In: Accounting
part 1
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 |
---|---|---|---|
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: Paid dividends, $10,500.
Description | Post. Ref. | Debit | Credit |
---|---|---|---|