Janet Stevens began her tax business, Stevens Tax Service, on March 1, 2018. Bel

Question

Janet Stevens began her tax business, Stevens Tax Service, on March 1, 2018. Below is the Chart of Accounts for the company: Acct # Account Title Cash Accounts receivable Supplies Prepaid Rent 12 14 15 16 18 19 21 23 31 32 41 51 52 53 54 Office Equipment Accumulated Depreciation Accounts Payable Unearned Fees Janet Stevens, Capital Janet Stevens, Fees Earned Salary Expense Rent Expense Supplies Ex Depreciation Expense Insurance Expense S9 After closing the books at the end of March, Stevens Tax Service had the following post-closing trial Stevens Tax Service Post-Closing Trial Balance March 31, 2018 Acct Account Title Debit 18,250 5,200 1,540 5,000 2,500 12 14 15 16 18 19 21 23 31 Accounts Receivable Supplies Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Unearned Fees Janet Stevens, Totals 350 900 2,400 39,340 42,990 42,990 During the month of April, 2018, Stevens Tax Service entered into the following transactions: Apr. 3. Received cash from clients as advance payments for services to be provided and recorded it as unearned fees, $5,600. 5, Received cash from clients on account, $3,550

Explanation / Answer

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Stevens Tax Service General Journal for the month of April 2018 Date Account Title Debit Credit Apr.3 Cash 5600 Unearned Fee 5600 (Advance received from clients) Apr.5 Cash 3550 Accounts Receivable 3550 (Cash received from clients on acount) Apr.8 Advertising Expense 350 Cash 350 (Cash paid for advertising) Apr.10 Accounts Payable 340 Cash 340 (Payment made to offce depot on account) Apr.12 Accounts Receivable 9250 Service Revenue 9250 (Service provided on account) Apr.14 Salaries Expense 1200 Cash 1200 (Payment of salaries for two weeks) Apr.15 Cash 7460 Service Revenue 7460 (Cash received from cash cleints) Apr.16 Supplies 950 Accounts Payable 950 (Purchase of office supplies on account) Apr.20 Telephone Expense 250 Cash 250 (Telephone bill paid) Apr.21 Utility Expense 820 Cash 820 (Utility bill pad) Apr.25 Cash 8350 Accounts Receivable 8350 (Cash collected from customers on account) Apr.28 Salaries Expense 1200 Cash 1200 (Payment of salaries for two weeks) Apr.30 Cash 4500 Service Revenue 4500 (Cash received from cash cleints) Apr.30 Accounts Receivable 3540 Service Revenue 3540 (Service provided on account) Apr.30 Janet Stevens, Drawings 9500 Cash 9500 (Cash drawn by Janet)

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