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Complete Accounting Cycle For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2016, Jeff decided to move to rented quarters and to operate the business, which was be known as Rosebud Consulting, on a full-time basis. Rosebud entered into the following transactions during April: Apr. 1. The following assets were received from Jeff Horton in exchange for common stock: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and office equipment, $12,000. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $6,000. 2. Paid the premiums on property and casualty insurance policies, $4,200. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $9,400. 5. Purchased additional office equipment on account from Smith Office Supply Co., $8,000. 6. Received cash from clients on account, $11,700. 10. Paid cash for a newspaper advertisement, $350. 12. Paid Smith Office Supply Co. for part of the debt incurred on April 5, $6,400. 12. Recorded services provided on account for the period April 1-12, $21,900. 14. Paid receptionist for two weeks' salary, $1,650. Record the following transactions on Page 2 of the journal: 17. Recorded cash from cash clients for fees earned during the period April 1-16, $6,600. 18. Paid cash for supplies, $725. 20. Recorded services provided on account for the period April 13-20, $16,800. 24. Recorded cash from cash clients for fees earned for the period April 17-24, $4,450. 26. Received cash from clients on account, $26,500. 27. Paid receptionist for two weeks' salary, $1,650. 29. Paid telephone bill for April, $540. 30. Paid electricity bill for April, $760. 30. Recorded cash from cash clients for fees earned for the period April 25-30, $5,160. 30. Recorded services provided on account for the remainder of April, $2,590. 30. Paid dividends, $18,000. Required: Required: 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. If there is more than one entry on the same date, be sure to enter the transactions in the exact order as presented in the data. (Do not insert the account numbers in the journal at this time.) If an amount box does not require an entry, leave it blank. 11 Cash 31 Common Stock 12 Accounts Receivable 32 Retained Earnings 14 Supplies 33 Dividends 15 Prepaid Rent 41 Fees Earned 16 Prepaid Insurance 51 Salary Expense 18 Office Equipment 52 Supplies Expense 19 Accumulated Depreciation 53 Rent Expense 21 Accounts Payable 54 Depreciation Expense 22 Salaries Payable 55 Insurance Expense 23 Unearned Fees 59 Miscellaneous Expense JOURNAL PAGE 1 Date Account Title Post. Ref. Debit Credit 2016 Apr. 1 Cash 11 20,000 Accounts Receivable 12 14,700 Supplies 14 3,300 Office Equipment 18 12,000 Common Stock 31 50,000 Apr. 1 Cash 6,000 Prepaid Rent 52 6,000 Apr. 2 Cash 11 4,200 Drenaid Tnenranre 16 4 2nn Apr. 1 Cash 11 6,000 Prepaid Rent 52 6,000 Apr. 2 11 4,200 Cash Prepaid Insurance 16 4,200 Apr. 4 Cash 11 9,400 Unearned Fees 23 9,400 Apr. 5 14 8,000 Office Equipment Accounts Payable 21 8,000 Apr. 6 Cash 11 11,700 Accounts Receivable 12 11,700 Apr. 10 Cash 11 350 Miscellaneous Expense 59 350 Apr. 12 Cash 11 6,400 Accounts Payable 21 6,400 Apr. 12 Accounts Receivable 12 21,900 Fees Earned 41 21,900 Apr. 14 Cash 11 1,650 Salary Expense 51 1,650 JOURNAL PAGE 2 Date Account Title Post. Ref. Debit Credit JOURNAL PAGE 2 Date Account Title Post. Ref. Debit Credit 2016 Apr. 17 11 6,600 Cash Fees Earned 41 6,600 Apr. 18 Cash 11 725 Supplies 14 725 Apr. 20 12 16,800 Accounts Receivable Fees Earned 41 16,800 Apr. 24 Fees Earned 41 4,450 Cash 11 4,450 Apr. 26 Cash 11 26,500 Accounts Receivable 12 26,500 Apr. 27 Cash 11 1,650 Salary Expense 51 1,650 Apr. 29 Cash 11 540 Miscellaneous Expense 59 540 Apr. 30 11 760 Cash Miscellaneous Expense 59 760 Apr. 30 Fees Earned 41 5,160 Cash 11 5,160 Apr. 30 Cash 11 760 Miscellaneous Expense 59 760 Apr. 30 Fees Earned 41 5,160 Cash 11 5,160 Apr. 30 12 2,590 Accounts Receivable Fees Earned 41 2,590 Apr. 30 Cash 11 18,000 Dividends 33 18,000 You will use the attached spreadsheet to complete several of the remaining parts of this problem. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. 2. Post the transactions from part 1 to the general ledger in the attached spreadsheet. The posting must be in chronological order. Be sure to go back and enter the appropriate posting references in the journal. 3. In the spreadsheet, prepare an unadjusted trial balance. 4. At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during April is $350. b. Supplies on hand on April 30 are $1,225. c. Depreciation of office equipment for April is $400. d. Accrued receptionist salary on April 30 is $275. e. Rent expired during April is $2,000. f. Unearned fees on April 30 are $2,350. 5. (Optional) In the spreadsheet, enter the unadjusted trial balance on the end-of-period work sheet and complete the work sheet. 6. Journalize the adjusting entries on Page 3 of the journal. (Do not insert the account numbers in the journal at this time.) Post the adjusting entries to the general ledger in the spreadsheet. The posting must be in chronological order. Then go back and enter the appropriate posting references in the journal. 5. (Optional) In the spreadsheet, enter the unadjusted trial balance on the end-of-period work sheet and complete the work sheet. 6. Journalize the adjusting entries on Page 3 of the journal. (Do not insert the account numbers in the journal at this time.) Post the adjusting entries to the general ledger in the spreadsheet. The posting must be in chronological order. Then go back and enter the appropriate posting references in the journal. JOURNAL PAGE 3 Date Account Title Post. Ref. Debit Credit 2046 Adjusting Entries a. Apr. 30 Accounting numeric field b. Apr. 30 c. Apr. 30 d. Apr. 30 e. Apr. 30 f. Apr. 30 7. In the spreadsheet, prepare the adjusted trial balance. 8. Prepare an income statement, a statement of stockholders' equity, and a balance sheet. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. 7. In the spreadsheet, prepare the adjusted trial balance. 8. Prepare an income statement, a statement of stockholders' equity, and a balance sheet. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Rosebud Consulting Income Statement For the Month Ended April 30, 2016 Cash Expenses: Total Expenses Rosebud Consulting Statement of Stockholders' Equity For the Year Ended January 31, 2012 Common Stock Retained Earnings Total Rosebud Consulting $ $ $ dropdown Rosebud Consulting Balance Sheet April 30, 2016 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity Total property, plant, and equipment Total stockholders' equity Total assets Total liabilities and stockholders' equity 9. Journalize the closing entries on Page 4 of the journal. (Do not insert the account numbers in the journal at this time.) Post the closing entries to the general ledger in the spreadsheet. Then go back and enter the appropriate posting references in the journal. If an amount box does not require an entry, leave it blank. JOURNAL PAGE Post. Date Account Title Debit Credit Ref. | 2016 . 10. Prepare a post-closing trial balance. List the accounts in order by type: Assets, Liabilities, Capital, Dividends, Revenue, and expenses. If an amount box does not require an entry, leave it blank. 10. Prepare a post-closing trial balance. List the accounts in order by type: Assets, Liabilities, Capital, Dividends, Revenue, and Expenses. If an amount box does not require an entry, leave it blank. Rosebud Consulting Post-Closing Trial Balance April 30, 2016 Debit Credit Balances Balances