Does anyone understand how to do page 7 and 8 of journal? Along with the the ledger?
Cl account is 3 in the ledger o f PS Music. Indicate closed accounts by insening a line in hboth Balance columns opposite the closing entry 4. Prepare a post-closing trial balance. Comprehensive Problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The ac counting cyle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from cdient 8. Net income, 533,425 ts as an advance payment for services to be provided and recorded it as unearned fees, $i,500. 5. Reccived cash from clients on accoumt, $2,150 9. Paid cash for a newspaper advertisement, $225 13. Paid Office Station Co. for part of the debt incurred on April 5, $64o. 15. Recorded services provided on account for the period May 1-15, 16. Paid part-time receptionist for two weeks salary including the amount owed on April 30, $750 17. Recorded cash from cash clients for fees earned during the period May 1-16 $8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, $735 21. Recorded services provided on account for the period May 16-20, $,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7.900 27. Received cash from clients on account, $9.520. 28. Paid part-time receptionist for two weeks' salary, $75o 30. Paid telephone bill for May, $260. 31. Paid electricity bill for May, $810. 31. Recorded cash from cash clients for fees earned for the period May 26-31.3.300. 31. Recorded services provided on account for the remainder of May, $2.650. 31. Paid dividends, $10.500 Instructions 1. The chart of accounts for Kelly Consulting is shown in Eshibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four column account. Date the balances May I, 2016, and place a check mark) in the Posting Reference column. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance 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 8325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210
