70.2K

Verified Solution

Link Copied!

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, 2018. 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 Ex 18 Office Equipment 53 Supplies Expense 19 Accumulated Depredation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-dosing trial balance as of April 30, 2018, is shown below Kelly Consulting Post-Closing Trial Balance April 30, 2018 Account No. Debit Credit 22.100 Accounts Receivable 12 3,400 1,350 14 15 Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Deprecation 16 3.200 1,500 14,500 18 19 330 Accounts Payable 21 800 120 23 Salaries Payable Unearned Fees Common Stock Retained Earnings 31 2,500 30,000 12,300 46,050 32 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 Recolumn of the Jumalat this time.) If an amount box does not require an entry leave it blank May 3: Received cash from dients as an advance payment for services to be provided and recorded it and 4500 Description Post. Ret Debit Credit ch 4,500 Calculator Unearned Fees 4,500 May 5: Received cash from dients on account, $2,450. Description Post, Rel Debit Cash v 2,450 Accounts Receivable Credit 2,450 May 9: Paid cash for a newspap Description Miscellaneous Expense tisement, $225. Post Credit 225 Cash 2257 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Rel. Debit Credit Accounts Payable 640 Cash v 640 May 15: Recorded services provided on account for the period May 1-15, $9.180. Description Post. Ref. Debit Credit de My Work May 30Paid telephone bill for May, $260. Description Post Ref. Debit Credit Miscellaneous Expense v 260 Cash 260 May 31: Paid electricity bill for May, $810. Description Post. Ref. Miscellaneous Expense Debit Credit 810 Cash 810 May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit Cash 3,300 Fees Earned 3,300 May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit Accounts Receivable 2,650 Fees Earned 2,650 May 21: Recorded services provided on account for the period May 16-20, 94,820. Description Debit Chodil Accounts Receivable 4,820 V Fees Farned 4,820 May 25: Recorded cash from cash dients for fees earned for the period May 17-23, $7,900. Description Post Rel. Debit Credit Cash 7,900. Fees Earned 7,900. May 27: Received cash from dients on account, $9,520. Description Post. Rel. Debit Credit Cash 9,5207 Accounts Receivable 9,5207 May 28: Paid part-time receptionist for two weeks' salary, $750 Post Rel. Debit Credit Description Salary Expense 750 Cash 750 Description Post. Ref Debit Credit Accounts Receivable 9,180 Fees Earned 9,180 May 16: Pald part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Rel. Debit Credit Salary Expense 630 Salaries Payable 120 Cash 750 May 17: Recorded cash from cash dients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit Cash v 8,360. Fees Farned 8,360. May 20: Purchased supplies on account, $735. Description Post. Ref. Supplies Debit Credit 735 7 Accounts Payable 735 Comprehensive Problem Calculator Cash 3,300 Fees Earned 3,300 May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit Accounts Receivable 2,650 Fees Earned 2,650 May 31: Paid dividends, $10,500. Description Post. Ref. Debit Credit Dividends 10,500 Cash 10,500 Feedback Check My Work Part 2 and Part 3 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. Note: You must complete part 1 before completing parts 2 and 3. Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts. Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank Kelly Consulting Unadjusted Trial Balance May 31, 2048 Debit Credit Account Title Balances Balances Cash 44,195 Accounts Receivable 8,080 2,085 Supplies Prepaid Rent 3,200 Prepaid Insurance 1,500 14,500 Office Equipment Accumulated Depreciation Accounts Payable 330 895 Accounts Payable 895 Salaries Payable Unearned Fees 7,000 Common Stock 30,000 Retained Earnings 12,300 Dividends 10,500 Fees Earned 36,210 Salary Expense 1.380 Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense 1,295 86,735 86,735 Comprehensive Problem 1 Part 4 and Part 6: 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. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part is optional Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is f. Unearned fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Date Account Name Post. Ref. Debit Credit May 31 Insurance Expense 275 Prepaid Insurance 275 b. Supplies on hand on May 31 are $715. Date Account Name Post. Ref. Debit Credit IM Stilles Fence 1270 May 31 Salary Expense 325 Salaries Payable 325 e. Rent expired during May is $1,600. Date Account Name Post. Ref. Debit Credit May 31 Rent Expense 1,600 Prepaid 1,600 f. Unearned fees on May 31 are $3,210. Date Account Name Post. Ref. Debit Credit May 31 Unearned Fees 3,790 V Fees Earned 3,790 Feedback CheckMy Work in mind that you will be making an adjusting entry for each of these that affects at least one income statement account Calculator Supplies 1,370 c. Depreciation of office equipment for May is $330. Date Account Name Post Ref Debit Credit May Depreciation Expense 330 31 Accumulated Depreciation 330 d. Accrued receptionist sa May 31 is $325. Date Account Name Post. Ref. Debit Credit May 31 Salary Expense 325 Salaries Payable 325 e. Rent expired during May is $1,600. Date Account Name Post. Ref. Debit Credit May 31 Rent Expense 1,600 Prepaid Rent 1,600 Comprehensive Problem 1 Part 5: Work Sheet 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. Note: You must complete parts 1, 2, 3, 4 before completing parts. Part 5: Enter the unadjusted trial balance on an end-of-period spread sheet) and complete the spreadsheet using the following adjustment data. a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. E. Unearned fees on May 31 are $3,210. If an amount box does not require an entry, leave it blank or enter"0", Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2018 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Account Title Debit Credit Debit Credit Debit Balance Sheet Debit Credit Credit Debit Credit Cash Accounts Receivable Supplies Ca Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depreciation Accounts Payable Salarles Payable Uneamed Fees Common Stock Retained Earnings Dividends Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Comprehensive Problem 1 Part 7: 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. Note: You must complete parts 1, 2, 3, 4, and 6 before completing part 7. Part 5 is optional. Prepare an adjusted trial balance. If an amount box does nouim an entry, leave it blank. Kelly Consulting Adjusted Trial Balance May 31, 2018 Account Title Debit Balances Credit Balances 1:191 7/2572 13 + 99 Calculator Part 8: 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. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional. Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 2018 Expenses: 202USU MUS-112-0.. > Clothes for Women... Application Form Search Bus. Gotous My Courses Prepare a statement of stockholders' equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. 2 Kelly Consulting Statement of Stockholders' Equity For the Month Ended May 31, 2048 Common Stock Retained Earnings Total Balances, May 1, 2018 Net income Dividends Balances, May 31, 2018 30,000 35,2257 65,225 Prepare a balance sheet. Kelly Consulting Check My Work 2020SU MUS-112-0... / Clothes for Women... Application Form Search Bus. GotoBus m My Courses sing Godgift Uwakwego... Prepare con Balance Sheet Assets Liabilities Current assets: Current liabilities: Cash 44,195 715 Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity Total property, plant, and equipment Total stockholders' equity Total assets Total liabilities and stockholders' equity Feed The following is a comprehensiv 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. Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank. Date Account Name Post. Ref. Debit Credit 20Y8 Closing Entries May 31 Fees Earned May 31 LUPISIVE Prurem i Part 10: The following is a comprehensive problem which are ees all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before completing part 10. Part 5 is optional. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank. Kelly Consulting Post-Closing Trial Balance May 31, 20Y8 Account Title Debit Balances Balances Cash 44,195 Check My Work

Answer & Explanation Solved by verified expert

See Answer