Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2015. The accounting cycle for Kolly Consulting for April, including financial statements, was lustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3 5 9 Received cash from clients as an advance payment for services to be provided and recorded it as uneamed toos, $4,500. Received cash from clients on account, $2,450. Pald cash for a newspaper advertisement, $225, Pald Office Station Co. for part of the debt incurred on April 5, 5640, Provided services on account for the period May 1-15, 89, 180, Pald part-time receptionist for two weeks'salary including the amount owed on April 30, 5750 Roodlved onsh from cash clients for fees eamed during the period May 1-16, 58,360. 13 15 16 17 Record the following transactions on Page 6 or the journal May 20 21 25 27 28 Purchased supplies on account, 735 Provided services on account for the period May 16-20, 84,820 Received cash from cash clients for toes earned for the period May 17-23, 57,900 Received cash from clients on account, 59,520 Pald part-time receptionist for two weeks' salary. $750, Pald telephone bill for May, $260. Paid electricity bill for May, $810 Received cash from cash clients for foes earned for the period May 26-31. $3,300 Provided services on account for the remainder of May, $2,650 Kelly withdrew $10.500 for personal use. 30 31 31 31 Chart of Accounts CHART OF ACCOUNTS Kelly Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 52 Rent Expense 16 Prepaid Insurance 18 Office Equipment 53 Supplies Expense 54 Depreciation Expense 19 Accumulated Depreciation 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing Journal 1.C. Joumalize ench of the May transactions in the two-column journal starting on Page 5 of the journal. (Do not insert the account numbers in the journal at this time.) 28. Add the appropriate posting reference to the journal in CengageNow. 6.A. Joumalize the adjusting entries on Page 7 of the journal 6.C. Add the appropriate posting reference to the journal in CengageNow. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Note: Scroll down tot pages 6 and 7 of the journal. All transactions on this page must be entered (except for post ref(s) before you will receive Check My Work feedback PAGES JOURNAL Score: 69/203 DATE DESCRIPTION POST. RIF DEBIT CREDIT 2 1 9 10 11 15 14 15 Question not attempted. PAGE 6 JOURNAL Score: 0/271 DATE DESCRIPTION POST. REF DEBIT CREDIT 1 2 3 4 5 10 15 15 16 11 11 19 10 Question not attempted PAGE JOURNAL Score: 0/16) DATE POST REF DESCRIPTION Adjusting Entries DENT CREDIT ! 1 Check My Wor 6.A. The journal entries that bring the counts up to date at the end of the accounting period are called adjusting entries All adjusting entries affect at least one income statement account and one ba an adjusting entry wilway involve a revenue or an expenso nocount and an asset or alability account. The four basic types of accounts require adjusting entries aro (1) Prepaid expenses, (2) Unes revenues and (4) Accred penses. The following accounts require an adjustment prepaid insurance, supplies, depreciation expense salary expense, prepaid rent, and uneared fees ... The posting reference column is en blank when the journal entry is by recorded. The column is used later when the jouma entry amounts are transferred to the accounts in the ledgerOnce the general ledger account number assigned to the account is entered in the posting reference of the general Journal 3. Prepare an unadjusted trial balance. Accounts with zero balances can be foft blank. Question not attempted. Score: 0/64 Kelly Consulting UNADJUSTED TRIAL BALANCE May 31, 2015 ACCOUNT TITLE DEBIT CREDIT 1 Cash > Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 10 Unearned Fees 1 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 15 Fees Earned 14 Salary Expense is Rent Expense 16 Supplies Expense 12 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 20 Totals Shaded cells have feed Adjusted Trial Balance 7. Prepare an adjusted trial balance. Accounts with zero balances can be loft blank Question not attempted. Score: 0/79 Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2045 ACCOUNT TITLE DERIT CREDIT 1 Cash 2 Accounts Receivable Supplies & Prepaid Rent Prepaid Insurance 6 Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 10 Uneamed Fees 11 Kelly Pitney, Capital u Kelly Pitney Drawing 11 Fees Earned 14 Salary Expense 15 Rent Expense Supplies Expense 17 Depreciation Expense Insurance Expense Miscellaneous Expense 30 Totals Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2015. The accounting cycle for Kolly Consulting for April, including financial statements, was lustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3 5 9 Received cash from clients as an advance payment for services to be provided and recorded it as uneamed toos, $4,500. Received cash from clients on account, $2,450. Pald cash for a newspaper advertisement, $225, Pald Office Station Co. for part of the debt incurred on April 5, 5640, Provided services on account for the period May 1-15, 89, 180, Pald part-time receptionist for two weeks'salary including the amount owed on April 30, 5750 Roodlved onsh from cash clients for fees eamed during the period May 1-16, 58,360. 13 15 16 17 Record the following transactions on Page 6 or the journal May 20 21 25 27 28 Purchased supplies on account, 735 Provided services on account for the period May 16-20, 84,820 Received cash from cash clients for toes earned for the period May 17-23, 57,900 Received cash from clients on account, 59,520 Pald part-time receptionist for two weeks' salary. $750, Pald telephone bill for May, $260. Paid electricity bill for May, $810 Received cash from cash clients for foes earned for the period May 26-31. $3,300 Provided services on account for the remainder of May, $2,650 Kelly withdrew $10.500 for personal use. 30 31 31 31 Chart of Accounts CHART OF ACCOUNTS Kelly Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 52 Rent Expense 16 Prepaid Insurance 18 Office Equipment 53 Supplies Expense 54 Depreciation Expense 19 Accumulated Depreciation 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing Journal 1.C. Joumalize ench of the May transactions in the two-column journal starting on Page 5 of the journal. (Do not insert the account numbers in the journal at this time.) 28. Add the appropriate posting reference to the journal in CengageNow. 6.A. Joumalize the adjusting entries on Page 7 of the journal 6.C. Add the appropriate posting reference to the journal in CengageNow. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Note: Scroll down tot pages 6 and 7 of the journal. All transactions on this page must be entered (except for post ref(s) before you will receive Check My Work feedback PAGES JOURNAL Score: 69/203 DATE DESCRIPTION POST. RIF DEBIT CREDIT 2 1 9 10 11 15 14 15 Question not attempted. PAGE 6 JOURNAL Score: 0/271 DATE DESCRIPTION POST. REF DEBIT CREDIT 1 2 3 4 5 10 15 15 16 11 11 19 10 Question not attempted PAGE JOURNAL Score: 0/16) DATE POST REF DESCRIPTION Adjusting Entries DENT CREDIT ! 1 Check My Wor 6.A. The journal entries that bring the counts up to date at the end of the accounting period are called adjusting entries All adjusting entries affect at least one income statement account and one ba an adjusting entry wilway involve a revenue or an expenso nocount and an asset or alability account. The four basic types of accounts require adjusting entries aro (1) Prepaid expenses, (2) Unes revenues and (4) Accred penses. The following accounts require an adjustment prepaid insurance, supplies, depreciation expense salary expense, prepaid rent, and uneared fees ... The posting reference column is en blank when the journal entry is by recorded. The column is used later when the jouma entry amounts are transferred to the accounts in the ledgerOnce the general ledger account number assigned to the account is entered in the posting reference of the general Journal 3. Prepare an unadjusted trial balance. Accounts with zero balances can be foft blank. Question not attempted. Score: 0/64 Kelly Consulting UNADJUSTED TRIAL BALANCE May 31, 2015 ACCOUNT TITLE DEBIT CREDIT 1 Cash > Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 10 Unearned Fees 1 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 15 Fees Earned 14 Salary Expense is Rent Expense 16 Supplies Expense 12 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 20 Totals Shaded cells have feed Adjusted Trial Balance 7. Prepare an adjusted trial balance. Accounts with zero balances can be loft blank Question not attempted. Score: 0/79 Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2045 ACCOUNT TITLE DERIT CREDIT 1 Cash 2 Accounts Receivable Supplies & Prepaid Rent Prepaid Insurance 6 Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 10 Uneamed Fees 11 Kelly Pitney, Capital u Kelly Pitney Drawing 11 Fees Earned 14 Salary Expense 15 Rent Expense Supplies Expense 17 Depreciation Expense Insurance Expense Miscellaneous Expense 30 Totals