accounting

Part 1
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.

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.

Description Post. Ref. Debit Credit
Cash 4500
Unearned Fees 4500

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

Description Post. Ref. Debit Credit
Cash 2450
Accounts Receivable 2450

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

Description Post. Ref. Debit Credit
Miscellaneous Expense 225
Cash 225

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

Description Post. Ref. Debit Credit
Accounts Payable 640
Cash 640

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

Description Post. Ref. Debit Credit
Accounts Receivable 9180
Fees Earned 9180

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

Description Post. Ref. Debit Credit
Salary Expense 630 blank
Salaries Payable 120 blank
Cash blank 750

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

Description Post. Ref. Debit Credit
Cash 8360
Fees Earned 8360

May 20:  Purchased supplies on account, $735.

Description Post. Ref. Debit Credit
Supplies 735
Accounts Payable 735

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

Description Post. Ref. Debit Credit
Accounts Receivable 4820
Fees Earned 4820

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

Description Post. Ref. Debit Credit
Cash 7900
Fees Earned 7900

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

Description Post. Ref. Debit Credit
Cash 9520
Accounts Receivable 9520

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

Description Post. Ref. Debit Credit
Salary Expense 750
Cash 750

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

Description Post. Ref. Debit Credit
Miscellaneous Expense 260
Cash 260

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

Description Post. Ref. Debit Credit
Miscellaneous Expense 810
Cash 810

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

Description Post. Ref. Debit Credit
Cash 3300
Fees Earned 3300

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

Description Post. Ref. Debit Credit
Accounts Receivable 2650
Fees Earned 2650

May 31:  Paid dividends, $10,500.

Description Post. Ref. Debit Credit
Dividends 10500
Cash 10500

2.

Your answer:

Comprehensive Problem 1
Part 2 and Part 3:

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.

Kelly Consulting
Unadjusted Trial Balance
May 31, 2014
Account Title Debit Credit
Cash 22095 blank
Accounts Receivable 3400 blank
Supplies 1350 blank
Prepaid Rent 3200 blank
Prepaid Insurance 1500 blank
Office Equipment 14500 blank
Accumulated Depreciation blank 330
Accounts Payable blank 1535
Salaries Payable blank blank
Unearned Fees blank 4500
Capital Stock blank 30000
Retained Earnings blank 12300
Dividends 10500 blank
Fees Earned blank 36210
Salary Expense 1380 blank
Rent Expense blank blank
Supplies Expense blank blank
Depreciation Expense blank blank
Insurance Expense blank blank
Miscellaneous Expense 1295 blank
blank blank

3.

Your answer:

Comprehensive Problem 1 
Part 4 and Part 6:

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.
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.

Part 6:  Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.

a.  Insurance expired during May is $275.

Account Name Post. Ref. Debit Credit
Select blank
Select blank

b.  Supplies on hand on May 31 are $715.

Account Name Post. Ref. Debit Credit
Select blank
Select blank

c.  Depreciation of office equipment for May is $330.

Account Name Post. Ref. Debit Credit
Select blank
Select blank

d.  Accrued receptionist salary on May 31 is $325.

Account Name Post. Ref. Debit Credit
Select blank
Select blank

e.  Rent expired during May is $1,600.

Account Name Post. Ref. Debit Credit
Select blank
Select blank

f.  Unearned fees on May 31 are $3,210.

Account Name Post. Ref. Debit Credit
Select blank
Select blank

4.

Your answer:

Comprehensive Problem 1 
Part 5: Work Sheet

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.

  1. Insurance expired during May is $275.
  2. Supplies on hand on May 31 are $715.
  3. Depreciation of office equipment for May is $330.
  4. Accrued receptionist salary on May 31 is $325.
  5. Rent expired during May is $1,600.
  6. Unearned fees on May 31 are $3,210.

If an amount box does not require an entry, leave it blank or enter “0”.

Kelly Consulting
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended May 31, 2014
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash blank blank blank blank blank blank blank blank blank blank
Accounts Receivable blank blank blank blank blank blank blank blank blank blank
Supplies blank blank blank blank blank blank blank blank blank blank
Prepaid Rent blank blank blank blank blank blank blank blank blank blank
Prepaid Insurance blank blank blank blank blank blank blank blank blank blank
Office Equipment blank blank blank blank blank blank blank blank blank blank
Accum. Depreciation blank blank blank blank blank blank blank blank blank blank
Accounts Payable blank blank blank blank blank blank blank blank blank blank
Salaries Payable blank blank blank blank blank blank blank blank blank blank
Unearned Fees blank blank blank blank blank blank blank blank blank blank
Capital Stock blank blank blank blank blank blank blank blank blank blank
Retained Earnings blank blank blank blank blank blank blank blank blank blank
Dividends blank blank blank blank blank blank blank blank blank blank
Fees Earned blank blank blank blank blank blank blank blank blank blank
Salary Expense blank blank blank blank blank blank blank blank blank blank
Rent Expense blank blank blank blank blank blank blank blank blank blank
Supplies Expense blank blank blank blank blank blank blank blank blank blank
Depreciation Expense blank blank blank blank blank blank blank blank blank blank
Insurance Expense blank blank blank blank blank blank blank blank blank blank
Miscellaneous Expense blank blank blank blank blank blank blank blank blank blank
blank blank blank blank blank blank blank blank blank blank
Net Income blank blank blank blank blank blank blank blank blank blank
blank blank blank blank blank blank blank blank blank blank

5.

Your answer:

Comprehensive Problem 1 
Part 7:

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”.

Kelly Consulting
Adjusted Trial Balance
May 31, 2014
Account Title Debit Credit
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________  

6.

Your answer:

Comprehensive Problem 1 
Part 8:

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.

Kelly Consulting
Income Statement 
For the Month Ended May 31, 2014
  _________________     _________________  
Expenses:
  _________________     _________________  
  _________________     _________________  
  _________________     _________________  
  _________________     _________________  
  _________________     _________________  
  _________________     _________________  
    _________________     _________________  
  _________________     _________________  

Prepare a retained earnings statement.

Kelly Consulting
Retained Earnings Statement
For the Month Ended May 31, 2014
  _________________     _________________  
  _________________     _________________  
  _________________     _________________  
  _________________     _________________  
  _________________     _________________  

Prepare a balance sheet.

Kelly Consulting
Balance Sheet
May 31, 2014
Assets Liabilities
Current assets: Current liabilities:
  _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
  _________________     _________________  
  _________________     _________________   Total liabilities   _________________  
Total current assets   _________________  
Property, plant, and equipment: Stockholders’ Equity
  _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
Total property, plant, and equipment   _________________   Total stockholders’ equity   _________________  
Total assets   _________________   Total liabilities and stockholders’ equity   _________________  

7.

Your answer:

Comprehensive Problem 1 
Part 9:

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”.

Date Account Name Post. Ref. Debit Credit
2014
May 31   _________________     _________________     _________________  
  _________________     _________________     _________________  
May 31   _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
  _________________     _________________     _________________     _________________  
May 31   _________________     _________________     _________________  
  _________________     _________________     _________________  
May 31   _________________     _________________     _________________  
  _________________     _________________     _________________  

8.

Your answer:

Part 10: 
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, 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”.

Kelly Consulting
Post-Closing Trial Balance 
May 31, 2014
Account Title Debit Credit
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________     _________________  
  _________________     _________________  

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