I need an unadjustead trial balance and adjusted trial balanced. 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:May3Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. 5Received cash from clients on account, $2,450. 9Paid cash for a newspaper advertisement, $225. 13Paid Office Station Co. for part of the debt incurred on April 5, $640. 15Provided services on account for the period May 1–15, $9,180. 16Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750. 17Received cash from cash clients for fees earned during the period May 1–16, $8,360. Record the following transactions on Page 6 of the journal:May20Purchased supplies on account, $735. 21Provided services on account for the period May 16–20, $4,820. 25Received cash from cash clients for fees earned for the period May 17–23, $7,900. 27Received cash from clients on account, $9,520. 28Paid part-time receptionist for two weeks’ salary, $750. 30Paid telephone bill for May, $260. 31Paid electricity bill for May, $810. 31Received cash from cash clients for fees earned for the period May 26–31, $3,300. 31Provided services on account for the remainder of May, $2,650. 31Kelly withdrew $10,500 for personal use. 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 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.Post the journal entries on pages 5 and 6 of the journal to the ledger of four-column accounts.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. Kelly ConsultingScore: 21/64UNADJUSTED TRIAL BALANCEMay 31, 2019ACCOUNT TITLEDEBITCREDIT1 Cash21,975.002Accounts Receivable4,500.003 Supplies• Prepaid Rent4,680.001,295.00SPrepaid InsuranceOffice Equipment7 Accumulated Depreciation• Accounts Payable, Salaries Payable10 Unearned Fees11 Kelly Pitney, Capital12 Kelly Pitney, Drawing13 Fees Earned14 Salary Expense15 Rent Expense16 Supplies Expense17 Depreciation Expense18 Insurance Expense95.0036,210.00120.001,500.00735.008,000.0042,300.0019 Miscellaneous Expense20 Totals Kelly ConsultingScore: 0/79ADJUSTED TRIAL BALANCEMay 31, 2019ACCOUNT TITLEDEBITCREDIT1 Cash2 Accounts Receivable3 Supplies4 Prepaid Rent5 Prepaid Insurance6 Office Equipment7 Accumulated Depreciation• Accounts Payable9 Salaries Payable10 Unearned Fees11 Kelly Pitney, Capital12 Kelly Pitney, Drawing13 Fees Earned14 Salary Expense15 Rent Expense16 Supplies Expense17 Depreciation Expense18 Insurance Expense19 Miscellaneous Expense20 Totals

Since you have asked only the unadjusted trial balance and adjusted trial balanced, I am answering…

Answered: Kelly Consulting Score: 21/64…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I need an unadjustead trial balance and adjusted trial balanced.

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.
	17	Received cash from cash clients for fees earned during the period May 1–16, $8,360.

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.
	27	Received cash from clients on account, $9,520.
	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 $10,500 for personal use.

Required:

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 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.)

Post the journal entries on pages 5 and 6 of the journal to the ledger of four-column accounts.

Prepare an unadjusted trial balance. Accounts with zero balances can be left blank.

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.

Kelly Consulting
Score: 21/64
UNADJUSTED TRIAL BALANCE
May 31, 2019
ACCOUNT TITLE
DEBIT
CREDIT
1 Cash
21,975.00
2Accounts Receivable
4,500.00
3 Supplies
• Prepaid Rent
4,680.00
1,295.00
SPrepaid Insurance
Office Equipment
7 Accumulated Depreciation
• Accounts Payable
, 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
95.00
36,210.00
120.00
1,500.00
735.00
8,000.00
42,300.00
19 Miscellaneous Expense
20 Totals

Kelly Consulting
Score: 0/79
ADJUSTED TRIAL BALANCE
May 31, 2019
ACCOUNT TITLE
DEBIT
CREDIT
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 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

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