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, 2016. The chart of accounts for Kelly Consulting is shown below:
11 Cash | 31 Kelly Pitney, Capital |
12 Accounts Receivable | 32 Kelly Pitney, Drawing |
14 Supplies | 33 Income Summary |
15 Prepaid Rent | 41 Fees Earned |
16 Prepaid Insurance | 51 Salary Expense |
18 Office Equipment | 52 Rent Expense |
19 Accumulated Depreciation | 53 Supplies Expense |
21 Accounts Payable | 54 Depreciation Expense |
22 Salaries Payable | 55 Insurance Expense |
23 Unearned Fees | 59 Miscellaneous Expense |
The post-closing trial balance as of April 30, 2016
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.) For a compound transaction, 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 |
---|---|---|---|
May 5: Received cash from clients on account, $2,450.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 9: Paid cash for a newspaper advertisement, $225.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 15: Recorded services provided on account for the period May 115, $9,180.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 17: Recorded cash from cash clients for fees earned during the period May 116, $8,360.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 20: Purchased supplies on account, $735.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 21: Recorded services provided on account for the period May 1620, $4,820.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 25: Recorded cash from cash clients for fees earned for the period May 1723, $7,900.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 27: Received cash from clients on account, $9,520.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 28: Paid part-time receptionist for two weeks' salary, $750.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 30: Paid telephone bill for May, $260.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 31: Paid electricity bill for May, $810.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 31: Recorded cash from cash clients for fees earned for the period May 2631, $3,300.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 31: Recorded services provided on account for the remainder of May, $2,650.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
May 31: Kelly withdrew $10,500 for personal use.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|
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