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Prepare a complete set of Financial Statements, for a start-up business including:
Journal Entries for all business Events. (Complete)
Posting to T-Accounts
Preparing an Unadjusted Trial Balance
An end-of-period spreadsheet
Journalize and post Adjusting Entries
Prepare an Adjusted Trial Balance
Prepare (in proper financial statement format) Income Statement, Statement of Owner's Equity, and a Balance Sheet
Prepare and post closing period entries
Prepare a post-closing Trial Balance
D93 3 4 A B E End of Chapter 4-9k 123456 Comprehensive Problem Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in Chapter 4. During May, Kelly Consulting entered into the following Tranactions: 5 $4,500 7 May 3 Received Cash from clients as an advance payment for services to be provided. May 5 Received Cash from clients on account $2,450 9 10 11 May 9 Paid Cash for a newspaper advertisement $225 ! S640 13 May 13 Paid Office Station Co. for part of the debt incurred on April May 15 Recorded services provided on account for the period May 1-15 $41,152 15 May 16 Paid receptionist for two weeks'salary, including the amount owed on April 30 $750 17 May 17 Recorded Cash from cash clients forfees earned during the period May 1-16 $8,360 19 21 5735 May 20 Purchased supplies on account May 21 Recorded services provided on account for the period May 16-20 $4,820 23 $7.900 25 May 25 Recordedoash from cash clients for fees earned for the period May 17-23 Student Type here to search o BI D93 A E B May 25 Recorded cash from cash olients for fees earned for the period May 17-23 $7,900 25 27 $30,864 29 5750 May 27 Received cash from clients on account May 28 Paid receptionist for two weeks' salary May 30 Paid telephone bill for May May 31 Paid electricity bill for May 31 $260 33 $3,086 $3,300 35 May 31 Recorded Cash from cash clients for fees earned for the period May 26-31 May 31 Recorded services provided on account for the May 31 Paid Dividends in the amount of 37 90 39 YO 41 $2,650 $10,500 At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6) 42 43 44 45 46 47 May 31 1. Insurance expired during May 2. Supplies on hand on May 31 are 3. Depreciation of office equipment for May is 4. Accrued receptionist salary on May 31 is 5. Rent expired during May is 6. Unearned fees on May 31 are 275 715 330 325 1,600 3,210 48 49 50 51 52 54 Instructions: 1 Journalize the transactions for May 2018 2 Post the journal to the ledgar T-accounts 3 Prepare an Unadjusted Trial Balance Student 56 Type here to search ORI D93 X A B E 58 60 62 4 Journalize the adjusting entries (see Above) 5 Post the journal (Adj. Entries) to the ledger T-accounts 6 Prepare an Adjusted Trial Balance 7 Prepare an Income Statement, Statement of Retained Earnings, and a Balance Sheet for the 8 Journalize and post the closing entries 9 Prepare a Post-Closing Trial Balance 64 66 68 69 70 71 72 73 74 75 76 77 78 79 Chart of Accounts for Kelly Consulting 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stook 32 Retained Earnings 33 Dividends 34 Income Summary 41 Fees Earned 51 Salary Expense 52 Rent Expense Student 81 82 83 84 85 87 Type here to search o D93 X A B 88 89 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense 90 91 93 Post Closing Trial Balance for April. Use the le balances in your ledger when you start May 94 Credits 95 96 97 98 99 Debits 27,800 5,400 1,350 3,200 1,500 14,500 Accnt Num Account Name 11 Cash S 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stock 32 Retained Earnings $ 100 101 102 103 104 105 06 S 330 800 120 2,500 30,000 20,000 53,750 207 53,750 S 108 109 110 111 12 13 14 Student Type here to search
