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.
Instructions
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.

1010 Cash 1020 Accounts Receivable 1040 Supplies 1050 Prepaid Rent 1060 Prepaid Insurance 1080 Office Equipment 1090 Accumulated DepreciationOffice Equipment 2010 Accounts Payable 2030 Unearned Fees 3010 Emily Page, Capital 3020 Emily Page, Withdrawals 4010 Fees Earned 5020 Rent Expense 5030 Supplies Expense 5040 Depreciation Expense 5050 Insurance Expense 5090 Miscellaneous Expense