Instructions Chart of Accounts Labels and Amount Descriptions ! Journal Ledger Journal Instructions Shaded cells have feedback. X 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. Comprehensive Problem 1 Instructions Chart of Accounts Labels and Amount Descriptions! Journal Ledger Income Statement ! Sta Chart of Accounts CHART OF ACCOUNTS Kelly Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense X Instructions Chart of Accounts Labels and Amount Descriptions !Journal Chart of Accounts 19 Accumulated Depreciation-Office Equipment 54 Depreciation Expense 55 Insurance Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing 59 Miscellaneous Expense Ledger Income Statement !Statement of Ow X Chart of Accounts Labels and Amount Descriptions Labels Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities Current assets Current liabilities Expenses For the Month Ended May 31, 2019 May 31, 2019 Property, plant, and equipment Amount Descriptions Decrease in owner's equity Increase in owner's equity Kelly Pitney, capital, May 1, 2019 Kelly Pitney, capital, May 31, 2019 Net decrease in cash during month Chart of Accounts Labels and Amount Descriptions Increase in owner's equity Kelly Pitney, capital, May 1, 2019 Kelly Pitney, capital, May 31, 2019 Net decrease in cash during month Net income Net income during the month Net increase in cash during month Net loss Net loss during the month Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals Chart of Accounts Labels and Amount Descriptions Increase in owner's equity Kelly Pitney, capital, May 1, 2019 Kelly Pitney, capital, May 31, 2019 Net decrease in cash during month Net income Net income during the month Net increase in cash during month Net loss Net loss during the month Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals t of A Journal Label 1 2 3 4 5 6 7 8 9 10 11 DATE DESCRIPTION Closing Entries Shaded cells have feedback. JOURNAL POST. REF. Ledger Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Your input into the spreadsheet will not be included in your grade in Cengage NOW on this problem. 9. B. Post the closing entries to the ledger of four-column accounts. Income Statement 1 2 (Label) 3 4 Supplies expense 5 Salary expense 6 Rent expense 7 Insurance expense 8 Depreciation expense 9 Total expenses 10 Net income. (Label) 1,370.00 1,705.00 1,600.00 275.00 330.00 6,575.00 $33.425.00 Shaded Statement of Owner's Equity 1 2 Accounts payable 3 4 5 Kelly Consulting Statement of Owner's Equity Score: 0/50 Shaded cells have feedback (Label) $895.00 Points: 0/11 Balance Sheet 4 Accounts Recievable Shaded cells have feedback. 8,080.00 715.00 5 Supplies 6 Prepaid rent 7 Prepaid insurance 8 Total current assets 9 property, plant, and equipment:: 10 10 Office equipment 11 Less less: accumulated depreciation 12 Total property, plant, and equipment 13 Total assets 14 Liabilities 1,600.00 1,225.00 $55,815.00 $14,500.00 600.00 13,840.00 $69,655.00 15 Current liabilities: 16 Accounts payable $895.00 17 Salaries payable 325.00 18 Unearned fees 3,210.00 19 Total Current Liabilities $4,430.00 Total Current Liabilities common stock retained earnings Goodbook Owner's Equity $4,430.00 30,000.00 $35,225.00 Points: 28.03 / 36 7 Accumulated Depreciation-Office Equipment 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 12 Totals 660.00 895.00 325.00 3,210.00 30,000.00 35,225.00 Points: 11.62/13