=1 TE T U V W Y Z ABAE 19 Chart of Accounts for Kelly Consulting 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 34 Income Summary 15 Prepaid Rent 41 Fees Earned 16 Prepaid Insurance 51 Salary Expense 18 Office Equipment 52 Rent Expense 19 Accumulated Depreciation 53 Supplies Expense 21 Accounts Payable 54 Depreciation Expense 22 Salaries Payable 55 Insurance Expense 23 Unearned Fees 59 Miscellaneous Expense 31 Common Stock omprehensive Problem 1 y Pitney began her consulting business, Kelly Consulting, on April 1. 2018. accounting cycle for Kelly Consulting for April, including financial Eements, was illustrated in this chapter During May Kelly Consulting actions F E J KL M N 0 P R G A S JOURNAL Page 5 Post. Ref. Description Debit Credit Date 2018 May 3 Cash Unearned Fees 19 A 21 A 225 23 U 31 G 4,500 11 23 4,500 2.450 5 Cash Accounts Receivable 11 12 2,450 4-9% Compreh 59 225 9 Miscellaneous Expense Cash 11 225 21 640 13 Accounts Payable Cash Kelly Pitney begar The accounting cy statements, was il entered into the fa 11 640 9,180 15 Accounts Receivable Fees Eamed 12 41 ME 9.180 - 16 Salaries Payable Salary Expense Cash 16 51 22 11 630 120 750 8,360 17 Cash Fees Eamed 11 41 8,360 41 OLIRNAI Pane Renner the forma Camp. Prob. 1 AG AH 4-9k Comprehensive Problem 1 5. 9. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. Received cash from clients on account, $2,450. Paid cash for a newspaper advertisement, $225. 13. Paid Office Station Co. for part of the debt incurred on April 5, $640. 15. Recorded services provided on account for the period May 1-15, $9,180. 16. Paid part-time receptionist for two weeks salary including the amount owed on April 30, $750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, $735. 21. Recorded services provided on account for the period May 16-20, $4,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. 27. Received cash from dients on account, 59,520. 28. Paid part-time receptionist for two weeks' salary, 5750. 30. Pald telephone bill for May, $260. Up Record the following transactions on Page 6 of the journals 20. Purchased supplies on account. $735. 21. Recorded services provided on account for the period May 16-20, $4,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7,900 27. Received cash from clients on account, $9,520. 28. Paid part-time receptionist for two weeks' salary, $750. 30. Paid telephone bill for May, $260. 31. Paid electricity bill for May, $810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, $3,300 31. Recorded services provided on account for the remainder of May, $2,650. 31. Paid dividends, $10,500 . INSTRUCTIONS - USE FORMULAS IN ALL CELLS THAT REQUIRE CALCULATIONS!!!! 1. Complete the May Journal entries on to pages 5 & 6 of the journal 3 At the end of May, the following adjustment data were assembled. Analyze and use these data to complete r A. Insurance expired during May is $275. B Supplies on hand on May 31 are $715. C Depreciation of office equipment for May is $330. D Accrued receptionist salary on May 31 is $325. E Rent expired during May is $1,600. JOURNAL Page 6 Record the follo Post. Ref. Debit Credit Date Description 2018 May 20 Supplies Accounts Payable 735 14 21 735 4,820 21 Accounts Receivable Fees Earned 12 41 4,820 7,900 25 Cash Fees Earned 11 41 7.900 9,520 27 Cash Accounts Receivable 11 12 9,520 750 28 Salary Expense Cash 51 11 INSTRUC 1. Complete the May Jou 3 At the end of May, the A. Insurance expired dur 750 30 Miscellaneous Expense Cash 260 59 11 260 B Supplies on hand on M 59 31 Miscellaneous Expense Cash 810 C Depreciation of office 11 810 D Accrued receptionist sc 31 cash 11 3,300 E Rent expired during Me Comp. Prob. 1 Type here to search 1+ R U V w X Z SI Fans, U. AA AB & AE AF AG AH INSTRUCTIONS- USE FORMULAS IN ALL CELLS THAT REQUIRE CALCULATIONSHIT! 1. Complete the May Journal entries on to pages 5 & 6 of the journal 3 At the end of May, the following adjustment data were assembled. Analyze and use these data to complete A. Insurance expired during May is $275. B Supplies on hand on May 31 are $715. C Depreciation of office equipment for May is $330. D Accrued receptionist salary on May 31 is $325. E Rent expired during May is $1,600. F Unearned fees on May 31 are $3,210. 4. Post the Adjusted journal entries to the ledgers Und complete the adjusted trial balance 5. Complete the financial statements 6 Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is in the chart of accounts.) Indicate closed accounts by inserting a "0" in both the Debit and credit columns oppo: closing entry in the ledger 11 7. Prepare the post closing trial balance 54FM 12/17/2020 M KL N J E F 6 Hi! GENERAL LEDGER A 7. Prepar 2, 6., and 9. 11 Balance Credit Cash Post. Ref. Debit Credit Debit Item 30 81 82 83 Date 2018 May 1 Balance 3 5 9 4,500 2,450 84 85 86 87 225 640 750 13 BE 89 8,360 7,900 9,520 16 17 25 27 28 30 31 31 31 90 91 92 93 22,100 26,600 29,050 28,825 28,185 27,435 35,795 43,695 53,215 52,465 52,205 51,395 54,695 44,195 5 5 6 6 6 6 6 6 6 750 260 810 ga 3,300 95 10,500 97 99 99 Accounts Receivable Post. Ref. 12 Balance Credit Item Debit Debit Credit 100 101 102 100 104 165 106 107 100 2,450 Date 2018 May 1 Balance 5 15 21 27 31 5 5 6 6 6 9,180 4,820 3,400 950 10,130 14,950 5,430 8,080 9,520 2,650 KL O P N R M Q 5 H 1 E F J 6 D A B Post. Ref. Balance Credit Debit Credit Debit Item Date 2018 May 1 Balance 20 31 Adjusting V 6 7 735 350 2,085 715 1,370 Prepaid Rent 15 Balance Credit Post. Ref. Debit Credit Debit Date Item 2018 May 1 Balance 31 Adjusting 3,200 1,600 1,600 Prepaid Insurance Post. Ref. 16 Balance Credit Debit Credit Debit Date Item 2018 May 1 Balance 31 Adjusting 1,500 1,225 7 275 Office Equipment Post. Ref. 18 Balance Credit Item Debit Credit Debit Date 2018 May 1 Balance 14,500 Accounts Payable Post. Ref. 21 Balance Credit Item Debit Credit Debit Date 2018 May 1 Balance 13 20 640 5 6 800 160 895 735 Salaries Payable Post. Ref. 22 Balance Credit Debit Credit Debit Date Item 2018 May 1 Balance 16 31 Adjusting V 5 120 120 325 325 Unearned Fees Item Post. Ref. 23 Balance Credit Debit Credit Debit Date 2018 May 1 Balance 3 4,500 2,500 7,000 TAN Comp. Proh 11 A B D E F G H 1 J KL M N 0 R 5 Unearned Fees Post. Ref. 23 Balance Credit Item Debit Credit Debit Date 2018 May 1 Balance 3 31 Adjusting dont write a V 5 5 4,500 2,500 7,000 3,210 3,790 Common Stock 31 Post. Ref. Balance Credit Item Debit Credit Debit Date 2018 May 1 Balance 30,000 Retained Earings Post. Ref. 32 Balance Credit Item Debit Credit Debit Date 2018 May 1 Balance 31 Closing 31 Closing 12,300 4 Dividends Post. Ref. 33 Balance Credit Item Debit Credit Debit Date 2018 May 31 10,500 10,500 ! chon 31. Closing 10,500 B c G HI J KL M N O P 9 R Income Summary Post. Ref. 34 Balance Credit Item Debit Credit Debit Date 2018 May 31 Closing 31 Closing 31 Closing 32,420 Fees Earned Post. Ref. 41 Balance Credit Debit Credit Debit Date Item 2018 May 15 17 21 25 31 31 31 Adjusting 31 Closing 5 5 6 6 6 6 6 9,180 8,360 4,820 7,900 3,300 2,650 9,180 17,540 22.360 30,260 33,560 36,210 3,790 32,420 - Salary Expense Post. Ref. 51 Balance Credit 7 Debit Credit Debit 8 Date Item 2018 May 16 28 31 Adjusting 31 Closing 6 6 630 570 630 1,380 ST 1,380 Rent Expense Post. Ref. 52 Balance Credit Item Debit Credit Debit Date 2018 May 31 Adjusting 31 Closing 5 Supplies Expense Post. Ref. 53 Balance Credit Item Debit Credit Debit Date 2018 May 31 Adjusting 31 Closing 5 Depreciation Expense Post. Ref. 54 Balance Credit Item Debit Credit Debit Date 2018 May 31 Adjusting 31 Closing 5 Insurance Expense Post. Ref. 55 Balance Credit Debit Credit Debit Date Item 2018 May 31 Adjusting 31 Closing 5 + HI Comp. Prob. 1 Miscellaneous Expense 59 Balance Credit Post. Ref. Debit Credit Debit Item Date 2018 May 9 30 31 31 Closing 225 260 810 225 485 5 6 6 1,295 KELLY CONSULTING Unadjusted Trial Balance May 31, 2018 Credit Balances Debit Balances 44,195 8,080 2,085 3,200 1,500 14,500 330 895 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Eamed Salary Expense Rent Expense Supplies Expense 7,000 30,000 12,300 10,500 1,380 Comp. Prob. 1 - Unadjusted Trial Balance May 31, 2018 Credit Balances Debit Balances 44,195 8,080 2,085 3,200 1,500 14,500 330 895 1 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation 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 - - 7,000 30,000 12,300 10,500 1,380 - 1,295 JOURNAL JOURNAL Page 7 Post. Ref. Debit Credit ate 18 Description Adjusting Entries y 31 31 31 UTILI 31 31 31 KELLY CONSULTING Adinister Trial Ralance KELLY CONSULTING Adjusted Trial Balance May 31, 2018 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation 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 KELLY CONSULTING Income Statement For the Month Ended May 31, 2018 Revenues: Expenses Total expenses Net income KELLY CONSULTING Retained Earnings Statement For the Month Ended May 31, 2018 Retained earnings, May 1, 2018 Retained earnings, capital, May 31, 2018 KELIV CONSUITING KELLY CONSULTING Balance Sheet May 31, 2018 Assets Current assets: Total current assets Property, plant, and equipment Total property, plant, and equipment Total assets Il Liabilities Current liabilities Total liabilities Stockholders' Equity Total stockholders' equity 2 100% $ % . .00 123 Arial 10 B I SA B D E F G HT M KL N P 0 9. JOURNAL Page 8 Post. Ref. Debit Credit Date 2018 Description Closing Entries May 31 31 Miscellaneous Expense 31 31 10. KELLY CONSULTING Post-Closing Trial Balance May 31, 2018 Debit Balances Credit Balances Cash Accounts Receivable D C M N KELLY CONSULTING Post-Closing Trial Balance May 31, 2018 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings