Comprehensive Problem 1 B. Net Income, $33,425 X LAH Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018 The accounting cyde for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Recolved cash fes clients as an advance payment for services to be provided and recorded it as unearned Received cash from clients on account, $2,450. Pald cashforanewspaper advertisement 5225. Paid Office Station Co. for part of the debt incurred on April 5, $640, 15. Recorded services provided on account for the period May 1-15, 59,180, 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 17. Recorded cash from cash clients for fees carned during the period May 1-16, $8.360. 3. 9. Record the following fremsactions on Page 6 of the journal 20. Purchmed supplies on account, $735. 21 Recorded services provided on account for the period May 16-20, 54,820. Recorded cash from cash clients for fees earned for the period May 17-23, 57,900. Received cash from cients on account, $9.520 25. 27. 28. 10 Paid part-time receptionist for two weeks'salary, $750. Paid telephone bill for May, $260. JL Paid electricity bill for May, 5810. 31. Recorded cash from cash clients for feas earned for the period May 26-31,$3,300. 31. Recorded services provided on account for the remainder of May, $2,450. 31. Paid dividends, $10,500. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 20Y8, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the General Ledger. Date the balances May 1, 2018, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in the General 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 at this time.) 2. Post the journal to the General Ledgar. 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. Depreciation of office equipment for May is $330. (d) Accrued receptionist salary on May 31 is $325. (e) Rent expired during May is $1,600. Uneamed lees on May 31 are $3,210. promater 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of journal. Indicate closed accounts by inserting a line in Ixoth the Halance columns opposite the closing entry. 10. Prepare a post-closing trial balance.

Comprehensive Problem 1 Ve. Wht incerne. 531425 ele for Fethy Consultine for Apnl, inctudine finincial stainernts, was iliatnted in chis chupier Durine May, Kelly Conesting rrecred Into the follumiru transattons fets, 54tros 1. Padeab bor neweseer adwitwenent 52% 2a. Arehesed iepplen on actourt, 57s 21. Aeconted senicas protied en aceame lar ile pried May 16-24 S4:30 27, Aeciered cach thom dents on acceunt 59.520 30. Tad iriepheme bit ler Hes, smese 31. Feidelectiofor tall ker Mas isie. 31. Paif duidendt 510500 . Instructions 1. The chart of accotints for Kelly Comvelting is shown in Fxhibil 9 , and the pou-cteving trial balance as of April 30, 20y8, is shown in Exhihit 17. For each account in the postelosing trial balance, coter the balance in the approprate Halance columi of the General Ledger. buec the balances May 1, 20Y8, and place a clwck nark () in the Mosting Nefirence column. Journalixe each of the May Inansactions in the General Joumal. starting on Page 5 of the journal and using Kelly Consultingk chart of accounts. (Do not incert the account numbers in alie pournal at this time.) 2. Nov the journal to the Gesard Ledgar: 4. Prepare an unadjused irial balance. 4. At the end of May, the following udjustatent dats were assembled. Analyce and use these data to cumplete purts (5) and (6). (a) Insuince repiesd during May is 5275. (b) Supplies on hand on Moy 31 ace 5715 (i) Depreciation uf offee equipment for Myy is S330. ith Accrupd vectptionist saley on May 31 is $125. (e) Hert expited duing Mayis \$1 eoo. (i) Uneumed ieeson May 31 ave 51,210. 7. Prepare an adessed tral tralace: 9. Propare and pont the shasing ertitho. fiverd the shusing catrics on Page of the poumat. Indicate clowed acceanits by interting a line in foob the Batame columins eqpoosine the clocing ening: 10. Wrepure a postriosing wial haluace. Comprehensive Problem 1 Ve. Wht incerne. 531425 ele for Fethy Consultine for Apnl, inctudine finincial stainernts, was iliatnted in chis chupier Durine May, Kelly Conesting rrecred Into the follumiru transattons fets, 54tros 1. Padeab bor neweseer adwitwenent 52% 2a. Arehesed iepplen on actourt, 57s 21. Aeconted senicas protied en aceame lar ile pried May 16-24 S4:30 27, Aeciered cach thom dents on acceunt 59.520 30. Tad iriepheme bit ler Hes, smese 31. Feidelectiofor tall ker Mas isie. 31. Paif duidendt 510500 . Instructions 1. The chart of accotints for Kelly Comvelting is shown in Fxhibil 9 , and the pou-cteving trial balance as of April 30, 20y8, is shown in Exhihit 17. For each account in the postelosing trial balance, coter the balance in the approprate Halance columi of the General Ledger. buec the balances May 1, 20Y8, and place a clwck nark () in the Mosting Nefirence column. Journalixe each of the May Inansactions in the General Joumal. starting on Page 5 of the journal and using Kelly Consultingk chart of accounts. (Do not incert the account numbers in alie pournal at this time.) 2. Nov the journal to the Gesard Ledgar: 4. Prepare an unadjused irial balance. 4. At the end of May, the following udjustatent dats were assembled. Analyce and use these data to cumplete purts (5) and (6). (a) Insuince repiesd during May is 5275. (b) Supplies on hand on Moy 31 ace 5715 (i) Depreciation uf offee equipment for Myy is S330. ith Accrupd vectptionist saley on May 31 is $125. (e) Hert expited duing Mayis \$1 eoo. (i) Uneumed ieeson May 31 ave 51,210. 7. Prepare an adessed tral tralace: 9. Propare and pont the shasing ertitho. fiverd the shusing catrics on Page of the poumat. Indicate clowed acceanits by interting a line in foob the Batame columins eqpoosine the clocing ening: 10. Wrepure a postriosing wial haluace