Sal Strods opened a web consulting business called Landscape Dreams and recorded the following transactions in its first month of operations. Apr. 1 Strods invests $o5, 000 cash along with office equipnent valued at $33, 500 in the company in exchange for common stock. Apr. 2 The company prepaid $12.000 cash for twelve months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $8,600 in office equipnent and S3, 900 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and imeediately received $6, 100 cash, Apr. 9 The company completed a $13, 500 project for a client, who must pay within 30 days. Apr. 13 The company paid $12,500 cash to settle the account payable created on April3. Apr. 19 The company paid $3, 600 cash for the premiun on a 12-month insur ance policy. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $5, 100 cash as partial paynent for the work completed on April 9. Apr. 25 The company completed work for anather client for $5, 400 on credit. Apr. 28 The company paid 56, 200 cash in dividends. Apr. 29 The conpany purchased $2, 100 of additional office supplies on credit Apr. 30 The company paid $3, 300 cash for this nonth's utility bill Descriptions of items that require adjusting entries on April 30, follow. a) On April 2, the company prepaid $12,000 cash for twelve months' rent for office space. b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on Apr c) Office supplies on hand as of April 30 total $1,500. d) Straight-line depreciation of office equipment, based on a 5-year life and a $6,100 salvage value, is $600 per month. e) The company has completed work for a client, but has not yet billed the $2,400 fee. n Wages due to employees, but not yet paid, as of April 30 total $3,300. Requirement General Journal General Income Statement St Retained Earnings Impact on Income Trial Balance Ledger Balance Sheet ces General Journal tab -For eech transaction, review the unedjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. General Ledger tab tach journal entry is posted automatically to the general ledger, Use the drop-down button to view the unadjusted or adjusted balances. Trial Balance tab - You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Statement of Retained earnings tab - The unadjusted or adjusted balances will oppear for each account, based on your selection. Balance Sheet tab - Use the drop downs to select the accounts property included on the belance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection Impact on Income tab -For each adjustment, indicate the income statement and balance sheet account affected, and the < Prev 13 of 15 Next >