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.

a. Insurance expired during May is $275.

Account Name	Post. Ref.	Debit	Credit
SelectAccounts PayableCashInsurance ExpensePrepaid InsuranceUnearned FeesItem 1
SelectAccounts PayableCashFees EarnedInsurance ExpensePrepaid InsuranceItem 3

b. Supplies on hand on May 31 are $715.

Account Name	Post. Ref.	Debit	Credit
SelectAccounts PayableCashOffice EquipmentSuppliesSupplies ExpenseItem 5
SelectAccounts PayableCashOffice EquipmentSuppliesSupplies ExpenseItem 7

c. Depreciation of office equipment for May is $330.

Account Name	Post. Ref.	Debit	Credit
SelectAccounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentItem 9
SelectAccounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentItem 11

d. Accrued receptionist salary on May 31 is $325.

Account Name	Post. Ref.	Debit	Credit
SelectCashDividendsSalaries PayableSalary ExpenseUnearned FeesItem 13
SelectCashDividendsSalaries PayableSalary ExpenseUnearned FeesItem 15

e. Rent expired during May is $1,600.

Account Name	Post. Ref.	Debit	Credit
SelectAccounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesItem 17
SelectAccounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesItem 19

f. Unearned fees on May 31 are $3,210.

Account Name	Post. Ref.	Debit	Credit
SelectAccounts PayableAccounts ReceivableCashFees EarnedUnearned FeesItem 21
SelectAccounts PayableAccounts ReceivableCashFees EarnedUnearned FeesItem 23