Kelly Winey began her consulting business, Kelly Consulting on Aprit 1, 2016, the ace. counting cycle for Kelly Consulting for April, including financial statements, was Uhumeated in this chapter. During May, Kelly Consulting entered into the following trandectiong May 3. Received cash from dients as an advance payment for serwices to be prowind and recorded it as unearned fees, 51,500. 5. Received cash from clients on accuunt, 52,450 . 9. Paid cash for a newspajer advertivement, 5225 13. Paid office Station Co for part of the debt incurred on Aprit 5, 5650 . 15. Recorded services provided on account for the period May 1-15, \$9,180 16. Paid part-time receptionist for rwo weeks' salary including the amount oned on April 40,5750. 17. Recorded cash from cash clients for fees eamed during the period May |-16. 3,3,360 Record sbe follouing transactions on Pige 6 of tbe joumal. 20. Purchased supplies on account, 5735 . 21. Recorded services provided on accotint for the period May 16-20, 54,820. 25. Recorded cash from cash clients for fees carned 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. Recorded cash from cash clients for fces carned for the period May 26-31, 33,300 31. Recorded services provided on account for the remainder of May, $2,650. 31. Kelly withdrew $10,500 for personal use. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9 , and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2016, and place a check marik (Q) in the Posting Reference column. Journalize each of the May transactions in a two. column journal starting on Page 5 of the journal and using Kelly Consulting's chant of accounts, (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepire an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these dara 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. Accrucd receptionist salary on May 31 is $325. e. Rent expired during Maty is $1,600. f. Unearned fees on May 31 are $3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner's equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. Kelly Winey began her consulting business, Kelly Consulting on Aprit 1, 2016, the ace. counting cycle for Kelly Consulting for April, including financial statements, was Uhumeated in this chapter. During May, Kelly Consulting entered into the following trandectiong May 3. Received cash from dients as an advance payment for serwices to be prowind and recorded it as unearned fees, 51,500. 5. Received cash from clients on accuunt, 52,450 . 9. Paid cash for a newspajer advertivement, 5225 13. Paid office Station Co for part of the debt incurred on Aprit 5, 5650 . 15. Recorded services provided on account for the period May 1-15, \$9,180 16. Paid part-time receptionist for rwo weeks' salary including the amount oned on April 40,5750. 17. Recorded cash from cash clients for fees eamed during the period May |-16. 3,3,360 Record sbe follouing transactions on Pige 6 of tbe joumal. 20. Purchased supplies on account, 5735 . 21. Recorded services provided on accotint for the period May 16-20, 54,820. 25. Recorded cash from cash clients for fees carned 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. Recorded cash from cash clients for fces carned for the period May 26-31, 33,300 31. Recorded services provided on account for the remainder of May, $2,650. 31. Kelly withdrew $10,500 for personal use. Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9 , and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2016, and place a check marik (Q) in the Posting Reference column. Journalize each of the May transactions in a two. column journal starting on Page 5 of the journal and using Kelly Consulting's chant of accounts, (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepire an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these dara 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. Accrucd receptionist salary on May 31 is $325. e. Rent expired during Maty is $1,600. f. Unearned fees on May 31 are $3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner's equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance