Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below:

11	Cash	32	Retained Earnings
12	Accounts Receivable	33	Dividends
14	Supplies	41	Fees Earned
15	Prepaid Rent	51	Salary Expense
16	Prepaid Insurance	52	Rent Expense
18	Office Equipment	53	Supplies Expense
19	Accumulated Depreciation	54	Depreciation Expense
21	Accounts Payable	55	Insurance Expense
22	Salaries Payable	59	Miscellaneous Expense
23	Unearned Fees
31	Common Stock

The post-closing trial balance as of April 30, 20Y8, is shown below:

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

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional.

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	DividendsFees EarnedInsurance ExpenseMiscellaneous ExpenseRetained Earnings	fill in the blank 2	fill in the blank 3	fill in the blank 4
	DividendsFees EarnedRetained EarningsSalaries PayableSalary Expense	fill in the blank 6	fill in the blank 7	fill in the blank 8
	Accounts PayableCashPrepaid RentRent ExpenseUnearned Fees	fill in the blank 10	fill in the blank 11	fill in the blank 12
	Accounts ReceivableDividendsRetained EarningsSuppliesSupplies Expense	fill in the blank 14	fill in the blank 15	fill in the blank 16
	Accumulated DepreciationDepreciation ExpenseDividendsOffice EquipmentRent Payable	fill in the blank 18	fill in the blank 19	fill in the blank 20
	Accounts PayableCashFees EarnedInsurance ExpensePrepaid Insurance	fill in the blank 22	fill in the blank 23	fill in the blank 24
	Accounts ReceivableDividendsFees EarnedMiscellaneous ExpenseRetained Earnings	fill in the blank 26	fill in the blank 27	fill in the blank 28
	Accounts PayableAccounts ReceivableCashFees EarnedRetained Earnings	fill in the blank 30	fill in the blank 31	fill in the blank 32
May 31	CashDepreciation ExpenseDividendsMiscellaneous ExpenseRetained Earnings	fill in the blank 34	fill in the blank 35	fill in the blank 36
	CashDepreciation ExpenseDividendsMiscellaneous ExpenseRetained Earnings	fill in the blank 38	fill in the blank 39	fill in the blank 40