Accounting Cycle Project Q2:

Comprehensive Problem 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions Kelly Fitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was ilustrated 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 foes, 54,500 5 Received cash from clients on account, 52.450 Paid cash for a newspaper advertisement, $225 13 Paid Ofice Station Co. for part of the debt incurred on April 5, 9640. 15 Provided services on account for the period May 1-15, 50,180 Pald part-time receptionist for two weeks salary including the amount owed on April 30, 5750. Received cash from cash clients for fees earned during the period May 1-16, 58,360 16 17 Comprehensive Problem 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Chart of Accounts x CHART OF ACCOUNTS Kelly Consulting General Ledger REVENUE 41 Fees Earned ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense LDLITICE CAM LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing Comprehensive Problem 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance A Austad stanna Journal 1. C. Joumalize each of the May transactions in the two-column journal starting on Page 5 of the joumal Refer to the Chart of Accounts for exact wording of account titles. (Do not insert the account numbers in the journal at this time) 2. B. Add the appropriate posting reference to the journal in CengageNOW. 6. A. Journalize the adjusting entries on Page 7 of the journal Refer to the Chart of Accounts for exact wording of account titles 6. C. Add the appropriate posting reference to the journal in CengageNOW Note: Scroll down for pages 6 and 7 of the journal PAGES JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 4.500.00 1 May 3 4.500.00 Unearned Fees May 5 Accounts Receivable 2 3 5 May 5 3 9 10 11 12 13 14 15 PAGE JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 10 11 23 13 14 15 16 17 18 19 20 JOURNAL DATE POST. DEBIT CREDIT DESCRIPTION Adjusting Entries 2 3 10 13 13 11 Comprehensive Problem 1 Instruction Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Ledger Downidad the attached SPREADSHEEI and save the Excel file to your computer Use the spreadsheet to post the May transactions from the journai to a ledger of four column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in Congogonow on this problem 1.8. For each account in the post-clicaing trial balance enter the balance in the appropriate Balance column of a four-column account Dore the balances May 1, enter Balance in the item column and enter in the posting Reference column 2 A. Poat the May transactions from the journal to a ledger or four-column accounts 68 Post the acusting entries to the under of four-column accounts, inserting balances in the accounts affected 2C3.PNG .. 13 14 15 16 17 18 19 20 Comprehensive Problem 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjuste Trial Balance Unadusted Trial Balance 3 Prepare an und unted tre balance Accounts with zero balances can be len bank DENT CREDIT Welly Consulting UNADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE Cash Accounts Receivable 1 Supplies Prepaid Rent Prepaid in offor liquipment Accued Depreciation Comprehensive Problem Instruction Chart of Accounts Jomal Ledger Unadjusted Trial Balance adjusted Trial Balance Unaqusted Trial Balance Accounts Pale Salaries Payable 10 Uneamed Fees u Kelly Pisey, Capital Kelly Piones . Drawing Fees Eamed Salary Expense Rest Expense * Supplies Expense Deprecaution Expense Insurance Expense 1 Miscellaneous perse Total Comprehensive Problem 1 Instructions Chart of Accounts Journal Ledger Unadjunted Trial Balance Adjusted Trial Balance Adjusted Trial Balance 7. Prepare an adjusted brler balance Accounts with zero balances can be led blank Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2017 CREDIT ACCOUNT 1 O 2 Accounts Receivable Supplies Prepidant Prepaid Office Equipment Accumulated Deprecation Comprehensive Problem 1 Instructions Chart of Accounts Journal Lediger Unacijuntos Triul Balance Adjusted Trial Balance Adjusted Trial Balance Accounts Payable Salaries Payable Unearned Fees 1 Kelly Pisey, Capital 1. Kelly Pitney, Drawing Fees Earned SuryExpense Rent Expense * Supplies Expense Depreciation Experte Msano pense Tools