Post these journals to their respective ledger accounts

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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Post these journals to their respective ledger accounts

General Journal
3-May
Cash
$
4,500.00
Unearned Fees
$
4,500.00
5-May
Cash
2$
2,450.00
Accounts receivable
2,450.00
9-May
Advertisements
$
225.00
Cash
225.00
13-May
Accounts Payable
840.00
Cash
$
840.00
15-May
Cash
9,180.00
Unearned Services
9,180.00
16-May
Salaries Payable
2$
750.00
Cash
750.00
17-May
Cash
$
8,360.00
Unearned Services
8,360.00
20-May
Supplies
$
735.00
Cash
$
735.00
21-May
Cash
4,820.00
Unearned Services
4,820.00
25-May
Cash
7,900.00
Unearned Fees
$
7,900.00
27-May
Cash
$
9,520.00
Accounts Receivable
9,520.00
28-May
Salaries Payable
750.00
Cash
$
750.00
30-May
Telephone Expense
260.00
Cash
260.00
31-May
Utility Expense
810.00
Cash
810.00
31-May
Cash
3,300.00
Unearned Fees
$
3,300.00
31-May
Cash
2$
2,650.00
Unearned Services
2,650.00
31-May
Dividends
10,500.00
Cash
2$
10,500.00
Transcribed Image Text:General Journal 3-May Cash $ 4,500.00 Unearned Fees $ 4,500.00 5-May Cash 2$ 2,450.00 Accounts receivable 2,450.00 9-May Advertisements $ 225.00 Cash 225.00 13-May Accounts Payable 840.00 Cash $ 840.00 15-May Cash 9,180.00 Unearned Services 9,180.00 16-May Salaries Payable 2$ 750.00 Cash 750.00 17-May Cash $ 8,360.00 Unearned Services 8,360.00 20-May Supplies $ 735.00 Cash $ 735.00 21-May Cash 4,820.00 Unearned Services 4,820.00 25-May Cash 7,900.00 Unearned Fees $ 7,900.00 27-May Cash $ 9,520.00 Accounts Receivable 9,520.00 28-May Salaries Payable 750.00 Cash $ 750.00 30-May Telephone Expense 260.00 Cash 260.00 31-May Utility Expense 810.00 Cash 810.00 31-May Cash 3,300.00 Unearned Fees $ 3,300.00 31-May Cash 2$ 2,650.00 Unearned Services 2,650.00 31-May Dividends 10,500.00 Cash 2$ 10,500.00
Kelly Consulting
POST-CLOSING TRIAL BALANCE
April 30, 2018
ACCOUNT TITLE
DEBIT
CREDIT
Keily Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for Apnl, including financal statements, was
1 Cash
22,100.00
illustrated in this chapter. During May, Kelly Consulting entered into the following transactions
2 Accounts Receivable
3,400.00
May
3
Received cash from clients as an advance payment for services to be provided and recorded it as
3 Supplies
1,350.00
unearmed fees, $4,500
Received cash from clients on account, $2,450
4 Prepaid Rent
3,200.00
9
Paid cash for a newspaper advertisement $225
Paid Office Station Co. for part of the debt incurred on Apni 5, $640.
5 Prepaid Insurance
1,500.00
13
15
Recorded services provided on account for the perod May 1-15, $9, 180
6 Office Equipment
14,500.00
16
Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.
7 Accumulated Depreciation
330.00
17
Recorded cash from cash clients for fees earned duning the period May 1-16. S8.360
* Accounts Payable
800.00
May
20
Purchased supplies on account, $735.
* Salaries Payable
120.00
21
Recorded services provided on account for the period May 16-20, $4,820
Recorded cash from cash clients for fees earned for the penod May 17-23, $7.900.
10 Unearned Fees
2,500.00
25
27
Recerved cash from clients on account, $9,520.
11 Common Stock
30,000.00
28
Paid part-tme receptionist for two weeks' salary, $750.
12 Retained Earnings
12,300.00
30
Paid telephone bill for May, $260.
31
Paid electncity bill for May, $810
13 Dividends
31
Recorded cash from cash chents for fees carmed for the period May 26-31, $3,300
14 Income Summary
31
Recorded services provided on account for the remainder of May $2.650
15 Totals
46,050.00
46,050.00
31
Paid drvidends, $10 500
At the end of May, the following adjustment data were assembled.
Required:
1 Journalize the May transactions
2 Post these journals to their respective ledger accounts
Note some of these accounts have balances at the end of April
• Insurance expired during May is $275
• Supplies on hand on May 31 are $715.
3 Prepare an unadjusted Trail balance
4 Journalize and post the end of month adjusting entries
• Depreciation of office equipment for May is $330.
• Accrued receptionist salary on May 31 is $325
5 Prepare an adjusted Trail balance
6 Prepare the financial statements
• Rent expired during May is $1,600.
i
Income statement
Uneamed fees on May 31 are $3,210.
ii
Statement of retained earnings
iii
Balance sheet
7 Journalize the closing entries for the temporary accounts
8 Prepare a post-closing Trail balance
Transcribed Image Text:Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2018 ACCOUNT TITLE DEBIT CREDIT Keily Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for Apnl, including financal statements, was 1 Cash 22,100.00 illustrated in this chapter. During May, Kelly Consulting entered into the following transactions 2 Accounts Receivable 3,400.00 May 3 Received cash from clients as an advance payment for services to be provided and recorded it as 3 Supplies 1,350.00 unearmed fees, $4,500 Received cash from clients on account, $2,450 4 Prepaid Rent 3,200.00 9 Paid cash for a newspaper advertisement $225 Paid Office Station Co. for part of the debt incurred on Apni 5, $640. 5 Prepaid Insurance 1,500.00 13 15 Recorded services provided on account for the perod May 1-15, $9, 180 6 Office Equipment 14,500.00 16 Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 7 Accumulated Depreciation 330.00 17 Recorded cash from cash clients for fees earned duning the period May 1-16. S8.360 * Accounts Payable 800.00 May 20 Purchased supplies on account, $735. * Salaries Payable 120.00 21 Recorded services provided on account for the period May 16-20, $4,820 Recorded cash from cash clients for fees earned for the penod May 17-23, $7.900. 10 Unearned Fees 2,500.00 25 27 Recerved cash from clients on account, $9,520. 11 Common Stock 30,000.00 28 Paid part-tme receptionist for two weeks' salary, $750. 12 Retained Earnings 12,300.00 30 Paid telephone bill for May, $260. 31 Paid electncity bill for May, $810 13 Dividends 31 Recorded cash from cash chents for fees carmed for the period May 26-31, $3,300 14 Income Summary 31 Recorded services provided on account for the remainder of May $2.650 15 Totals 46,050.00 46,050.00 31 Paid drvidends, $10 500 At the end of May, the following adjustment data were assembled. Required: 1 Journalize the May transactions 2 Post these journals to their respective ledger accounts Note some of these accounts have balances at the end of April • Insurance expired during May is $275 • Supplies on hand on May 31 are $715. 3 Prepare an unadjusted Trail balance 4 Journalize and post the end of month adjusting entries • Depreciation of office equipment for May is $330. • Accrued receptionist salary on May 31 is $325 5 Prepare an adjusted Trail balance 6 Prepare the financial statements • Rent expired during May is $1,600. i Income statement Uneamed fees on May 31 are $3,210. ii Statement of retained earnings iii Balance sheet 7 Journalize the closing entries for the temporary accounts 8 Prepare a post-closing Trail balance
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