Question
During May, Kelly Consulting entered into the following transactions : May. 3. Received cash from clients as an advance payment for services to be provided
During May, Kelly Consulting entered into the following transactions :
May. 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.
5. Received cash from clients on account, $2,450.
9. Paid cash for a newspaper advertisement, $225.
13. Paid Office Station Co. for part of the debt incurred on April 5, $640.
15. Recorded services provided on account for the period May 1-15, $9,180.
16. Paid part-time receptionists for two weeks' salary including the amount owed on April 30, $750.
17. Recorded cash from clients for fees earned during the period May 1-16, $8,360.
20. Purchased supplies on account, $735 .
21. Recorded services provided on account for the period May 16-20, $4,820.
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 week salary, $750.
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 of $10,500.
. At the end of May, the following adjustment data were assembled.
. a) Insurance expired during May 275
b) Supplies on hand on May 31 715
c) Depreciation of office equipment for May is 330
d) Accrued receptionist salary on May 31: 325
e) Rent expired during May is 1,600
f) Unearned fees on May 31 are 3,210
Journalize and post the adjusting entries.
Prepare an adjusted trial balance.
Prepare an income statement, a retained earnings statement, and a balance sheet
Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry
Prepare a post-closing trial balance.
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