Comprehensive Problem 1, Part 1 Instructions Chart of Accounts Joumal Ledger Unadjusted Trial Balance Adjusted Trial Balance Instructions Kelly Pitney began her consulting business Kelly Consulting, on April 1, 2018. The accounting 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 uneamed fees, 54,500 5 Received cash from clients on account, $2,450. 9 Paid cash for a newspaper advertisement, S225 13 Paid Office Station Co. for part of the debt incurred on April 5, S640 15 Recorded services provided on account for the period May 1-15, 99,180 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 earned during the period May 1-16, S8,360 Record the following transactions on Page 6 of the journal May 20 Purchased supplies on account, S735 21 Recorded services provided on account for the period May 16-20, S4,820 Recorded cash from cash clients for fees earned for the period May 17-23, S7,900 25 27 Received cash from clients on account, S9,520. 28 Paid part-time receptionist for two weeks' salary, S750 30 Paid telephone bill for May, S260 Paid electricity bill for May, S810 31 31 Recorded cash from cash clients for fees earned for the period May 26-31, $3,300 31 Recorded services provided on account for the remainder of May, S2,650 31 Paid dividends. $10.500 Required: InstructIOCLE Chart of Accounts Joumal Ledger Unadjusted Trial Balance Adjusted Trial Balance Instructions Required: 1. The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 2018, is shown below A Download the spreadsheet in the Ledger panel and save the Excel file to your computer Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem for each account in the post-closing tral balance, enter the balance in the appropriate Balance column of the four-column account Date the balances May 1 enter Balance in the item column and select a check mark in the Posting Reference column B. Journalize each of the May transactions in the two-column journal starting on Page 5 of the journal Refer to the Chart of Accounts for exact wording of account titles (Do not insert the account numbers in the journal at this time) 2. Post the journal entnes on pages 5 and 6 of the journal to the ledger of four-column accounts Enter the appropriate Posting References in the journal and the ledger No entry is necessary in the item column 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) Insurance expired during May is $275 Supplies on hand on May 31 are $715. Depreciation of office equipment for May is S330 Accrued receptionist salary on May 31 is $325 Rent expired during May is $1,600 Unearned fees on May 31 are $3,210 5 (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet 6 A. Journalize the adjusting entries on Page 7 of the journal Refer to the Chart of Accounts for exact wording of account titles B. Post the adjusting entries to the ledger Enter the appropriate Posting References in the journal and the ledger. No entry is necessary in the item column La War Comprehensive Problem 1, Part 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance 1 Adjusted Trial Balance Instructions Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 22,100.00 1 Accounts Receivable 3,400.00 1,350.00 Supplies + Prepald Rent 5 Prepaid Insurance 3,200.00 1,500.00 14,500.00 6 Office Equipment Accumulated Depreciation 330.00 800.00 Accounts Payable 120,00 9 Salaries Payable 10 Unearned Fees 2,500.00 30,000.00 11 Common Stock 12,300.00 11 Retained Earnings 11 Dividends 14 Income Summary 46,050.00 46,050,00 15 Totals Check My Work