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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, P.C., on April 1, 2014. The chart of accounts for Kelly Consulting is shown below: [img height=”194″ src=”http://sjc.cengagenow.com/ilrn/books/wrfm12h/images/bonus/wrfm12h_cp1_c1p1b1.gif” width=”388″> [img height=”410″ src=”http://sjc.cengagenow.com/ilrn/books/wrfm12h/images/bonus/wrfm12h_cp1_c1p1b.gif” width=”844″> 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.) For a compound transaction, 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.
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: Recorded services provided on account for the period May 1–15, $9,180.
May 16: Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750.
May 17: Recorded cash from cash clients for fees earned during the period May 1–16, $8,360.
May 20: Purchased supplies on account, $735.
May 21: Recorded services provided on account for the period May 16–20, $4,820.
May 25: Recorded cash from cash clients for fees earned for the period May 17–23, $7,900.
May 27: Received cash from clients on account, $9,520.
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.
May 31: Recorded cash from cash clients for fees earned for the period May 26–31, $3,300.
May 31: Recorded services provided on account for the remainder of May, $2,650.
May 31: Paid dividends, $10,500.
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Comprehensive Problem 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. Note: You must complete part 1 before completing parts 2 and 3. Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts. Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.
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Comprehensive Problem 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. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275.
b. Supplies on hand on May 31 are $715.
c. Depreciation of office equipment for May is $330.
d. Accrued receptionist salary on May 31 is $325.
e. Rent expired during May is $1,600.
f. Unearned fees on May 31 are $3,210.
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Comprehensive Problem 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. Note: You must complete parts 1, 2, 3, 4 before completing part 5. Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
If an amount box does not require an entry, leave it blank or enter “0”.
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Comprehensive Problem 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. Note: You must complete parts 1, 2, 3, 4, and 6 before completing part 7. Part 5 is optional. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank or enter “0”.
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Comprehensive Problem 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. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional. Prepare an income statement.
Prepare a retained earnings statement.
Prepare a balance sheet.
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Comprehensive Problem 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. Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional. Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. (Income Summary is account #34 in the chart of accounts.) If an amount box does not require an entry, leave it blank or enter “0”.
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Part 10: 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. Note: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before completing part 10. Part 5 is optional. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank or enter “0”.
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