Comprehensive 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 Account Name Post Ref Debit Credit SelectAccounts PayableCashInsurance ExpensePrepaid InsuranceUnearned FeesItem 1 SelectAccounts PayableCashFees EarnedInsurance ExpensePrepaid InsuranceItem 3 b Supplies on hand on May 31 are $715 Account Name Post Ref Debit Credit SelectAccounts PayableCashOffice EquipmentSuppliesSupplies ExpenseItem 5 SelectAccounts PayableCashOffice EquipmentSuppliesSupplies ExpenseItem 7 c Depreciation of office equipment for May is $330 Account Name Post Ref Debit Credit SelectAccounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentItem 9 SelectAccounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentItem 11 d Accrued receptionist salary on May 31 is $325 Account Name Post Ref Debit Credit SelectCashDividendsSalaries PayableSalary ExpenseUnearned FeesItem 13 SelectCashDividendsSalaries PayableSalary ExpenseUnearned FeesItem 15 e Rent expired during May is $1,600 Account Name Post Ref Debit Credit SelectAccounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesItem 17 SelectAccounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesItem 19 f Unearned fees on May 31 are $3,210 Account Name Post Ref Debit Credit SelectAccounts PayableAccounts ReceivableCashFees EarnedUnearned FeesItem 21 SelectAccounts PayableAccounts ReceivableCashFees EarnedUnearned FeesItem 23

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Question: Comprehensive Problem 1 Part 4 and Part 6: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You

Comprehensive 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.

Account Name	Post. Ref.	Debit	Credit
SelectAccounts PayableCashInsurance ExpensePrepaid InsuranceUnearned FeesItem 1
SelectAccounts PayableCashFees EarnedInsurance ExpensePrepaid InsuranceItem 3

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

Account Name	Post. Ref.	Debit	Credit
SelectAccounts PayableCashOffice EquipmentSuppliesSupplies ExpenseItem 5
SelectAccounts PayableCashOffice EquipmentSuppliesSupplies ExpenseItem 7

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

Account Name	Post. Ref.	Debit	Credit
SelectAccounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentItem 9
SelectAccounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentItem 11

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

Account Name	Post. Ref.	Debit	Credit
SelectCashDividendsSalaries PayableSalary ExpenseUnearned FeesItem 13
SelectCashDividendsSalaries PayableSalary ExpenseUnearned FeesItem 15

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

Account Name	Post. Ref.	Debit	Credit
SelectAccounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesItem 17
SelectAccounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesItem 19

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

Account Name	Post. Ref.	Debit	Credit
SelectAccounts PayableAccounts ReceivableCashFees EarnedUnearned FeesItem 21
SelectAccounts PayableAccounts ReceivableCashFees EarnedUnearned FeesItem 23

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