Peston Smith made investments male and post the closing entries. Indicate closed amounts by inserting a line in boch Ralance columns opposite the closing entry Prepare a post-closing trial balance. Comprehensive Problem 1 Net income Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The ac $13.495 counting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: 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. 13. Paid Office Station Co. for part of the debt incurred on April 5, $610. 15. Provided services on account for the period May 1-15. $9.180. 16. Pald part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 17. Received cash from cash clients for fees earned during the period May 1-16. $8.360 Record the following transactions on Page 6 of the journal 20. Purchased supplies on account, $735 21. Provided services on account for the period May 16-20, $4,820 25. Received cash from cash clients for fees earned for the period May 17-23, $7.900 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. Received cash from cash clients for fees earned for the period 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, 2019. 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, 2019, 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 this time) 2 Post the mal to ledger of four-column accounts 3. Prepare an wa sted trial balance At the end of May the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6) ance expired during May $275. Supplies and May 31 are $715 e cu son Page hot insert the ac alled a an up Janice the end ngadi and 5275. these Chapter 4 Completing the Accounting Cycle 227 c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. 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 columns opposite the closing entry. 10. Prepare a post-closing trial balance. Cases & Projects 3 CP 4-1 Ethics in Action New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has nu l l In Lomm this balance sheet will Peston Smith made investments male and post the closing entries. Indicate closed amounts by inserting a line in boch Ralance columns opposite the closing entry Prepare a post-closing trial balance. Comprehensive Problem 1 Net income Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The ac $13.495 counting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: 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. 13. Paid Office Station Co. for part of the debt incurred on April 5, $610. 15. Provided services on account for the period May 1-15. $9.180. 16. Pald part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 17. Received cash from cash clients for fees earned during the period May 1-16. $8.360 Record the following transactions on Page 6 of the journal 20. Purchased supplies on account, $735 21. Provided services on account for the period May 16-20, $4,820 25. Received cash from cash clients for fees earned for the period May 17-23, $7.900 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. Received cash from cash clients for fees earned for the period 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, 2019. 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, 2019, 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 this time) 2 Post the mal to ledger of four-column accounts 3. Prepare an wa sted trial balance At the end of May the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6) ance expired during May $275. Supplies and May 31 are $715 e cu son Page hot insert the ac alled a an up Janice the end ngadi and 5275. these Chapter 4 Completing the Accounting Cycle 227 c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. 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 columns opposite the closing entry. 10. Prepare a post-closing trial balance. Cases & Projects 3 CP 4-1 Ethics in Action New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has nu l l In Lomm this balance sheet will