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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 in the Post. Ref. column of the journal at this time.) If an amount box does not require an entry, leave it blank.

  1. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.

  2. May 5: Received cash from clients on account, $2,450.

  3. May 9: Paid cash for a newspaper advertisement, $225.

  4. May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.

  5. May 15: Recorded services provided on account for the period May 1–15, $9,180.

  6. May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.

  7. May 17: Recorded cash from cash clients for fees earned during the period May 1–16, $8,360.

  8. May 20: Purchased supplies on account, $735.

  9. May 21: Recorded services provided on account for the period May 16–20, $4,820.

  10. May 25: Recorded cash from cash clients for fees earned for the period May 17–23, $7,900.

  11. May 27: Received cash from clients on account, $9,520.

  12. May 28: Paid part-time receptionist for two weeks' salary, $750.

  13. May 30: Paid telephone bill for May, $260.

  14. May 31: Paid electricity bill for May, $810.

  15. May 31: Recorded cash from cash clients for fees earned for the period May 26–31, $3,300.

  16. May 31: Recorded services provided on account for the remainder of May, $2,650.

  17. May 31: Paid dividends, $10,500.

Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts.

Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.

  1. Kelly Consulting
    Unadjusted Trial Balance
    May 31, 20Y8
    Account Title Debit Balances Credit Balances

Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).

a. Insurance expired during May is $275.
b. Supplies on hand on May 31 are $715.
c. Depreciation of office equipment for May is $330.
d. Accrued receptionist salary on May 31 is $325.
e. Rent expired during May is $1,600.
f. Unearned fees on May 31 are $3,210.

Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.

Date Account Name Post. Ref. Debit Credit
May 31

Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.

  1. Insurance expired during May is $275.
  2. Supplies on hand on May 31 are $715.
  3. Depreciation of office equipment for May is $330.
  4. Accrued receptionist salary on May 31 is $325.
  5. Rent expired during May is $1,600.
  6. Unearned fees on May 31 are $3,210
  1. Part 7:
    Kelly Consulting
    End-of-Period Spreadsheet (Work Sheet)
    For the Month Ended May 31, 20Y8
    Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
    Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
    Cash
    Accounts Receivable
    Supplies
    Prepaid Rent
    Prepaid Insurance
    Office Equipment
    Accum. Depreciation
    Accounts Payable
    Salaries Payable
    Unearned Fees
    Common Stock
    Retained Earnings
    Dividends
    Fees Earned
    Salary Expense
    Rent Expense
    Supplies Expense
    Depreciation Expense
    Insurance Expense
    Miscellaneous Expense
    Net income

Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Kelly Consulting
Adjusted Trial Balance
May 31, 20Y8

Account Title

Debit Balances

Credit Balances                     

Part 8:

  1. Prepare an income statement.

    Kelly Consulting
    Income Statement
    For the Month Ended May 31, 20Y8
    $
    Expenses:
    $
         
    $

    Prepare a statement of stockholders’ equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

    Kelly Consulting
    Statement of Stockholders’ Equity
    For the Month Ended May 31, 20Y8
    Common Stock Retained Earnings Total
    $ $ $
    $ $ $

    Prepare a balance sheet.

    Kelly Consulting
    Balance Sheet
    May 31, 20Y8
    Assets Liabilities
    Current assets: Current liabilities:
    $ $
    Total liabilities $
    Total current assets $
    Property, plant, and equipment: Stockholders’ Equity
    $ $
    Total property, plant, and equipment Total stockholders’ equity
    Total assets $ Total liabilities and stockholders’ equity $

Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank.

  1. Date Account Name Post. Ref. Debit Credit
    20Y8 Closing Entries
    May 31

Part 10:

Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank.

Kelly Consulting
Post-Closing Trial Balance
May 31, 20Y8Account TitleDebit BalancesCredit Balances             

Solutions

Expert Solution

PART 1

Journal entries

Date ACCOUNT NAME DEBIT CREDIT
MAY 3 CASH A/C Dr 4500
TO UNEARNED FEES 4500
MAY 5 CASH A/C Dr 2450
TO ACCOUNTS RECEIVABLE 2450
MAY 9 ADVERTISEMENT A/C Dr 225
TO CASH A/C 225
MAY 13 ACCOUNTS PAYABLE A/C Dr 640
TO CASH A/C 640
MAY 15 ACCOUNTS RECEIVABLE A/C Dr 9180
TO SERVICE REVENUE A/C 9180
MAY 16 SALARIES PAYABLE A/C Dr 120
SALARIES A/C Dr 630
TO CASH A/C 750
MAY 17 CASH A/C Dr 8360
TO SERVICE REVENUE A/C 8360
MAY 20 SUPPLIES A/C Dr 735
TO ACCOUNTS PAYABLE A/C 735
MAY 21 ACCOUNTS RECEIVABLE A/C Dr 4820
TO SERVICE REVENUE A/C 4820
MAY 25 CASH A/C Dr 7900
TO SERVICE REVENUE 7900
MAY 27 CASH A/C Dr 9520
TO ACCOUNTS RECEIVABLE A/C 9520
MAY 28 SALARIES A/C Dr 750
TO CASH A/C 750
MAY 30 MISCELLANOUS EXPENSE A/C Dr 260
TO CASH A/C 260
(FOR TELEPHONE BILL)
MAY 31 MISCELLANOUS EXPENSE A/C Dr 810
TO CASH A/C 810
(FOR ELECTRICITY BILL)
MAY 31 CASH A/C Dr 3300
TO SERVICE REVENUE A/C 3300
MAY 31 ACCOUNTS RECEIVABLE A/C Dr 2650
TO SERVICE REVENUE A/C 2650
MAY 31 RETAINED EARNINGS A/C Dr 10500
TO CASH A/C 10500
(FOR DIVIDENDS PAID)

PART 2 POSTING IN LEDGER

CASH ACCOUNT

DATE ACCOUNT NAME POST REF DEBIT CREDIT

BALANCE

(Dr)
MAY 01 BALANCE B/D 22100 22100
MAY 3 UNEARNED FEES 4500 26600
MAY 5 ACCOUNT RECEIVABLE 2450 29050
MAY 9 ADVERTISEMENT 225 28825
MAY 13 ACCOUNT PAYABLE 640 28185
MAY 16 SALARIES PAYABLE 120 28065
SALARIES 630 27435
MAY 17 SERVICE REVENUE 8360 35795
MAY 25 SERVICE REVENUE 7900 43695
MAY 27 ACCOUNT RECEIVABLE 9520 53215
MAY 28 SALARIES 750 52465
MAY 30 MISCELLANOUS EXPENSE 260 52205
MAY 31 MISCELLANOUS EXPENSE 810 51395
MAY 31 SERVICE REVENUE 3300 54695
MAY 31 RETAINED EARNINGS 10500 44195

ACCOUNTS RECEIVABLE

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Dr)
MAY 1 BALANCE b/d 3400 3400
MAY 5 CASH 2450 950
MAY 13 CASH 640 1590
MAY 15 SERVICE REVENUE 9180 10770
MAY 21 SERVICE REVENUE 4820 15590
MAY 27 CASH 9520 6070
MAY 31 SERVICE REVENUE 2650 8720

SUPPLIES ACCOUNT

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Dr)
MAY 1 BALANCE b/d 1350 1350
MAY 20 ACCOUNTS PAYABLE 735 2085

PREPAID RENT

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Dr)
MAY 1 BALANCE b/d 3200 3200

PREPAID INSURANCE

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Dr)
MAY 1 BALANCE b/d 1500 1500

OFFICE EQUIPMENT

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Dr)
MAY 1 OFFICE EQUIPMENT 14500 14500

ACCUMULATED DEPRECIATION

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Cr)
MAY 1 BALANCE b/d 330 330

ACCOUNTS PAYABLE

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Cr)
MAY 1 BALANCE b/d 800 800
MAY 13 CASH 640 160
MAY 20 SUPPLIES 735 895

SALARIES PAYABLE

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Cr)
MAY 1 BALANCE b/d 120 120
MAY 16 CASH 120 0

UNEARNED FEES

DATE ACCOUNT NAME DEBIT CREDIT BALANCE(Cr)
MAY 1 BALANCE b/d 2500 2500
MAY 3 CASH 4500 7000

COMMON STOCK

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Cr)
MAY 1 BALANCE b/d 30000 30000

RETAINED EARNINGS

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Cr)
MAY 1 BALANCE b/d 12300 12300
MAY 31 CASH 10500 1800

SERVICE REVENUE

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Cr)
MAY 15 ACCOUNT RECEIVABLE 9180 9180
MAY 17 CASH 8360 17540
MAY 21 ACCOUNT RECEIVABLE 4820 22360
MAY 25 CASH 7900 30260
MAY 31 CASH 3300 33560
MAY 31 ACCOUNT RECEIVABLE 2650 36210

ADVERTISEMENT

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Dr)
MAY 9 CASH 225 225

MISCELLANOUS EXPENSE

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Dr)
MAY 30 CASH 260 260
MAY 31 CASH 810 1070

SALARIES A/C

DATE ACCOUNT NAME POST REF DEBIT CREDIT BALANCE(Dr)
MAY 16 CASH 630 630
MAY 28 CASH 750 1380

PART 3: UNADJUSTED TRIAL BALANCE

KELLY CONSULTING

UNADJUSTED TRIAL BALANCES

MAY 31, 2018

ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE
CASH 44195
ACCOUNT RECEIVABLE 8720
SUPPLIES 2085
PREPAID RENT 3200
ADVERTISEMENT 225
PREPAID INSURANCE 1500
OFFICE EQUIPMENT 14500
SALARIES 1380
MISCELLANOUS EXPENSE 1070
ACCUMULATED DEPRECIATION 330
ACCOUNTS PAYABLE 895
SALARIES PAYABLE 0
UNEARNED FEES 7000
COMMON STOCK 30000
RETAINED EARNINGS 1800
SERVICE REVENUE 36210

ekkarill92 answered 2 years ago
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