Complete accounting cycle | Accounting homework help

For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2014, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud Consulting entered into the following transactions during April:

Apr. 1. The following assets were received from Jeff Horton in exchange for capital 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 of $18,000.



1. Journalize each transaction in a two-column journal starting referring to the following chart of accounts in selecting the accounts to be debited and credited.

(Do not insert the account numbers in the journal at this time.)

11 Cash

31 Capital 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

2. Post the journal to a ledger of four-column accounts.

  1. Prepare an unadjusted trial balance.
  2. At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
  3. Insurance expired during April is $350.
  4. Supplies on hand on April 30 are $1,225.
  1. Depreciation of office equipment for April is $400.
  2. Accrued receptionist salary on April 30 is $275.
  3. Rent expired during April is $2,000.
  4. Unearned fees on April 30 are $2,350.
  5. (Optional.) Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet.
  6. Journalize and post the adjusting entries. Record the adjusting entries of the journal.
  7. Prepare an adjusted trial balance.
  8. Prepare an income statement, a retained earnings statement, and a balance sheet.
  9. Prepare and post the closing entries. Record the closing entries of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.

Prepare a post-closing trial balance.

Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Custom Writings Help is a Quality-Oriented Company in Online Writing as a result of hiring exceptional professionals to execute clients' tasks.


Research Papers

At Custom Writings Help,We understand the struggle of research paper writing, and that is why at Custom WritingS Help, we are all out to help you. We pride ourselves on having a team of clinical writers. The stringent and rigorous vetting process ensures that only the 'BEST' Writers are chosen for the job. We have highly qualified Ph.D. and MA writers working with us; we equally offer these experienced writers specific bonuses and incentives to make them deliver highly original, unique, and informative content at reasonably low prices.


Thesis Writing Service

Worlwide, Many Masters Students are struggling with Thesis Completion. A thesis is likely to be the longest and most challenging piece of work a student has ever completed. However, unlike essays and other assignments, a student can pick a particular interest topic and work on their initiative. Fortunately, we are there for you. At Custom Writings Help, you are assured of an authentic, imaginative, informative, linguistically great, and advantageous thesis that adheres to all your needs. So, why continue considering different writers when you have discovered the best in the field?


Custom Papers

Not a single student can avoid writing custom papers. However, a total lack of experience, skills, and time makes it very hard to produce a superb writing piece. Therefore, if you are seeking professional help, turn to us. Our specialized and experienced writers compose a variety of model papers, including custom essays, college term papers, research papers, book reports, MBA essays, executive summaries, dissertations, Ph.D. theses, admission essays, and research proposals for college and university students at any level.


Essay Writing

Most of the students disregard the critical principles of essay writing and compose papers below sensible guidelines. Therefore, with Custom Writings Help, one should not worry about his/her essay. Our Writers compose informative and engaging content on all complexities and topics. We write meaningful and smart essays while prioritizing all aspects that bring about a good grade, such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines.


Coourse Work Writing

Don't let the seemingly never-ending onslaught of writing assignments get you down. If you are looking where to get course work assistance online, the writers at Custom Writings Help are here to assist you with all of your writing needs. We undertake to unique delivery of papers that meet the professor's requirements. The content is proofread, edited, and checked plagiarism before submission to customers. No matter how big or small your work is, we will deliver on time. Try US Now! !


Dissertation Writing Service

High-Quality Dissertation Writing Services are rare. They require Ph.D. academicians – not easily found. However, are an exception. The years, time, and resources we have invested in the dissertation world has given us a competitive advantage over others. Choose to come to Custom Writings Help; You will find perfect Ph.D. consultants who have written hundreds of dissertations theses ready to help you. Let our dissertation-writing services help you craft your dissertation, for you are assured we will give you the results.