Question Content Area Comprehensive Problem 1 Part 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, 20Y8 The chart of accounts for Kelly Consulting is shown below 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 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 31 Common Stock The post closing trial balance as of April 30, 20Y8, is shown below Kelly Consulting Post Closing Trial Balance April 30, 20Y8 Account No Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14 1,350 Prepaid Rent 15 3,200 Prepaid Insurance 16 1,500 Office Equipment 18 14,500 Accumulated Depreciation 19 330 Accounts Payable 21 800 Salaries Payable 22 120 Unearned Fees 23 2,500 Common Stock 31 30,000 Retained Earnings 32 12,300 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 Accounts ReceivableCashFees EarnedPrepaid RentUnearned Fees fill in the blank 2 fill in the blank 3 Accounts ReceivableCashFees EarnedPrepaid RentUnearned Fees fill in the blank 5 fill in the blank 6 May 5 Received cash from clients on account, $2,450 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 8 fill in the blank 9 Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 11 fill in the blank 12 May 9 Paid cash for a newspaper advertisement, $225 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseRent Expense fill in the blank 14 fill in the blank 15 Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies Expense fill in the blank 17 fill in the blank 18 May 13 Paid Office Station Co for part of the debt incurred on April 5, $640 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashOffice EquipmentSupplies Expense fill in the blank 20 fill in the blank 21 Accounts PayableAccounts ReceivableCashOffice EquipmentSupplies Expense fill in the blank 23 fill in the blank 24 May 15 Recorded services provided on account for the period May 115, $9,180 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 26 fill in the blank 27 Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 29 fill in the blank 30 May 16 Paid part time receptionist for two weeks' salary including the amount owed on April 30, $750 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashFees EarnedSalary Expense fill in the blank 32 fill in the blank 33 Accounts ReceivableCashFees EarnedSalaries PayableUnearned Fees fill in the blank 35 fill in the blank 36 Accounts PayableCashFees EarnedSalaries PayableSalary Expense fill in the blank 38 fill in the blank 39 May 17 Recorded cash from cash clients for fees earned during the period May 116, $8,360 Description Post Ref Debit Credit Accounts ReceivableCashFees EarnedSalary ExpenseUnearned Fees fill in the blank 41 fill in the blank 42 Accounts PayableCashFees EarnedSalaries PayableUnearned Fees fill in the blank 44 fill in the blank 45 May 20 Purchased supplies on account, $735 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashOffice EquipmentSupplies fill in the blank 47 fill in the blank 48 Accounts PayableAccounts ReceivableCashSuppliesSupplies Expense fill in the blank 50 fill in the blank 51 May 21 Recorded services provided on account for the period May 1620, $4,820 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 53 fill in the blank 54 Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 56 fill in the blank 57 May 25 Recorded cash from cash clients for fees earned for the period May 1723, $7,900 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 59 fill in the blank 60 Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 62 fill in the blank 63 May 27 Received cash from clients on account, $9,520 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 65 fill in the blank 66 Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 68 fill in the blank 69 May 28 Paid part time receptionist for two weeks' salary, $750 Description Post Ref Debit Credit Accounts PayableCashMiscellaneous ExpenseSalaries PayableSalary Expense fill in the blank 71 fill in the blank 72 Accounts PayableCashSalaries PayableSalary ExpenseUnearned Fees fill in the blank 74 fill in the blank 75 May 30 Paid telephone bill for May, $260 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies Expense fill in the blank 77 fill in the blank 78 Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies fill in the blank 80 fill in the blank 81 May 31 Paid electricity bill for May, $810 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseOffice Equipment fill in the blank 83 fill in the blank 84 Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies fill in the blank 86 fill in the blank 87 May 31 Recorded cash from cash clients for fees earned for the period May 2631, $3,300 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 89 fill in the blank 90 Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 92 fill in the blank 93 May 31 Recorded services provided on account for the remainder of May, $2,650 Description Post Ref Debit Credit Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 95 fill in the blank 96 Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees fill in the blank 98 fill in the blank 99 May 31 Paid dividends, $10,500 Description Post Ref Debit Credit Accounts PayableCashDividendsMiscellaneous ExpenseRetained Earnings fill in the blank 101 fill in the blank 102 Accounts PayableCashDividendsMiscellaneous ExpenseRetained Earnings fill in the blank 104 fill in the blank 105 This is what the page looks like blank May 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500 May 5 Received cash from clients on account, $2,450 May 9 Paid cash for a newspaper advertisement, $225 May 13 Paid Office Station Co for part of the debt incurred on April 5, $640 3 more Check My Work uses remaining Next blank May 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500 May 5 Received cash from clients on account, $2,450 May 9 Paid cash for a newspaper advertisement, $225 May 13 Paid Office Station Co for part of the debt incurred on April 5, $640 3 more Check My Work uses remaining Next

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Question Content Area Comprehensive Problem 1 Part 1: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You

Question Content Area

Comprehensive Problem 1 Part 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, 20Y8. The chart of accounts for Kelly Consulting is shown below:

11	Cash	32	Retained Earnings
12	Accounts Receivable	33	Dividends
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
31	Common Stock

The post-closing trial balance as of April 30, 20Y8, is shown below:

Kelly Consulting Post-Closing Trial Balance April 30, 20Y8
	Account No.	Debit	Credit
Cash	11	22,100
Accounts Receivable	12	3,400
Supplies	14	1,350
Prepaid Rent	15	3,200
Prepaid Insurance	16	1,500
Office Equipment	18	14,500
Accumulated Depreciation	19		330
Accounts Payable	21		800
Salaries Payable	22		120
Unearned Fees	23		2,500
Common Stock	31		30,000
Retained Earnings	32		12,300
		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
Accounts ReceivableCashFees EarnedPrepaid RentUnearned Fees		fill in the blank 2	fill in the blank 3
Accounts ReceivableCashFees EarnedPrepaid RentUnearned Fees		fill in the blank 5	fill in the blank 6

May 5: Received cash from clients on account, $2,450.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 8	fill in the blank 9
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 11	fill in the blank 12

May 9: Paid cash for a newspaper advertisement, $225.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseRent Expense		fill in the blank 14	fill in the blank 15
Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies Expense		fill in the blank 17	fill in the blank 18

May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashOffice EquipmentSupplies Expense		fill in the blank 20	fill in the blank 21
Accounts PayableAccounts ReceivableCashOffice EquipmentSupplies Expense		fill in the blank 23	fill in the blank 24

May 15: Recorded services provided on account for the period May 115, $9,180.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 26	fill in the blank 27
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 29	fill in the blank 30

May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.

Description	Debit	Credit
Accounts PayableAccounts ReceivableCashFees EarnedSalary Expense	fill in the blank 32	fill in the blank 33
Accounts ReceivableCashFees EarnedSalaries PayableUnearned Fees	fill in the blank 35	fill in the blank 36
Accounts PayableCashFees EarnedSalaries PayableSalary Expense	fill in the blank 38	fill in the blank 39

May 17: Recorded cash from cash clients for fees earned during the period May 116, $8,360.

Description	Post. Ref.	Debit	Credit
Accounts ReceivableCashFees EarnedSalary ExpenseUnearned Fees		fill in the blank 41	fill in the blank 42
Accounts PayableCashFees EarnedSalaries PayableUnearned Fees		fill in the blank 44	fill in the blank 45

May 20: Purchased supplies on account, $735.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashOffice EquipmentSupplies		fill in the blank 47	fill in the blank 48
Accounts PayableAccounts ReceivableCashSuppliesSupplies Expense		fill in the blank 50	fill in the blank 51

May 21: Recorded services provided on account for the period May 1620, $4,820.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 53	fill in the blank 54
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 56	fill in the blank 57

May 25: Recorded cash from cash clients for fees earned for the period May 1723, $7,900.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 59	fill in the blank 60
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 62	fill in the blank 63

May 27: Received cash from clients on account, $9,520.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 65	fill in the blank 66
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 68	fill in the blank 69

May 28: Paid part-time receptionist for two weeks' salary, $750.

Description	Post. Ref.	Debit	Credit
Accounts PayableCashMiscellaneous ExpenseSalaries PayableSalary Expense		fill in the blank 71	fill in the blank 72
Accounts PayableCashSalaries PayableSalary ExpenseUnearned Fees		fill in the blank 74	fill in the blank 75

May 30: Paid telephone bill for May, $260.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies Expense		fill in the blank 77	fill in the blank 78
Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies		fill in the blank 80	fill in the blank 81

May 31: Paid electricity bill for May, $810.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseOffice Equipment		fill in the blank 83	fill in the blank 84
Accounts PayableAccounts ReceivableCashMiscellaneous ExpenseSupplies		fill in the blank 86	fill in the blank 87

May 31: Recorded cash from cash clients for fees earned for the period May 2631, $3,300.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 89	fill in the blank 90
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 92	fill in the blank 93

May 31: Recorded services provided on account for the remainder of May, $2,650.

Description	Post. Ref.	Debit	Credit
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 95	fill in the blank 96
Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees		fill in the blank 98	fill in the blank 99

May 31: Paid dividends, $10,500.

Description	Post. Ref.	Debit	Credit
Accounts PayableCashDividendsMiscellaneous ExpenseRetained Earnings		fill in the blank 101	fill in the blank 102
Accounts PayableCashDividendsMiscellaneous ExpenseRetained Earnings		fill in the blank 104	fill in the blank 105

image text in transcribed This is what the page looks like.

blank. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. May 5: Received cash from clients on account, $2,450. May 9: Paid cash for a newspaper advertisement, $225. May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. 3 more Check My Work uses remaining. Next blank. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. May 5: Received cash from clients on account, $2,450. May 9: Paid cash for a newspaper advertisement, $225. May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. 3 more Check My Work uses remaining. Next