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, 208. The chart of accounts for Kelly Consulting is shown below: 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 Kelly Pitney, Capital 32 Kelly Pitney, Drawing 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 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 Kelly Pitney, Capital 31 42,300 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 Cash 4,500 Unearned Fees 4,500 V May 5: Received cash from clients on account, $2,450. Description Post. Ref. Debit Credit Cash 2,450 Accounts Receivable 2,450 May 9: Paid cash for a newspaper advertisement, $225. Description Post. Ref. Debit Credit Miscellaneous Expense 225 Cash 225 V May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Post. Ref. Debit Credit Accounts Payable 640 Cash 640 V May 15: Provided services on account for the period May 1-15, $9,180. Description Post. Ref. Debit Credit Accounts Receivable 9,180 Fees Earned 9,180 VMay 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Description Post. Ref. Debit Credit Salary Expense 630 Salaries Payable 120 Cash 750 May 17: Received cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit Cash 8,360 V Fees Earned 8,360 V May 20: Purchased supplies on account, $735. Description Post. Ref. Debit Credit Supplies V 735 Accounts Payable 735 V May 21: Provided services on account for the period May 16-20, $4,820. Description Post. Ref. Debit Credit Accounts Receivable 4,820 Fees Earned 4,820 May 25: Received cash from cash clients for fees earned for the period May 17-23, $7,900. Description Post. Ref. Debit Credit Cash 7,900 V Fees Earned 7,900 VMay 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Credit Cash 9,520 V Accounts Receivable V 9,520 V May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit Salary Expense - V 750 Cash 750 V May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit Miscellaneous Expense 260 V Cash 260 May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit Miscellaneous Expense V 810 V Cash 810May 27: Received cash from clients on account, $9,520. Description Post. Ref. Debit Credit Cash 9,520 Accounts Receivable 9,520 V May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit Salary Expense 750 V Cash 750 May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit Miscellaneous Expense 260 Cash 260 V May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit Miscellaneous Expense 810 Cash 810 May 31: Received cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit Cash 3,300 Fees Earned 3,300 May 31: Provided services on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit Accounts Receivable 2,650 Fees Earned 2,650 V May 31: Kelly withdrew $10,500 for personal use. Description Post. Ref. Debit Credit Kelly Pitney, Drawing 10,500 Cash 10,500Comprehensive 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. Date Account Name Post. Ref. Debit Credit May 31 b. Supplies on hand on May 31 are $715. Date Account Name Post. Ref. Debit Credit May 31 C. Depreciation of office equipment for May is $330. Date Account Name Post. Ref. Debit Credit May 31 d. Accrued receptionist salary on May 31 is $325. Date Account Name Post. Ref. Debit Credit May 31 e. Rent expired during May is $1,600. Date Account Name Post. Ref. Debit Credit May 31f. Unearned fees on May 31 are $3,210. Date Account Name Post. Ref. Debit Credit May 31Comprehensive 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. 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. 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, 20Y8 Income Income Unadjusted Trial Unadjusted Trial Adjustments Adjustments Adjusted Trial Adjusted Trial Statement Statement Balance Sheet Balance Sheet Account Title Balance Debit Balance Credit Debit Credit Balance Debit Balance Credit Debit Credit Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Drawing 1010010010000 000 Fees Earned 1010000 0 0 00 00 02 1010010100 0 0 0 0 1020000 0 0 0 0 0 0 0 0 0 0 0 Salary Expense Rent Expense Supplies Expense Depreciation Expense 10000 Insurance Expense Miscellaneous Expense Net incomeComprehensive Problem 1 Part 7: The following is 2 comprehensive problem which encompasses all of the elaments leamed in previous chapters. You can refer to the objectives for sach chapter covered as 3 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 Debit Credit Account Title Balances Balances Prepare a balance sheet. Kelly Consulting Balance Sheet May 31, 20Y8 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: E Total liabilities Owner's Equity Total liabilities and owner's equity EComprehensive Problem 1 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 May 31Comprehensive Problem 1 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 Debit Credit Account Title Balances Balances