Comprehensive Problem 1 Part 1 The following is a comprehensive problem which encompasses of the elements learned in previous catersYou can fer to the objectives for each cow of the 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 Dividende 14 Supplies 41 Fees tuned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expenser 18 Office Equment SU Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable SS Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Uneamed Fees 31 Common Stock The post-dosing trial balance as of April 30, 2088, is shown below: Kelly Consulting Post Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 12 14 22,100 3,400 1,350 3,200 1,500 14,500 15 16 18 Accounts Receivable Supplies Prepaid Rent Prepaid Insurance > Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings 19 330 21 800 22 120 23 2,500 30,000 32 12,300 46,050 46,050 Journalize each of the May transactions using Kelly Consulting's chart of account. (Do not invart the account numbers in the Post. 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 May 5: Received cash from clients on account. $2,450. Description Post. Ref. Debit Credit May 91 Paid cash for a newspaper advertisement. $225. Description Post. Ref. Debit Credit Print Item May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit May 15: Recorded services provided on account for the period May 1-15, $9,180. Description Post. Ref. Debit Credit May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit > May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit Type here to search o HE D May 20: Purchased supplies on account, $735. Description Post. Ref. Debit Credit May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. Description Post. Ref. Debit Credit May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Credit May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit May 31: Recorded services provided on account for the remainder of May, $2,650. Description Debit Credit Post, Ref. May 31: Pald dividends, $10,500. Description Post. Ref. Debit Credit 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 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 Account Title Debit Balances Credit Balances 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 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. T. 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 Print Item a. Insurance expired during May is $275. Date Account Name Post. Ref. Debit Credit + May 31 b. Supplies on hand on May 31 are $715. Date Account Name Post. Ref. May 31 Debit Credit C. Depreciation of office equipment for May is $330. Date Account Name Post. Ref. May 31 Debit Credit > d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. Debit Credit May 31 e. Rent expired during May is $1,600. Date Account Name Post. Ref. Debit Credit May 31 I f. Unearned fees on May 31 are $3,210. Date Account Name Post. Ref. Debit Credit May 31 Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2048 Adjustments Adjusted Trial Balance Unadjusted Trial Balance Account Title Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned 2:00 PM 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 Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings 19 330 21 800 22 120 23 2,500 30,000 32 12,300 46,050 46,050 Journalize each of the May transactions using Kelly Consulting's chart of account. (Do not invart the account numbers in the Post. 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 May 5: Received cash from clients on account. $2,450. Description Post. Ref. Debit Credit May 91 Paid cash for a newspaper advertisement. $225. Description Post. Ref. Debit Credit Print Item May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit May 15: Recorded services provided on account for the period May 1-15, $9,180. Description Post. Ref. Debit Credit May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit > May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit Type here to search o HE D May 20: Purchased supplies on account, $735. Description Post. Ref. Debit Credit May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. Description Post. Ref. Debit Credit May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Credit May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit May 31: Recorded services provided on account for the remainder of May, $2,650. Description Debit Credit Post, Ref. May 31: Pald dividends, $10,500. Description Post. Ref. Debit Credit 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 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 Account Title Debit Balances Credit Balances 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 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. T. 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 Print Item a. Insurance expired during May is $275. Date Account Name Post. Ref. Debit Credit + May 31 b. Supplies on hand on May 31 are $715. Date Account Name Post. Ref. May 31 Debit Credit C. Depreciation of office equipment for May is $330. Date Account Name Post. Ref. May 31 Debit Credit > d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. Debit Credit May 31 e. Rent expired during May is $1,600. Date Account Name Post. Ref. Debit Credit May 31 I f. Unearned fees on May 31 are $3,210. Date Account Name Post. Ref. Debit Credit May 31 Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2048 Adjustments Adjusted Trial Balance Unadjusted Trial Balance Account Title Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned 2:00 PM 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