Question: Refer to Problem 4 7A After completing instructions 1 and 2

Refer to Problem 4-7A. After completing instructions 1 and 2, enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. Complete the remaining steps. Step 6 will be completed on the spread sheet.
In problem
Dec. 1. The opening balances at December 1 are cash, $20,000; accounts receivable, $4,500; supplies, $2,000; office equipment, $12,000; and Emily Page, capital, $38,500. There were no liabilities.
1. Paid three months’ rent on a lease rental contract, $6,000.
2. Paid the premiums on property and casualty insurance policies, $2,400.
4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.
10. Paid cash for a newspaper advertisement, $200.
12. Recorded services provided on account for the period December 1–12, $5,100.
18. Paid cash for supplies, $750.
24. Recorded cash from cash clients for fees earned for the period December 17–24, $5,150.
26. Received cash from clients on account, $6,900.
Dec. 29. Paid telephone bill for December, $150.
31. Recorded cash from cash clients for fees earned, $8,000.
31. Recorded services provided on account for the remainder of December, $4,100.
1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited.
2. Post the journal to a ledger of three-column accounts.
3. Prepare an unadjusted trial balance.
4. At the end of December, the following adjustment data were assembled. Analyze and use these data to complete instructions 5 and 6.
a. Insurance expired during December is $200.
b. Supplies on hand on December 31 are $650.
c. The office equipment has an estimated life of four years.
d. Rent expired during December is $2,000.
e. Unearned fees on December 31 are $1,875.
5. Journalize and post the adjusting entries.
6. Prepare an adjusted trial balance.
7. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
8. Prepare and post the closing entries. (Income Summary is account #3030 in the chart of accounts.) Indicate closed accounts by inserting a line in the balance column opposite the closing entry.
9. Prepare a post-closing trial balance.

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