Question
In: Accounting
part 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart...
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 |
|---|---|---|---|
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Diane Lane began her consulting business, Lane Consulting on April 1, 2018. After one year of...
Diane Lane began her consulting business, Lane Consulting on
April 1, 2018. After one year of operation, the post-closing trial
balance on March 31, 2019 was;
Debit
Credit
Cash
26,300
Accounts Receivable
4,400
Supplies
2,250
Prepaid Rent
3,600
Prepaid Insurance
2,000
Office Equipment
15,000
Accumulated Depr-Office Equipment
1,200
Accounts Payable
750
Salary Payable
440
Unearned Fees
3,500
Diane Lane, Capital
47,660
Totals
53,550
53,550
During April 2019 Lane Consulting entered into the following
transactions:
Apr 2 Received cash
from...
The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial...
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
Enter the unadjusted trial balance on an end-of-period...
For the past several years, Kelly Pitney has operated a part-time consulting business from her home....
For the past several years, Kelly Pitney has operated a
part-time consulting business from her home. Kelly Pitney also buys
and sells merchandise. As of April 1, 2006, Kelly decided to move
to rented quarters and to operate the business, which was to be
known as Hippocrates Consulting, on a full-time basis. Hippocrates
Consulting entered into the following transactions during
April:
April 1. The following assets were received from Kelly Pitney:
cash, $13,100; accounts receivable, $3,000; merchandise $5,600;
supplies, $1,400;...
Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts...
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
Part 4: At the end of May, the following
adjustment data were assembled. Analyze and use these data to
complete...
Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts...
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
Part 4: At the end of May, the following
adjustment data were assembled. Analyze and use these data to
complete...
Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts...
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
Part 1 Journalize each of the May transactions using Kelly
Consulting's chart of accounts. (Do not insert the account numbers...
On April 1, 2018 Hippocrates Consulting began operations with the following beginning balances entered on April...
On April 1, 2018 Hippocrates Consulting began operations with
the following beginning balances entered on April 1st as
seen in the T-accounts below. First show each of the transactions
described below as a journal entry including the date and then post
each of the entries to the T-accounts below. After you have
completed all of the entries as well as the adjusting entries
prepare an Income Statement, Statement of Retained Earnings, and
Balance Sheet for the month of April, 2018....
1. The business began on April 1, 2016 2. The period under consideration is April 1,...
1. The business began on April 1, 2016
2. The period under consideration is April 1, 2016 - April 30,
2016.
3. For the purposes of this assignment, ignore the effects of
income tax, property tax, sales tax, and payroll tax
. 4. Straight-line depreciation method is used.
5. On April 30, 2016, the company had $150 of Office Supplies
and $850 of Lawn & Garden Supplies on hand.
6. The telephone bill for April 2016 for $260 was received...
Tara Kelly Inc. has the following Business Transactions relating to her INVENTORY ACCOUNT Tara Kelly purchased...
Tara Kelly Inc. has the following Business Transactions relating
to her INVENTORY ACCOUNT
Tara Kelly purchased Merchandise Inventory from Gillian’s Gems,
$5,500 terms 2/10, net/30, FOB Shipping Point
Tara paid freight on shipment from Gillian’s Gems $1,250
Tara sold Merchandise Inventory to Logan Inc for $8,250 Cost
$5,400.Terms 2/10, Net/30
Tara returned $1,550 of Merchandise Inventory purchased from
Gillian’s Gems
Logan Inc returned $2,750 of Merchandise Inventory to Tara, cost
$1,420.
Tara paid Gillian within discount period.
Tara paid $1,350...
Nicole organized a new corporation. The corporation began business on April 1 of year 1. She...
Nicole organized a new corporation. The corporation began
business on April 1 of year 1. She made the following expenditures
associated with getting the corporation started: (Leave no
answer blank. Enter zero if applicable.)
Expense
Date
Amount
Attorney fees for articles of incorporation
February 10
$
32,000
March 1 – March 30 wages
March 30
4,500
March 1 – March 30 rent
March 30
2,000
Stock issuance costs
April 1
20,000
April 1 – May 30 wages
May 30
12,000...
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