Kelly Pitney began her consulting business, Kelly consulting, on April 1, 2014.During May, Kelly Consulting entered into the following transactions: May 3. Recieved cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4550. May 5. Recieved cash from clients on account, $2450. 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. May 15. Recorded services provided on account for the period of May 1-15, $9180. May 16. Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750. May 17. Recorded cash from cash clients for fees earned during the period May 1-16, $8360. May 20. Purchased supplies on account, $735. May 21. Recorded services provided on account for the period May 16-20, $4820. May 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7900. May 27. Recieved cash from clients on account, $9520 May 28. Paid part-time receptionist for two weeks’ salary,$750. May 30. Paid telephone bill for May, $26. May 31. Paid electricity bill for May, $3300. May 31. Recorded cash from cash clients for fees earned for the period May 26-31, $3300 May 31. Recorded services provided on account for the remainder of May, $2650. May 31. Kelly Withdrew $10,500 for personal use.
INSTUCTIONS:
1. The chart of accounts for Kelly Consulting is shown on page 164, and the post-closing tial balance as of April 30, 2014, is shown on page 171. (I will provide these at the end of question) For each account in the post-closing trial balance, enter the balance enter the the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2014, and place a check mark in the post reference coulmn. Journalize each of the May transactions in a two- column journal using Kelly Consulting’s chart of accounts. (do not insert the account numbers in the journal at this time.)
2. Post the journal to a ledger of four-column accounts.
3. Prepare and unadjusted trial balance. 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 expiredd during May is 1,600. f. Unearned fees on May 31 are $3210. 6. Journalize and post the adjusting entries. Items from page 171 debt balances cash = 22100 accounts receivable=3400 supplies 1350 prepaid rent 3200 prepaid ins 1500 office equipment 14500 credit balances accumlAted dep 330 accounts payable 800 salaries payable 120 unearned fees 2500 kelly pitney capital 46050 Items from pg 164 11-cash 12-accounts receiveable 14-supplies 15 prepaid rent 16 prepaid ins 18 office equip 19 acc depreciat 21 accounts payable 22 salaries payable 23 unearned fees 31 capital 33 income summary 41 fees earned 51 salaries expense 53 supply expense 54 dep expense 55 ins expense 59 misc expenses
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