Answer Happy

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 cients on account 52.450, 9 Paid cash for a newspaper advertisement, $225 13 Paid Office Station Co. for part of the debt incurred on April 5, 5640 15 Provided services on account for the period May 1-15, 59.180. 16 Paid part-time receptionist for two weeks salary including the amount owed on April 30, $750. 17 Received cash from cash cients for fees earned during the period May 1-16, 58,360 Record the following transactions on Page 6 of the journa May 20 Purchased supplies on account $735 21 Provided services on account for the period May 16-20.54.820
Instructions Record the following transactions on Page 6 of the journal May 20 Purchased supplies on account, $735 21 Provided services on account for the period May 16-20, $4.820 25 Received cash from cash clients for fees earned for the period May 17-23, $7.900. Received cash from clients on account $9.520 27 28 Paid part-time receptionist for two weeks' salary $750 30 Paid telephone bill for May, $260 31 Paid electricity bill for May $810 31 Received cash from cash clients for fees earned for the period May 26-31, $3.300 31 Provided services on account for the remainder of May $2.650 31 Kelly withdrew 510 500 for personal use Required: 1. The chart of accounts is shown in a separate panel and the post-closing trial balance as of Apr 30 2019 is shown below A Download the spreadsheet in the Legger panel and save the Excel file to your computer Be sure to save your work in Excel as it will be ear in enmniare the follninn etans in Dar tntthie nmhtam se wall ac crane in Dan 9 of thic nohlam not just the
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 x in the Posting Reference column C. Journalize each of the May transactions in a two-column journal starting on Page 3 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 journer to a ledger of four-column accounts B. Add the appropriate posting reference to the journal 3. Prepare an unadjusted trial balance Accounts with zero oalances can be left bank 4 At the end of May the following adjustment data were assembled Analyze and use these data to complete parts (3) and (6) • Insurance expired during May is $275 •Supplies on hand on May 31 are 5715
Instructions 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 feed 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-period work sheet in the Excel spreadsheet your 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
Instructions 1 Cash 2 Accounts Receivable 1 Supplies Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2019 ACCOUNT TITLE Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable DEBIT 22.100.00 3.400.00 1.350.00 3.200.00 1.500.00 14.500.00 CREDIT 330.00 800.00 120.00 2.300.00
1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation $Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 12 Totals 22,100.00 3,400.00 1,350.00 3,200.00 1.500.00 14,500.00 46,050.00 330.00 800.00 120.00 2.500.00 42.300.00 46,050.00
Chart of Accounts CHART OF ACCOUNTS Kelly Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense
11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable RCTERVE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense
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 44
instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance 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
Journal 35 DATE DESCRIPTION JOURNAL POST. REF DEBIT PAGE 5 CREDIT
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Journal DATE DESCRIPTION JOURNAL POST REF DEBIT PAGE 6 CREDIT 1 ex
ove BS == 199 15 PE 13 21. B
Journal 10 DATE DESCRIPTION Adjusting Entries JOURNAL POST, REF DEBIT PAGE 7 CREDIT
Journal 10- 31 23 Adjusting Entries
Ledger Download the attached SPREADSHEET and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts. 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 1. 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, enter Balance in the Item column and enter X in the Posting Reference column 2. A Post the May transactions from the journal to a ledger of four-column accounts. 6 B. Post the adjusting entries to the ledger of four-column accounts; inserting balances in the accounts affected
3. Prepare an unadjusted trial balance. Accounts with zero balances can be left blank Kelly Consulting UNADJUSTED TRIAL BALANCE May 31, 2019 1 Cash 2 Accounts Receivable Supplies Prepaid Rent s Prepaid Insurance Office Equipment Accumulated Depreciation ACCOUNT TITLE DEBIT CREDIT
Unadjusted Trial Balance Office Equipment Accumulated Depreciation 1 Accounts Payable Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital Kelly Pitney Drawing 13 Fees Earned 14 Salary Expense Rent Expense 4 Supplies Expense 17 Depreciation Expense Insurance Expense Miscellaneous Expense 20 Totals
< Adjusted Trial Balance 7. Prepare an adjusted trial balance Accounts with zero balances can be left blank. Kelly Consulting ADJUSTED TRIAL BALANCE May 31, 2019 1 Cash ACCOUNT TITLE Accounts Receivable Prepaid Rent s Prepaid Insurance Office Equipment 3 Accumulated Depreciation Accounts Payable 3 Supplies DEBIT CREDIT
Adjusted Trial Balance Prepaid Insurance Office Equipment 1 Accumulated Depreciation Accounts Payable Salaries Payable 10 Unearned Fees Kelly Pitney Capital 12 Kelly Pitney, Drawing 13 Fees Earned 14 Salary Expense 15 Rent Expense 16 Supplies Expense Depreciation Expense Insurance Expense C
9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 12 Kelly Pitney. Drawing 13 Fees Earned 14 Salary Expense 15 Rent Expense 16 Supplies Expense 17 Depreciation Expense 18 Insurance Expense 19 Miscellaneous Expense 20 Totals 27