The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14 1,350 Prepaid Rent 15 3,200 Prepaid Insurance 16 1,500 Office Equipment 18 14,500 Accumulated Depreciation 19 330 Accounts Payable 21 800 Salaries Payable 22 120 Unearned Fees 23 2,500 Common Stock 31 30,000 Retained Earnings 32 12,300 46,050 46,050 Required: Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) If an amount box does not require an entry, leave it blank. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. Description Post. Ref. Debit Credit May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Credit May 9: Paid cash for a newspaper advertisement, $225. Description Post. Ref. Debit Credit May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit May 15: Recorded services provided on account for the period May 1–15, $9,180. Description Post. Ref. Debit Credit May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit May 17: Recorded cash from cash clients for fees earned during the period May 1–16, $8,360. Description Post. Ref. Debit Credit May 20: Purchased supplies on account, $735. Description Post. Ref. Debit Credit May 21: Recorded services provided on account for the period May 16–20, $4,820. Description Post. Ref. Debit Credit May 25: Recorded cash from cash clients for fees earned for the period May 17–23, $7,900. Description Post. Ref. Debit Credit May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Credit May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Recorded cash from cash clients for fees earned for the period May 26–31, $3,300. Description Post. Ref. Debit Credit May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit May 31: Paid dividends, $10,500.

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14 1,350 Prepaid Rent 15 3,200 Prepaid Insurance 16 1,500 Office Equipment 18 14,500 Accumulated Depreciation 19 330 Accounts Payable 21 800 Salaries Payable 22 120 Unearned Fees 23 2,500 Common Stock 31 30,000 Retained Earnings 32 12,300 46,050 46,050 Required: Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) If an amount box does not require an entry, leave it blank. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. Description Post. Ref. Debit Credit May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Credit May 9: Paid cash for a newspaper advertisement, $225. Description Post. Ref. Debit Credit May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit May 15: Recorded services provided on account for the period May 1–15, $9,180. Description Post. Ref. Debit Credit May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit May 17: Recorded cash from cash clients for fees earned during the period May 1–16, $8,360. Description Post. Ref. Debit Credit May 20: Purchased supplies on account, $735. Description Post. Ref. Debit Credit May 21: Recorded services provided on account for the period May 16–20, $4,820. Description Post. Ref. Debit Credit May 25: Recorded cash from cash clients for fees earned for the period May 17–23, $7,900. Description Post. Ref. Debit Credit May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Credit May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Recorded cash from cash clients for fees earned for the period May 26–31, $3,300. Description Post. Ref. Debit Credit May 31: Recorded services provided on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit May 31: Paid dividends, $10,500.

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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Comprehensive Problem 1
Part 1:

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below:

11	Cash	32	Retained Earnings
12	Accounts Receivable	33	Dividends
14	Supplies	41	Fees Earned
15	Prepaid Rent	51	Salary Expense
16	Prepaid Insurance	52	Rent Expense
18	Office Equipment	53	Supplies Expense
19	Accumulated Depreciation	54	Depreciation Expense
21	Accounts Payable	55	Insurance Expense
22	Salaries Payable	59	Miscellaneous Expense
23	Unearned Fees
31	Common Stock

The post-closing trial balance as of April 30, 20Y8, is shown below:

Kelly Consulting Post-Closing Trial Balance April 30, 20Y8
	Account No.	Debit	Credit
Cash	11	22,100
Accounts Receivable	12	3,400
Supplies	14	1,350
Prepaid Rent	15	3,200
Prepaid Insurance	16	1,500
Office Equipment	18	14,500
Accumulated Depreciation	19		330
Accounts Payable	21		800
Salaries Payable	22		120
Unearned Fees	23		2,500
Common Stock	31		30,000
Retained Earnings	32		12,300
		46,050	46,050

Required:

Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) If an amount box does not require an entry, leave it blank.

May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.

Description	Post. Ref.	Debit	Credit

May 5: Received cash from clients on account, $2,450.

Description	Post. Ref.	Debit	Credit

May 9: Paid cash for a newspaper advertisement, $225.

Description	Post. Ref.	Debit	Credit

May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.

Description	Post. Ref.	Debit	Credit

May 15: Recorded services provided on account for the period May 1–15, $9,180.

Description	Post. Ref.	Debit	Credit

May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.

Description	Post. Ref.	Debit	Credit

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

Description	Post. Ref.	Debit	Credit

May 20: Purchased supplies on account, $735.

Description	Post. Ref.	Debit	Credit

May 21: Recorded services provided on account for the period May 16–20, $4,820.

Description	Post. Ref.	Debit	Credit

May 25: Recorded cash from cash clients for fees earned for the period May 17–23, $7,900.

Description	Post. Ref.	Debit	Credit

May 27: Received cash from clients on account, $9,520.

Description	Post. Ref.	Debit	Credit

May 28: Paid part-time receptionist for two weeks' salary, $750.

Description	Post. Ref.	Debit	Credit

May 30: Paid telephone bill for May, $260.

Description	Post. Ref.	Debit	Credit

May 31: Paid electricity bill for May, $810.

Description	Post. Ref.	Debit	Credit

May 31: Recorded cash from cash clients for fees earned for the period May 26–31, $3,300.

Description	Post. Ref.	Debit	Credit

May 31: Recorded services provided on account for the remainder of May, $2,650.

Description	Post. Ref.	Debit	Credit

May 31: Paid dividends, $10,500.

Description	Post. Ref.	Debit	Credit

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