Question
In: Accounting
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters....
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 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
Solutions
Expert Solution
| In the books of Kelly Consulting | ||||
| Date | General Journal | Post ref | Debit | Credit |
| May-03 | Cash | $ 4,500 | ||
| Unearned Fees | $ 4,500 | |||
| May-05 | Cash | $ 2,450 | ||
| Accounts Receivable | $ 2,450 | |||
| May-09 | Miscllaneous expense | $ 225 | ||
| Cash | $ 225 | |||
| May-13 | Accounts Payable | $ 640 | ||
| Cash | $ 640 | |||
| May-15 | Accounts Receivable | $ 9,180 | ||
| Fees earned | $ 9,180 | |||
| May-16 | Salary Payable | $ 120 | ||
| Salary expenses | $ 630 | |||
| Cash | $ 750 | |||
| May-17 | Cash | $ 8,360 | ||
| Fees earned | $ 8,360 | |||
| May-20 | Supplies | $ 735 | ||
| Accounts payable | $ 735 | |||
| May-21 | Accounts Receivable | $ 9,180 | ||
| Fees earned | $ 9,180 | |||
| May-25 | Cash | $ 7,900 | ||
| Fees earned | $ 7,900 | |||
| May-27 | Cash | $ 9,520 | ||
| Accounts Recievable | $ 9,520 | |||
| May-28 | Salaries expense | $ 750 | ||
| Cash | $ 750 | |||
| May-30 | Miscllaneous expense | $ 260 | ||
| Cash | $ 260 | |||
| May-31 | Miscllaneous expense | $ 810 | ||
| Cash | $ 810 | |||
| May-31 | Cash | $ 3,300 | ||
| Fees earned | $ 3,300 | |||
| May-31 | Accounts Receivable | $ 2,650 | ||
| Fees earned | $ 2,650 | |||
| May-31 | Reatained earnings | $ 10,500 | ||
| Cash | $ 10,500 |
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