I need the answer to part 8. Below that are parts 1 - 7.
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.
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:
| 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 | | |
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.
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.
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 Income Statement For the Month Ended May 31, 2048 Fees earned 40,000 Expenses: Salary expense 1,705 Rent expense 1,600 Supplies expense 1,370 Depreciation expense 330 Insurance expense 275 Miscellaneous expense 1,295 Total expenses 6,575 Net income 33,425 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, 2048 Common Stock Retained Earnings Total Balances, May 1, 2048 42,300 Net income Dividends Net loss X Prepare a balance sheet. Kelly Consulting Balance Sheet May 31, 2048 Assets Liabilities Current liabilities: Current assets: Cash Accounts payable 44,195 895 Accounts receivable 8,080 Salaries payable 325 Assets Liabilities Current liabilities: Current assets: Cash Accounts payable 44,195 895 Accounts receivable 8,080 325 Salaries payable Unearned fees Supplies 715 3,210 Prepaid rent 1,600 Prepaid insurance 1,225 Total liabilities 4,430 Total current assets 55,815 Property, plant, and equipment: Stockholders' Equity Office equipment Common stock 14,500 660 Retained earnings Accumulated depreciation Total property, plant, and equipment 13,840 Total stockholders' equity Total assets $ Total liabilities and stockholders' equity 69,655 69,655 The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 2018 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 14 1,350 15 3,200 16 1,500 18 14,500 19 330 Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings 21 800 22 120 23 2,500 31 30,000 32 12,300 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 Cash 4,500 Unearned Fees 4,500 May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Credit Cash 2,450 Accounts Receivable 2,450 May 9: Paid cash for a newspaper advertisement, $225. Description Post. Ref. Miscellaneous Expense Debit Credit 225 Cash 225 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit Accounts Payable 640 Cash 640 May 15: Recorded services provided on account for the period May 1-15, $9,180. Description Post. Ref. Debit Credit Accounts Receivable 9,180 Fees Earned 9,180 May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit Salary Expense 630 Salaries Payable 120 Cash 750 May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit Cash 8,360 Fees Earned 8,360 May 20: Purchased supplies on account, $735. May 20: Purchased supplies on account, $735. Post. Ref. Debit Credit Description Supplies 735 Accounts Payable 735 May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit Accounts Receivable 4,820 Fees Earned 4,820 May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. Description Post. Ref. Debit Credit Cash 7,900 Fees Earned 7,900 May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Cash 9,520 Credit Accounts Receivable 9,520 May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Salary Expense 750 Credit Cash 750 May 30: Paid telephone bill for May, $260. Description Post. Ref. Miscellaneous Expense Debit Credit 260 Cash 260 May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit Miscellaneous Expense 810 Cash 810 May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit Cash 3,300 Fees Earned 3,300 Description Post. Ref. Debit Credit Miscellaneous Expense 810 Cash 810 May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit Cash 3,300 Fees Earned 3,300 May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit Accounts Receivable 2,650 Fees Earned 2,650 May 31: Paid dividends, $10,500. Description Post. Ref. Debit Credit Dividends 10,500 Cash 10,500 Credit Balances Kelly Consulting Unadjusted Trial Balance May 31, 2018 Debit Account Title Balances Cash 44,195 Accounts Receivable 8,080 Supplies 2,085 Prepaid Rent 3,200 Prepaid Insurance 1,500 Office Equipment 14,500 Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earings Dividends Fees Earned Salary Expense 330 895 7,000 36,210 1,380 Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 86,735 86,735 Debit Credit a. Irurance expired during May is $235. Date Account Name Post. Ref. May 31 Insurance Expanse Prepaid Insurance 275 275 Credit b. Supplies on hand on May 31 are $15 Date Account Name Post. Ref. May 31 Supplies Expanse Supplies Debit 1,370 1,370 Debit Credit c. Depreciation of office equipment for May $330. Date Account Name Post. Ref. May 31 Depreciation Expense Accumulated Depreciation 330 330 Credit d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. May 31 Salary Expense Salaries Payable Debit 325 325 Credit e. Rent expired during May is $1,600 Date Account Name Post. Ref. May 31 Rent Expense Prepaid Rent Debit 1,600 1,600 1. Unearned fees on May 31 are $3,210. Date Account Name Post. Ref. May 31 Unearned Fees Credit Debit 3,790 Fees Earned 3,790 Kelly Consulting Adjusted Trial Balance May 31, 2048 Debit Account Title Balances Cash 44,195 Accounts Receivable 8,080 Supplies 715 Credit Balances Prepaid Rent Prepaid Insurance 1,600 1,225 14,500 660 895 325 Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings Dividends 3,210 Fees Earned 40,000 1,705 1,600 1,370 Salary Expense Rent Expense Supplies Expense v Depreciation Expense Insurance Expense Miscellaneous Expense 330 275 1,295 87,390 87,390
