Question
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in Chapter 4. During May, Kelly Consulting entered into the following Tranactions:
May 3 Received Cash from clients as an advance payment for services to be provided. $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 1- 15, $90,384
May 16 Paidreceptionist 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 1 - 16 $8,360
May 20 Purchased supplies on account $735
May 21 Recorded services provided on account for the period May 16 - 20 $4,820
May 25 Recorded cash from cash clients for fees earned for the period May 17 - 23 $7,900
May 27 Received cash from clients on account $67,788
May 28 Paidreceptionist for two weeks' salary $750
May 30 Paid telephone bill for May $260
May 31 Paid electricity bill for May $6,779
May 31 Recorded Cash from cash clients for fees earned for the period May 26 - 31 $3,300
May 31 Recorded services provided on account for the remainder of May $2,650
May 31 Paid Dividends in the amount of $10,500
1. Insurance expired during May 275
2. Supplies on hand on May 31 are715 3. Depreciation of office equipment for May is 330
4. Accrued receptionist salary on May 31 is 325
5. Rent expired during May1,600
6. Unearned fees on May 31 are 3,210
Journalize the transactions for May 2018 Post the journal to the ledger T-accounts prepare an Unadjusted Trial Balance Journalize the adjusting entries(see Above) Post the journal (Adj.Entries) to the ledger T-accounts prepare an Adjusted Trial Balance prepare an Income Statement, Statement of Retained Earnings, and a Balance Sheet for the month of May Journalize and post the closing entries prepare a Post-Closing Trial Balance
Post Closing Trial Balance for April. Use these balances in your ledger when you start May
Cash $27,800
Accounts Receivable 5,400
Supplies 1,350
Prepaid Rent 3,200
Prepaid Insurance 1,500
Office Equipment 14,500
Accumulated Depreciation 330
Accounts Payable 800
Salaries Payable 120
Unearned Fees 2500
Common Stock 30000
Retained Earnings 20000
$ 53,750 53750
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