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Need comprehensive problem completed with following the instructions Record tbe follosting transactions on Page 20. Punchased supplies on account, $235. 6 of the foturwat: 21.
Need comprehensive problem completed with following the instructions
Record tbe follosting transactions on Page 20. Punchased supplies on account, $235. 6 of the foturwat: 21. Provided services on account for the period May 16-20, $4820. 25. Received cash from cash clients for fers earned for the period May 17-23,57,900. 27. Heceived cash from clents on account, $9,520. 28. Paid part-time receptionist for two weeks' salary, 5750. 30. Paid telephane bill for May, $260. 31. Pald electricity bila for May, 5810 . 31. Recelved cash from Cash clients for fees eamed for the perlod May 26-31, $3,300. 31. Provided services on account for the remainder of May, 52,650 . 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, 20Y8, 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, 20Y8, and place a check mark () 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 chart of accounts. (Do not insert the account numbers in the journal at thits time.) 2. Post the joumal 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 data to complete parts (5) and (6). a. Insurance explred during May is $275. b. Supplies on hand on May 31 are $715. c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $32. e. flent expired during Moy is $1,500. f. Uneamed fees on May 31 are $3,210. 5. (Optional) Fnter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entrixs. 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. Indicate closed accounts by inserting a line in both Balance columins opposite the closing entry. 10. Prepare a post-closing trial balance Step by Step Solution
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