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.

Part 2 and Part 3:

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 part 1 before completing parts 2 and 3.

Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts.

Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.

Part 4 and Part 6:

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 and 3 before completing parts 4 and 6. Please note that part 5 is optional.

Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).

a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210.

Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. If an amount box does not require an entry, leave it blank.

a. Insurance expired during May is $275.

Part 5: Work Sheet

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 before completing part 5.

Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.

Insurance expired during May is $275.

Supplies on hand on May 31 are $715.

Depreciation of office equipment for May is $330.

Accrued receptionist salary on May 31 is $325.

Rent expired during May is $1,600.

Unearned fees on May 31 are $3,210.

If an amount box does not require an entry, leave it blank.

Part 7:

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, and 6 before completing part 7. Part 5 is optional.

Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Part 8:

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 and 7 before completing part 8. Part 5 is optional.

Prepare an income statement.

Part 9:

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. Using the spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank.

Comprehensive Problem 1:

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, 8 and 9 before completing part 10. Part 5 is optional.

Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank.