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, 2016. The chart of accounts for Kelly Consulting is shown below:
| 11 Cash | 31 Kelly Pitney, Capital |
| 12 Accounts Receivable | 32 Kelly Pitney, Drawing |
| 14 Supplies | 33 Income Summary |
| 15 Prepaid Rent | 41 Fees Earned |
| 16 Prepaid Insurance | 51 Salary Expense |
| 18 Office Equipment | 52 Rent Expense |
| 19 Accumulated Depreciation | 53 Supplies Expense |
| 21 Accounts Payable | 54 Depreciation Expense |
| 22 Salaries Payable | 55 Insurance Expense |
| 23 Unearned Fees | 59 Miscellaneous Expense |
The post-closing trial balance as of April 30, 2016
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 |
|---|---|---|---|
May 5: Received cash from clients on account, $2,450.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 9: Paid cash for a newspaper advertisement, $225.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 15: Recorded services provided on account for the period May 1–15, $9,180.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 17: Recorded cash from cash clients for fees earned during the period May 1–16, $8,360.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 20: Purchased supplies on account, $735.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 21: Recorded services provided on account for the period May 16–20, $4,820.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 25: Recorded cash from cash clients for fees earned for the period May 17–23, $7,900.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 27: Received cash from clients on account, $9,520.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 28: Paid part-time receptionist for two weeks' salary, $750.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 30: Paid telephone bill for May, $260.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 31: Paid electricity bill for May, $810.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 31: Recorded cash from cash clients for fees earned for the period May 26–31, $3,300.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 31: Recorded services provided on account for the remainder of May, $2,650.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
May 31: Kelly withdrew $10,500 for personal use.
| Description | Post. Ref. | Debit | Credit |
|---|---|---|---|
Solutions
Expert Solution
| Debit | Credit | ||
| 03-May | Cash | 4500 | |
| Unearned fees | 4500 | ||
| 05-May | Cash | 2450 | |
| Accounts receivable | 2450 | ||
| 09-May | Advertisement expense | 225 | |
| Cash | 225 | ||
| 13-May | Accounts payable | 640 | |
| Cash | 640 | ||
| 15-May | Accounts receivable | 9180 | |
| Service revenue | 9180 | ||
| 16-May | Salary expense | 750 | |
| Cash | 750 | ||
| 17-May | Cash | 8360 | |
| Service revenue | 8360 | ||
| 20-May | Supplies | 735 | |
| Accounts payable | 735 | ||
| 21-May | Accounts receivable | 4820 | |
| Service revenue | 4820 | ||
| 25-May | Cash | 7900 | |
| Service revenue | 7900 | ||
| 27-May | Cash | 9520 | |
| Accounts receivable | 9520 | ||
| 28-May | Salary expense | 750 | |
| Cash | 750 | ||
| 30-May | Telephone expense | 260 | |
| Cash | 260 | ||
| 31-May | Electricity expense | 810 | |
| Cash | 810 | ||
| 31-May | Cash | 3300 | |
| Service revenue | 3300 | ||
| 31-May | Accounts receivable | 2650 | |
| Service revenue | 2650 | ||
| 31-May | Kelly Pitney , drawings | 10500 | |
| Cash | 10500 | ||
ekkarill92 answered 2 years agoRelated Solutions
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concepts.
Kelly Pitney began her consulting business, Kelly Consulting, on
April 1, 20Y8. The chart of accounts for Kelly Consulting is shown
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11
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