplies, RM3,300; and office equipment, RM12,000. There were no liabilities received.1. Paid three months' rent on a lease rental contract, RM6,000.2. Paid the premiums on property and casualty insurance policies, RM4,200.4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM9,400.5. Purchased additional office equipment on account from Smith Office Supply Co., RM8,000.6. Received cash from clients on account, RM11,700.10. Paid cash for a newspaper advertisement, RM350.12. Paid Smith Office Supply Co. for part of the debt incurred on April 5, RM6,400.12. Provided services on account for the period April 1–12, RM21,900.14. Paid receptionist for two weeks' salary, RM1,650.17. Received cash from cash clients for fees earned during the period April 1–16, RM6,600.18. Paid cash for supplies, RM725.20. Provided services on account for the period April 13–20, RM16,800.24. Received cash from cash clients for fees earned for the period April 17–24, RM4,450.26. Received cash from clients on account, RM26,500.27. Paid receptionist for two weeks' salary, RM1,650.29. Paid telephone bill for April, RM540.30. Paid electricity bill for April, RM760.30. Received cash from cash clients for fees earned for the period April 25–30, RM5,160.30. Provided services on account for the remainder of April, RM2,590.30. Jeff withdrew RM18,000 for personal use. Additional information:At the end of April, the following adjustment data were assembled:Insurance expired during April is RM350.Supplies on hand on April 30 are RM1,225.Depreciation of office equipment for April is RM400.Accrued receptionist salary on April 30 is RM275.Rent expired during April is RM2,000.Unearned fees on April 30 are RM2,350.Record all the transactions in T-accounts.

Answered: ipment, RM12,000. There were no…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of 1 April 2021, 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:

April 1.		The following assets were received from Jeff Horton: cash, RM20,000; accounts receivable, RM14,700; supplies, RM3,300; and office equipment, RM12,000. There were no liabilities received.
1.		Paid three months' rent on a lease rental contract, RM6,000.
2.		Paid the premiums on property and casualty insurance policies, RM4,200.
4.		Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM9,400.
5.		Purchased additional office equipment on account from Smith Office Supply Co., RM8,000.
6.		Received cash from clients on account, RM11,700.
10.		Paid cash for a newspaper advertisement, RM350.
12.		Paid Smith Office Supply Co. for part of the debt incurred on April 5, RM6,400.
12.		Provided services on account for the period April 1–12, RM21,900.
14.		Paid receptionist for two weeks' salary, RM1,650.
17.		Received cash from cash clients for fees earned during the period April 1–16, RM6,600.
18.		Paid cash for supplies, RM725.
20.		Provided services on account for the period April 13–20, RM16,800.
24.		Received cash from cash clients for fees earned for the period April 17–24, RM4,450.
26.		Received cash from clients on account, RM26,500.
27.		Paid receptionist for two weeks' salary, RM1,650.
29.		Paid telephone bill for April, RM540.
30.		Paid electricity bill for April, RM760.
30.		Received cash from cash clients for fees earned for the period April 25–30, RM5,160.
30.		Provided services on account for the remainder of April, RM2,590.
30.		Jeff withdrew RM18,000 for personal use.

Additional information:

At the end of April, the following adjustment data were assembled:

Insurance expired during April is RM350.
Supplies on hand on April 30 are RM1,225.
Depreciation of office equipment for April is RM400.
Accrued receptionist salary on April 30 is RM275.
Rent expired during April is RM2,000.
Unearned fees on April 30 are RM2,350.

Record all the transactions in T-accounts.

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ipment, RM12,000. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, RM6,000. 2. Paid the premiums on property and casualty insuran