Project #91354 - comprehensive problem 1

Part 1
Comprehensive Problem 1:

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, P.C., on April 1, 2014. The chart of accounts for Kelly Consulting is shown below:

The post-closing trial balance as of April 30, 2014, is shown below:

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:  Paid dividends, $10,500.

Description Post. Ref. Debit Credit
       
       

 

Comprehensive Problem 1
Part 2 and Part 3:

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. Note: You must complete part 1 before completing parts 2 and 3.

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.

Kelly Consulting
Unadjusted Trial Balance
May 31, 2014
Account Title Debit Credit
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
   

 

Comprehensive Problem 1 
Part 4 and Part 6:

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. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.

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.

a.  Insurance expired during May is $275.

Account Name Post. Ref. Debit Credit
   
   

b.  Supplies on hand on May 31 are $715.

Account Name Post. Ref. Debit Credit
   
   

c.  Depreciation of office equipment for May is $330.

Account Name Post. Ref. Debit Credit
   
   

d.  Accrued receptionist salary on May 31 is $325.

Account Name Post. Ref. Debit Credit
   
   

e.  Rent expired during May is $1,600.

Account Name Post. Ref. Debit Credit
   
   

f.  Unearned fees on May 31 are $3,210.

Account Name Post. Ref. Debit Credit
   
   

Comprehensive Problem 1 
Part 5: Work Sheet

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. Note: You must complete parts 1, 2, 3, 4 before completing part 5.

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.

If an amount box does not require an entry, leave it blank or enter "0".

 

Kelly Consulting
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended May 31, 2014
  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
Capital Stock
Retained Earnings
Dividends
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
 
Net Income
 

Subject Business
Due By (Pacific Time) 11/13/2015 12:00 am
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