Part 1 comprehensive problem 1: kelly pitney began her consulting

Kelly Pitney began her consulting business, Kelly Consulting, P.C. on April 1, 2014.  The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages 163-173.  During May, Kelly Consulting entered into the following transactions: 

 

May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4500. 

May 5. Received cash from clients on account, $2450. 

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 of May 1-15, $9180.

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, $8360. 

 

Record the following on Page 6 of the journal:

May 20. Purchased supplies on account, $735. 

May 21. Recorded services provided on account for the period May 16-20, $4820. 

May 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7900. 

May 27. Received cash from clients on account, $9520 

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, $3300 

May 31. Recorded services provided on account for the remainder of May, $2650. 

May 31. Paid dividends $10,500.

 

INSTUCTIONS:

1. The chart of accounts for Kelly Consulting is shown on page 164, and the post-closing trial balance as of April 30, 2014, is shown on page 171. For each account in the post-closing trial balance, enter the balance enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2014, and place a check mark in the post reference column. Journalize each of the May transactions in a two- column journal using Kelly Consulting’s chart of accounts. (Do not insert the account numbers in the journal at this time.)

 

2. Post the journal to a ledger of four-column accounts.

 

3. Prepare and unadjusted trial balance. 

 

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 $3210. 

 

 

5. (Optional). Enter the unadjusted trial balance on an end-of-period spreadsheet (worksheet) and complete the spreadsheet

 

6. Journalize and post the adjusting entries. Record the adjusting entries on page 7 of the journal. 

7.  Prepare an adjusted trial balance.

8.  Prepare an income statement, retained earnings statement, and balance sheet.

9.  Prepare and post the closing entries.  Record the closing entries on page 8 of the journal (Income summary account is #34 in the chart of accounts).  Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.

 

10.  Prepare post-closing trial balance.

 

Check figure: Net Income $33,425

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more