First step!! Comprehensive Problem 1 Part 1:

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, 20Y8. The chart of accounts for Kelly Consulting is shown below:

Account Number	Account
11	Cash
12	Accounts Receivable
14	Supplies
15	Prepaid Rent
16	Prepaid Insurance
18	Office Equipment
19	Accumulated Depreciation
21	Accounts Payable
22	Salaries Payable
23	Unearned Fees
31	Kelly Pitney, Capital
32	Kelly Pitney, Drawing
41	Fees Earned
51	Salary Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense
55	Insurance Expense
59	Miscellaneous Expense

The post-closing trial balance as of April 30, 20Y8, is shown below:

Account	Account No.	Debit	Credit
Cash	11	22,100
Accounts Receivable	12	3,400
Supplies	14	1,350
Prepaid Rent	15	3,200
Prepaid Insurance	16	1,500
Office Equipment	18	14,500
Accumulated Depreciation	19		330
Accounts Payable	21		800
Salaries Payable	22		120
Unearned Fees	23		2,500
Kelly Pitney, Capital	31		42,300
Total		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 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
		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6

May 5: Received cash from clients on account, $2,450.

Description	Post. Ref.	Debit	Credit
		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12

May 9: Paid cash for a newspaper advertisement, $225.

Description	Post. Ref.	Debit	Credit
		fill in the blank 14	fill in the blank 15
		fill in the blank 17	fill in the blank 18

May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.

Description	Post. Ref.	Debit	Credit
		fill in the blank 20	fill in the blank 21
		fill in the blank 23	fill in the blank 24

May 15: Provided services on account for the period May 115, $9,180.

Description	Post. Ref.	Debit	Credit
		fill in the blank 26	fill in the blank 27
		fill in the blank 29	fill in the blank 30

May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.

Description	Post. Ref.	Debit	Credit
		fill in the blank 32	fill in the blank 33
		fill in the blank 35	fill in the blank 36
		fill in the blank 38	fill in the blank 39

May 17: Received cash from cash clients for fees earned during the period May 116, $8,360.

Description	Post. Ref.	Debit	Credit
		fill in the blank 41	fill in the blank 42
		fill in the blank 44	fill in the blank 45

May 20: Purchased supplies on account, $735.

Description	Post. Ref.	Debit	Credit
		fill in the blank 47	fill in the blank 48
		fill in the blank 50	fill in the blank 51

May 21: Provided services on account for the period May 1620, $4,820.

Description	Post. Ref.	Debit	Credit
		fill in the blank 53	fill in the blank 54
		fill in the blank 56	fill in the blank 57

May 25: Received cash from cash clients for fees earned for the period May 1723, $7,900.

Description	Post. Ref.	Debit	Credit
		fill in the blank 59	fill in the blank 60
		fill in the blank 62	fill in the blank 63

May 27: Received cash from clients on account, $9,520.

Description	Post. Ref.	Debit	Credit
		fill in the blank 65	fill in the blank 66
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 68	fill in the blank 69

May 28: Paid part-time receptionist for two weeks' salary, $750.

Description	Post. Ref.	Debit	Credit
		fill in the blank 71	fill in the blank 72
		fill in the blank 74	fill in the blank 75

May 30: Paid telephone bill for May, $260.

Description	Post. Ref.	Debit	Credit
		fill in the blank 77	fill in the blank 78
		fill in the blank 80	fill in the blank 81

May 31: Paid electricity bill for May, $810.

Description	Post. Ref.	Debit	Credit
		fill in the blank 83	fill in the blank 84
		fill in the blank 86	fill in the blank 87

May 31: Received cash from cash clients for fees earned for the period May 2631, $3,300.

Description	Post. Ref.	Debit	Credit
		fill in the blank 89	fill in the blank 90
		fill in the blank 92	fill in the blank 93

May 31: Provided services on account for the remainder of May, $2,650.

Description	Post. Ref.	Debit	Credit
		fill in the blank 95	fill in the blank 96
		fill in the blank 98	fill in the blank 99

May 31: Kelly withdrew $10,500 for personal use.

Description	Post. Ref.	Debit	Credit