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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

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