Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2015. The accounting cycle for Kelly Consulting for April, including financial statements, 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 Paid Office Station Co. for part of the debt incurred on April 5 $640 13 15 Provided services on account for the period May 1-15, $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 1-16. $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 16-20 $4,820, 25 Received cash from cash clients for fees earned for the period May 17-23 $7.900. 27 Received cash from clients on account 59,520. 28 Paid part-time receptionist for two weeks salary: $750. 30 Paid telephone bill for May $260. F 59er 9 Record the following transactions on Page 6 of the journali May 20 Purchased supplies on account, $735. 21 Provided services on account for the period May 16-20, $4,820 25 Received cash from cash clients for fees earned for the period May 17-23. $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 26-31, $3,300. 31 Provided services on account for the remainder of May $2.650 31 Kelly withdrew $10,500 for personal use 1. C. Journalize each 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.) 2.B. Add the appropriate posting reference to the journal in CengageNOW. 6. A. Journalize 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 journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Note: Scroll down for pages 6 and 7 of the journal. JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Z 3 5 6 7 8 on 10 11 12 13 14 15 2 3 4 5 6 7 DO 8 9 10 11 12 13 14 15 16 17 18 19 20 PAGE 7 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 Adjusting Entries 2 4 5 6 17 8 9 10 11 12 113 Kelly Consulting UNADJUSTED TRIAL BALANCE May 31, 2015 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 13 Fees Earned 14 Salary Expense 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 20 Totals Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2045 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 15 Fees Earned 14 Salary Expense 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 20 Totals