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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 the following transactions: May 3. 5. 9. 13. 15. 16. 17. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. Received cash from clients on account, $2,450. Paid cash for a newspaper advertisement, $225. Paid Office Station Co. for part of the debt incurred on April 5, $640. Provided services on account for the period May 1-15, 59,180. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Received cash from cash clients for fees earned during the period May 1-16, $8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, $735. 21. Provided services on account for the period May 16-20, $4,820. 25. Received cash from cash clients for fees earned for the period May 17-23, $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 26-31, $3,300. 31. Provided services on account for the remainder of May, $2,650. 31. Kelly withdrew $10,500 for personal use. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2019, is shown in Exhibit 17. 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, 2019 and place a check mark (v ) in the Posting Reference column. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the journal currently.)2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 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. Kelly Consulting Capture 1JPG Post-Closing Trial Balance April 30, 2019 Account Debit Credit No. Balances Balances Cash......8 .594 32.100 Accounts Receivable 12 3,400 Supplies.... 14 1.350 Prepaid Rent.... 3.200 Prepaid Insurance. 16 1.500 Office Equipment 18 14.500 Accumulated Depreciation 19 390 Accounts Payable.. 31 Salaries Payable 120 Unearned Fees .... 23 2.500 Kelly Pitney, Capital. 42 300 46.050 46 050 Instructions are below: 1) Prepare Expanded Accounting Equation (simple and expanded). 2) Prepare one-page journal (in the side, indicate if the account increases or decreases). 3) Prepare set of adjustments and transfer (indicate to the side if the account increases or decreases). 4) Prepare journal of closing and transfer (indicate if the account increases or decreases)
