" Book Calculator Comprehensive Problem comprehensive problem 1 Instructions Chart of Accounts Labels and Amount Descriptions Journal Instructions Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into transactions. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance Required: 8. If you completed the end of period worksheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owners equity and a balance sheet. If you didnt complete the end of period work sheet in Part I, use the ledger (the Excel spreadsheet) to prepare an income statement a statement of owner's equity, and a balance sheet. Be sure to read the instructions above each statement carefully A. Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles. 3. Use the spreadsheer to post the closing entries to the lodger of four-column accounts. Add the appropriate posting reference to the journalin CengageNOW. 10. Prepare a post-closing trial balance Chart of Accounts CHART OF ACCOUNTS Kelly Consulting General Ledger ASSETS REVENUE 41 Fees Eamed 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent EXPENSES 51 Salary Expense 52 Rent Expense 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation Office Equipment 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable Instructions Chart of Accounts Label and Amount Description Journal Ledger Income Statement Statement Chart of Accounts Journal 9. A. Prepare the closing entries on Page 8 of the joumat Refer to the Chart of Accounts for exact wording of account 9. B. Add the appropriate posting reference to the closing entries in the journal in CengageNOW. JOURNAL POST. REF. DEBIT DESCRIPTION Closing Entries Instructions Chart of Accounts Label and Amount Descriptions Journal Ledger Income Statement Statem Income Statement 8. If you completed the end of period worksheet in Part 1, use the adjusted trial balance figures to prepare an income statement. If you didnt complete the end of period worksheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement. Refer to the Chart of Accounts and the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading lanet loss is incurred, enter that amount as a negative number using a minus sign. A colon () will automatically appear if it is required Kelly Consulting Income Statement Label 2 (Label) odtement Statement of Owner's Equity Balance Sheet the did 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance ligures to prepare a balance sheet. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a balance shoot. Refer to the Chart of sta Accounts and the Labels and Amount Descriptions list for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Tess" or "Plus" will automatically appear if it is required. A colon () will automatically appear if it is required. Kelly Consulting Balance Sheet (Label) Assets 2 (Label) Post-Closing Trial Balance Kelly Consulting POST-CLOSING TRIAL BALANCE May 31, 2019 DEBIT CREDIT ACCOUNT TITLE 1 Cash ? Accounts Receivable 3 Supplies Prepaid Rent 5 Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Salaries Payable 10 Uneamed Fees 11 Kelly Pitney, Capital 12 Totals Instructions Unadjusted Trial Balance Adjusted Trial Balance Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE DEBIT CREDIT Cash 44,195.00 2 Accounts Receivable 8,080.00 Supplies 715.00 * Prepaid Rent 1,600.00 1,225.00 14,500.00 660.00 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation Accounts Payable Salaries Payable 10 Uneamed Fees 11 Kelly Pitney. Capital 895.00 325.00 3,210.00 42,300.00 Adjusted Trial Balance, 8 Accounts Payable 895.00 Salaries Payable 325.00 10 Unearned Fees 3,210.00 11 Kelly Pitney, Capital 42,300.00 12 Kelly Pitney, Drawing 10,500.00 13 Fees Earned 40,000.00 14 Salary Expense 1,705.00 15 Rent Expense 1,600.00 16 Supplies Expense 1,370.00 17 Depreciation Expense 330.00 275.00 18 Insurance Expense 1,295.00 19 Miscellaneous Expense 87,390.00 87,390.00 20 Totals