Comprehensive Problem 1 Part : 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 5 is optional. Part 9: 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 May 31 NI Pantom Prepare a statement of stockholders' equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sigo. Kelly Consulting Statement of Stockholders Equity For the Month Ended May 31, 2018 Common Stock Retained Earnings Total Prepare a balance sheet Kelly Consulting Balance Sheet May 31, 20 Assets Liabilities Current liabilities: Current assets Total abilities 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, 2078. 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 Prepeld Rent 51 Salary Expense 16 Prepold Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 5A 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, 2018 Account No. Debit Credit Cash Accounts Receivable Supplies 12 22,100 3,400 1,350 14 Next Printem Kelly Consulting Post-Closing Trial Balance April 30, 2048 Account No. 11 Debit Credit Cash 22,100 3.400 12 1.350 15 3,200 1,500 16 18 14,500 Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings 19 330 21 300 22 120 2.500 30,000 32 12,300 46,050 46,050 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 bank May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 54,500. Description Debit Credit 4,500 Post. Ref. Cash Next > Unadjusted Trial Balance May 31, 2014 Account Title Debit Credit Cash 44195 Accounts Receivable 8080 Supplies 2085 Prepaid Rent 3200 1500 Prepaid Insurance Office Equipment 14500 Accumulated Depreciation : 330 Accounts Payable 895 Salaries Payable Unearned Fees 7000 Kelly Pitney, Capital 42300 Kelly Pitney, Drawing 10500 Fees Earned 36210 Salary Expense 1380 Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 1295 86735 86735 Print tem 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 Unearned Fees Cash 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: Pald cash for a newspaper advertisement, $225 Description Post. Ref. Miscellaneous Expense Credit Debit 225 225 Cash May 13: Paid Office Station Co. for part of the debt incurred on April 5, 5640. Description Post. Ref. Debit Credit Accounts Payable 640 640 Cash May 15t Recorded services provided on account for the period May 1-15, 89,180 Description Post. Ref. Debit Credit Printem 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 Salaries Payable 120 Cash 750 May 17: Recorded cash from cash clients for fees earned during the period May 1-16, 58,360. Description Post. Ref. Debit Credit Cash 8,360 6,350 Fees Earned 8,360 Debit Credit May 20: Purchased supplies on account, $735. Description Post. Ref. Supplies Accounts Payable 735 735 May 21: Recorded services provided on account for the period May 16-20, 54,820 Description Post. Ref. Debit Credit AR Print tem May 21: Recorded services provided on account for the period May 16-20, 54,820. 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 May 27: Received cash from dients on account, 59,520 Description Post. Ref. Cash Debit Credit 9,520 Accounts Receivable 9,520 May 28: Pald part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Salary Expense 750 Credit Cash 750 Debit Credit May 30: Paid telephone for May, $260 Description Post. Ref Miscellaneous Expense 260 Next Print them May 30: Pald 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. Credit Debit 810 Miscellaneous Expense 810 Cash 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 3,300 Fees Earned 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 Debit Post. Ref. May 31: Pald dividends, $10,500. Description Retained Earnings Credit 10,500 Prepare a balance sheet. Kelly Consulting Balance Sheet May 31, 2048 Assets Current assets: Liabilities Current liabilities: 44,195 895 8,080 Accounts payable Salaries payable Unearned fees Cash Accounts receivable Supplies Prepaid rent 325 715 3,210 1,600 Prepaid insurance 1,225 Total liabilities 4,430 Total current assets 55,815 Property, plant, and equipment: Office equipment Stockholders' Equity Common stock 14,500 30,000 Accumulated depreciation 660 Retained earnings Total property, plant, and equipment 13,840 Total stockholders' equity 65,225 Total assets 69,655 Total liabilities and stockholders' equity 69,655 Comprehensive Problem 1 Part 8: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can as a review of the concepts. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional. Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 2018 Fees earned 40,000 Expenses: Salary expense 1,705 Rent expense 1,600 Supplies expense 1,370 Depreciation expense 330 Insurance expense 275 Miscellaneous expense 1,295 Total expenses 6,575 $ Net Income 33,425 Adjusted Trial Balance May 31, 2018 Credit Debit Balances Account Title Balances Cash 44,195 Accounts Receivable 8,080 Supplies 715 Prepaid Rent 1,600 Prepaid Insurance 1,225 Office Equipment 14,500 Accumulated Depreciation 660 Accounts Payable 895 Salaries Payable 325 Unearned Fees 3,210 Common Stock 30,000 Retained Earnings 12,300 Dividends 10,500 Fees Earned 40,000 Salary Expense 1,705 Rent Expense 1,600 1,370 Supplies Expense Depreciation Expense Insurance Expense 330 275 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. . 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's $275. Account Name May 31 Insurance Expense Prepaid Insurance 275 Date Post. Ref. Debit Credit 275 Poster Debit Credit b. Supplies on hand on May 31 are 5715 Date Account Name May 33 Supplies Expense Supplies 1,370 1,370 Depreciation otomce equipment for Mayis 3330 Date Account Name Post. Rer Debit Credit Previous Wala RECULIT May 31 Supplies Expense 1,370 Supplies 1,370 C. Depreciation of office equipment for May is $330. Date Account Name Post. Ref. Debit Credit May 31 Depreciation Expense 330 Accumulated Depreciation 330 d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. Debit Credit May 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 3,790 Fees Earned 3,790 Comprehensive Problem 1 Part : 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 5 is optional. Part 9: 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 May 31 NI Pantom Prepare a statement of stockholders' equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sigo. Kelly Consulting Statement of Stockholders Equity For the Month Ended May 31, 2018 Common Stock Retained Earnings Total Prepare a balance sheet Kelly Consulting Balance Sheet May 31, 20 Assets Liabilities Current liabilities: Current assets Total abilities 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, 2078. 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 Prepeld Rent 51 Salary Expense 16 Prepold Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 5A 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, 2018 Account No. Debit Credit Cash Accounts Receivable Supplies 12 22,100 3,400 1,350 14 Next Printem Kelly Consulting Post-Closing Trial Balance April 30, 2048 Account No. 11 Debit Credit Cash 22,100 3.400 12 1.350 15 3,200 1,500 16 18 14,500 Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings 19 330 21 300 22 120 2.500 30,000 32 12,300 46,050 46,050 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 bank May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 54,500. Description Debit Credit 4,500 Post. Ref. Cash Next > Unadjusted Trial Balance May 31, 2014 Account Title Debit Credit Cash 44195 Accounts Receivable 8080 Supplies 2085 Prepaid Rent 3200 1500 Prepaid Insurance Office Equipment 14500 Accumulated Depreciation : 330 Accounts Payable 895 Salaries Payable Unearned Fees 7000 Kelly Pitney, Capital 42300 Kelly Pitney, Drawing 10500 Fees Earned 36210 Salary Expense 1380 Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 1295 86735 86735 Print tem 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 Unearned Fees Cash 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: Pald cash for a newspaper advertisement, $225 Description Post. Ref. Miscellaneous Expense Credit Debit 225 225 Cash May 13: Paid Office Station Co. for part of the debt incurred on April 5, 5640. Description Post. Ref. Debit Credit Accounts Payable 640 640 Cash May 15t Recorded services provided on account for the period May 1-15, 89,180 Description Post. Ref. Debit Credit Printem 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 Salaries Payable 120 Cash 750 May 17: Recorded cash from cash clients for fees earned during the period May 1-16, 58,360. Description Post. Ref. Debit Credit Cash 8,360 6,350 Fees Earned 8,360 Debit Credit May 20: Purchased supplies on account, $735. Description Post. Ref. Supplies Accounts Payable 735 735 May 21: Recorded services provided on account for the period May 16-20, 54,820 Description Post. Ref. Debit Credit AR Print tem May 21: Recorded services provided on account for the period May 16-20, 54,820. 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 May 27: Received cash from dients on account, 59,520 Description Post. Ref. Cash Debit Credit 9,520 Accounts Receivable 9,520 May 28: Pald part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Salary Expense 750 Credit Cash 750 Debit Credit May 30: Paid telephone for May, $260 Description Post. Ref Miscellaneous Expense 260 Next Print them May 30: Pald 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. Credit Debit 810 Miscellaneous Expense 810 Cash 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 3,300 Fees Earned 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 Debit Post. Ref. May 31: Pald dividends, $10,500. Description Retained Earnings Credit 10,500 Prepare a balance sheet. Kelly Consulting Balance Sheet May 31, 2048 Assets Current assets: Liabilities Current liabilities: 44,195 895 8,080 Accounts payable Salaries payable Unearned fees Cash Accounts receivable Supplies Prepaid rent 325 715 3,210 1,600 Prepaid insurance 1,225 Total liabilities 4,430 Total current assets 55,815 Property, plant, and equipment: Office equipment Stockholders' Equity Common stock 14,500 30,000 Accumulated depreciation 660 Retained earnings Total property, plant, and equipment 13,840 Total stockholders' equity 65,225 Total assets 69,655 Total liabilities and stockholders' equity 69,655 Comprehensive Problem 1 Part 8: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can as a review of the concepts. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional. Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 2018 Fees earned 40,000 Expenses: Salary expense 1,705 Rent expense 1,600 Supplies expense 1,370 Depreciation expense 330 Insurance expense 275 Miscellaneous expense 1,295 Total expenses 6,575 $ Net Income 33,425 Adjusted Trial Balance May 31, 2018 Credit Debit Balances Account Title Balances Cash 44,195 Accounts Receivable 8,080 Supplies 715 Prepaid Rent 1,600 Prepaid Insurance 1,225 Office Equipment 14,500 Accumulated Depreciation 660 Accounts Payable 895 Salaries Payable 325 Unearned Fees 3,210 Common Stock 30,000 Retained Earnings 12,300 Dividends 10,500 Fees Earned 40,000 Salary Expense 1,705 Rent Expense 1,600 1,370 Supplies Expense Depreciation Expense Insurance Expense 330 275 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. . 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's $275. Account Name May 31 Insurance Expense Prepaid Insurance 275 Date Post. Ref. Debit Credit 275 Poster Debit Credit b. Supplies on hand on May 31 are 5715 Date Account Name May 33 Supplies Expense Supplies 1,370 1,370 Depreciation otomce equipment for Mayis 3330 Date Account Name Post. Rer Debit Credit Previous Wala RECULIT May 31 Supplies Expense 1,370 Supplies 1,370 C. Depreciation of office equipment for May is $330. Date Account Name Post. Ref. Debit Credit May 31 Depreciation Expense 330 Accumulated Depreciation 330 d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. Debit Credit May 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 3,790 Fees Earned 3,790