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Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y5. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y5. 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. |
5 | Received cash from clients on account, $2,450. | |
9 | Paid cash for a newspaper advertisement, $225. | |
13 | Paid Office Station Co. for part of the debt incurred on April 5, $640. | |
15 | Provided services on account for the period May 115, $9,180. | |
16 | Paid part-time receptionist for two weeks salary including the amount owed on April 30, $750. | |
17 | Received cash from cash clients for fees earned during the period May 116, $8,360. |
Record the following transactions on Page 6 of the journal:
May | 20 | Purchased supplies on account, $735. |
21 | Provided services on account for the period May 1620, $4,820. | |
25 | Received cash from cash clients for fees earned for the period May 1723, $7,900. | |
27 | Received cash from clients on account, $9,520. | |
28 | Paid part-time receptionist for two weeks salary, $750. | |
30 | Paid telephone bill for May, $260. | |
31 | Paid electricity bill for May, $810. | |
31 | Received cash from cash clients for fees earned for the period May 2631, $3,300. | |
31 | Provided services on account for the remainder of May, $2,650. | |
31 | Kelly withdrew $10,500 for personal use. |
Prepare an adjusted & adjusted trial balance.
\begin{tabular}{|c|c|c|c|} \hline & & & Score: 0/64 \\ \hline \multicolumn{4}{|c|}{ UNADJUSTED TRIAL BALANCE } \\ \hline \multicolumn{4}{|c|}{ May 31,20Y5} \\ \hline & ACCOUNT TITLE & DEBIT & CREDIT \\ \hline 1 & Cash & & \\ \hline 2 & Accounts Receivable & & \\ \hline 3 & Supplies & & \\ \hline 4 & Prepaid Rent & & \\ \hline 5 & Prepaid Insurance & & \\ \hline 6 & Office Equipment & & \\ \hline 7 & Accumulated Depreciation & & \\ \hline 8 & Accounts Payable & & \\ \hline 9 & Salaries Payable & & \\ \hline 10 & Unearned Fees & & \\ \hline 11 & Kelly Pitney, Capital & & \\ \hline 12 & Kelly Pitney, Drawing & & \\ \hline 13 & Fees Earned & & \\ \hline 14 & Salary Expense & & \\ \hline 15 & Rent Expense & & \\ \hline 16 & Supplies Expense & & \\ \hline 17 & Depreciation Expense & & \\ \hline 18 & Insurance Expense & & \\ \hline 19 & Miscellaneous Expense & & \\ \hline 20 & Totals & & \\ \hline \end{tabular} Kelly Consulting Score: 0/79 ADJUSTED TRIAL BALANCE May31,20Y5 \begin{tabular}{|c|c|c|c|} \hline & ACCOUNT TITLE & DEBIT & CREDIT \\ \hline 1 & Cash & & \\ \hline 2 & Accounts Receivable & & \\ \hline 3 & Supplies & & \\ \hline 4 & Prepaid Rent & & \\ \hline 5 & Prepaid Insurance & & \\ \hline 6 & Office Equipment & & \\ \hline 7 & Accumulated Depreciation & & \\ \hline 8 & Accounts Payable & & \\ \hline 9 & Salaries Payable & & \\ \hline 10 & Unearned Fees & & \\ \hline 11 & Kelly Pitney, Capital & & \\ \hline 12 & Kelly Pitney, Drawing & & \\ \hline 13 & Fees Earned & & \\ \hline 14 & Salary Expense & & \\ \hline 15 & Rent Expense & & \\ \hline 16 & Supplies Expense & & \\ \hline 17 & Depreciation Expense & & \\ \hline 18 & Insurance Expense & & \\ \hline 19 & Miscellaneous Expense & & \\ \hline 20 & Totals & & \\ \hline \end{tabular}Step by Step Solution
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