Help with closing entries (last photo)
Required: The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 2016, is shown below A. For each account in the post-closing trial balance, enter the balance in the Instructions 1. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: appropriate Balance column of a four-column account. Date the balances May 1, enter Balance in the Item column and select a check mark in the Posting Reference column 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500 Received cash from clients on account, $2,450 Paid cash for a newspaper advertisement, $225 Paid Office Station Co. for part of the debt incurred on April 5, $640 Recorded services provided on account for the period May 1-15, $9,180 Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750 Recorded cash from cash clients for fees earned during the period May 1-16, $8,360 May B. Journalize each of the May transactions in the two-column journal starting 5 9 13 on Page 5 of the journal. Refer to the Chart of Accounts for exact wording of account titles. (Do not insert the account numbers in the journal at this time.) 2. Post the journal entries on pages 5 and 6 of the journal to the ledger of four- column accounts. 15 3. Prepare an unadjusted trial baance At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). .Insurance expired during May is $275 4. 16 17 Supplies on hand on May 31 are $715 .Depreciation of office equipment for May is $330 .Accrued receptionist salary on May 31 is $325 . Rent expired during May is $1,600 . Unearned fees on May 31 are $3,210 (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet Record the following transactions on Page 6 of the journal Purchased supplies on account, $735 Recorded services provided on account for the period May 16- 20, $4,820 Recorded cash from cash clients for fees earned for the period May 17-23, $7,900 Received cash from clients on account, $9,520 Paid part-time receptionist for two weeks' salary, $750 Paid telephone bill for May, $260 Paid electricity bill for May, $810 Recorded cash from cash clients for fees earned for the period May 26-31, $3,300 Recorded services provided on account for the remainder of May, $2,650 Kelly withdrew $10,500 for personal use May 20 21 5. 25 6. A. Journalize the adjusting entries on Page 7 of the journal. Refer to the 27 28 30 31 31 Chart of Accounts for exact wording of account titles. B. Post the adjusting entries to the ledger Prepare an adjusted trial balance Prepare an income statement, a statement of owner's equity, and a balance sheet. A. Prepare the closing entries on Page 8 of the journal. Refer to the Chart of 7. 8. 31 9. Accounts for exact wording of account titles. 31 B. Post the closing entries to the ledger. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry 10. Prepare a post-closing trial balance
