Background Information

In this activity, you will complete an entire accounting cycle for a fictional business. Assume that for

several years Kerry Pollard has operated a parttime consulting business from her home. As of April

Y Kerry decided to move to rented quarters and to operate the business on a fulltime basis. The

business will be known as Kerry Consulting.

Instructions

Step : Analyze and Record the April Transactions in Page of the Journal.

Tip: Print the \"Transactions\" tab to avoid clicking back and forth

Step : Post the April Transactions from the Journal to the Ledger Accounts.

Tip: Be sure to post all parts of each transaction. Use the Post Ref to help keep track.

Step : Prepare the Unadjusted Trial Balance.

Tip: The Unadjusted, Adjusted, and PostClosing Trial Balances are

all on the \"Trial Balances\" Tab.

Tip: The Unadjusted Trial Balance balance must balance before moving on to Step

Step : Journalize the Adjusting Entries in Page of the Journal.

Tip: The information for the Adjusting Entries is at the bottom of

the Transactions tab under \"Adjusting Entry Information\"

Step : Post the Adjusting Entries to the Ledger Accounts.

Step : Prepare the Adjusted Trial Balance.

Tip: The Adjusted Trial Balance must balance before moving on to Step

Step : Prepare the Financial Statements

Tip: The Financial Statements are on the IS & Equity\" tab and

the \"Balance Sheet\" tab.

Tip: Use the Adjusted Trial Balance to complete the Financial Statements.

Step : Journalize the Closing Entries in Page of the Journal.

Tip: Close the Revenue and Expense accounts to the Capital account.

Tip: Close the Drawing account to the Capital account.

Step : Post the Closing Entries to the Ledger Account.

Step : Prepare the PostClosing Trial Balance

When you have completed all steps of the Accounting Cycle, please submit

your spreadsheet using the link in Canvas.

Kerry Consulting

April Transactions

Apr. The following assets were received from Kerry Pollard as an investment in Kerry Consulting:

cash, $; accounts receivable, $; supplies, $; and office equipment, $

There were no liabilities received.

Paid three months rent on a lease rental contract, $

Paid six months premiums on property and casualty insurance policies, $

Received cash from clients as an advance payment for services to be provided and recorded it

as unearned fees, $

Purchased additional office equipment on account from Office Station Co $

Received cash from clients on account, $

Paid cash for a newspaper advertisement, $

Paid Office Station Co for part of the debt incurred on April $

Recorded services provided on account for the period April $

Paid parttime receptionist for two weeks salary, $

Recorded cash from cash clients for fees earned during the period April $

Paid cash for supplies, $

Recorded services provided on account for the period April $

Recorded cash from cash clients for fees earned for the period April $

Received cash from clients on account, $

Paid parttime receptionist for two weeks salary, $

Paid telephone bill for April, $

Paid electricity bill for April, $

Recorded cash from cash clients for fees earned for the period April $

Recorded services provided on account for the remainder of April, $

Paid cash to Kerry Pollard for personal use, $

Kerry Consulting

Adjusting Entry Information

Use the information below to create the six April Adjusting Entries.

a Insurance expired during April is $

b Supplies on hand on April are $

c Depreciation of office equipment for April is $

d Accrued receptionist salary on April is $

e Rent expired during April is $

f Unearned fees on April are $

Account No Account Title

Cash

Accounts Receivable

Supplies

Prepaid Rent

Prepaid Insurance

Office Equipment

Accumulated Depreciation

Accounts Payable

Salaries Payable

Unearned Fees

Kerry Pollard, Capital

Kerry Pollard, Drawing

Fees Earned

Salary Expense

Rent Expense

Supplies Expense

Depreciation Expense

Insurance Expense

Utilities Expense

Miscellaneous Expense