Exercise Individual Assignment Kenenisa Melaku has operated a part-time consulting business from his home. As of March 1, 2015, Kenenisa decided to move to rented quarters and to operate the business on a full-time basis. The business is known as Kenenisa Consulting. The accounting period covers March 1 - 31. The chart of accounts for Kenenisa Consulting is as follows:- 111 Cash 112 Accounts Receivable 312 Kenenisa’s Drawing 114 Supplies 314 Income Summary 115 Prepaid Rent 411 Fees Earned 1116 Prepaid Insurance 511 Salary Expense 118 Office Equipment 512 Rent Expense 119 Accumulated Depreciation 513 Supplies Expense 211 Accounts Payable 514 Depreciation Expense 212 Salaries Payable 515 Insurance Expense 213 Unearned Fees 519 Miscellaneous Expense 311 Kenenisa’s Capital During March, Kenenisa Consulting entered into the following transactions: Mar. 1. The following assets were received from Kenenisa Melaku: cash, $26,200; accounts receivable, $6,000; supplies, $2,800; and office equipment, $25,000. Mar.1. Paid three months’ rent on a lease rental contract, $9,600. Mar.2. Paid the premiums on property and casualty insurance policies, $3,600. Mar.4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,000. Mar.5. Purchased additional office equipment on account from Yaya Co., $4,000. Mar.6. Received cash from clients on account, $3,600. Mar.10. Paid cash for a newspaper advertisement, $240. Mar.12. Paid Yaya Co. for part of the debt incurred on March 5, $2,400. Mar.12. Recorded services provided on account for the period March 1–12, $8,400. Mar.14. Paid part-time receptionist for two weeks’ salary, $1,500.2 Mar.17. Recorded cash from cash clients for fees earned during the period March 1–16, $12,500. Mar.18. Paid cash for supplies, $1,600. Mar.20. Recorded services provided on account for the period March 13–20, $4,200. Mar.24. Recorded cash from cash clients for fees earned for the period March 17–24, $7,700. Mar.26. Received cash from clients on account, $11,200. Mar.27. Paid part-time receptionist for two weeks’ salary, $1,500. Mar.29. Paid telephone bill for March, $260. Mar.31. Paid electricity bill for March, $400. Mar.31. Recorded cash from cash clients for fees earned for the period March 25–30, $6,100. Mar.31. Recorded services provided on account for the remainder of March, $3,000. Mar.31. Paid cash Dividend $12,000 for Kenensisa personal use. Required: A. 1. Analyze and Record the above transactions in the Journal. 2. Post Transactions to the Ledger. 3. Prepare an Unadjusted Trial Balance. 4. Journalize and Post Adjusting Entries based on the following Assembled and analyzed Adjustment Data. a. Insurance expired during March is $600. b. Supplies on hand on March 31 are $2,700. c. Depreciation of office equipment for March is $660. d. Accrued receptionist salary on March 31 is $120. e. Rent expired during March is $3,200. f. Unearned fees on March 31 are $5,000. 5. Prepare an Adjusted Trial Balance. 6. Prepare the Financial Statements. 7. Journalize and Post Closing Entries. 8. Prepare a Post-Closing Trial Balance. B. Prepare an Optional End-of-Period Spreadsheet (Work Sheet) ( use the information given under requirement “4” above for adjustment column