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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