Can someone review this Accounting Comprehensive Problem and tell me if it is correct or incorrect, please? This assignment is worth a large portion of my grade so I wanted to have it checked for accuracy prior to submitting? Also, please check each of the referencing numbers and tell me if those are correct as well. Thank you.

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y5. 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	Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.
	5	Received cash from clients on account, $2,450.
	9	Paid cash for a newspaper advertisement, $225.
	13	Paid Office Station Co. for part of the debt incurred on April 5, $640.
	15	Provided services on account for the period May 115, $9,180.
	16	Paid part-time receptionist for two weeks salary including the amount owed on April 30, $750.
	17	Received cash from cash clients for fees earned during the period May 116, $8,360.

May	20	Purchased supplies on account, $735.
	21	Provided services on account for the period May 1620, $4,820.
	25	Received cash from cash clients for fees earned for the period May 1723, $7,900.
	27	Received cash from clients on account, $9,520.
	28	Paid part-time receptionist for two weeks salary, $750.
	30	Paid telephone bill for May, $260.
	31	Paid electricity bill for May, $810.
	31	Received cash from cash clients for fees earned for the period May 2631, $3,300.
	31	Provided services on account for the remainder of May, $2,650.
	31	Kelly withdrew $10,500 for personal use.

Required:

1.

The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 20Y5, is shown below.

A.	Download the spreadsheet in the Ledger panel and save the Excel file to your computer. 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 CengageNOW on this problem.
B.	For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 20Y5, enter Balance in the Item column and enter X in the Posting Reference column.
C.	Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Do not insert the account numbers in the journal at this time.)

2.

Post the journal entries on pages 5 and 6 of the journal to the ledger of four-column accounts.

A.	Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts.
B.	Add the appropriate posting reference to the journal.

3.

Prepare an unadjusted trial balance. Accounts with zero balances can be left blank.

4.

At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).

	Insurance expired during May is $275.
	Supplies on hand on May 31 are $715.
	Depreciation of office equipment for May is $330.
	Accrued receptionist salary on May 31 is $325.
	Rent expired during May is $1,600.
	Unearned fees on May 31 are $3,210.

A.	Journalize the adjusting entries on Page 7 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries.
B.	Post the adjusting entries to the ledger, inserting balances in the accounts affected.
C.	Add the appropriate posting reference to the adjusting entries in the journal.

7.

Prepare an adjusted trial balance. Accounts with zero balances can be left blank.

Page 7 Journal

Kelly Consulting

POST-CLOSING TRIAL BALANCE

April 30, 20Y5

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	22,100.00
2	Accounts Receivable	3,400.00
3	Supplies	1,350.00
4	Prepaid Rent	3,200.00
5	Prepaid Insurance	1,500.00
6	Office Equipment	14,500.00
7	Accumulated Depreciation		330.00
8	Accounts Payable		800.00
9	Salaries Payable		120.00
10	Unearned Fees		2,500.00
11	Kelly Pitney, Capital		42,300.00
12	Totals	46,050.00	46,050.00

ASSETS
11	Cash
12	Accounts Receivable
14	Supplies
15	Prepaid Rent
16	Prepaid Insurance
18	Office Equipment
19	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Fees

	EQUITY
31	Kelly Pitney, Capital
32	Kelly Pitney, Drawing

	REVENUE
41	Fees Earned

	EXPENSES
51	Salary Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense
55	Insurance Expense
59	Miscellaneous Expense

UNADJUSTED TRIAL BALANCE- May 31, 20Y5

JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 May3 Cash 11 4,500.00 2 Unearned Fees 23 4,500.00 3 May 5 Cash 11 2,450.00 4 Accounts Receivable 12 2,450.00 5 May 9 Miscellaneous Expense 59 225.00 6 Cash 11 225.00 7 May 13 Accounts Payable 21 640.00 8 Cash 11 640.00 9 May 15 Accounts Receivable 12 9,180.00 10 Fees Earned 41 9,180.00 11 May 16 Salaries Payable 22 120.00 12 Salary Expense 51 630.00 Journal 12 Salary Expense 51 630.00 13 Cash 11 750.00 14 May 17 Cash 11 8,360.00 15 Fees Earned 41 8,360.00 PAGE 6 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 14 735.00 May 20 Supplies Accounts Payable 2 21 735.00 3 May 21 Accounts Receivable 12 4,820.00 4 Fees Earned 41 4,820.00 5 May 25 Cash 11 7,900.00 Fees Earned 41 7,900.00 Journal 6 Fees Earned 41 7,900.00 7 May 27 Cash 11 9,520.00 8 Accounts Receivable 12 9,520.00 9 May 28 Salary Expense 51 750.00 10 Cash 11 750.00 11 May 30 Miscellaneous Expense 59 260.00 12 Cash 11 260.00 13 May 31 Miscellaneous Expense 59 810.00 14 Cash 11 810.00 15 May 31 Cash 11 3,300.00 16 Fees Earned 41 3,300.00 17 May 31 Accounts Receivable 12 2,650.00 18 Fees Earned 41 2,650.00 19 May 31 Kelly Pitney, Drawing 32 10,500.00 20 Cash 11 10,500.00 Journal DATE DESCRIPTION POST. REF DEBIT CREDIT 1 Adjusting Entries 2 May 31 Insurance Expense 55 275.00 3 Prepaid Insurance 16 275.00 4 May 31 Supplies Expense 53 1,370.00 5 14 1,370.00 6 54 330.00 7 Supplies May 31 Depreciation Expense Accumulated Depreciation May 31 Salary Expense Salaries Payable 19 330.00 8 51 325.00 9 22 325.00 10 May 31 Rent Expense 52 1,600.00 11 15 1,600.00 Prepaid Rent May 31 Cash 12 11 3,210.00 13 Unearned Fees 23 3,210.00 UNALUSTED TRIAL BALANCE May 31, 2045 ACCOUNT TITLE DEBIT CREDIT 1 Cash 44,195.00 2 Accounts Receivable 8,080.00 3 Supplies 2,085.00 + Prepaid Rent 3,200.00 5 Prepaid Insurance 1,500.00 14,500.00 6 Office Equipment 7 Accumulated Depreciation 330.00 & Accounts Payable 895.00 9 Salaries Payable 10 Unearned Fees 7,000.00 42,300.00 11 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 10,500.00 17 Coa Canad 72 10 Unadjusted Trial Balance 7 Accumulated Depreciation 330.00 & Accounts Payable 895.00 9 Salaries Payable 10 Unearned Fees 7,000.00 11 Kelly Pitney, Capital 42,300.00 12 Kelly Pitney, Drawing 10,500.00 13 Fees Earned 36,210.00 14 Salary Expense 1,380.00 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 1,295.00 20 Totals 86,735.00 86,735.00 ADUUSTED TRIAL BALANCE May 31, 2045 ACCOUNT TITLE DEBIT CREDIT 1 Cash 47,405.00 2 Accounts Receivable 8,080.00 3 Supplies 715.00 4 Prepaid Rent 1,600.00 5 Prepaid Insurance 1,225.00 14,500.00 6 Office Equipment 7 Accumulated Depreciation 660.00 8 Accounts Payable 895.00 Salaries Payable 325.00 10 Unearned Fees 10,210.00 11 Kelly Pitney, Capital 42,300.00 12 Kelly Pitney, Drawing 10,500.00 Adjusted Trial Balance Accounts Payable 895.00 9 Salaries Payable 325.00 10 Unearned Fees 10,210.00 42,300.00 11 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 10,500.00 13 Fees Earned 36,210.00 1,705.00 14 Salary Expense 15 Rent Expense 16 Supplies Expense 1,600.00 1,370.00 17 Depreciation Expense 330.00 18 Insurance Expense 275.00 19 Miscellaneous Expense 1,295.00 20 Totals 90,600.00 90,600.00