Question
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
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.) For a compound transaction, 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 | |||
| Unearned Fees |
May 5: Received cash from clients on account, $2,450.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Cash | |||
| Accounts Receivable |
May 9: Paid cash for a newspaper advertisement, $225.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Miscellaneous Expense | |||
| Cash |
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Accounts Payable | |||
| Cash |
May 15: Recorded services provided on account for the period May 115, $9,180.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Accounts Receivable | |||
| Fees Earned |
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 | |||
| Salaries Payable | |||
| Cash |
May 17: Recorded cash from cash clients for fees earned during the period May 116, $8,360.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Cash | |||
| Fees Earned |
May 20: Purchased supplies on account, $735.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Supplies | |||
| Accounts Payable |
May 21: Recorded services provided on account for the period May 1620, $4,820.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Accounts Receivable | |||
| Fees Earned |
May 25: Recorded cash from cash clients for fees earned for the period May 1723, $7,900.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Cash | |||
| Accounts Receivable |
May 27: Received cash from clients on account, $9,520.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Cash | |||
| Accounts Receivable |
May 28: Paid part-time receptionist for two weeks' salary, $750.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Salary Expense | |||
| Cash |
May 30: Paid telephone bill for May, $260.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Miscellaneous Expense | |||
| Cash |
May 31: Paid electricity bill for May, $810.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Miscellaneous Expense | |||
| Cash |
May 31: Recorded cash from cash clients for fees earned for the period May 2631, $3,300.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Cash | |||
| Fees Earned |
May 31: Recorded services provided on account for the remainder of May, $2,650.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Accounts Receivable | |||
| Fees Earned |
May 31: Kelly withdrew $10,500 for personal use.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
| Kelly Pitney, Drawing | |||
| Cash |
Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
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, 2016 | ||
|---|---|---|
| Account Title | Debit | Credit |
| Cash | ||
| Accounts Receivable | ||
| Supplies | ||
| Prepaid Rent | ||
| Prepaid Insurance | ||
| Office Equipment | ||
| Accumulated Depreciation | ||
| Accounts Payable | ||
| Salaries Payable | ||
| Unearned Fees | ||
| Kelly Pitney, Capital | ||
| Kelly Pitney, Drawing | ||
| Fees Earned | ||
| Salary Expense | ||
| Rent Expense | ||
| Supplies Expense | ||
| Depreciation Expense | ||
| Insurance Expense | ||
| Miscellaneous Expense | ||
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
If an amount box does not require an entry, leave it blank.
| Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2016 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | ||||||
| Account Title | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash | ||||||||||
| Accounts Receivable | ||||||||||
| Supplies | ||||||||||
| Prepaid Rent | ||||||||||
| Prepaid Insurance | ||||||||||
| Office Equipment | ||||||||||
| Accum. Depreciation | ||||||||||
| Accounts Payable | ||||||||||
| Salaries Payable | ||||||||||
| Unearned Fees | ||||||||||
| Kelly Pitney, Capital | ||||||||||
| Kelly Pitney, Drawing | ||||||||||
| Fees Earned | ||||||||||
| Salary Expense | ||||||||||
| Rent Expense | ||||||||||
| Supplies Expense | ||||||||||
| Depreciation Expense | ||||||||||
| Insurance Expense | ||||||||||
| Miscellaneous Expense | ||||||||||
| Net Income | ||||||||||
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Commercial Energy Auditing Reference Handbook
Authors: Steve Doty
2nd Edition
1439851972, 978-1439851975
