Part 1 Comprehensive Problem 1: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2015. 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. The chart of accounts for Kelly Consulting is shown below: 11 Cash 31 Kelly Pitney, Capital 12 Accounts Receivable 32 Kelly Pitney, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees The post-closing trial balance as of April 30, 2045 Required: Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) If an amount box does not require an entry, leave it blank. Kelly Consulting Post-Closing Trial Balance April 30, 2015 EXHIBIT 17 Post-Closing Trial Balance, Kelly Consulting Account No. Cash..... Accounts Receivable, Supplies............. Prepaid Rent.... Prepaid Insurance.. Office Equipment..... Accumulated Depreciation..... Accounts Payable....... Salaries Payable....... Unearned Fees....... Kelly Pitney, Capital.. 11 12 14 15 16 18 19 21 22 23 31 Debit Credit Balances Balances 22,100 3,400 1,350 3,200 1,500 14,500 330 800 120 2,500 42,300 46,050 46,050 .... Required: Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the 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 unearned fees, $4,500. Description Post. Ref. Debit Credit May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Credit May 9: Paid cash for a newspaper advertisement, $225. Description Post. Ref. Debit Credit May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit May 15: Provided services on account for the period May 1-15, $9,180. Description Post. Ref. Debit Credit May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit May 17: Received cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit May 20: Purchased supplies on account, $735. Description Post. Ref. Debit Credit May 21: Provided services on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit May 25: Received cash from cash clients for fees earned for the period May 17-23, $7,900. Description Post. Ref. Debit Credit May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Credit May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Received cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit May 31: Provided services on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit May 31: Kelly withdrew $10,500 for personal use. Description Post. Ref. Debit Credit
