Kelly Pitney began her consulting business, Kelly Consulting, P.C. on April 1, 2014. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages 163-173. During May, Kelly Consulting entered into the following transactions:
May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4500.
May 5. Received cash from clients on account, $2450.
May 9. Paid cash for a newspaper advertisement, $225.
May 13. Paid Office Station Co. for part of the debt incurred on April 5, $640.
May 15. Recorded services provided on account for the period of May 1-15, $9180.
May 16. Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750.
May 17. Recorded cash from cash clients for fees earned during the period May 1-16, $8360.
Record the following on Page 6 of the journal:
May 20. Purchased supplies on account, $735.
May 21. Recorded services provided on account for the period May 16-20, $4820.
May 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7900.
May 27. Received cash from clients on account, $9520
May 28. Paid part-time receptionist for two weeks’ salary, $750.
May 30. Paid telephone bill for May, $260.
May 31. Paid electricity bill for May, $810.
May 31. Recorded cash from cash clients for fees earned for the period May 26-31, $3300
May 31. Recorded services provided on account for the remainder of May, $2650.
May 31. Paid dividends $10,500.
INSTUCTIONS:
1. The chart of accounts for Kelly Consulting is shown on page 164, and the post-closing trial balance as of April 30, 2014, is shown on page 171. For each account in the post-closing trial balance, enter the balance enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2014, and place a check mark in the post reference column. Journalize each of the May transactions in a two- column journal using Kelly Consulting’s chart of accounts. (Do not insert the account numbers in the journal at this time.)
2. Post the journal to a ledger of four-column accounts.
3. Prepare and unadjusted trial balance.
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 $3210.
5. (Optional). Enter the unadjusted trial balance on an end-of-period spreadsheet (worksheet) and complete the spreadsheet
6. Journalize and post the adjusting entries. Record the adjusting entries on page 7 of the journal.
7. Prepare an adjusted trial balance.
8. Prepare an income statement, retained earnings statement, and balance sheet.
9. Prepare and post the closing entries. Record the closing entries on page 8 of the journal (Income summary account is #34 in the chart of accounts). Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.
10. Prepare post-closing trial balance.
Check figure: Net Income $33,425
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our Services
Custom Writings Help is a Quality-Oriented Company in Online Writing as a result of hiring exceptional professionals to execute clients' tasks.
Essays
At Custom Writings Help,We understand the struggle of research paper writing, and that is why at Custom WritingS Help, we are all out to help you. We pride ourselves on having a team of clinical writers. The stringent and rigorous vetting process ensures that only the 'BEST' Writers are chosen for the job. We have highly qualified Ph.D. and MA writers working with us; we equally offer these experienced writers specific bonuses and incentives to make them deliver highly original, unique, and informative content at reasonably low prices.
Admissions
Thesis Writing Service
Worlwide, Many Masters Students are struggling with Thesis Completion. A thesis is likely to be the longest and most challenging piece of work a student has ever completed. However, unlike essays and other assignments, a student can pick a particular interest topic and work on their initiative. Fortunately, we are there for you. At Custom Writings Help, you are assured of an authentic, imaginative, informative, linguistically great, and advantageous thesis that adheres to all your needs. So, why continue considering different writers when you have discovered the best in the field?
Editing
Custom Papers
Not a single student can avoid writing custom papers. However, a total lack of experience, skills, and time makes it very hard to produce a superb writing piece. Therefore, if you are seeking professional help, turn to us. Our specialized and experienced writers compose a variety of model papers, including custom essays, college term papers, research papers, book reports, MBA essays, executive summaries, dissertations, Ph.D. theses, admission essays, and research proposals for college and university students at any level.
Coursework
Essay Writing
Most of the students disregard the critical principles of essay writing and compose papers below sensible guidelines. Therefore, with Custom Writings Help, one should not worry about his/her essay. Our Writers compose informative and engaging content on all complexities and topics. We write meaningful and smart essays while prioritizing all aspects that bring about a good grade, such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines.
Coursework
Coourse Work Writing
Don't let the seemingly never-ending onslaught of writing assignments get you down. If you are looking where to get course work assistance online, the writers at Custom Writings Help are here to assist you with all of your writing needs. We undertake to unique delivery of papers that meet the professor's requirements. The content is proofread, edited, and checked plagiarism before submission to customers. No matter how big or small your work is, we will deliver on time. Try US Now! !
Coursework
Dissertation Writing Service
High-Quality Dissertation Writing Services are rare. They require Ph.D. academicians – not easily found. However, are an exception. The years, time, and resources we have invested in the dissertation world has given us a competitive advantage over others. Choose to come to Custom Writings Help; You will find perfect Ph.D. consultants who have written hundreds of dissertations theses ready to help you. Let our dissertation-writing services help you craft your dissertation, for you are assured we will give you the results.