Instructions: Charts of Accounts: Journal:

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Instructions:

Instructions Charts Of Accounts Journal 1 (34.43 KiB) Viewed 45 times

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Charts of Accounts:

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Journal:

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Instructions Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4.500 5 Received cash from clients on account, $2,450. 9 Paid cash for a newspaper advertisement, $225 13 Paid Office Station Co. for part of the debt incurred on April 5, $640 15 Provided services on account for the period May 1-15, $9.180. 16 Paid part-time receptionist for two weeks salary including the amount owed on April 30, $750. Received cash from cash clients for fees earned during the period May 1-16, $8.360 17
Instructions Record the following transactions on Page 6 of the journal May 20 Purchased supplies on account, $735. 8525 88555 Provided services on account for the period May 16-20, $4,820 Received cash from cash clients for fees earned for the period May 17-23 $7,900 27 Received cash from clients on account, 59,520 Paid part-time receptionist for two weeks' salary. $750 Paid telephone bill for May, $260. Paid electricity bill for May $810. 31 Received cash from cash clients for fees earned for the period May 26-31, $3,300 Provided services on account for the remainder of May, $2,650, 31 31 Kelly withdrew $10,500 for personal use 21 28 30 31
Instructions Required: 1. The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 2019, is shown below A. Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem B. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account Date the balances May 1, 2019, enter Balance in the item column and enter in the Posting Reference column. C. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal Refer to the Chart of Accounts for exact wording of account tities (Do not insert the account numbers in the journal at this time) 2. Post the journal entries on pages 5 and 6 of the journal to the ledger of four-column accounts A. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts B. Add the appropriate posting reference to the journal 42
Instructions B. Add the appropriate posting reference to the journal. 3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6) • Insurance expired during May is $275 * Supplies on hand on May 31 are $715 Depreciation of office equipment for May is $330 Accrued receptionist salary on May 31 is $325 Rent expired during May is $1,600 • Unearned fees on May 31 are $3.210 5. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet Find a blank end-of-penod work sheet in the Excel spreadsheet you previously downloaded 76244
of Accounts Journ Ledger Unadjusted Trial Balance Instructions 5. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded 6. A. Journalize the adjusting entries on Page 7 of the journal. Refer to the Chart of Accounts for exact wording of account titles B. Post the adjusting entries to the ledger, inserting balances in the accounts affected C. Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW 7. Prepare an adjusted trial balance Accounts with zero balances can be left blank Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2019
Instructions Cash Accounts Receivable Supplies Prepaid Rent Prepaid insurance Office Equipment Accutulated Depreciation Kelly Consulting POST CLOSING TRIAL BALANCE April 30, 2019 ACCOUNT TITLE DEBIT 22.100.00 3,400.00 1.350.00 3.200.00 1.500.00 14.500.00 CREDIT 1950.00
Instructions Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable 10 Unearned Fens Kelly Pitney Capital Totals 3.200.00 1.500.00 14.500.00 45.050.00 330.00 800.00 120.00 21500.00 471300.00 46.250.00
Chart of Accounts CHART OF ACCOUNTS Kelly Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment. 19 Accumulated Depreciation REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 57
Chart of Accounts 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense Xx
Chart of Accounts 19 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees: EQUITY 31 Kelly Pitney Capital 32 Kelly Pitney, Drawing 54 Depreciation Experise 55 Insurance Expense 59 Miscellaneous Expense X
spojence Journal 1. C. Journalize each of the May transactions in the two-column journal starting on Page 5 of the journal Refer to the Chart of Accounts for exact wording of account titles. (Do not insert the account numbers in the journal at this time) 2. B. Add the appropriate posting reference to the journal in CengageNOW 6. A Journalize the adjusting entries on Page 7 of the journal Refer to the Chart of Accounts for exact wording of account titles 6. C. Add the appropriate posting reference to the journal in CengageNOW Note: Scroll down for pages 6 and 7 of the journal PAGE 5 JOURNAL