CHART OF ACCOUNTS

Kelly Consulting

General Ledger

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

	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

Labels and Amount Descriptions

Labels
Current assets
Current liabilities
Expenses
For the Month Ended May 31, 20Y5
May 31, 20Y5
Property, plant, and equipment
Amount Descriptions
Decrease in owners equity
Increase in owners equity
Kelly Pitney, capital, May 1, 20Y5
Kelly Pitney, capital, May 31, 20Y5
Net decrease in cash during month
Net income
Net increase in cash during month
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment
Withdrawals

Ledger

Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

9. B.

Post the closing entries to the ledger of four-column accounts.

Income Statement

8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement. If you didnt complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement.

Question not attempted.

Score: 0/85

Kelly Consulting

Income Statement

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