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:
Account Number Account
11 Cash
12 Accounts Receivable
14 Supplies
15 Prepaid Rent
16 Prepaid Insurance
18 Office Equipment
19 Accumulated Depreciation
21 Accounts Payable
22 Salaries Payable
23 Unearned Fees
31 Common Stock
32 Retained Earnings
33 Dividends
41 Fees Earned
51 Salary Expense
52 Rent Expense
53 Supplies Expense
54 Depreciation Expense
55 Insurance Expense
59 Miscellaneous Expense
The post-closing trial balance as of April 30, 20Y8, is shown below:
Kelly Consulting
Post-Closing Trial Balance
April 30, 20Y8
Account 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
Total 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
fill in the blank 2
fill in the blank 3
fill in the blank 5
fill in the blank 6
May 5: Received cash from clients on account, $2,450.
Description Post. Ref. Debit Credit
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
May 9: Paid cash for a newspaper advertisement, $225.
Description Post. Ref. Debit Credit
fill in the blank 14
fill in the blank 15
fill in the blank 17
fill in the blank 18
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
Description Post. Ref. Debit Credit
fill in the blank 20
fill in the blank 21
fill in the blank 23
fill in the blank 24
May 15: Recorded services provided on account for the period May 1–15, $9,180.
Description Post. Ref. Debit Credit
fill in the blank 26
fill in the blank 27
fill in the blank 29
fill in the blank 30
May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.
Description Post. Ref. Debit Credit
fill in the blank 32
fill in the blank 33
fill in the blank 35
fill in the blank 36
fill in the blank 38
fill in the blank 39
May 17: Recorded cash from cash clients for fees earned during the period May 1–16, $8,360.
Description Post. Ref. Debit Credit
fill in the blank 41
fill in the blank 42
fill in the blank 44
fill in the blank 45
May 20: Purchased supplies on account, $735.
Description Post. Ref. Debit Credit
fill in the blank 47
fill in the blank 48
fill in the blank 50
fill in the blank 51
May 21: Recorded services provided on account for the period May 16–20, $4,820.
Description Post. Ref. Debit Credit
fill in the blank 53
fill in the blank 54
fill in the blank 56
fill in the blank 57
May 25: Recorded cash from cash clients for fees earned for the period May 17–23, $7,900.
Description Post. Ref. Debit Credit
fill in the blank 59
fill in the blank 60
fill in the blank 62
fill in the blank 63
May 27: Received cash from clients on account, $9,520.
Description Post. Ref. Debit Credit
fill in the blank 65
fill in the blank 66
fill in the blank 68
fill in the blank 69
May 28: Paid part-time receptionist for two weeks' salary, $750.
Description Post. Ref. Debit Credit
fill in the blank 71
fill in the blank 72
fill in the blank 74
fill in the blank 75
May 30: Paid telephone bill for May, $260.
Description Post. Ref. Debit Credit
fill in the blank 77
fill in the blank 78
fill in the blank 80
fill in the blank 81
May 31: Paid electricity bill for May, $810.
Description Post. Ref. Debit Credit
fill in the blank 83
fill in the blank 84
fill in the blank 86
fill in the blank 87
May 31: Recorded cash from cash clients for fees earned for the period May 26–31, $3,300.
Description Post. Ref. Debit Credit
fill in the blank 89
fill in the blank 90
fill in the blank 92
fill in the blank 93
May 31: Recorded services provided on account for the remainder of May, $2,650.
Description Post. Ref. Debit Credit
fill in the blank 95
fill in the blank 96
fill in the blank 98
fill in the blank 99
May 31: Paid dividends, $10,500.
Description Post. Ref. Debit Credit
fill in the blank 101
fill in the blank 102
fill in the blank 104
fill in the blank 105
