CJ Dise has decided to open a part$-$time consulting business as of September $1,2024.$ CJ decided to operate the business, which was to be known as Par$-$A$-$Dice Consulting by renting a spack at a local downtown building. Par$-$A$-$Dice Consulting entered into the following transactions during September.

Transactions:

September:

CJ Dise deposited $$40,000$ into Para Consulting as the sole owner.

Paid four months' rent on a lease rental contract, $$10,000.$

Par$-$A$-$Dice Consulting purchased supplies, $$3,000$; and office equipment, $$20,000$ with a $4$ year note payable of $$10,000$ and the remainder in cash.

Paid the yearly premium on property and casualty insurance policies, $$6,000.$

Paid cash for a newspaper advertisement, $$200.$

CJ took clients out for lunch to discuss business, $$75$

Paid cash for supplies, $$3000.$

Received cash from clients as an advance payment for services to be provided in the future, $$5,000.$

Purchased additional office equipment on account from Office Equip Co$.,$ $$4,000.$

Purchased additional office equipment on account from Office Equip Co$.,$ $$4,000.$

Paid Office Equip Co$.$ for part of the debt incurred on the $7^{th},$$$2,500$

Paid part$-$time receptionist for two weeks' salary, $$700.$

Recorded services provided on account for the period of the $1^{st}-{14}^{th},$$$2,500.$

Recorded cash from cash clients for services provided during the period of the $1^{st}-{16}^{th},$$$4,000.$

Paid water bill for the month, $$25.$

Received cash from clients on account, $$3,000.$

Recorded services provided on account for the period of the ${15}^{th}-{21}^{nd},$$$4,500.$

Recorded cash from cash clients for services provided for the period of the ${17}^{th}-{25}^{th},$$$2,000.$

Paid the Telephone$/$Internet Bill for the month, $$100$

Paid part$-$time receptionist for two weeks' salary, $$700.$

Received the electricity bill for the month, $$150.($Will pay it later$)$

Recorded cash from cash clients for services provided for the remainder of the month, $$1,500.$

Recorded services provided on account for the remainder of the month, $$1,000.$

CJ Dise withdrew $$3,000$ for personal use.

Instructions

Journalize each transaction in a two$-$column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited.

$($Do not insert the account numbers in the journal at this time.$)$

$\backslash$table$[[101$ Cash,$310$ CJ Dise, Drawing$],[120$ Accounts Receivable,$320$ Income Summary$],[122$ Allowance for Doubtful Accounts,$401$ Fees Earned$],[124$ Supplies,$500$ Bad Debt Expense$],[125$ Prepaid Rent,$501$ Salary Expense$],[126$ Prepaid Insurance,$502$ Rent Expense$],[150$ Office Equipment,$503$ Supplies Expense$],[155$ Accumulated Depreciation,$504$ Depreciation Expense$],[201$ Accounts Payable,$505$ Insurance Expense$],[205$ Note Payable,$507$ Interest Expense$],[210$ Salaries Payable,$509$ Advertising Expense$],[220$ Unearned Fees,$512$ Utilities Expense$],[301$ CJ Dise, Capital,$515$ Meal Expense$]]$

Post the journal to a ledger of four$-$column accounts.

Prepare a trial balance as of September $31,2023,$ listing all the accounts in the order given in the ledger.

Journalize adjusting entries in the general journal

a$)$ One month of Insurance has expired.

b$)$ Supplies on hand on at the end of the month are $$2,000.$

c$)$ Accrued receptionist salary for the remainder of the month is $$100.$

d$)$ One month of rent was used.

e$)$ Unearned fees at the end of the month are $$3,500.$

f$)$ $$2,500$ of fees needs to be accrued

g$)$ Calculate the interest for one month on the Note Payable using a $12\%$ interest rate. $($Use the Note Payable account and round to nearest whole number.$)$

h$)$ Depreciation of office equipment for the month based on SL depreciation over $4$ years. $($Round to nearest whole number$)$

i$)$ Bad Debt is $1\%$ of sales for the month. $($Round to nearest whole number$)$ Hint: Use the revenue balance after other adjusting entries have been completed$)$

Post the adjusting entries to the general ledger.

Prepare the adjusted trial balance for the end of the month.

Prepare an income statement, a statement of owner's equity, and a classified balance sheet.

Journalize and post the closing entries. $($Income Summary is account #$320$ in the chart of accounts.$)$ Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.

Prepare a post$-$closing trial balance for the end of the month.