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 Recorded services provided on account for the period May 1-15, $9,180. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 16 17 Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. cord 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 16-20, $4,820. Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. 25 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. Recorded services provided on account for the remainder of May, $2,650. 31 31 Paid dividends, $10,500. Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended May 31, 2018 May 31, 2018 Property, plant, and equipment Amount Descriptions Change in retained earnings Net income Net loss Retained earnings, May 1, 2018 Retained earnings, May 31, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity 8. A. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to 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. Enter all other amounts as positive numbers. A colon (:) will automatically appear if it is required. Kelly Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 9 10 8. B. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a retained earnings statement. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a retained earnings statement. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Kelly Consulting Retained Earnings Statement (Label) 1 2 3 4 5 8. C. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a balance sheet. Refer to the Chart of Accounts and the Labels and Amount Descriptions list for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Kelly Consulting Balance Sheet (Label) Assets 2 (Label) 3 4 5 6 7 9 (Label) 10 11 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 Recorded services provided on account for the period May 1-15, $9,180. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 16 17 Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. cord 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 16-20, $4,820. Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. 25 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. Recorded services provided on account for the remainder of May, $2,650. 31 31 Paid dividends, $10,500. Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended May 31, 2018 May 31, 2018 Property, plant, and equipment Amount Descriptions Change in retained earnings Net income Net loss Retained earnings, May 1, 2018 Retained earnings, May 31, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity 8. A. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to 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. Enter all other amounts as positive numbers. A colon (:) will automatically appear if it is required. Kelly Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 9 10 8. B. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a retained earnings statement. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a retained earnings statement. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Kelly Consulting Retained Earnings Statement (Label) 1 2 3 4 5 8. C. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a balance sheet. Refer to the Chart of Accounts and the Labels and Amount Descriptions list for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Kelly Consulting Balance Sheet (Label) Assets 2 (Label) 3 4 5 6 7 9 (Label) 10 11