9 Chart of Accounts for Kelly Consulting 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 32 Retained Earnings 33 Dividends 34 Income Summary 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense 31 Common Stock omprehensive Problem 1 v Pitney began her consulting business. Kelly Consulting. on April 1. 2018. Comprehensive Problem 1 IS A B C D 8 9 10 11 An asterisk (*) will appear to the right of an incorrect entry. 12 13 Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. In the general ledger accounts, only normal balance columns will be graded. For correct grading in the trial balances and ledger balance columns, enter a zero in cells you would otherwise leave blank. E F G HI J KL M N 0 P R 14 5 1. and 2. 6 JOURNAL 7 Date Description Page 5 Post. Ref. Debit Credit 2018 May 31 5 9 13 13 15 15 4-9k 4-9k Comprehensive Problem 1 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. 5. 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. 9. Paid cash for a newspaper advertisement, $225. 13. EXCEL TEMPLATE 15. 16. 17. Paid Office Station Co. for part of the debt incurred on April 5, $640. Recorded services provided on account for the period May 1-15, $9,180. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. A B C D Date 2018 May 3 5. 9 1t 13 15 16 E F G HI J KL M N P a Post. Ref. Debit Credit Description 17 17 4-9 B C D E F G HI J KL M N 0 P O A 5 U JOURNAL Page 6 Record the following Post. Date Description Ref. Debit Credit 2018 May 20 21 21 25 25 27 27 28 28 30 30 31 31 Comp. Prob. 1 Type here to search II INSTRUCTIONS 1. Complete the May Journal - 2. Post the journal entries to 3 At the end of May, the follo A. Insurance expired during M B Supplies on hand on May 3 C Depreciation of office equip D Accrued receptionist salary @H # A o P Q R S Page 6 Credit F 4 . W X Y Z AA ABAE AF AG AH AM Record the following transactions on Page 6 of the journal: A 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. 30. RE 31. Paid part-time receptionist for two weeks' salary, $750. Paid telephone bill for May, $260. 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 2. Post the journal entries to the respective ledgers and Create unadjusted trial balance - be sure to read red ins 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. B 3 - P o R S T U V W X Y Z AA AB AE AF AG AH A E Rent expired during May is $1,600. F Unearned fees on May 31 are $3,210.1. 4. Post the Adjusted journal entries to the ledgers and 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 7. Prepare the post closing trial balance 2., 6., and 9. Cash Date 2018 HI KL GENERAL LEDGER N P O S 11 7. Prepare the post cl Post. Balance Item Ref. Debit Credit Debit Credit May 1 Balance 27 31 31 31 350268555 9 13 16 17 22,100 12 Post. Balance Item Ref. Debit Credit Debit Credit 3,400 W Accounts Receivable O 1 Date 2 2018 23 May 1 Balance 04 35 5 15 06 21 07 27 Comp. Prob. 1- Type here to search O 9 Comprehensive Problem 1 A B C Accounts Receivable Date 2018 May 1 Balance 155221 27 31 Supplies Date 2018 May 1 Balance 20 31 Adjusting Prepaid Rent Date 2018 May 1 Balance 31 Adjusting E D E F G HI J KL M N 0 P Q R 12 Post. Balance Item Ref. Debit Credit Debit Credit 3,400 14 Post. Balance Item Ref. Debit Credit Debit Credit 1,350 Post. Balance Item Ref. Debit Credit Debit Credit 3,200 Comp. Prob. 1- 15 S 1- + Comprehensive Problem 1 31 Adjusting Is BE A B C D E F G HI J KL M N 0 P O R S T Date Item Ref. Debit Credit Debit Credit 2018 May 1 Balance 1,500 Office Equipment 18 Post. Balance Date Item Ref. Debit Credit Debit Credit 2018 May 1 Balance 14,500 Accumulated Depreciation Date 2018 May 1 Balance: 31 Adjusting Accounts Payable Date 2018 May 1 Balance 13 22 20 Post. Balance Item Ref. Debit Credit Debit Credit Balance Post. Item Ref. Debit Credit Debit Credit Comp. Prob. 1 800 330 21 19 4 P 4 1- Comprehensive Problem 1 % 0.00 123 Arial Black 12 BIGA A B C D E F G HI J KL M N 0 P Salaries Payable 22 Post. Balance Date Item Ref. Debit Credit Debit Credit 2018 May 1 Balance 120 16 31 Adjusting Unearned Fees Date 2018 May 1 Balance 3 31 Adjusting 23 Post. Balance Item Ref. Debit Credit Debit Credit 2,500 Common Stock 31 Post. Balance Date Item: Ref. Debit Credit Debit Credit 2018 May 1 Balance 30,000 Retained Earnings Date 2018 Mews 4. Dalann 32 Post. Balance Item Ref. Debit Credit Debit Credit 10 300 0 4 R S - Comprehensive Problem 1. A B C D E F G HI J KL M N 0 P R Retained Earnings 32 Post. Balance Date Item Ref. Debit Credit Debit Credit 2018 May 1 Balance 12,300 31 Closing 31 Closing Dividends Date 2018 May 31 31 Closing 2 Income Summary 3 #4 Date 05 2018 36 May 31 Closing 57 31 Closing OB 09 31 Closing 33 Post. Balance Item Ref. Debit Credit Debit Credit Post. Balance Item Ref. Debit Credit Debit Credit 34 10 11 41 Fees Earned 212 213 Date Item Post. Ref. Balance Debit Credit Debit Credit Comp. Prob. 1 C C # C B mprehensive Problem 1 B C D E F G HI J KL M N 0 P o R S T U Fees Earned 41 Post. Balance Date Item: Ref. Debit Credit Debit Credit 2018 May 15 17 21 25 31 31 31 Adjusting 31 Closing Salary Expense Date 51 Balance Post. Item Ref. Debit Credit Debit Credit 2018 May 16 28 31 Adjusting 31 Closing Rent Expense + Date Post. Item Ref. Debit Credit 2018 May 31 Adjusting Se Marines Comp. Prob. 1 to roarch II O e 52 52 Debit Balance Credit 3