Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you help? Please, see instructions below. Please indicate if the accounts increases or decreases on the side. Thank You in advance. Kelly Pitney began

Can you help? Please, see instructions below. Please indicate if the accounts increases or decreases on the side. Thank You in advance.

image text in transcribed

image text in transcribed

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The ac- counting 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 1-15, $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 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 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 26-31, $3,300. 31. Provided services on account for the remainder of May, $2,650. 31. Kelly withdrew $10,500 for personal use. Instructions: Prepare Expanded Accounting Equation (simple and expanded) Prepare a single page journal (indicate if the account increases or decreases) Prepare set of adjustments and transfer (indicate to the side of the account increases or decreases) Prepare journal of closing and transfer (indicate if the account increases or decreases)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions