1. CREATE JOURNAL ENTRIES FOR THE APRIL 2023 TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS: a: On April...

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1. CREATE JOURNAL ENTRIES FOR THE APRIL 2023 TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS: a: On April 1, $350 of office supplies were purchased on credit; the terms of the invoice were net 30. All of the supplies were used during the month of April (hint: expense immediately). b. On April 1, a computer laptop was purchased on credit totaling $2,750. The estimated useful life of the computer is three (3) years and is expected to have no salvage value. The invoice terms were 2/10, net 30. c. On April 2, a 24-month liability insurance policy was purchased to cover Sunflower Designs. The full cost of the policy, $3,150, was paid in cash on the same date. d. On April 4, payroll checks were issued for the wages payable balance. e. On April 5, Sunflower Designs purchased $2,425 worth of inventory items for resale. These items were purchased on credit and the invoice term is 2/10, net 30. 1. On April 9, a check was issued to pay for the inventory purchased on April 5. g. On April 10, Sunflower Designs paid for the office supplies purchased on credit on April 1. h. On April 12, Sunflower Designs completed and delivered an interior design layout to a customer for $12,400. The customer had paid for the services in advance in a previous month, and Sunflower Designs had appropriately recorded the deposit. 1. On April 14, Sunflower Designs completed, delivered, and billed an interior design layout for $10,000 to a new customer. The terms of the invoice were 2/10, net 30. On April 14, Sunflower Designs paid $1,550 in wages to a temporary employee in cash. On the same date, the company remitted payroll taxes of $480, previously accrued, to the appropriate government entities. k. On April 18, Sunflower Designs received a refund of $50 from their office supply vendor for items that were returned on the April I purchase. 1. On Apnil 20, a customer paid the balance due for an interior design layout. The invoice for these services was sent to the customer on April 15, 2022. The contract price was $13,200. m. On April 24, Sunflower Designs sold a side table from inventory for $1,000. The inventory cost for this item was $525. The customer paid cash for this purchase. n. On April 26, $1,725 worth of inventory was returned to supplier because of defects. The inventory had been purchased on account in February and had not been paid for. o. On April 30, the customer delivered a check for one-half of the interior design invoice delivered on April 14. 2. CREATE THE APRIL 30, 2023 UNADJUSTED TRIAL BALANCE 3. CREATE ADJUSTING JOURNAL ENTRIES FOR APRIL 30, 2023: p. Record the depreciation for the laptop purchased on April 1. q. Record the April 2023 depreciation for all computers & software owned before the April 1 purchase. These items are being depreciated over 3 years using the straight-line method with no salvage value. r. Record the April 2022 depreciation for the furniture & fixtures. These items are being depreciated over 7 years using the straight-line method with no salvage value. s. Record the adjusting entry for April's rent. Sunflower Designs paid $6,000 in advance for 6 months' rent on January 1, 2023. All previous months' adjusting entries were made as required. t. Record the adjusting entry for the consumption of prepaid insurance for the month of April. The preexisting policy has 36-months remaining as of April 1, and recall that the new policy provides coverage for 24-months. The previous months adjusting entries were made as required (hint: both policies are now currently being used). u. Record the amount due to employees for time worked during April, but not paid. The amour earned by the employees was $3,500. 4. CREATE THE ADJUSTED TRIAL BALANCE. 5. CREATE THE APRIL 30, 2023 INCOME STATEMENT. The amount for each account must be linked from the ending balances in the Trial Balance All sub-totals and totais must be accurately calculated using Excel formules 6. CREATE THE APRIL 30, 2023 BALANCE SHEET. The amount for each account must be linked from the ending balances in the Trial Bolonce All sub-totals and totals must be accurately calculated using Excel formulas 1. CREATE JOURNAL ENTRIES FOR THE APRIL 2023 TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS: a: On April 1, $350 of office supplies were purchased on credit; the terms of the invoice were net 30. All of the supplies were used during the month of April (hint: expense immediately). b. On April 1, a computer laptop was purchased on credit totaling $2,750. The estimated useful life of the computer is three (3) years and is expected to have no salvage value. The invoice terms were 2/10, net 30. c. On April 2, a 24-month liability insurance policy was purchased to cover Sunflower Designs. The full cost of the policy, $3,150, was paid in cash on the same date. d. On April 4, payroll checks were issued for the wages payable balance. e. On April 5, Sunflower Designs purchased $2,425 worth of inventory items for resale. These items were purchased on credit and the invoice term is 2/10, net 30. 1. On April 9, a check was issued to pay for the inventory purchased on April 5. g. On April 10, Sunflower Designs paid for the office supplies purchased on credit on April 1. h. On April 12, Sunflower Designs completed and delivered an interior design layout to a customer for $12,400. The customer had paid for the services in advance in a previous month, and Sunflower Designs had appropriately recorded the deposit. 1. On April 14, Sunflower Designs completed, delivered, and billed an interior design layout for $10,000 to a new customer. The terms of the invoice were 2/10, net 30. On April 14, Sunflower Designs paid $1,550 in wages to a temporary employee in cash. On the same date, the company remitted payroll taxes of $480, previously accrued, to the appropriate government entities. k. On April 18, Sunflower Designs received a refund of $50 from their office supply vendor for items that were returned on the April I purchase. 1. On Apnil 20, a customer paid the balance due for an interior design layout. The invoice for these services was sent to the customer on April 15, 2022. The contract price was $13,200. m. On April 24, Sunflower Designs sold a side table from inventory for $1,000. The inventory cost for this item was $525. The customer paid cash for this purchase. n. On April 26, $1,725 worth of inventory was returned to supplier because of defects. The inventory had been purchased on account in February and had not been paid for. o. On April 30, the customer delivered a check for one-half of the interior design invoice delivered on April 14. 2. CREATE THE APRIL 30, 2023 UNADJUSTED TRIAL BALANCE 3. CREATE ADJUSTING JOURNAL ENTRIES FOR APRIL 30, 2023: p. Record the depreciation for the laptop purchased on April 1. q. Record the April 2023 depreciation for all computers & software owned before the April 1 purchase. These items are being depreciated over 3 years using the straight-line method with no salvage value. r. Record the April 2022 depreciation for the furniture & fixtures. These items are being depreciated over 7 years using the straight-line method with no salvage value. s. Record the adjusting entry for April's rent. Sunflower Designs paid $6,000 in advance for 6 months' rent on January 1, 2023. All previous months' adjusting entries were made as required. t. Record the adjusting entry for the consumption of prepaid insurance for the month of April. The preexisting policy has 36-months remaining as of April 1, and recall that the new policy provides coverage for 24-months. The previous months adjusting entries were made as required (hint: both policies are now currently being used). u. Record the amount due to employees for time worked during April, but not paid. The amour earned by the employees was $3,500. 4. CREATE THE ADJUSTED TRIAL BALANCE. 5. CREATE THE APRIL 30, 2023 INCOME STATEMENT. The amount for each account must be linked from the ending balances in the Trial Balance All sub-totals and totais must be accurately calculated using Excel formules 6. CREATE THE APRIL 30, 2023 BALANCE SHEET. The amount for each account must be linked from the ending balances in the Trial Bolonce All sub-totals and totals must be accurately calculated using Excel formulas

Answer rating: 100% (QA)

Here are the journal entries trial balances and financial statements for Sunflower Designs for April 2023 1 Journal Entries for April 2023 Transactions a Apr 1 Office Supplies Expense 5350 Accounts Pa... View the full answer