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kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2015. The accounting cycle - for egete kelly Consulting for April, including financial Statements, was illustrated in this chapter, During Hag 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 a. Paid cash for a newspaper advertisement, $225. 13. Paid Office Station Co. for part of the debt - incurred on April 5, $ 640. 15. Provided services on account for the period May 1-15, $9,180 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. A. Received cash from cash clients for fees earned. during the period May 1-1.6 $8,360 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. Presided services on account for the remainder of May, 2,650 31. Kelly withdrew & 10,500 for personal use. BIU A = A B C D E F G H I J K L M N O P Q R S T U v w x y z 151 and 2 JOURNAL Page 3 Sor t id Credit May 9 Cash Uneamed Fees 4,500 s Cash Accounts Receivable 2.450 9 Miscelaneous Expense 13 Accounts Payable 9,180 15 Accounts Receivable Fees Eamed 180 16 Salary Expense Salaries Payable Cash 750 8.360 17 Cash Fees Eamed Ret. Debit Credit May 20 Supplies Accounts Payable 14 735 735 21 Accounts Receivable Fees Eamed 4.820 25 Cash 7.800 Fees Eamed 7,500 27 Cash Accounts Receivable 9.520 29 Salary Expense Cash 750 30 280 scaneous Expense Cash 31 Miscellaneous Expense Cash 31 Cash Fees Eamed 3.300 31 Accounts Receivable Fees Eamed 31 Kaly Pitney Drawing A Comp. Prob. 1 + fx E F G H I J K L M N O P Q R S T U V 260 261 262 KELLY CONSULTING Unadjusted Trial Balance May 31, 2019 Acct. Credit Balances 11 Debit Balances 44,195 8.080 2.085 3.200 1,500 14.500 895 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Kelley Pitney, Capital Kelley Pitney, Drawing Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 7.000 42.300 10.500 36.210 1.380 281 282 1,295 86,735 283 284 285 286 E F G H I J K L M N O P Q R S T U V W X Y KELLY CONSULTING Statement of Owner's Equity For the Month Ended May 31, 2019 $42.300 390 Kelley Pitney, capital, May 1, 2019 Net Income for the month Withdrawals Increase in owner's equity Kelley Pitney.capital, May 31, 2019 $33 425 (10.500) 22.925 $65 225 393 395 396 397 KELLY CONSULTING 399 $44,195 404 KELLY CONSULTING Balance Sheet May 31, 2019 Assets Current assets: Cash Accounts receivable Supplies Prepaid rent Prepaid insurance Total current assets Property, plant, and equipment Office equipment Accumulated depreciation Total property, plant, and equipment Total assets 1225 $55.815 405 406 407 408 409 14.500 410 411 S69 655 412 Liabilities Current assets: Accounts payable Salarios payable Unearned fees Total liabilities Owner's Equity Kelley Pitney.capital Total liabilities and owner's equity 418 $ 4.430 419 420 65 225 $69.655 422 424 JOURNAL Page 8 Post Credit 2019 40.000 Date Description Closing Entries May 31 Fees Eamed Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Kelley Pitney Capital 432 88 1.705 1.600 1,370 330 275 1 295 33 425 436 31 Kelley Pitney, Capital Kelley Pitney. Drawing 10,500 438 10.500 439 | BI U SA = PABLO E AB c o E F G H I J K L M N O P Q R S T U V W 440 441 10. 442 443 Credit Balances 444 445 446 KELLY CONSULTING Post-Closing Trial Balance May 31, 2019 Acct. No. Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Uneamed Fees Kelley Pitney. Capital Debit Balances 44,195 8,080 715 1,600 1,225 14,500 448 449 450 451 452 660 895 325 3.210 65.225 70.315 454 455 456 457 458 459 460 KELLY CONSULTING End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2019 Adjusted Adjustments Trial Balance Unadjusted Trial Balance 294 295 296 297 44,195 8080 2,085 3.200 1,500 14,500 298 299 330 302 Account Title Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Unearned Fees Keley Paney, Capital Keley Pitney. Drawing Fees Eamed Salary Expense Rent Expense Supplies Exponse Depreciation Expense Insurance Expense Miscellaneous Expense 7.000 42.300 304 10,500 306 36.210 1,380 308 310 311 312 1.285 313 86.735 86.735 Net Income 315 BI U SA = tz A B C D E J K L M N O P Q R S T U V W X Y F G H I GENERAL LEDGER 78 2.6 and 9 Cash Balance Post. Ref. Date F2019 May 1 Balance 4.500 2.450 22,100 26,600 29,050 28.8.25 28,185 27,435 750 SSSSSSSSS 735 7.900 9 500 750 260 810 3.300 Accounts Receivable Cr. 102 Date 2019 May 1 Balance 103 106 3.400 2,450 950 105 106 9.180 21 4820 10,130 14,950 5,430 8,080 107 108 9,520 2.650 109 110 Supplies Balance Cr. Date 111 112 113 114 115 116 117 2019 May 1 Balance 2,085 31 Adjusting 119 Prepaid Rent 15 Balance 121 122 123 124 125 Date 2019 May 1 31 Balance Adjusting 126 127 128 Prepaid Insurance 129 130 Date Dr. Cr. 131 132 133 2019 May 1 Balance 31 Adjusting 134 135 Review View Home Insert Draw Formulas BIU E Data A E fx N O P R S T U V W X 143 144 Accumulated Depreciation Post. Balance 145 146 Ref. Dr. Cr. Dr. Cr 147 148 149 Date 2019 May 1 Balance 31 Adjusting 150 151 Accounts Payable 21 152 153 154 155 Dr Date 2019 May 1 Balance 800 156 157 20 159 160 161 Salaries Payable 22 162 Balance Cr. Dr. 163 164 Date 2019 May 1 Balance 165 168 167 31 Adjusting 168 Unearned Fees 169 170 Ref. 171 172 Dr. Cr. Dr. Cr. Date 2019 May 173 1 Balance 2.500 174 175 176 31 Adjusting 177 Kelley Pitney, Capital Balance 178 179 180 181 182 183 Date 2019 May 1 31 31 42 300 Balance Closing Closing 184 185 186 187 188 Post. Balance 189 Kelley Pitney, Drawing Date Item 2019 May 31 31 Closing Ref Dr. Cr. 32 C. Dr. 190 191 192 193 194 BI U LA = E E 31 Aug 31 Closing Salary Expense 212 215 216 31 31 Adjusting Closing 217 218 219 220 222 2015 May 31 Adjusting 31 Closing Supplies Expense 23 2019 May 31 31 Adjusting Closing 233 Depreciation Eupense 236 20 May 31 Austing 31 Closing 200 Insurance Expense 2019 May 31 Aug Closing Miscellaneous Expense 2019 33333333