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

	LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Fees

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends
34	Income Summary

	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, 2018
May 31, 2018
Property, plant, and equipment
Amount Descriptions
Change in retained earnings
Net income
Net loss
Retained earnings, May 1, 2018
Retained earnings, May 31, 2018
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders equity
Total property, plant, and equipment
Total stockholders equity

Journal

9. A.	Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
9. B.	Add the appropriate posting reference to the journal in CengageNOW.

PAGE 8

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
2
3
4
5
6
7
8
9
10
11
12
13
14