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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

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

Accounts PayableAccumulated DepreciationCashCommon StockSalary ExpenseCash

fill in the blank 2 fill in the blank 3

Accounts ReceivableAccumulated DepreciationRent ExpenseRetained EarningsSalaries PayableAccounts Receivable

fill in the blank 5 fill in the blank 6

Fees EarnedMiscellaneous ExpenseSuppliesSupplies ExpenseUnearned FeesSupplies

fill in the blank 8 fill in the blank 9

Accumulated DepreciationCommon StockPrepaid RentRent ExpenseSalaries PayablePrepaid Rent

fill in the blank 11 fill in the blank 12

Accounts PayableInsurance ExpensePrepaid InsuranceRetained EarningsUnearned FeesPrepaid Insurance

fill in the blank 14 fill in the blank 15

Accumulated DepreciationCommon StockOffice EquipmentSalaries PayableSupplies ExpenseOffice Equipment

fill in the blank 17 fill in the blank 18

Accounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentAccumulated Depreciation

fill in the blank 20 fill in the blank 21

Accounts PayableCashOffice EquipmentRent ExpenseRetained EarningsAccounts Payable

fill in the blank 23 fill in the blank 24

Accounts ReceivableFees EarnedOffice EquipmentSalaries PayableSalary ExpenseSalaries Payable

fill in the blank 26 fill in the blank 27

CashFees EarnedOffice EquipmentMiscellaneous ExpenseUnearned FeesUnearned Fees

fill in the blank 29 fill in the blank 30

Accounts PayableCommon StockInsurance ExpenseOffice EquipmentPrepaid RentCommon Stock

fill in the blank 32 fill in the blank 33

Accounts ReceivableAccumulated DepreciationRetained EarningsSalaries PayableUnearned FeesRetained Earnings

fill in the blank 35 fill in the blank 36

Accounts ReceivableAccumulated DepreciationDividendsSalaries PayableUnearned FeesDividends

fill in the blank 38 fill in the blank 39

Accounts ReceivableCashFees EarnedOffice EquipmentUnearned FeesFees Earned

fill in the blank 41 fill in the blank 42

Accounts ReceivableCommon StockSalaries PayableSalary ExpenseUnearned FeesSalary Expense

fill in the blank 44 fill in the blank 45

Accounts PayableAccumulated DepreciationPrepaid RentRent ExpenseSalaries PayableRent Expense

fill in the blank 47 fill in the blank 48

Accumulated DepreciationPrepaid InsuranceSalaries PayableSuppliesSupplies ExpenseSupplies Expense

fill in the blank 50 fill in the blank 51

Accounts ReceivableAccumulated DepreciationCommon StockDepreciation ExpenseUnearned FeesDepreciation Expense

fill in the blank 53 fill in the blank 54

Accounts PayableInsurance ExpensePrepaid InsuranceSalaries PayableUnearned FeesInsurance Expense

fill in the blank 56 fill in the blank 57

CashCommon StockMiscellaneous ExpenseRetained EarningsUnearned FeesMiscellaneous Expense

fill in the blank 59 fill in the blank 60
fill in the blank 61 fill in the blank 62

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.

Date Account Name Post. Ref. Debit Credit
May 31

Accounts PayableCashInsurance ExpensePrepaid InsuranceUnearned FeesInsurance Expense

fill in the blank 2 fill in the blank 3

Accounts PayableCashFees EarnedInsurance ExpensePrepaid InsurancePrepaid Insurance

fill in the blank 5 fill in the blank 6

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

Date Account Name Post. Ref. Debit Credit
May 31

Accounts PayableCashOffice EquipmentSuppliesSupplies ExpenseSupplies Expense

fill in the blank 8 fill in the blank 9

Accounts PayableCashOffice EquipmentSuppliesSupplies ExpenseSupplies

fill in the blank 11 fill in the blank 12

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

Date Account Name Post. Ref. Debit Credit
May 31

Accounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentDepreciation Expense

fill in the blank 14 fill in the blank 15

Accounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentAccumulated Depreciation

fill in the blank 17 fill in the blank 18

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

Date Account Name Post. Ref. Debit Credit
May 31

CashDividendsSalaries PayableSalary ExpenseUnearned FeesSalary Expense

fill in the blank 20 fill in the blank 21

CashDividendsSalaries PayableSalary ExpenseUnearned FeesSalaries Payable

fill in the blank 23 fill in the blank 24

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

Date Account Name Post. Ref. Debit Credit
May 31

Accounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesRent Expense

fill in the blank 26 fill in the blank 27

Accounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesPrepaid Rent

fill in the blank 29 fill in the blank 30

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

Date Account Name Post. Ref. Debit Credit
May 31

Accounts PayableAccounts ReceivableCashFees EarnedUnearned FeesUnearned Fees

fill in the blank 32 fill in the blank 33

Accounts PayableAccounts ReceivableCashFees EarnedUnearned FeesFees Earned

fill in the blank 35

fill in the blank 36

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