Closing entries is wrong.

Kelly Pitney began her consulting business, Kelty Consulting, on April I , 20YS. The accounbng cycle for Kelly Consulting for April, induding financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3 13 IS 16 17 Received cash trom clients as an advance paynent tor services to be provided and recorded it as unearned fees, $4,500, Received cash trom clients on account, $2,450. paid cash 'or a newspaper advertisement, $225. Paid Office Station co. for part Ot the debt incurred on April 5, $640. Provided services on account for the period May 115, $9, I BO. Paid part-time receptionist for two weeks' salan including the amount owed on April 30, $750. Received cash trom cash clients for fees earned during the period May 1-16, $8,360. Record the following transactions on Page 6 Of the journaj: May 20 21 25 27 28 30 31 31 31 31 Purchased supplies on account, $735. provided services on account tor the period May 1620, $4,820. Received cash from cash clients tor tees earned tor the period May 17-23, $7,900_ Received cash from clients on account, $9,520. paid pan-time receptionist for two weeks' salary, $750. paid telephone bill for May, Paid electricity bill for May, $810, Received cash from cash clients for fees earned for the period May 2631, $3,300. Provided services on account tor the remainder Of May, $2,650, Kelly Withdrew $10,500 for use. 1. The chart of accounts is shosm in a separate pane/ and the post-closing trial balance as of April 30, 20 Y5 is shown below. A. Download the spreadsheet In the Ledger pane' and save the Excel We to your computer. Be sure to save your work in Excel as it Wii/ be used to complete the following Steps in part of this problem as well as steps In part 2 or this problem. Your input Into 'he spreadsheet will not be included in your grade in CengageNOW on this problem. B. For each account in the post-closing rial balance, enter the balance in the appropriate Balance column of a four-column account. Dare the balances May , 20Y5, enter Balance in the Item column and enter 'X' m the Posting Reference column. C. Journalize each of the May transactions jn a two-column journal starting on Page 5 of the journal. Refer to chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for ,iourna,' explanations. Even' line on a journal page is used for debit or credit entries. CNOW journajs Will automaticafly indent a credit entry When a credit amount is entered (00 not insen rhe account numbers in the journal a! this 2. Post the journal entries on pages 5 and 6 0' the journal to rhe ledger of four-column accounts. A. use the spreadsheet to post the May transactions from the ,iourna/ to a ledger ot lour- B. Add the appropriate posfing reference the 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. Anafyze and use these data to complete pans (5) and Insurance expired during May is $275 Supplies on hand on 31 are $715. Depreciation Of office equipment for May is $330. Accrued receptionist sajary on May 31 is $325. Rent expired during May iS $1,600. Unearned fees on May 31 are $3,210.