Normal BIU AA EE Lacey Robbins decided to expand her business and begin selling accounting software,...

  

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Normal BIU AA EE Lacey Robbins decided to expand her business and begin selling accounting software, as well as providing consulting services. During January, Robbins Consulting completed these transactions: Jan 2 Completed a consulting engagement and received cash of $5,200, Prepaid three months' office rent, $4,500. Purchased software inventory on account, $4,200, plus freight in, $100. Withdrew $2,500 for personal use. Sold software on account, $2,100 (cost $1,200), term n/30. Consulted with a client for a fee of $700 on account. Paid the secretary's salary for the month. Paid on account, $3,000. Paid utilities, $375. Sold software for cash, $800 (cost $600). Recorded these adjusting entries: a) Accrued salary expense (1/3 of the month). 2 7 15 18 19 20 21 24 28 31 28 31 Sold software for cash, $800 (cost $600). Recorded these adjusting entries: a) Accrued salary expense (1/3 of the month). b) Depreciation of computers and furniture. c) Expiration of prepaid rent. d) Expiration of prepaid insurance. e) Physical count of inventory, $2,300. 1) Eamed the remaining revenue from December 22. 9) Robbins estimates that 3% of the inventory sold will be returned. Required 1) Prepare journal entries for the above transactions and post these entries to the ledger. D. n. 2) Prepare adjusting entries on January 31 and post them to the ledger. 3) Prepare an adjusted trial balance, a multi-step income statement, a statement of owner's equity, and a classified balance sheet as of/on January 31, 2022. 4) Prepare closing entries on January 31, 2022, and post them to the ledger. Normal BIU AA EE Lacey Robbins decided to expand her business and begin selling accounting software, as well as providing consulting services. During January, Robbins Consulting completed these transactions: Jan 2 Completed a consulting engagement and received cash of $5,200, Prepaid three months' office rent, $4,500. Purchased software inventory on account, $4,200, plus freight in, $100. Withdrew $2,500 for personal use. Sold software on account, $2,100 (cost $1,200), term n/30. Consulted with a client for a fee of $700 on account. Paid the secretary's salary for the month. Paid on account, $3,000. Paid utilities, $375. Sold software for cash, $800 (cost $600). Recorded these adjusting entries: a) Accrued salary expense (1/3 of the month). 2 7 15 18 19 20 21 24 28 31 28 31 Sold software for cash, $800 (cost $600). Recorded these adjusting entries: a) Accrued salary expense (1/3 of the month). b) Depreciation of computers and furniture. c) Expiration of prepaid rent. d) Expiration of prepaid insurance. e) Physical count of inventory, $2,300. 1) Eamed the remaining revenue from December 22. 9) Robbins estimates that 3% of the inventory sold will be returned. Required 1) Prepare journal entries for the above transactions and post these entries to the ledger. D. n. 2) Prepare adjusting entries on January 31 and post them to the ledger. 3) Prepare an adjusted trial balance, a multi-step income statement, a statement of owner's equity, and a classified balance sheet as of/on January 31, 2022. 4) Prepare closing entries on January 31, 2022, and post them to the ledger.