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INSTRUCTIONS 10. Prepare a post-closing trial balance as of April 30, 2020. Janet Stevens began her...

INSTRUCTIONS

10. Prepare a post-closing trial balance as of April 30, 2020.

Janet Stevens began her tax business, Stevens Tax Service, on February 1, 2020. Below is the Chart of Accounts for the company:

Acct # Account Title

11 Cash

12 Accounts receivable

14 Supplies

15 Prepaid Rent

16 Prepaid Insurance

18 Office Equipment

19 Accumulated Depreciation

21 Accounts Payable

23 Unearned Fees

31 Janet Stevens, Capital

32 Janet Stevens, Drawing

41 Fees Earned

51 Salary Expense

52 Rent Expense

53 Supplies Expense

54 Depreciation Expense

55 Insurance Expense

59 Miscellaneous Expense

After closing the books at the end of March, Stevens Tax Service had the following post-closing trial balance:

Stevens Tax Service

Post-Closing Trial Balance

March 31, 2020

Acct # Account Title Debit Credit

11 Cash 12,800

12 Accounts Receivable 9,750

14 Supplies 725

15 Prepaid Rent 5,000

16 Prepaid Insurance 2,250

18 Office Equipment 10,500

19 Accumulated Depreciation 700

21 Accounts Payable 1,510

23 Unearned Fees 1,800

31 Janet Stevens, Capital 37,015

Totals 41,025 41,025

During the month of April, 2020, 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, $4,500.

5. Received cash from clients on account, $5,550.

8. Paid cash for an online advertisement for $600.

10. Paid Office Depot on account, $1,000.

12. Recorded services provided on account for the period of April 1-15, $9,450.

14. Paid receptionist for two weeks’ salary $1,500.

15. Recorded cash from cash clients for fees earned during the period of April 1-15, $8,300.

16. Purchased office supplies on account, $1,500.

20. Paid telephone bill, $500.

21. Paid electricity bill, $720.

25. Recorded cash received from clients on account, $6,200.

28. Paid receptionist for two weeks’ pay, $1,500.

30. Recorded cash from cash clients for fees earned for the period March 16-30, $8,900.

30. Recorded services on account for February 16-30, $10,600.

30. Janet withdrew $9,000 for personal use.

Solutions

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ekkarill92 answered 1 year ago

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