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, 20Y8. 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 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 2018, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 22,100 3.400 The post closing trial balance as of April 30, 2018, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 Accounts Receivable 12 Supplies 14 1,350 Prepaid Rent 15 3,200 Prepaid Insurance 16 1,500 Office Equipment 14,500 Accumulated Depreciation 19 330 Accounts Payable 21 800 Salaries Payable 22 1201 Unearned Fees 23 2.500 Common Stock 31 30,000 Retained Earnings 32 12.300 46,050 46,050 Required: Journal each of the May transactions using Kelly Consulting's chart of accounts (Do not insert the account numbers in the post. Rat. column of the smart this time at annot box does not require an entry leaves blank May 31 Received cash from clients as an advance payment for services to be provided and recorded as earned fees, 54,500 Description Post, Rel. Debit Credit Cash 4,500 unamelles 4,500 Credit May 5: Received cash from clients on account, $2,450 Description Post. Ref. Debit Cash 2,450 Account Receivable 2,450 Next Post. Ref. Debit Description Credit Cash 4,500 Unearned Fees 4,500 May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Credit Cash 2,450 Accounts Receivable 2,450 May 9: Paid cash for a newspaper advertisement, $225. Description Post. Ref. Debit Miscellaneous Expense 225 Credit Cash 225 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit Accounts Payable 640 640 Cash May 15: Recorded services provided on account for the period May 1-15, $9,180. Description Post. Ref. Debit Credit Accounts Receivable 9,180 Fees Earned 9,180 May 16: Pald part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit Salary Expense 630 120 Salaries Payable 700 Ch May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit Cash 8,360 Fees Earned 8,360 May 20: Purchased supplies on account, $735. Description Post. Ref. Supplies Debit Credit 735 Accounts Payable 735 May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit Accounts Receivable 4,820 Fees Earned 4,820 May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. Description Post. Ref. Debit Credit Cash 7,900 Fees Earned 7,900 Credit May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Cash 9,520 Accounts Receivable 9,520 May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Salary Expense 750 Credit 750 Cash May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit Salary Expense 750 Cash 750 May 30: Paid telephone bill for May, $260. Description Post. Ref. Miscellaneous Expense Debit Credit 260 Cash 260 May 31: Paid electricity bill for May, $810. Description Post. Ref. Miscellaneous Expense Debit Credit 810 Cash 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 Earned 3,300 May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit Accounts Receivable 2,650 Fees Earned 2,650 May 31: Paid dividends, $10,500. Description Post. Ref. Dividends Debit Credit 10,500 Cash 10,500 Comprehensive Problem 1 Part 2 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 it blank. Kelly Consulting Unadjusted Trial Balance May 31, 2048 Debit Balances Credit Balances Account Title Cash 44,195 Accounts Receivable 8,080 Supplies 2,085 Prepaid Rent 3,200 Prepaid Insurance 1,500 Office Equipment 14,500 330 895 Accumulated Depreciation Accounts Payable Salaries Payable Uneamed Fees 7,000 Common Stock 42,300 Retained Earnings 10,500 Dividends 36,210 Fees Earned Salary Expense 1,380 Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 1,295 86,735 86,735 Comprehensive Problem 1 Part 4 and Part 6: 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 and 3 before completing parts 4 and 6. Please note that part 5 is optional. 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. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2 a. Insurance expired during May is $275. Credit Date Debit Account Name Post. Ref. 275 May 31 Insurance Expense 275 Prepaid Insurance b. Supplies on hand on May 31 are $715. Debit Date Credit Post. Ref. Account Name May 31 Supplies Expense 785 Supplies c. Depreciation of office equipment for May is $330. Date Debit Credit Account Name Post. Ref. 330 May 31 Depreciation Expense Accumulated Depreciation 330 Debit Credit d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. May 31 Salary Expense 325 325 Salaries Payable e. Rent expired during May is $1,600. Post. Ref. Debit Credit Account Name Date 1,600 May 31 Rent Expense 1,600 Prepaid Rent Depreciation of office equipment for May is $330. Date Account Name Post. Ref. Debit Credit ay 31 Depreciation Expense 330 Accumulated Depreciation 330 Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. Debit Credit ay 31 Salary Expense 325 Salaries 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 790 Fees Earned 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 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. If an amount box does not require an entry, leave it blank or enter "o". End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 20Y3 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Unadjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Uncamned Fees Common Stock Retained Earnings Dividends Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Net Income 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 ports 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 Mav 21 2nVR Kelly Consulting Adjusted Trial Balance May 31, 2018 Debit Balances Credit Balances Account Title Cash 44,195 8,080 2,085 X 3,200 x 1,500 X Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees 14,500 330 895 7,000 X Common Stock 42,300 X Retained Earnings 10,500 x Dividends 36,210 x Fees Earned Salary Expense 1,380 x Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 1,295 86,735 x 86,735 x Comprehensive Problem 1 Part 8 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 and 7 before completing part 8. Part Sis optional Prepare an income statement Kelly Consulting Income Statement For the Month Ended May 31, 2018 Fees carned Expenses Seary expense Flent expense Suonies mpense Depreciation evento Insurance excel Miscelaneous Total expenses Netlose Prepare a statement of stockholders' equity. If an amount box does not require an entry leave it bank tranet loss curred or dividends were paid, enter that wount as a negative number using = minus sign Kelly Consulting Statement of Stockholders' Equity For the Month Ended May 31, 2048 Common Retained Stock Earnings Total ancer. May 1, 2018 Balance Hay 31, 2018 Prepare a balance sheet. Kelly Consulting Balance Sheet May 31, 2048 Assets Liabilities Current assets: Current liabilities: Accounts payable Cash 44,195 895 Accounts receivable 8,080 Salaries payable 325 Supplies 715 Unearned fees 3,210 Prepaid rent 1,600 1,225 Prepaid insurance 4,430 Total abilities Total current assets 55,815 Property, plant, and equipmenti Stockholders' Equity Office equipment 14,500 Common stock 30,000 Accumulated depreciation 660 Retained earnings 35,225 65,225 Total property, plant, and equipment 13,840 Total stockholders' equity 6,955 Total liabilities and stockholders' equity 69,655 Total assets Comprehensive Problem 1 Part 9 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 and 8 before completing part 9. Part S is optional Part 01 Prepare the closing entries below. Then, using the attached spreadsheet from part 2. post the entries to your general ledger. If an amount box does not require an entry, leave it blank Date Post. Ref. Debit Credit Account Name Closing Entries 2018 May 31 Fees Earned 41 40,000 Debit Post. Ref. Date Credit Account Name Closing Entries 20Y8 0 May 31 Fees Earned 41 40,000 51 0 Salary Expense 1,705 0 Rent Expense 52 1,600 0 Supplies Expense 53 1,370 54 0 Depreciation Expense 331 X Insurance Expense 55 0 275 Miscellaneous Expense 59 0 1,295 Cash 31 X 33,425 31 May 31 Retained Earnings 10,500 Dividends 32 x 10,500 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, 2048 Account Title Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable IIIIIII Salary Expense