May 31: Paid electricity bill for May, \\( \\$ 810 \\). May 31: Recorded cash from cash clients for fees earned for the period May \\( 26-31, \\$ 3,300 \\). May 31: Recorded services provided on account for the remainder of May, \\( \\$ 2,650 \\). May 31: Paid dividends, \\( \\$ 10,500 \\). Comprehensive Problem 1 Part 8: The following is a comprehensive problem which encompasses all of the elements learned in pr concepts. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optiona Prepare an income statement. The following is a comprehensive problem which encompasses all of the elements learned in previous chapte chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly The post-closing trial balance as of April \\( 30,20 \\mathrm{Y} 8 \\), is shown below: May 17: Recorded cash from cash clients for fees earned during the period May \\( 1-16, \\$ 8,360 \\). May 20: Purchased supplies on account, \\( \\$ 735 \\). May 21: Recorded services provided on account for the period May 16-20, \\( \\$ 4,820 \\). May 25: Recorded cash from cash clients for fees earned for the period May \\( 17-23, \\$ 7,900 \\). Tho nnot alnainn \\&a:-1 L I Kelly Consulting Balance Sheet May 31, \\( 20 \\mathrm{Y} 8 \\) Assets Current assets: Total current assets Property, plant, and equipment: Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Unearned fees Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Feedback Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account \\( n \\) journal at this time.) If an amount box does not require an entry, leave it blank. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unear May 5: Received cash from clients on account, \\( \\$ 2,450 \\). May 9: Paid cash for a newspaper advertisement, \\( \\$ 225 \\). May 13: Paid Office Station Co. for part of the debt incurred on April 5, \\( \\$ 640 \\). The following is a comprehensive problem which encompasses all of the elements learned in previous 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. Then, using the attached spreadsheet from part 2, post the e epare a statement of stockholders' equity. If an amount box does not require an entry, lea ing a minus sign. Kelly Consulting Statement of Stockholders' Equity For the Month Ended May 31, 20 Y8 Kelly Consulting Kelly Consulting Unadjusted Trial Balance May 31, \\( 20 Y 8 \\) May 13: Paid Office Station Co, for part of the debt incurred on April 5, \\( \\$ 640 \\). May 15: Recorded services provided on account for the period May \\( 1-15, \\$ 9,180 \\). May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, May 17: Recorded cash from cash clients for fees earned during the period May \\( 1-16, \\$ 8.360 \\). Mav 27: Received cash from clients on account, \\( \\$ 9,520 \\). Mav 28: Paid part-time receptionist for two weeks' salary, \\$750. May 30: Paid telephone bill for May, \\$260. May 31: Paid electricity bill for May, \\( \\$ 810 \\). May 31: Paid electricity bill for May, \\( \\$ 810 \\). May 31: Recorded cash from cash clients for fees earned for the period May \\( 26-31, \\$ 3,300 \\). May 31: Recorded services provided on account for the remainder of May, \\( \\$ 2,650 \\). May 31: Paid dividends, \\( \\$ 10,500 \\). Comprehensive Problem 1 Part 8: The following is a comprehensive problem which encompasses all of the elements learned in pr concepts. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optiona Prepare an income statement. The following is a comprehensive problem which encompasses all of the elements learned in previous chapte chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly The post-closing trial balance as of April \\( 30,20 \\mathrm{Y} 8 \\), is shown below: May 17: Recorded cash from cash clients for fees earned during the period May \\( 1-16, \\$ 8,360 \\). May 20: Purchased supplies on account, \\( \\$ 735 \\). May 21: Recorded services provided on account for the period May 16-20, \\( \\$ 4,820 \\). May 25: Recorded cash from cash clients for fees earned for the period May \\( 17-23, \\$ 7,900 \\). Tho nnot alnainn \\&a:-1 L I Kelly Consulting Balance Sheet May 31, \\( 20 \\mathrm{Y} 8 \\) Assets Current assets: Total current assets Property, plant, and equipment: Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Unearned fees Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Feedback Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account \\( n \\) journal at this time.) If an amount box does not require an entry, leave it blank. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unear May 5: Received cash from clients on account, \\( \\$ 2,450 \\). May 9: Paid cash for a newspaper advertisement, \\( \\$ 225 \\). May 13: Paid Office Station Co. for part of the debt incurred on April 5, \\( \\$ 640 \\). The following is a comprehensive problem which encompasses all of the elements learned in previous 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. Then, using the attached spreadsheet from part 2, post the e epare a statement of stockholders' equity. If an amount box does not require an entry, lea ing a minus sign. Kelly Consulting Statement of Stockholders' Equity For the Month Ended May 31, 20 Y8 Kelly Consulting Kelly Consulting Unadjusted Trial Balance May 31, \\( 20 Y 8 \\) May 13: Paid Office Station Co, for part of the debt incurred on April 5, \\( \\$ 640 \\). May 15: Recorded services provided on account for the period May \\( 1-15, \\$ 9,180 \\). May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, May 17: Recorded cash from cash clients for fees earned during the period May \\( 1-16, \\$ 8.360 \\). Mav 27: Received cash from clients on account, \\( \\$ 9,520 \\). Mav 28: Paid part-time receptionist for two weeks' salary, \\$750. May 30: Paid telephone bill for May, \\$260. May 31: Paid electricity bill for May, \\( \\$ 810 \\)