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This is an accounting problem. Please see attached word document and spreadsheet.

Comprehensive Problem 1
Part 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, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below:

Account Number

Account

11

Cash

12

Accounts Receivable

14

Supplies

15

Prepaid Rent

16

Prepaid Insurance

18

Office Equipment

19

Accumulated Depreciation

21

Accounts Payable

22

Salaries Payable

23

Unearned Fees

31

Common Stock

32

Retained Earnings

33

Dividends

41

Fees Earned

51

Salary Expense

52

Rent Expense

53

Supplies Expense

54

Depreciation Expense

55

Insurance Expense

59

Miscellaneous Expense

The post-closing trial balance as of April 30, 20Y8, is shown below:

Kelly Consulting
Post-Closing Trial Balance
April 30, 20Y8

Account

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

Total

 

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

 

fill in the blank 2

fill in the blank 3

 

fill in the blank 5

fill in the blank 6

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 8

fill in the blank 9

 

fill in the blank 11

fill in the blank 12

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 14

fill in the blank 15

 

fill in the blank 17

fill in the blank 18

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 20

fill in the blank 21

 

fill in the blank 23

fill in the blank 24

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 26

fill in the blank 27

 

fill in the blank 29

fill in the blank 30

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 32

fill in the blank 33

 

fill in the blank 35

fill in the blank 36

 

fill in the blank 38

fill in the blank 39

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 41

fill in the blank 42

 

fill in the blank 44

fill in the blank 45

May 20:  Purchased supplies on account, $735.

Description

Post. Ref.

Debit

Credit

 

fill in the blank 47

fill in the blank 48

 

fill in the blank 50

fill in the blank 51

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 53

fill in the blank 54

 

fill in the blank 56

fill in the blank 57

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 59

fill in the blank 60

 

fill in the blank 62

fill in the blank 63

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 65

fill in the blank 66

 

fill in the blank 68

fill in the blank 69

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 71

fill in the blank 72

 

fill in the blank 74

fill in the blank 75

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 77

fill in the blank 78

 

fill in the blank 80

fill in the blank 81

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 83

fill in the blank 84

 

fill in the blank 86

fill in the blank 87

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 89

fill in the blank 90

 

fill in the blank 92

fill in the blank 93

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

Description

Post. Ref.

Debit

Credit

 

fill in the blank 95

fill in the blank 96

 

fill in the blank 98

fill in the blank 99

May 31:  Paid dividends, $10,500.

Description

Post. Ref.

Debit

Credit

 

fill in the blank 101

fill in the blank 102

 

fill in the blank 104

fill in the blank 105

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, 20Y8

Account Title

Debit Balances

Credit Balances

fill in the blank 2

fill in the blank 3

fill in the blank 5

fill in the blank 6

fill in the blank 8

fill in the blank 9

fill in the blank 11

fill in the blank 12

fill in the blank 14

fill in the blank 15

fill in the blank 17

fill in the blank 18

fill in the blank 20

fill in the blank 21

fill in the blank 23

fill in the blank 24

fill in the blank 26

fill in the blank 27

fill in the blank 29

fill in the blank 30

fill in the blank 32

fill in the blank 33

fill in the blank 35

fill in the blank 36

fill in the blank 38

fill in the blank 39

fill in the blank 41

fill in the blank 42

fill in the blank 44

fill in the blank 45

fill in the blank 47

fill in the blank 48

fill in the blank 50

fill in the blank 51

fill in the blank 53

fill in the blank 54

fill in the blank 56

fill in the blank 57

fill in the blank 59

fill in the blank 60

Total

fill in the blank 61

fill in the blank 62

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.

Date

Account Name

Post. Ref.

Debit

Credit

May 31

 

fill in the blank 2

fill in the blank 3

 

 

fill in the blank 5

fill in the blank 6

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

Date

Account Name

Post. Ref.

Debit

Credit

May 31

 

fill in the blank 8

fill in the blank 9

 

 

fill in the blank 11

fill in the blank 12

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

Date

Account Name

Post. Ref.

Debit

Credit

May 31

 

fill in the blank 14

fill in the blank 15

 

 

fill in the blank 17

fill in the blank 18

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

Date

Account Name

Post. Ref.

Debit

Credit

May 31

 

fill in the blank 20

fill in the blank 21

 

 

fill in the blank 23

fill in the blank 24

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

Date

Account Name

Post. Ref.

Debit

Credit

May 31

 

fill in the blank 26

fill in the blank 27

 

 

fill in the blank 29

fill in the blank 30

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

Date

Account Name

Post. Ref.

Debit

Credit

May 31

 

fill in the blank 32

fill in the blank 33

 

 

fill in the blank 35

fill in the blank 36

Part 5 is optional.

Part 7:

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, and 6 before completing part 7. Part 5 is optional.
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

fill in the blank 2

fill in the blank 3

fill in the blank 5

fill in the blank 6

fill in the blank 8

fill in the blank 9

fill in the blank 11

fill in the blank 12

fill in the blank 14

fill in the blank 15

fill in the blank 17

fill in the blank 18

fill in the blank 20

fill in the blank 21

fill in the blank 23

fill in the blank 24

fill in the blank 26

fill in the blank 27

fill in the blank 29

fill in the blank 30

fill in the blank 32

fill in the blank 33

fill in the blank 35

fill in the blank 36

fill in the blank 38

fill in the blank 39

fill in the blank 41

fill in the blank 42

fill in the blank 44

fill in the blank 45

fill in the blank 47

fill in the blank 48

fill in the blank 50

fill in the blank 51

fill in the blank 53

fill in the blank 54

fill in the blank 56

fill in the blank 57

fill in the blank 59

fill in the blank 60

Total

fill in the blank 61

fill in the blank 62

1. Part 8:

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, 6 and 7 before completing part 8. Part 5 is optional.
Prepare an income statement.

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

Line Item Description

Amount

Amount

 

$fill in the blank 2

Expenses:

 

 

    

$fill in the blank 4

 

    

fill in the blank 6

 

    

fill in the blank 8

 

    

fill in the blank 10

 

    

fill in the blank 12

 

    

fill in the blank 14

 

        

 

fill in the blank 16

 

$fill in the blank 18

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

Line Item Description

Common Stock

Retained Earnings

Total

$fill in the blank 20

$fill in the blank 21

$fill in the blank 22

fill in the blank 24

fill in the blank 25

fill in the blank 26

fill in the blank 28

fill in the blank 29

fill in the blank 30

$fill in the blank 32

$fill in the blank 33

$fill in the blank 34

Prepare a balance sheet.

Kelly Consulting
Balance Sheet
May 31, 20Y8

Line Item Description

Amount

Amount

Assets

 

 

Current assets:

 

 

    

$fill in the blank 36

 

    

fill in the blank 38

 

    

fill in the blank 40

 

    

fill in the blank 42

 

    

fill in the blank 44

 

Total current assets

 

$fill in the blank 45

Property, plant, and equipment:

 

 

    

$fill in the blank 47

 

    

fill in the blank 49

 

Total property, plant, and equipment

 

fill in the blank 50

Total assets

 

$fill in the blank 51

Liabilities

 

 

Current liabilities:

 

 

    

$fill in the blank 53

 

    

fill in the blank 55

 

    

fill in the blank 57

 

Total liabilities

 

$fill in the blank 58

Stockholders’ Equity

 

 

    

$fill in the blank 60

 

 

    

fill in the blank 62

 

 

Total stockholders’ equity

 

fill in the blank 63

Total liabilities and stockholders’ equity

 

$fill in the blank 64

Part 9:

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, 6, 7 and 8 before completing part 9. Part 5 is optional.

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.

Date

Account Name

Post. Ref.

Debit

Credit

20Y8

Closing Entries

 

 

 

May 31

fill in the blank 2

fill in the blank 3

fill in the blank 4

 

fill in the blank 6

fill in the blank 7

fill in the blank 8

 

fill in the blank 10

fill in the blank 11

fill in the blank 12

 

fill in the blank 14

fill in the blank 15

fill in the blank 16

 

fill in the blank 18

fill in the blank 19

fill in the blank 20

 

fill in the blank 22

fill in the blank 23

fill in the blank 24

 

fill in the blank 26

fill in the blank 27

fill in the blank 28

 

fill in the blank 30

fill in the blank 31

fill in the blank 32

 

 

 

 

 

May 31

fill in the blank 34

fill in the blank 35

fill in the blank 36

 

fill in the blank 38

fill in the blank 39

fill in the blank 40

Part 10:

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, 6, 7, 8 and 9 before completing part 10. Part 5 is optional.
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, 20Y8

Account Title

Debit Balances

Credit Balances

fill in the blank 2

fill in the blank 3

fill in the blank 5

fill in the blank 6

fill in the blank 8

fill in the blank 9

fill in the blank 11

fill in the blank 12

fill in the blank 14

fill in the blank 15

fill in the blank 17

fill in the blank 18

fill in the blank 20

fill in the blank 21

fill in the blank 23

fill in the blank 24

fill in the blank 26

fill in the blank 27

fill in the blank 29

fill in the blank 30

fill in the blank 32

fill in the blank 33

fill in the blank 35

fill in the blank 36

Total

fill in the blank 37

fill in the blank 38

Income Statement Accounts

COMPREHENSIVE PROBLEM 1

– The following ledger accounts appear below, in this order:

Fees Earned, Salary Expense, Rent Expense, Supplies Expense, Depreciation Expense, Insurance Expense,

Miscellaneous Expense

The entries in the ledgers will not grade or mark correct or incorrect.

LEDGERS – Income Statement accounts

Fees Earned 41

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

Salary Expense 51

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

Rent Expense 52

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

Supplies Expense 53

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

Depreciation Expense 54

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

Insurance Expense 55

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

Miscellaneous Expense 59

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

Balance Sheet Accounts

COMPREHENSIVE PROBLEM 1

– The following ledger accounts appear below, in this order:

Cash, Accounts Receivable, Supplies, Prepaid Rent, Prepaid Insurance, Office Equipment, Accumulated Depreciation,

Accounts Payable, Salaries Payable, Unearned Fees, Common Stock, Retained Earnings, Dividends

– Beginning balances from the textbook have already been entered.

The entries in the ledgers will not grade or mark correct or incorrect.

LEDGERS – Balance Sheet accounts

Cash 11

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 22,100

Accounts Receivable 12

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 3,400

Supplies 14

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 1,350

Prepaid Rent 15

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 3,200

Prepaid Insurance 16

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 1,500

Office Equipment 18

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 14,500

Accumulated Depreciation 19

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 330

Accounts Payable 21

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 800

Salaries Payable 22

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 120

Unearned Fees 23

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 2,500

Common Stock 31

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 30,000

Retained Earnings 32

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.

5/1 Balance √ 12,300

Dividends 33

Post Balance

Date Item Ref. Dr. Cr. Dr. Cr.




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