I just need the answer to the part 5 and part 8
I just need the answer to the part 5 and part 8
I just need the answer to the part 5 and part 8
I just need the answer to the part 5 and part 8
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, 2018. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 2018, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 2018 Credit Cash Account No. 11 12 14 Debit 22,100 3,400 1,350 3,200 1,500 14,500 Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 15 330 800 Unearned Fees 120 2,500 30,000 Common Stock Retained Earnings 12,300 46,050 46,050 Comprehensive Problem 1 Part 2 and Part 3: 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. Note: You must complete part 1 before completing parts 2 and 3. Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts. Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. Kelly Consulting Unadjusted Trial Balance May 31, 2018 Debit Balances Credit Balances Account Title Cash 44,195 Accounts Receivable 8,080 Supplies 2,085 3,200 Prepaid Rent Prepaid Insurance Office Equipment 1,500 14,500 Accumulated Depreciation 330 Accounts Payable 895 Salaries Payable Unearned Fees 7,000 Common Stock 42,300 Retained Earnings 42,300 Dividends 10,500 Fees Earned 36,210 1,380 Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 1,295 86,735 86,735 Comprehensive Problem 1 Part 4 and Part 6: 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. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 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 $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Post. Ref. Credit Date Account Name May 31 Insurance Expense Debit 275 C Prepaid Insurance 275 Credit b. Supplies on hand on May 31 are $715. Date Account Name Post. Ref. May 31 Supplies Expense Supplies Debit 1,370 L 1,370 c. Depreciation of office equipment for May is $330. Date Account Name Post Debit Credit 31 29 330 Depreciation Expense Accumulated Depreciation 330 Credit d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. May 31 Salary Expense Salaries Payable Debit 325 C 325 Credit e. Rent expired during May is $1,600. Date Account Name Post. Ref. May 31 Rent Expense Prepaid Rent Debit 1,600 D 1,600 f. Unearned fees on May 31 are $3,210. Comprehensive Problem 1 Part 5: Work Sheet 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. Note: You must complete parts 1, 2, 3, 4 before completing part 5. Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data. a. Insurance expired during May is $275. b. Supplies on hand on May 31 are 5715. c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210. If an amount box does not require an entry, leave it blank or enter "o". Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2048 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Unadjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Account Title Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Comprehensive Problem 1 Part 7: 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. Note: You must complete parts 1, 2, 3, 4, and 6 before completing part 7. Part 5 is optional. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Kelly Consulting Adjusted Trial Balance May 31, 2048 Debit Balances Credit Balances Account Title Cash Accounts Receivable Supplies Prepaid Rent 44,195 8,080 7151 1,600 1,225 14,500 Prepaid Insurance Office Equipment 660 Accumulated Depreciation Accounts Payable Salaries Payable 895 325 Unearned Fees 3,210 42,300 Common Stock Retained Earnings 10,500 x Fees Earned | 40,000 Salary Expense Rent Expense Supplies Expense V Depreciation Expense Insurance Expense Miscellaneous Expense 1,705 1,600 1,370 330 275 1,295 87,390 L 87,390 Feedback Comprehensive Problem 1 Part 8: 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. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional. Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 2018 Expenses: Prepare a statement of stockholders' equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Kelly Consulting Statement of Stockholders' Equity For the Month Ended May 31, 2018 Common Stock Retained Earnings Total Prepare a balance sheet. Kelly Consulting Balance Sheet May 31, 2018 Liabilities Current liabilities: Assets Current assets: Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity Total property, plant, and equipment Total stockholders' equity Total liabilities and stockholders' equity Total assets
