llustration of the Accounting Cycle m this section, the complete accounting cycle for one period is illustrated. Assume that or several years Kelly Pitney has operated a part-time consulting business from her home. As of April 1, 2016, Kelly decided to move to rented quarters and to operate he business on a full-time basis. The business will be known as Kelly Consulting. During April, Kelly Consulting entered into the following transactions: Apr. 1. The following assets were received from Kelly Pitney: cash, $13,100; accounts receivable, $3,000; supplies, $1,400; and office equipment, $12,500. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $4,800. 2. Paid the premiums on property and casualty insurance policies, $1,800. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $5,000