8. Net income, $33,425 EXCET TEMPLATE Kelly Pitney began her consulting business, Kelly Consulting, on April cycle for Kelly Consulting for April, including financial statements, was il During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided a fees, $4,500. 5. Received cash from clients on account, $2,450. 9. 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 115,$9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on 17. Recorded cash from cash clients for fees earned during the period May 116,$8, 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 1723,57,900 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 2631,$3,300 31. Recorded services provided on account for the remainder of May, $2,650. 31. Paid dividends, $10,500. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, an balance as of April 30, 20Y8, is shown in Exhibit 17. For each accol trial balance, enter the balance in the appropriate Balance column of Date the balances May 1, 20Y8, and place a check mark () in the Post Journalize each of the May transactions in a two-column journal star journal and using Kelly Consulting's chart of accounts. (Do not insert in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Anal to complete parts (5) and (6). (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. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spre the spreadsheet. 6. Journalize and post the adjusting entries. Fecord the adjusting entries on 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stoch holders' equity, and 9. Prepare and post the closing entries. Record the closing entries on Indicate closed accounts by inserting a line in both the Balance column entry. 10. Prepare a post-closing trial balance. 8. Net income, $33,425 EXCET TEMPLATE Kelly Pitney began her consulting business, Kelly Consulting, on April cycle for Kelly Consulting for April, including financial statements, was il During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided a fees, $4,500. 5. Received cash from clients on account, $2,450. 9. 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 115,$9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on 17. Recorded cash from cash clients for fees earned during the period May 116,$8, 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 1723,57,900 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 2631,$3,300 31. Recorded services provided on account for the remainder of May, $2,650. 31. Paid dividends, $10,500. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, an balance as of April 30, 20Y8, is shown in Exhibit 17. For each accol trial balance, enter the balance in the appropriate Balance column of Date the balances May 1, 20Y8, and place a check mark () in the Post Journalize each of the May transactions in a two-column journal star journal and using Kelly Consulting's chart of accounts. (Do not insert in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Anal to complete parts (5) and (6). (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. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spre the spreadsheet. 6. Journalize and post the adjusting entries. Fecord the adjusting entries on 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stoch holders' equity, and 9. Prepare and post the closing entries. Record the closing entries on Indicate closed accounts by inserting a line in both the Balance column entry. 10. Prepare a post-closing trial balance