Hi, May I have some help with the second part of the question please? I am unsure how to complete the statement of owner's equity and I am not sure what I need to add to the balance sheet.

Thanks

Required: 1. The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 2019, is shown below. A. Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. B. 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 1, 2019, enter Balance in the Item column and enter 'X' in the Posting Reference column. C. Journalize each of the May transactions in a two-column journal starting 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. A. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts. B. Add the appropriate posting reference to the journal. 3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. 4. 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. 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. 5. (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. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded. 6. A. Journalize the adjusting entries on Page 7 of the journal. Refer to the Chart of Accounts for exact wording of account titles. B. Post the adjusting entries to the ledger, inserting balances in the accounts affected. Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2019 ACCOUNT TITLE DEBIT CREDIT Cash 22,100.00 2 Accounts Receivable 3,400.00 3 Supplies 1,350.00 4 Prepaid Rent 3,200.00 5 Prepaid Insurance 1,500.00 6 Office Equipment 14,500.00 7 Accumulated Depreciation 330.00 8 Accounts Payable 800.00 9 Salaries Payable 120.00 10 Unearned Fees 2,500.00 11 Kelly Pitney, Capital 42,300.00 12 Totals 46,050.00 46,050.00 CHART OF ACCOUNTS Kelly Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing PAGE 5 JOURNAL Score: 203/203 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 May 3 Cash 11 4,500.00 2 Unearned Fees 23 4,500.00 3 May 5 Cash 11 2,450.00 4 Accounts Receivable 12 2,450.00 > 5 May 9 Miscellaneous Expense 59 225.00 6 Cash 11 225.00 7 May 13 Accounts Payable 21 640.00 8 Cash 11 640.00 9 May 15 Accounts Receivable 12 9,180.00 10 Fees Earned 41 9,180.00 11 May 16 Salary Expense 51 630.00 12 Salaries Payable 22 120.00 13 Cash 11 750.00 14 May 17 Cash 11 8,360.00 15 Fees Earned 41 8,360.00 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 May 20Supplies 14 735.00 2 Accounts Payable 21 735.00 I> 3 May 21 Accounts Receivable 12 4,820.00 4 Fees Earned 41 4,820.00 > 5 May 25 Cash 11 7,900.00 6 Fees Earned 41 7,900.00 7 May 27 Cash 11 9,520.00 8 Accounts Receivable 12 9,520.00 9 May 28 Salary Expense 51 750.00 10 Cash 11 750.00 11 May 30 Miscellaneous Expense 59 260.00 > 12 Cash 11 260.00 > 13 May 31 Miscellaneous Expense 59 810.00 14 Cash 11 810.00 > 15 May 31 Cash 11 3,300.00 16 Fees Earned 41 3,300.00 17 May 31 Accounts Receivable 12 2,650.00 18 Fees Earned 41 2,650.00 SO 19 May 31 Kelly Pitney, Drawing 32 10,500.00 20 Cash 11 10,500.00 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 May 20Supplies 14 735.00 2 Accounts Payable 21 735.00 I> 3 May 21 Accounts Receivable 12 4,820.00 4 Fees Earned 41 4,820.00 > 5 May 25 Cash 11 7,900.00 6 Fees Earned 41 7,900.00 7 May 27 Cash 11 9,520.00 8 Accounts Receivable 12 9,520.00 9 May 28 Salary Expense 51 750.00 10 Cash 11 750.00 11 May 30 Miscellaneous Expense 59 260.00 > 12 Cash 11 260.00 > 13 May 31 Miscellaneous Expense 59 810.00 14 Cash 11 810.00 > 15 May 31 Cash 11 3,300.00 16 Fees Earned 41 3,300.00 17 May 31 Accounts Receivable 12 2,650.00 18 Fees Earned 41 2,650.00 SO 19 May 31 Kelly Pitney, Drawing 32 10,500.00 20 Cash 11 10,500.00 PAGE 7 JOURNAL Score: 163/163 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Adjusting Entries 2 May 31 Insurance Expense 55 275.00 3 Prepaid Insurance 16 275.00 4 May 31 Supplies Expense 53 1,370.00 5 Supplies 14 1,370.00 6 May 31 Depreciation Expense 54 330.00 7 Accumulated Depreciation 19 330.00 8 May 31 Salary Expense 51 325.00 9 Salaries Payable 22 325.00 10 May 31 Rent Expense 52 1,600.00 11 Prepaid Rent 15 1,600.00 12 May 31 Unearned Fees 23 3,790.00 13 Fees Earned 41 3,790.00 Score: 64/64 Kelly Consulting UNADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE CREDIT DEBIT 44,195.00 1 Cash 2 Accounts Receivable 8,080.00 3 Supplies 2,085.00 4 Prepaid Rent 3,200.00 5 Prepaid Insurance 1,500.00 14,500.00 330.00 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 895.00 7,000.00 11 Kelly Pitney, Capital 42,300.00 10,500.00 12 Kelly Pitney, Drawing 13 Fees Earned 36,210.00 14 Salary Expense 1,380.00 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 1,295.00 20 Totals 86,735.00 86,735.00 Instructions Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into transactions. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner's equity, and a balance sheet. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equity, and a balance sheet. Be sure to read the instructions above each statement carefully 9. A. Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles. B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal in CengageNOW. 10. Prepare a post-closing trial balance. 9. A. Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles. 9. B. Add the appropriate posting reference to the closing entries in the journal in CengageNOW. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 8 JOURNAL Score: 98/133 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Closing Entries 2 May 31 Fees Earned 41 40,000.00 3 May 31 Salary Expense 51 1,705.00 4 May 31 Rent Expense 52 1,600.00 5 May 31 Supplies Expense 53 1,370.00 6 May 31 Depreciation Expense 54 330.00 7 May 31 Insurance Expense 55 275.00 8 May 31 Miscellaneous Expense 59 1,295.00 9 May 31 10 May 31 11 May 31 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a statement of owner's equity. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a statement of owner's equity. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Kelly Consulting Score: 12/50 Statement of Owner's Equity For the Month Ended May 31, 2019 1 Kelly Pitney, capital, May 1, 2019 $42,300.00 3 4 5 Points: 2.64 / 11 Score: 131/149 Kelly Consulting Balance Sheet May 31, 2019 1 Assets $44,195.00 2 Current assets: 3 Cash 4 Accounts receivable 5 Supplies 8,080.00 715.00 6 Prepaid rent 1,600.00 7 1,225.00 8 $55,815.00 Prepaid insurance Total current assets 9 Property, plant, and equipment: 10 Office equipment $14,500.00 660.00 11 13,840.00 $69,655.00 14 12 Total property, plant, and equipment 13 Total assets Liabilities 15 Current liabilities: 16 Accounts payable 17 Salaries payable 18 Unearned fees $895.00 325.00 3,210.00 19 $4,430.00 20 Owner's Equity 21 Kelly Pitney, capital 22