Instructions

The chart of accounts for Kelly Consulting is shown in Exhibit $9,$ and the post$-$closing trial

balance as of April $30,20$Y$8,$ is shown in Exhibit $17.$ 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 $1,20$Y$8,$ and place a check mark $()$ in the Posting Reference column.

Journalize each of the May transactions in a two$-$column journal starting on Page $5$ of the

journal and using Kelly Consulting's chart of accounts. $($Do not insert the account numbers

in the journal at this time.$)$

Post the journal to a ledger of four$-$column accounts.

Prepare an unadjusted trial balance.

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.$

$($Optional$)$ Enter the unadjusted trial balance on an end$-$of$-$period spreadsheet and complete

the spreadsheet.

Journalize and post the adjusting entries. Record the adjusting entries on Page $7$ of the journal.

Prepare an adjusted trial balance.

Prepare an income statement, a statement of stockholders' equity, and a balance sheet.

Prepare and post the closing entries. Record the closing entries on Page $8$ of the journal.

Indicate closed accounts by inserting a line in both the Balance columns opposite the closing

entry.

Prepare a post$-$closing trial balance.