In total, there are pages 5 and 6 to the journal and page 7 is adjusting entries. there is also closing entries (part of the journal), I do NOT need to enter ledger accounts, there is also an unadjusted trial balance, adjusted trial balance, income statement, statement of owners equity, balance sheet, and post-closing trial balance.
This is what I have already:
The trial balances are wrong becayse my totals dont match and im not sure why. The other financial statements are still needed.
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 the following transactions May 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. 5 9 13. Paid Office Station Co. for part of the debt incurred on April 5. $640, 15 16 P 17 Provided services on account for the period May 1-15, $9,180 a rt-time receptionist for two weeks' salary including the amount owed on April 30.9750 Received cash from cash clients for fees earned during the period May 1-16, 58,360 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 Instructions 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 (worksheet 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. 7. Prepare an adjusted trial balance. Accounts with zero balances can be left blank. Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2019 ACCOUNT TITLE DEBIT CREDIT Cash 22,100.00 2 Accounts Receivable 3,400.00 1,350.00 Supplies 3,200.00 Prepaid Rent Instructions Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2019 ACCOUNT TITLE DEBIT CREDIT Cash 22,100.00 3,400.00 2 Accounts Receivable 1,350.00 3 Supplies 3,200.00 4 Prepaid Rent 1,500.00 5 Prepaid Insurance 6 Office Equipment 14,500.00 330.00 Accumulated Depreciation Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was lustrated 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 Nigures to prepare an income statement, a statement of owner's equity, and a balance sheet. If you didnt complete the end-of-period work sheet in Part I 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 A Prepare the closing entries on Page 8 of the journal. Refer to the Charf of Accounts for exact wording of accounts B. Use the spreadsheet to post the closing entries to the ledger of four column counts. Add the appropriate posting reference to the journalin CengageNOW 10. Prepare a post-closing trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Instructions Chart of Accounts Labels and Amount Descriptions Journal Ledger Income Statement Statement of Owner's Equity Balance Sheet Post-Closing Trial Balance lypr strat Journal PAGE 5 JOURNAL DESCRIPTION DEBIT CREDIT DATE May 3 POST. REF. 11 Cash 4,500.00 4,500.00 Unearned Fees 2,450.00 May 5 Cash Accounts Receivable 2,450.00 225.00 May 9 Miscellaneous Expense 225.00 Accounts Receivable 640.00 May 13 Accounts Payable 640.00 Cash 9,180.00 May 15 Accounts Receivable 9,180.00 Fees Earned May 16 Salary Expense Salaries Payable 650.00 120.00 750.00 Cash 10 Kelly PI illustrati Journal 14 May 27 Cash Fees Earned 7,900.00 7,900.00 PAGES JOURNAL DATE DESCRIPTION POST. REF. CREDIT DEBIT 735.00 May 20 Supplies Accounts Payable 735.00 May 21 Accounts Receivable 4,820.00 Fees Earned 4,820.00 May 25 Cash 7,900.00 Fees Earned 7,900.00 9,520.00 May 27 Cash Accounts Receivable 9,520.00 750.00 May 28 Salary Expense 750 Instructions Kelly PI Journal illustrat 260.00 260.00 May 30 Miscellaneous Expense Cash May 31 Miscellaneous Expense Cash May 31 Cash 810.00 810.00 . 3,500.00 Fees Earned 3,300.00 May 31 2,650.00 Accounts Receivable Fees Earned 2,650.00 May 31 10,500.00 Kelly Pitney, Drawing Cash 10,500.00 Journal illustrat JOURNAL DATE POST. REF. DEBIT CREDIT May 31 275.00 275.00 May 31 1,370.00 DESCRIPTION Adjusting Entries Insurance Expense Prepaid Insurance Supplies Expense Supplies Depreciation Expense Accumulated Depreciation Salary Expense Salaries Payable 1,370.00 350.00 May 31 330.00 325.00 May 31 325.00 1.600.00 May 31 Rent Expense 1,600.00 Prepaid Rent 3,210.00 May 31 3,210.00 Unearned Fees Fees Earned J u lidl balance Unadjusted Trial Balance Kelly Consulting UNADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE CREDIT 1 Cash DEBIT 44,195.00 Accounts Receivable 8,080.00 3 Supplies 2,085.00 Prepaid Rent 3,200.00 1,500.00 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 14,500.00 330.00 8 Accounts Payable 895.00 Salaries Payable 10 Unearned Fees 7,000.00 11 Kelly Pitney, Capital 30,000.00 10,500.00 12 Kelly Pitney, Drawing 13 Fees Earned 36,210.00 14 Salary Expense 1,380.00 We Thal Balance Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable 3,200.00 1,500.00 14,500.00 330.00 Salaries Payable 895.00 7,000.00 30,000.00 10 Unearned Fees 11 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 15 Fees Earned 14 Salary Expense 10,500.00 36,210.00 1,380.00 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 1,295.00 20 74,435.00 84,855.00 Totals Accounts Journal Ledger Unadjusted Trial Balance Unadjusted Trial Balance Adjusted Trial Balance Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE ACCOUNT DEBIT CREDIT 44,195.00 8,080.00 Accounts Receivable Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 715.00 1,600.00 1,225.00 14,500.00 Accumulated Depreciation 660.00 895.00 325.00 Accounts Payable 3.210.00 9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 30,000.00 10,500.00 12 Kelly Pitney, Drawing 40,000.00 13 Fees Earned 14 Salary Expense 1.705.00 895.00 9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 325.00 3,210.00 12 Kelly Pitney, Drawing 30,000.00 10,500.00 13 Fees Earned 40,000.00 14 Salary Expense 15 Rent Expense 1,705.00 1,600.00 16 Supplies Expense 17 Depreciation Expense 1,370.00 330.00 18 Insurance Expense 275.00 19 Miscellaneous Expense 1,295.00 20 Totals 87,390.00 75,090.00
