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Presentation/PPT
27/08/2022
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2010. 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 a credit to unearned fees, $2,500. Received cash from clients on account, $1,750. Paid cash for a newspaper advertisement, $300.13. Paid Office Station Co. for part of the debt incurred on April 5, $400. Recorded services provided on account for the period May 1-15, $6,100. Paid part-time receptionist for two weeks’ salary including the $120 owed on April 30, $750. Debit the Salaries Payable for the $120 owed. 17. Recorded cash from cash clients for fees earned during the period May 1-16, $8,200.20. Purchased supplies on account, $400.21. Recorded services provided on account for the period May 16-20, $3,900.25. Recorded cash from cash clients for fees earned for the period May 17-23, $5,100.27. Received cash from clients on account, $9,500.28. Paid part-time receptionist for two weeks’ salary, $750.30. Paid telephone bill for May, $120.31. Paid electricity bill May, $290.31. Recorded cash from cash clients for fees earned for the period May 26-31, $3,875.31. Recorded services provided on account for the remainder of May, $3,200.30. Kelly withdrew $8,000 for personal use.Instructions:1. Journalize and post each transaction presented above, referring to the following chart of accounts in selecting the accounts to be debited and credited. (See K & A Getting Started icon for help starting this problem.) 31 Kelly Pitney, Capital32 Kelly Pitney, Drawing33 Income Summary41 Fees Earned51 Salary Expense52 Rent Expense53 Supplies Expense54 Depreciation Expense55 Insurance Expense59 Miscellaneous Expense2. Prepare a trail balance as of May 31, 2010. (Check with Comp Prob 1 – Trial Balance) 3. Journalize and post the adjusting entries in the General Journal. a. Insurance expired during May is $300b. Supplies on hand on May 31 are $600.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $240e. Rent expired during May is $1,600.$3,000)4. Prepare an income statement, a statement of owner’s equity, and a balance sheet.5. Journalize and post the closing entries in the General Journal.6. Prepare a post-closing trial balance.When finished, please submit to the instructor one copy of the Journal; the Trial Balance before adjustments; the Income Statement; the Statement of Owner’s Equity; and the Balance Sheet.
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