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Comprehensive Problem 1 Part 5: Work Sheet The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5. Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data. 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. If an amount box does not require an entry, leave it blank or enter "O". Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2048 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Unadjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Account Title Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Accounting numeric field Unearned Fees Common Stock Retained Earnings Dividends TI Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Net income Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) If an amount box does not require an entry, leave it blank. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. Description Post. Ref. Debit Credit Cash 4,500 Unearned Fees 4,500 Credit May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Cash 2,450 Accounts Receivable D 2,450 May 9: Paid cash for a newspaper advertisement, $225. Description Post. Ref. Debit Miscellaneous Expense 225 Credit Cash L 225 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit Accounts Payable v 640 Cash ( 640 May 15: Recorded services provided on account for the period May 1-15, $9,180. Description Post. Ref. Debit Credit Accounts Receivable 9,180 Fees Earned 9,180 May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit Salary Expense 630 Salaries Payable 120 [ Cash 750 May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit Cash 8,360 Fees Earned 8,360 May 20: Purchased supplies on account, $735. Description Post. Ref. Supplies Credit | Debit 735 Accounts Payable 735 May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit Accounts Receivable 4,820 Fees Earned 4,820 May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. Description Post. Ref. Debit Credit Cash 7,900 Fees Earned 7,900 Credit May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Cash 9,520 Accounts Receivable 9,520 Credit May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Salary Expense 750 Cash 750 May 30: Paid telephone bill for May, $260. Description Post. Ref. Credit Debit 260 Miscellaneous Expense Cash 260 May 31: Paid electricity bill for May, $810. Description Post. Ref. Miscellaneous Expense Credit Debit 810 Cash 810 May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit Cash 3,300 Fees Earned 3,300 May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit Accounts Receivable 2,650 L Fees Earned 2,650 May 31: Pald dividends, $10,500. Description Post. Ref. Dividends Debit Credit 10,500 Cash 10,500 The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing parts 2 and 3. Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts. Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. Kelly Consulting Unadjusted Trial Balance May 31, 2018 Debit Balances Credit Balances Account Title Cash 44,195 Accounts Receivable 8,080 Supplies 2,085 Prepaid Rent 3,200 Prepaid Insurance 1,500 14,500 Office Equipment Accumulated Depreciation 330 Accounts Payable 895 Salaries Payable Unearned Fees 7,000 Common Stock 30,000 Retained Earnings 12,300 Dividends 10,500 Fees Earned 36,210 Salary Expense 1,380 Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 1,295 86,735 86,735 Comprehensive Problem 1 Part 4 and Part 6: The following is a comprehensive problem which encompasses all of the elements leared in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data 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. Uneamed fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Date Account Name Post. Ref. May 31 Insurance Expense Credit Debit 275 Prepaid Insurance 275 Credit b. Supplies on hand on May 31 are $715. Date Account Name Post. Ref. May 31 Supplies Expense Supplies Debit 1,370 1,370 c. Depreciation of office equipment for May is $330. Date Account Name a Debit Credit May Depreciation Expense 330 31 Accumulated Depreciation 330 d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. May 31 Salary Expense Credit Debit 325 Salaries Payable 325 e. Rent expired during May is $1,600. Date Account Name Post. Ref. May 31 Rent Expense Credit Debit 1,600 Prepaid Rent 1,600 f. Unearned fees on May 31 are $3,210. Date Account Name Post. Ref. May 31 Unearned Fees Credit Debit 3,790 Fees Earned 3,790