On April 1, 2017 Landmark Consulting began operations with the following beginni
ID: 2556343 • Letter: O
Question
On April 1, 2017 Landmark Consulting began operations with the following beginning balances entered on April 1st as seen in the T-accounts below. Show each of the transactions described below as a journal entry including the date and then post each of the entries to the T-accounts below.
April 1: Paid three months’ rent on a lease rental contract, $4,800
2: Paid a six-month insurance premium for $1,800
4: Received cash from clients as an advance payment for services to be
provided and recorded as unearned fees, $5,000
5: Purchased additional office equipment on account from Office Station Co.,
$2,000.
6: Received cash from clients on account, $1,800.
10: Paid cash for a newspaper advertisement, $120
12: Paid Office Station Co. for part of the debt incurred on April 5, $1200.
12: Recorded services provided on account for the period April 1-12, $4,200.
14. Paid part-time receptionist for two weeks’ salary, $750.
17: Recorded cash from cash clients for fees earned during the period April
1-16, $6,250.
18: Paid cash for supplies, $800.
20: Recorded services provided on account for the period April 13-20, $2,100.
24: Recorded cash from cash clients for fees earned the period April
17-24, $3,850.
26: Received cash from clients on account, $5,600.
27: Paid part-time receptionist for two weeks’ salary, $750.
29: Paid telephone bill for April, $130.
30: Paid electricity bill for April, $200.
30: Recorded cash from cash clients for fees earned for the period April 25-30,
$3,050.
30: Recorded services provided on account for the remainder of April, $1,500.
30. A dividend of $6,000 was declared and paid.
The following are adjusting entries to be recorded on April 30th:
Insurance expired during April is $300.
Supplies on hand on April 30 are $1,350.
Depreciation of office equipment for April is $700.
Accrued receptionist salary on April 30 is $120.
Rent expired during April is $1,600.
Unearned fees on April 30 are $2,500.
Accounts Receivable Cash Supplies Prepaid Rent $13,100 $3,000 $1,400 Office Equipment Accumulated Depreciation Prepaid Insurance $12,500 Unearned Accounts PavableSalaries Pavable Fees Common Stock $30,000 Retained Earnings Fees Earned Salary Expense Rent Expense Miscellaneous Depreciation Expense Supplies Expense Insura nce Expense ExpenseExplanation / Answer
In the books of Landmark Consulting:
Adjusting Entries:
T- Accounts:
Cash:
Accounts Receivable:
Supplies:
Prepaid Rent:
Prepaid Insurance
Office Equipment:
Accumulated Depeciation : Office Equipment
Accounts Payable:
Salaries Payable:
Unearned Fees:
Common Stock:
Retained Earnings:
Dividends:
Fees Earned:
Salary Expense:
Rent Expense:
Supplies Expense:
Depreciation Expense:
Insurance Expense:
Miscellaneous Expense:
Date Account Titles Debit Credit April 2017 $ $ 1 Prepaid Rent 4,800 Cash 4,800 2. Prepaid Insurance 1,800 Cash 1,800 4. Cash 5,000 Unearned Fees 5,000 5. Office Equipment 2,000 Accounts Payable 2,000 6. Cash 1,800 Accounts Receivable 1,800 10. Miscellaneois Expense 120 Cash 120 12. Accounts Payable 1,200 Cash 1,200 12. Accounts Receivable 4,200 Fees Earned 4,200 14. Salaries Expense 750 Cash 750 17. Cash 6,250 Fees Earned 6,250 18. Supplies 800 Cash 800 20 Accounts Receivable 2,100 Fees Earned 2,100 24. Cash 3,850 Fees Earned 3,850 26. Cash 5,600 Accounts Receivable 5,600 27. Salaries Expense 750 Cash 750 29. Miscellaneous Expense 130 Cash 130 30. Miscellaneous Expense 200 Cash 200 30 Cash 3,050 Fees Earned 3,050 30. Accounts Receivable 1,500 Fees Earned 1,500 30. Dividends 6,000 Cash 6,000Related Questions
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