Question
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
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 |
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