Comprehensive Problem 1 Part 1: The following is a comprehensive problem which encompasses all of the elements leamed 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, 2016. The chart of accounts for Kelly Consulting is shown below: , : 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salarles Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 2048 , Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14 1,350 Prepaid Rent 15 3,200 Prepaid Insurance 16 1,500 Office Equipment 18 14,500 Accumulated Depreciation 19 330 Accounts Payable 21 800 Salaries Payable 22 120 Uneamed Fees 23 2,500 Common Stock 31 30,000 Retained Earnings 32 12,300 46,050 46,050 ca 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 Cash - 4,500 Uncarned For 4,500 May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Credit Cash - 2,450 Accounts Receive 2,450 May 9: Paid cash for a newspaper advertisement, $225. Description Post. Ref. Debit Credit Miscellaneous Exp. 225 Cash - 225 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. : 5, Description Post. Ref. Debit Credit Accounts Payal - 640 Cash 640 May 15: Recorded services provided on account for the period May 1-15, 59,180. Description Post. Ref. Debit Credit Accounts Receive 9,180 Fees Eames 9,180 May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit Salary Expen: 630 Salaries Payat 120 Cash 750 May 17: Recorded cash from cash clients for fees eamed during the period May 1-16, $8,360. Post. Ref. Debit Credit Description Cash - Fees Eame: 8,360 8,360 Credit May 20: Purchased supplies on account, $735. Description Post. Ref. Debit Supplies - 735 Accounts Payal - 735 May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit Accounts Receivi - 4,820 Fees Eamei 4,820 Credit May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. . Description Post. Ref. . Debit 7,900 7,900 v Cash - Fees Eamei May 27: Received cash from clients on account, $9,520. Description Post. Ref Debit Credit Cash - 9,520 Accounts Receive 9,520 May 28: Paid part-time receptionist for two weeks' salary, $750. Post. Ref. Debit Credit Description Salary Expen: 750 Cash 750 May 30: Paid telephone bill for May, $260. Post. Ref. Credit Description Miscellaneous Exp Cash - Debit 260 260 May 31: Paid electricity bill for May, $810 Post. Ref. Credit Description Miscellaneous Exp Cash Debit 810 810 May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit Cash - 3,300 Fees Eamei 3,300 May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit Accounts Receivi - : 2,650 Fees Eamei 2,650 May 31: Pald dividends, $10,500. Description Post. Ref. Debit Dividends Credit 10,50 Cash - 10,50 Comprehensive Problem 1 Part and Part 3: 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. Note: You must complete part 1 before completing parts 2 and 3. Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts. Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave blank Kelly Consulting Unadjusted Trial Balance May 31, 2048 Account Title Debit Balances Credit Balances Cash Accounts Receivable Part 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. C. 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. f. Unearned fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Date Account Name Post. Ref. Debit Credit May 31 Insurance Expense 275 Prepaid Insurance 275 b. Supplies on hand on May 31 are $715. Date Account Name Post. Ref. Debit Credit May 31 Supplies Expense 1,370 Supplies 1,370 c. Depreciation of office equipment for May is $330. Date Account Name Post Ref. Debit Credit May 31 Depreciation Expense 330 Accumulated Depreciation 330 d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. Debit Credit May 31 Salary Expense 325 Salarles Payable 325 e. Rent expired during May is $1,600. . Date Account Name Post. Ref. Debit Credit May 31 Rent Expense 1,600 Prepaid Rent 1,600 f. Unearned fees on May 31 are $3,210. Date Account Name Post. Ref. Debit Credit May 31 Unearned Fees 3,790 Fees Earned 3,790 Comprehensive Problem 1 Part 5: Work Sheet 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. Note: You must complete parts 1, 2, 3, 4 before completing part 5. Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data. a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. C. Depreciation of office equipment for May $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210. If an amount box does not require an entry, leave it blank or enter "O". Unadjusted Trial Balance Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2048 Adjustments Adjusted Trial Balance Debit Credit Debit Credit 44,195 Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 44,195 44,195 8,080 Accounts Receivable 8,080 8,080 Supplies 2,085 1,370 715 Correct 715 Prepaid Rent 3,200 7 1,600 1,600 1,600 Prepaid Insurance 1,500 275 1,225 1,225 Office Equipment 14,500 14,500 14,500 Accum. Depreciation 330 330 660 660 Accounts Payable 895 895 895 Salaries Payable 325 325 325 Unearned Fees 3,790 3,210 3,210 7,000 30,000 Common Stock 30,000 30,000 Retained Earnings 12,300 12,300 12,300 Dividends 10,500 10,500 10,500 Fees Earned 36,210 3,790 40,000 40,000 Salary Expense 1,380 325 1,705 1,705 Rent Expense 1,600 1,600 1,600 Supplies Expense 1,370 1,370 1,370 Depreciation Expense 330 330 330 Insurance Expense 275 275 275 Miscellaneous Expense 1,295 1,295 1,295 86,735 86,735 7,690 7,690 87,390 87,390 6,575 40,000 80,815 47,390 Net income 33,425 33,425 40,000 40,000 80,815 80,815 Comprehensive Problem 1 Part 7: 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. Note: You must complete parts 1, 2, 3, 4, and 6 before completing part 7. Part 5 is optional. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Kelly Consulting Adjusted Trial Balance May 31, 20Y8 Account Title Debit Balances Credit Balances Cash 44,195 Accounts Receivable 8,080 Supplies 715 Prepaid Rent 1,600 Prepaid Insurance Office Equipment 14,500 Accumulated Depreciation Accounts Payable 895 Salarles Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 1,295 Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 2048 Expenses: ) Prepare a statement of stockholders' equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred dividends were paid, enter that amount as a negative number using a minus sign. Kelly Consulting Statement Stockholders' Equity For the Month Ended May 31, 2018 Common Retained Stock Earnings $ Total $ $ $ Prepare a balance sheet. Kelly Consulting Balance Sheet May 31, 2048 Liabilities Current liabilities: Assets Current assets: Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity Total property, plant, and equipment Total stockholders' equity Total assets Total liabilities and stockholders' equity Comprehensive Problem 1 Part 10: 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. Note: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before completing part 10. Part 5 is optional. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank. Kelly Consulting Post-Closing Trial Balance May 31, 2018 Account Title Debit Balances Credit Balances