**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 Transactions:**- **May 3:** - Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.- **May 5:** - Received cash from clients on account, $2,450.- **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:** - Provided services on account for the period May 1–15, $7,900.- **May 16:** - Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.- **May 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.- **May 21:** - Provided services on account for the period May 16–20, $4,820.- **May 25:** - Received cash from cash clients for fees earned for the period May 17–23, $7,900.- **May 27:** - Received cash from clients on account, $9,250.- **May 28:** - Paid part-time receptionist for two weeks' salary, $750.- **May 30:** - Paid telephone bill for May, $260.- **May 31:** - Paid electricity bill for May, $810. - Received cash from cash clients for fees earned for the period May 26–31, $3,330. - Provided services on account for the remainder of May, $2,650.- **May 31:** - Kelly withdrew $10,500 for personal use.---**Required:**1. **The chart of accounts is shown in a separate panel and the post-closing ### Instructions for Adjustments and Financial Reporting1. **Identify Adjustment Data:** - Insurance expired during May: $275 - Supplies on hand as of May 31: $715 - Depreciation of office equipment for May: $330 - Accrued receptionist salary on May 31: $325 - Rent expired during May: $1,500 - Unearned fees on May 31: $2,2102. **Spreadsheet Use:** - Enter the unadjusted trial balance into a 10-column spreadsheet (work sheet) and complete it.3. **Journalizing and Posting:** - Journalize the adjusting entries (refer to the Chart of Accounts for exact account titles). - Post the adjusting entries to the ledger, updating account balances.4. **Prepare the Adjusted Trial Balance:** - Ensure accounts with zero balances are left blank.### Kelly Consulting#### Post-Closing Trial Balance##### April 30, 2019| Account Title | Debit | Credit ||---------------------------|---------|----------|| Cash | 22,100.00 | || Accounts Receivable | 3,400.00 | || Supplies | 1,350.00 | || Prepaid Rent | 3,000.00 | || Prepaid Insurance | 1,500.00 | || Office Equipment | 14,500.00 | || Accumulated Depreciation | | 350.00 || Accounts Payable | | 800.00 || Salaries Payable | | || Unearned Fees | | 2,500.00 || Kelly Pitney, Capital | | 42,300.00|| **Totals** | 46,050.00| 46,050.00|Ensure that the adjusting entries are accurately reflected in the journal and prepare an adjusted trial balance accordingly.

Journal Entries - Journal Entries are the recording of transactions of the organization. It is recorded as Debit and Credit. All the transactions are recorded using journals in the form of debit and credit. Ledgers - After recording transactions in the journal next step is to transfer them into ledgers. Ledgers are the individual account of real personal and nominal. Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and transfer those into the summarized form of trial balance. Unadjusted Trial Balance - Unadjusted Trial Balance is the trial balance before making adjustments. When company enters all the individual transactions for the financial year the resulted summary takes out of the ledgers. Adjustments - Supplies Depreciation Salaries Accrued Insurance Rent Prepaid Adjustments are very important to recognize expenses which is incurred in the period for which is incurred. Unadjusted trial balance is less accurate presentation of account balances than an adjusted trial balance. Unadjusted Trial Balance is the summarized form of all the ledgers balances. It does not include adjustments that cut off the period expense in which it incurred. 1. Journal Entries - 2. Unadjusted Trial Balance - 3. Adjusting Entries - 4. Adjusted Trial Balance - 5. Worksheet -

Business

Accounting

Kelly Piney began her consulting business, Kely Consuling, on April 1, 2019. The acourting cyde for Kelly Consulting for April, induding firancial statements, was ilustrated in this chapter. During May. Kelly Consultng entered into the follwing transacions May Received cash from dients as an advance paymert for senvices to be provided and recarded itas uneamed fees, 54,500. 5 Received cash from dients on account, $2,450. 9 Paid cash for a newspaper advertisement, S225. Paid Office Station Ca. for part of the debt incured on April 5, S640. 13 15 Provided services an accourt for the period May 1-15, S9,180. 16 Paid part ime receptiarist for two weeis salary induding the amount owed on April 30, S750. 17 Recsived cash from cash dients for fees eamed during the period May 1-16, S8,380. Record he tolowing tansactons on Pege d orme joumat May 20 Purchased suppies on account, S735. 21 Provided services on accurt for the period May 16-20, S4,820. 25 Received cash from cash cients for fees eamed for the periad May 17-23, S7,900. 27 Received cash from cients an account, S9,520. 28 Paid part ime recepionist for two weeks salary. S750. 30 Paid telephane bil for May. S260. 31 Paid electricity bil far May. S810. 31 Received cash from cash cients for fees eamed for the period May 26-31, S3,300. 31 Provided sevices on accourt for the remainder of May. S2650. 31 Kaly withdrew S10.500 for personal use. peunbau 1. The chart of accounts is shown in a separate parel and tne post-ciosing tra balance as of Apri 30 2010, is shown below A Dounicad ne spreeosheet in me Leoger panel and save me Bice fie to your computer. Be sure D save your work in Excel as i will be Used o complese he folowing suaps in Part 1 of his problem as well as sueps in Part 2 of this problem. Your input into ne spreaosreet wil nor be incuced in your grede in CengegevOWon ms problem B. For esch account in the post-ciosing tre balance enter the balance in he appropriate Balance column of a turcolumn account Date the baances ey 1, 2010, enter Balance in he tem column andenter Xinhe Posing Reference column. C. Joumaize esch of re ley tensactons in ato-coum joumal sating on Page 5of e joumal. Reter to the Crartof Accounts for esact wording of account ttes (Do not insert the account numbers in the jounalat is me) 2 Post re joumal entres on peges 5and o ofre joumal to he leoger of four-column accounts A Use he spreadsreet to post he ey ransactions fom ne joumal toa leoger of four-column accounts B A00 me appropriate posting reference to me joumal 3 Pepare an unagjusted e balance Accounts wth zero balances can be let Dank 4. Are end of y me folowing agustment deta were assembled Anayze and use these deta to complere parts (5) and (. - nsuance eprecd during May is S275 - Supples on hend on ey 31 are S715 • Deprecietion of office equipment for ey is 3330