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Problem 4-6A Name: Section: Score: 41% Key Code: [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with...
PR 4-6A Complete accounting cycleFor the past several years, Shane Banovich has operated a part-time consulting business from his home. As of October 1, 2012, Shane decided to move to rented quarters and to operate the business, which was to be known as Epic Consulting, on a full-time basis.Epic Consulting entered into the following transactions during October:Oct. 1. The following assets were received from Shane Banovich: cash, $12,000;accounts receivable, $6,000; supplies, $1,500; and office equipment, $9,000.There were no liabilities received.1. Paid three months’ rent on a lease rental contract, $4,800.2. Paid the premiums on property and casualty insurance policies, $3,000.4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,000.5. Purchased additional office equipment on account from Office Station Co., $2,000.6. Received cash from clients on account, $3,500.10. Paid cash for a newspaper advertisement, $400.12. Paid Office Station Co. for part of the debt incurred on October 5, $1,000.12. Recorded services provided on account for the period October 1–12, $6,000.14. Paid part-time receptionist for two weeks’ salary, $1,000.Record the following transactions on Page 2 of the journal.17. Recorded cash from cash clients for fees earned during the period October 1–17, $7,500.18. Paid cash for supplies, $750.20. Recorded services provided on account for the period October 13–20, $5,200.24. Recorded cash from cash clients for fees earned for the period October 17–24, $3,700.26. Received cash from clients on account, $5,500.27. Paid part-time receptionist for two weeks’ salary, $1,000.29. Paid telephone bill for October, $250.31. Paid electricity bill for October, $300.31. Recorded cash from cash clients for fees earned for the period October 25–31,$2,800.31. Recorded services provided on account for the remainder of October, $3,000.31. Shane withdrew $8,000 for personal use.Instructions4. At the end of October, the following adjustment data were assembled. Analyze anduse these data to complete parts (5) and (6).a. Insurance expired during October is $250.b. Supplies on hand on October 31 are $700.c. Depreciation of office equipment for October is $300.d. Accrued receptionist salary on October 31 is $250.e. Rent expired during October is $1,600.f. Unearned fees on October 31 are $1,800.
