TEXT Shape Media Collaborate Format Document ACCOUNTING CYCLE For the past several years, Jim Jones has operated a part-time business from his home. As dApril 1, 2020, John decided to move to rented quarters and to operate the business, which was to be known as Jones & Family Inc., on a full-time basis. Jones & Family entered into the following transactions during April: April The following assets were received from Jim Jones: cash, $10,000; accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500. There were noliabilities received. April4 Paid three months' rent on a lease rental contract, $4,500. April4 Paid the premium on property and casualty insurance policies for the year, $1,800 April6 Received cash from clients as an advance payment for services to be provided, $3,000. April 7 Purchased additional office furniture on account from Merciton Company, $1,800. April 8 Received cash from clients on account, $800. April 11 Paid cash for newspaper advertisement, $120. April 12 Paid Mercilton Company $800 for debt incurred on April 7. April 15 Recorded services provided on account for the period April 4-15, $2,250Paid April 15 part-time receptionist for two weeks salary, $400. April 15 Recorded cash from cash clients for fees earned April 4-15, $3,175.Paid April 18 cash for supplies, $750. April 22 Recorded services provided on account for April 18-22, $1,100. Recorded April 22 cash from cash clients for fees eamed April 18-22, $1,850. Received cash April 25 from clients on account, $1,600. April 27 Paid part-time receptionist for two week's salary, $400.Paid April 28 telephone bill for April. $130. April 29 Paid electric bill for April, $200. April 29 Recorded cash from cash clients for fees eamed April 25-29, $2,050. April 29 Recorded services provided on account for April 25-29, $1,000. April 29 John received $4,500 from the company as his salary. Instructions 1. Record the transactions stated above in good general journal form 2. Post the transactions to T-accounts 3. Prepare the unadjusted trial balance 4. Record and post the following adjustments: (do the adjustments section of the trial balance) a. Insurance expired in April, $150 b. Supplies on hand April 29, $1,020, c. Depreciation for the office equipment in April. $500 d. Accrued receptionist salary on April 30, $20 e. Rent expired in April, $1,500. 1. Earned $2,000 of services that were previously paid for on 4/6 5. Prepare the adjusted trial balance 6. Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet. 7. Record and post closing entries. 8. Prepare a post-closing trial balance