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, 2018. The chart of accounts for Kelly Consulting is shown below: 11 Cash 22 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Eamed 15 Prepaid Rent Si Salary Expense 26 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 Ungamed 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, 2018 Check My Work Next HOJPM 74'F Rain to St.. d. The post-closing thal balance as of April 30, 15 STUWI Dew Kelly Consulting Post-Closing Trial Balance April 30, 2018 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 1,350 14 15 3,200 16 1,500 18 14,500 19 330 Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Uneamed Fees Common Stock Retained Earnings 21 800 22 120 23 2,500 31 30,000 32 12,300 46,050 46,050 Check My Work All work saved 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 4,500 ol Unearned Fees 8,080 x Cash 0 Credit May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Cash 2,450 Accounts Receivable 0 0 8,080 X May 9: Pald cash for a newsoaper advertisement. $225. acristinn Oct Bar nahi retit Check My Work Accounts Receivable 07 8,080 X May 9: Paid cash for a newspaper advertisement, $225. Description Miscellaneous Expense Post. Ref. Debit Credit Cash May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit Accounts Payable Cash May 15: Recorded services provided on account for the period May 2-25, 59 180 Description Accounts Receivable Post. Ref. Debit Credit Fees Earned May 16: Pala part-time receptionist for two weeks salary including the amount owed on April 30, $750 Check My Work All work saved Email Instruct CE Accounts Receivable Fees Earned May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit Salary Expense Salaries Payable Cash May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit Cash Fees Earned May 20: Purchased supplies on account, $735. Description Post. Ref. Supplies Debit Credit Accounts Payable v Check My Work May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit Accounts Receivable Fees Earned May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. Description Post. Ref. Debit Credit Cash Fees Earned May 27: Received cash from clients on account, $9.520. Description Post. Ref. Debit Credit Cash Accounts Receivable May 28: Paid part-time receptionist for two weeks salary: $750. Description Post. Ref. Debit Credit Check My Work May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit Salary Expense Cash May 30: Paid telephone bill for May, $260. Description Post. Ref. Miscellaneous Expense Debit Credit Cash May 31: Paid electricity bill for May, 5810. Description Post. Ref. Miscellaneous Expense Debit Credit Casti v May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300 Decerintion Post Ref Debit Credit Check My Work May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit Cash Fees Earned May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit Accounts Receivable Fees Earned May 31: Paid dividends, $10,500 Description Post. Ref. Dividends Debit Credit Cash Feedback Check My Work
