Comprehensive Problem $1$

Part $1$:

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

Kelly Pitney began her consulting business, Kelly Consulting, on April $1,20$Y$8.$ The chart of accounts for Kelly Consulting is shown below:

Account Number Account

$11$ Cash

$12$ Accounts Receivable

$14$ Supplies

$15$ Prepaid Rent

$16$ Prepaid Insurance

$18$ Office Equipment

$19$ Accumulated Depreciation

$21$ Accounts Payable

$22$ Salaries Payable

$23$ Unearned Fees

$31$ Common Stock

$32$ Retained Earnings

$33$ Dividends

$41$ Fees Earned

$51$ Salary Expense

$52$ Rent Expense

$53$ Supplies Expense

$54$ Depreciation Expense

$55$ Insurance Expense

$59$ Miscellaneous Expense

The post$-$closing trial balance as of April $30,20$Y$8,$ is shown below:

Kelly Consulting

Post$-$Closing Trial Balance

April $30,20$Y$8$

Account Account No$.$ Debit Credit

Cash $1122,100$

Accounts Receivable $123,400$

Supplies $141,350$

Prepaid Rent $153,200$

Prepaid Insurance $161,500$

Office Equipment $1814,500$

Accumulated Depreciation $19330$

Accounts Payable $21800$

Salaries Payable $22120$

Unearned Fees $232,500$

Common Stock $3130,000$

Retained Earnings $3212,300$

Total $46,05046,050$

Required:

Journalize each of the May transactions using Kelly Consulting's chart of accounts. $($Do not insert the account numbers in the Post. Ref. column of the journal at this time.$)$ If an amount box does not require an entry, leave it blank.

May $3$: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $$4,500.$

Description Post. Ref. Debit Credit

fill in the blank $2$

fill in the blank $3$

fill in the blank $5$

fill in the blank $6$

May $5$: Received cash from clients on account, $$2,450.$

Description Post. Ref. Debit Credit

fill in the blank $8$

fill in the blank $9$

fill in the blank $11$

fill in the blank $12$

May $9$: Paid cash for a newspaper advertisement, $$225.$

Description Post. Ref. Debit Credit

fill in the blank $14$

fill in the blank $15$

fill in the blank $17$

fill in the blank $18$

May $13$: Paid Office Station Co$.$ for part of the debt incurred on April $5,$ $$640.$

Description Post. Ref. Debit Credit

fill in the blank $20$

fill in the blank $21$

fill in the blank $23$

fill in the blank $24$

May $15$: Recorded services provided on account for the period May $115,$ $$9,180.$

Description Post. Ref. Debit Credit

fill in the blank $26$

fill in the blank $27$

fill in the blank $29$

fill in the blank $30$

May $16$: Paid part$-$time receptionist for two weeks' salary including the amount owed on April $30,$ $$750.$

Description Post. Ref. Debit Credit

fill in the blank $32$

fill in the blank $33$

fill in the blank $35$

fill in the blank $36$

fill in the blank $38$

fill in the blank $39$

May $17$: Recorded cash from cash clients for fees earned during the period May $116,$ $$8,360.$

Description Post. Ref. Debit Credit

fill in the blank $41$

fill in the blank $42$

fill in the blank $44$

fill in the blank $45$

May $20$: Purchased supplies on account, $$735.$

Description Post. Ref. Debit Credit

fill in the blank $47$

fill in the blank $48$

fill in the blank $50$

fill in the blank $51$

May $21$: Recorded services provided on account for the period May $1620,$ $$4,820.$

Description Post. Ref. Debit Credit

fill in the blank $53$

fill in the blank $54$

fill in the blank $56$

fill in the blank $57$

May $25$: Recorded cash from cash clients for fees earned for the period May $1723,$ $$7,900.$

Description Post. Ref. Debit Credit

fill in the blank $59$

fill in the blank $60$

fill in the blank $62$

fill in the blank $63$

May $27$: Received cash from clients on account, $$9,520.$

Description Post. Ref. Debit Credit

fill in the blank $65$

fill in the blank $66$

fill in the blank $68$

fill in the blank $69$

May $28$: Paid part$-$time receptionist for two weeks' salary, $$750.$

Description Post. Ref. Debit Credit

fill in the blank $71$

fill in the blank $72$

fill in the blank $74$

fill in the blank $75$

May $30$: Paid telephone bill for May, $$260.$

Description Post. Ref. Debit Credit

fill in the blank $77$

fill in the blank $78$

fill in the blank $80$

fill in the blank $81$

May $31$: Paid electricity bill for May, $$810.$

Description Post. Ref. Debit Credit

fill in the blank $83$

fill in the blank $84$

fill in the blank $86$

fill in the blank $87$

May $31$: Recorded cash from cash clients for fees earned for the period May $2631,$ $$3,300.$

Description Post. Ref. Debit Credit

fill in the blank $89$

fill in the blank $90$

fill in the blank $92$

fill in the blank $93$

May $31$: Recorded services provided on account for the remainder of May, $$2,650.$

Description Post. Ref. Debit Credit

fill in the blank $95$

fill in the blank $96$

fill in the blank $98$

fill in the bla