Kelly Consulting Post Closing Trial Balance April 30, 20Y8 Account No Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14 1,350 Prepaid Rent 15 3,200 Prepaid Insurance 16 1,500 Office Equipment 18 14,500 Accumulated Depreciation 19 330 Accounts Payable 21 800 Salaries Payable 22 120 Unearned Fees 23 2,500 Common Stock 31 30,000 Retained Earnings 32 12,300 46,050 46,050 Part 1 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 May 5 Received cash from clients on account, $2,450 May 9 Paid cash for a newspaper advertisement, $225 May 13 Paid Office Station Co for part of the debt incurred on April 5, $640 May 15 Recorded services provided on account for the period May 115, $9,180 May 16 Paid part time receptionist for two weeks' salary including the amount owed on April 30, $750 May 17 Recorded cash from cash clients for fees earned during the period May 116, $8,360 May 20 Purchased supplies on account, $735 May 21 Recorded services provided on account for the period May 1620, $4,820 May 25 Recorded cash from cash clients for fees earned for the period May 1723, $7,900 May 27 Received cash from clients on account, $9,520 May 28 Paid part time receptionist for two weeks' salary, $750 May 30 Paid telephone bill for May, $260 May 31 Paid electricity bill for May, $810 May 31 Recorded cash from cash clients for fees earned for the period May 2631, $3,300 May 31 Recorded services provided on account for the remainder of May, $2,650 May 31 Paid dividends, $10,500 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 Kelly Consulting Unadjusted Trial Balance May 31, 20Y8 Account Title Debit Balances Credit Balances 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 Date Account Name Post Ref Debit Credit May 31 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 Accrued receptionist salary on May 31 is $325 Rent expired during May is $1,600 Unearned fees on May 31 are $3,210 Part 7 Kelly Consulting End of Period Spreadsheet (Work Sheet) For the Month Ended May 31, 20Y8 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 Common Stock Retained Earnings Dividends Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Net income Prepare an adjusted trial balance If an amount box does not require an entry, leave it blank Kelly Consulting Adjusted Trial Balance May 31, 20Y8 Account Title Debit Balances Credit Balances Part 8 Prepare an income statement Kelly Consulting Income Statement For the Month Ended May 31, 20Y8 $ Expenses $ $ 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, 20Y8 Common Stock Retained Earnings Total $ $ $ $ $ $ Prepare a balance sheet Kelly Consulting Balance Sheet May 31, 20Y8 Assets Liabilities Current assets Current liabilities $ $ Total liabilities $ Total current assets $ Property, plant, and equipment Stockholders Equity $ $ Total property, plant, and equipment Total stockholders equity Total assets $ Total liabilities and stockholders equity $ Part 9 Prepare the closing entries below Then, using the attached spreadsheet from part 2, post the entries to your general ledger If an amount box does not require an entry, leave it blank Date Account Name Post Ref Debit Credit 20Y8 Closing Entries May 31 Part 10 Prepare a post closing trial balance If an amount box does not require an entry, leave it blank Kelly Consulting Post Closing Trial Balance May 31, 20Y8Account TitleDebit BalancesCredit Balances

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Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14 1,350 Prepaid Rent 15

Kelly Consulting Post-Closing Trial Balance April 30, 20Y8
	Account No.	Debit	Credit
Cash	11	22,100
Accounts Receivable	12	3,400
Supplies	14	1,350
Prepaid Rent	15	3,200
Prepaid Insurance	16	1,500
Office Equipment	18	14,500
Accumulated Depreciation	19		330
Accounts Payable	21		800
Salaries Payable	22		120
Unearned Fees	23		2,500
Common Stock	31		30,000
Retained Earnings	32		12,300
		46,050	46,050

Part 1 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.
May 5: Received cash from clients on account, $2,450.
May 9: Paid cash for a newspaper advertisement, $225.
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
May 15: Recorded services provided on account for the period May 115, $9,180.
May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.
May 17: Recorded cash from cash clients for fees earned during the period May 116, $8,360.
May 20: Purchased supplies on account, $735.
May 21: Recorded services provided on account for the period May 1620, $4,820.
May 25: Recorded cash from cash clients for fees earned for the period May 1723, $7,900.
May 27: Received cash from clients on account, $9,520.
May 28: Paid part-time receptionist for two weeks' salary, $750.
May 30: Paid telephone bill for May, $260.
May 31: Paid electricity bill for May, $810.
May 31: Recorded cash from cash clients for fees earned for the period May 2631, $3,300.
May 31: Recorded services provided on account for the remainder of May, $2,650.
May 31: Paid dividends, $10,500.

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.

Kelly Consulting Unadjusted Trial Balance May 31, 20Y8

Account Title Debit Balances Credit Balances

Kelly Consulting Unadjusted Trial Balance May 31, 20Y8
Account Title	Debit Balances	Credit Balances

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.

Date	Account Name	Post. Ref.	Debit	Credit
May 31

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.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210

Part 7:

Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 20Y8
	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
Common Stock
Retained Earnings
Dividends
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense

Net income

Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Kelly Consulting Adjusted Trial Balance May 31, 20Y8

Account Title

Debit Balances

Credit Balances

Part 8:

Prepare an income statement.

Kelly Consulting Income Statement For the Month Ended May 31, 20Y8
		$
Expenses:
	$






		$

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.


Common Stock	Retained Earnings	Total
$	$	$


$	$	$

Prepare a balance sheet.

Kelly Consulting Balance Sheet May 31, 20Y8
Assets			Liabilities
Current assets:			Current liabilities:
	$			$



			Total liabilities		$
Total current assets		$
Property, plant, and equipment:			Stockholders Equity
	$			$

Total property, plant, and equipment			Total stockholders equity
Total assets		$	Total liabilities and stockholders equity		$

Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank.