Labels Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities Current assets Current liabilities Expenses For the Month Ended May 31, 2016 May 31, 2016 Property, plant, and equipment Amount Descriptions Add withdrawals Decrease in owners equity Increase in owners equity Kelly Pitney, capital, May 1, 2016 Kelly Pitney, capital, May 31, 2016 Less withdrawals Net decrease in cash during month Net income Net income during the month Net increase in cash during month Net loss Net loss during the month Total assets Total current assets Total expenses Total liabilities Total liabilities and owners equity Total property, plant, and equipment Step 1) Your comprehensive problem is on page 210 211 The Kelly Pitney Illustrative problem on pages 165 175 is the transactions for April You will need to refer back to the post closing trial balance on page 173 foryour ending balances for April Your ending balances for April becomesyour beginning balances for May In your journal, you will need to enter your journal entriesfrom May 3rd to May 31st Follow the instructions on page 210, which tells you what I stated in the previous sentence Step 2) The general ledger, which your ledger must begin with your ending balances from April for your Post Closing trial balance When it says four column accounts, it is referring to your general ledger Step 3) Unadjusted trial balance, which will be the ending balance (your beginning balance all of the transactions from May 3rd through May 31st for each account You should be able to pull your ending balance from 2, your general ledger Step 4) These are your adjustments, which we went over in chapter 3 You will do 6 on page 211 based on these adjustments Step 5) I want you to do the end of period spreadsheet, as presented on page 182 for a different problem Step 6) Enter your adjusting entries from 4above Don't forget to post your adjustmentsto your general ledger and your end of period spreadsheet in 5 Step 7) The Adjusted Trial Balance Your ending balances on the Adjusted Trial Balance can be pulled from your general ledger after you post your adjusting entries in 6 Be sure you enter the appropriate information in your end of period spreadsheet Step 8) Financial statementsThe April financial statements for Kelly Consulting is on page 171 172 Follow this format You should be able to prepare your financial statements from your end of period spreadsheet you prepared in 5 Step 9) Prepare the closing entries Page 173 goes over the closing entries for month of April Don't forget to post your closing entries to your general ledger from item 2 Step 10) Kelly Consulting's post closing trial balance for April is on page 173, as an example You should be able to pull your balances from your general ledger after you do item 9 Following are checkpoints Step 3 The Unadjusted Trial Balance debits and credits should be$86,735 Step 7 The Adjusted Trial Balance totals should be$87,390 Step 8 Cash account should be$44,195after all entries are made Step 8 Kelly Pitney's ending equity should be$65,225on the Statement of Owner's Equity Step 10 Post Closing Trial balance debits and credits should be $70,315 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016 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 Recorded services provided 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 Recorded 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 Recorded services provided on account for the period May 1620, $4,820 25 Recorded 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 Recorded cash from cash clients for fees earned for the period May 2631, $3,300 31 Recorded services provided on account for the remainder of May, $2,650 31 Kelly withdrew $10,500 for personal use Required 1 The chart of accounts is shown in a separate panel and the post closing trial balance as of April 30, 2016, is shown below A 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, enterBalancein the Item column and select a check mark in the Posting Reference column B Journalize each of the May transactions in the two column journal starting on Page 5 of the journal Refer to the Chart of Accounts for exact wording of account titles (Do not insert the account numbers in the journal at this time ) 2 Post the journal entries on pages 5 and 6 of the journal to the ledger of four column accounts 3 Prepare an unadjusted trial balance 4 At the end of May, the following adjustment data were assembled Analyze and use these data to complete parts (5) and (6) 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 5 (Optional)On your own paper or spreadsheet, enter the unadjusted trial balance on a 10 column end of period spreadsheet (work sheet), and complete the spreadsheet 6 A Journalize the adjusting entries on Page 7 of the journal Refer to the Chart of Accounts for exact wording of account titles B Post the adjusting entries to the ledger 7 Prepare an adjusted trial balance 8 Prepare an income statement, a statement of owners equity, and a balance sheet 9 A Prepare the closing entries on Page 8 of the journal Refer to the Chart of Accounts for exact wording of account titles B Post the closing entries to the ledger Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry 10 Prepare a post closing trial balance For guidance in completing the financial statements, be sure to read the instructions above each statement carefully Kelly Consulting POST CLOSING TRIAL BALANCE April 30, 2016 1 Cash 22,100 00 2 Accounts Receivable 3,400 00 3 Supplies 1,350 00 4 Prepaid Rent 3,200 00 5 Prepaid Insurance 1,500 00 6 Office Equipment 14,500 00 7 Accumulated Depreciation 330 00 8 Accounts Payable 800 00 9 Salaries Payable 120 00 10 Unearned Fees 2,500 00 11 Kelly Pitney, Capital 42,300 00 12 Totals 46,050 00 46,050 00 CHART OF ACCOUNTS Kelly Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing 33 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense I have some already completed but my answers didn't carry over I would like to confirm what I have is correct and be able to complete what I don't have Thanks Pages 5 8 of the journal follow 1 B Journalize each of the May transactions in the two column journal starting on Page 5 of the journal Refer to the Chart of Accounts for exact wording of account titles Scroll down for page 6 of the journal (Do not insert the account numbers in the journal at this time This will be done during the posting step ) PAGE 5 JOURNAL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 PAGE 6 JOURNAL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 6 A Journalize the adjusting entries on Page 7 of the journal (adjusting data can be found on theInstructionspanel) Refer to the Chart of Accounts for exact wording of account titles PAGE 7 JOURNAL 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 9 A Prepare the closing entries on Page 8 of the journal Refer to the Chart of Accounts for exact wording of account titles PAGE 8 JOURNAL 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 3 Prepare an unadjusted trial balance Accounts with zero balances can be left blank Kelly Consulting UNADJUSTED TRIAL BALANCE May 31, 2016 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 Income Summary 14 Fees Earned 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 7 Prepare an adjusted trial balance Accounts with zero balances can be left blank Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2016 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 Income Summary 14 Fees Earned 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 8 A Prepare an income statement Refer to the Chart of Accounts and the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries Be sure to complete the statement heading If a net loss is incurred, enter that amount as a negative number using a minus sign A colon ( ) will automatically appear if it is required Kelly Consulting Income Statement 1 2 3

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Labels Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities Current assets Current liabilities Expenses For the Month Ended

Labels
Cash flows from financing activities
Cash flows from investing activities
Cash flows from operating activities
Current assets
Current liabilities
Expenses
For the Month Ended May 31, 2016
May 31, 2016
Property, plant, and equipment
Amount Descriptions
Add withdrawals
Decrease in owners equity
Increase in owners equity
Kelly Pitney, capital, May 1, 2016
Kelly Pitney, capital, May 31, 2016
Less withdrawals
Net decrease in cash during month
Net income
Net income during the month
Net increase in cash during month
Net loss
Net loss during the month
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment

Step 1)Your comprehensive problem is on page 210 - 211. The Kelly Pitney Illustrative problem on pages 165 -175 is the transactions for April. You will need to refer back to the post-closing trial balance on page 173 foryour ending balances for April.Your ending balances for April becomesyour beginning balances for May. In your journal, you will need to enter your journal entriesfrom May 3rd to May 31st. Follow the instructions on page 210, which tells you what I stated in the previous sentence. Step 2)The general ledger, which your ledger must begin with your ending balances from April for your Post-Closing trial balance. When it says four-column accounts, it is referring to your general ledger. Step 3)Unadjusted trial balance, which will be the ending balance (your beginning balance+ all of the transactions from May 3rd through May 31st for each account. You should be able to pull your ending balance from #2, your general ledger. Step 4)These are your adjustments, which we went over in chapter 3. You will do # 6 on page 211 based on these adjustments. Step 5)I want you to do the end of period spreadsheet, as presented on page 182 for a different problem. Step 6)Enter your adjusting entries from #4above.Don't forget to post your adjustmentsto your general ledger and your end of period spreadsheet in #5. Step 7)The Adjusted Trial Balance. Your ending balances on the Adjusted Trial Balance can be pulled from your general ledger after you post your adjusting entries in # 6. Be sure you enter the appropriate information in your end-of-period spreadsheet. Step 8)Financial statementsThe April financial statements for Kelly Consulting is on page 171 & 172. Follow this format. You should be able to prepare your financial statements from your end-of-period spreadsheet you prepared in #5. Step 9)Prepare the closing entries. Page 173 goes over the closing entries for month of April. Don't forget to post your closing entries to your general ledger from item 2. Step 10)Kelly Consulting's post-closing trial balance for April is on page 173, as an example. You should be able to pull your balances from your general ledger after you do item 9. Following arecheckpoints: Step 3: The Unadjusted Trial Balance debits and credits should be$86,735. Step 7: The Adjusted Trial Balance totals should be$87,390 Step 8: Cash account should be$44,195after all entries are made Step 8: Kelly Pitney's ending equity should be$65,225on the Statement of Owner's Equity. Step 10: Post-Closing Trial balance debits and credits should be $70,315 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 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	Recorded services provided 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	Recorded 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	Recorded services provided on account for the period May 1620, $4,820.
25	Recorded 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	Recorded cash from cash clients for fees earned for the period May 2631, $3,300.
31	Recorded services provided on account for the remainder of May, $2,650.
31	Kelly withdrew $10,500 for personal use.

Required:

The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 2016, is shown below.

A.	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, enterBalancein the Item column and select a check mark in the Posting Reference column.
B.	Journalize each of the May transactions in the two-column journal starting on Page 5 of the journal. Refer to the Chart of Accounts for exact wording of account titles. (Do not insert the account numbers in the journal at this time.)

Post the journal entries on pages 5 and 6 of the journal to the ledger of four-column accounts.

Prepare an unadjusted trial balance.

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

	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.

(Optional)On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet.

A.	Journalize the adjusting entries on Page 7 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
B.	Post the adjusting entries to the ledger.

Prepare an adjusted trial balance.

Prepare an income statement, a statement of owners equity, and a balance sheet.*

A.	Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
B.	Post the closing entries to the ledger. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry.

10.

Prepare a post-closing trial balance.

*	For guidance in completing the financial statements, be sure to read the instructions above each statement carefully.

Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2016

1	Cash	22,100.00
2	Accounts Receivable	3,400.00
3	Supplies	1,350.00
4	Prepaid Rent	3,200.00
5	Prepaid Insurance	1,500.00
6	Office Equipment	14,500.00
7	Accumulated Depreciation		330.00
8	Accounts Payable		800.00
9	Salaries Payable		120.00
10	Unearned Fees		2,500.00
11	Kelly Pitney, Capital		42,300.00
12	Totals	46,050.00	46,050.00

CHART OF ACCOUNTS

Kelly Consulting

General Ledger

ASSETS
11	Cash
12	Accounts Receivable
14	Supplies
15	Prepaid Rent
16	Prepaid Insurance
18	Office Equipment
19	Accumulated Depreciation

LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Fees

EQUITY
31	Kelly Pitney, Capital
32	Kelly Pitney, Drawing
33	Income Summary

REVENUE
41	Fees Earned

EXPENSES
51	Salary Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense
55	Insurance Expense
59	Miscellaneous Expense

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

I have some already completed but my answers didn't carry over. I would like to confirm what I have is correct and be able to complete what I don't have. Thanks!

Pages 5 - 8 of the journal follow: 1. B. Journalize each of the May transactions in the two-column journal starting on Page 5 of the journal. Refer to the Chart of Accounts for exact wording of account titles. Scroll down for page 6 of the journal. (Do not insert the account numbers in the journal at this time. This will be done during the posting step.) PAGE 5 JOURNAL

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

PAGE 6 JOURNAL

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

6. A. Journalize the adjusting entries on Page 7 of the journal (adjusting data can be found on theInstructionspanel). Refer to the Chart of Accounts for exact wording of account titles. PAGE 7 JOURNAL

1		Adjusting Entries
2
3
4
5
6
7
8
9
10
11
12
13

9. A.Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles. PAGE 8 JOURNAL

1		Closing Entries
2
3
4
5
6
7
8
9
10
11
12
13
14

3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank. Kelly Consulting UNADJUSTED TRIAL BALANCE May 31, 2016

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	Income Summary
14	Fees Earned
15	Salary Expense
16	Rent Expense
17	Supplies Expense
18	Depreciation Expense
19	Insurance Expense
20	Miscellaneous Expense
21	Totals

7. Prepare an adjusted trial balance. Accounts with zero balances can be left blank. Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2016

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	Income Summary
14	Fees Earned
15	Salary Expense
16	Rent Expense
17	Supplies Expense
18	Depreciation Expense
19	Insurance Expense
20	Miscellaneous Expense
21	Totals

8. A. Prepare an income statement. Refer to the Chart of Accounts and the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred, enter that amount as a negative number using a minus sign. A colon (:) will automatically appear if it is required.

Kelly Consulting

Income Statement