Comprehensive Problem 1 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
Accounts PayableAccumulated DepreciationCashCommon StockSalary ExpenseCash	fill in the blank 2	fill in the blank 3
Accounts ReceivableAccumulated DepreciationRent ExpenseRetained EarningsSalaries PayableAccounts Receivable	fill in the blank 5	fill in the blank 6
Fees EarnedMiscellaneous ExpenseSuppliesSupplies ExpenseUnearned FeesSupplies	fill in the blank 8	fill in the blank 9
Accumulated DepreciationCommon StockPrepaid RentRent ExpenseSalaries PayablePrepaid Rent	fill in the blank 11	fill in the blank 12
Accounts PayableInsurance ExpensePrepaid InsuranceRetained EarningsUnearned FeesPrepaid Insurance	fill in the blank 14	fill in the blank 15
Accumulated DepreciationCommon StockOffice EquipmentSalaries PayableSupplies ExpenseOffice Equipment	fill in the blank 17	fill in the blank 18
Accounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentAccumulated Depreciation	fill in the blank 20	fill in the blank 21
Accounts PayableCashOffice EquipmentRent ExpenseRetained EarningsAccounts Payable	fill in the blank 23	fill in the blank 24
Accounts ReceivableFees EarnedOffice EquipmentSalaries PayableSalary ExpenseSalaries Payable	fill in the blank 26	fill in the blank 27
CashFees EarnedOffice EquipmentMiscellaneous ExpenseUnearned FeesUnearned Fees	fill in the blank 29	fill in the blank 30
Accounts PayableCommon StockInsurance ExpenseOffice EquipmentPrepaid RentCommon Stock	fill in the blank 32	fill in the blank 33
Accounts ReceivableAccumulated DepreciationRetained EarningsSalaries PayableUnearned FeesRetained Earnings	fill in the blank 35	fill in the blank 36
Accounts ReceivableAccumulated DepreciationDividendsSalaries PayableUnearned FeesDividends	fill in the blank 38	fill in the blank 39
Accounts ReceivableCashFees EarnedOffice EquipmentUnearned FeesFees Earned	fill in the blank 41	fill in the blank 42
Accounts ReceivableCommon StockSalaries PayableSalary ExpenseUnearned FeesSalary Expense	fill in the blank 44	fill in the blank 45
Accounts PayableAccumulated DepreciationPrepaid RentRent ExpenseSalaries PayableRent Expense	fill in the blank 47	fill in the blank 48
Accumulated DepreciationPrepaid InsuranceSalaries PayableSuppliesSupplies ExpenseSupplies Expense	fill in the blank 50	fill in the blank 51
Accounts ReceivableAccumulated DepreciationCommon StockDepreciation ExpenseUnearned FeesDepreciation Expense	fill in the blank 53	fill in the blank 54
Accounts PayableInsurance ExpensePrepaid InsuranceSalaries PayableUnearned FeesInsurance Expense	fill in the blank 56	fill in the blank 57
CashCommon StockMiscellaneous ExpenseRetained EarningsUnearned FeesMiscellaneous Expense	fill in the blank 59	fill in the blank 60
	fill in the blank 61	fill in the blank 62

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.

Date	Account Name	Post. Ref.	Debit	Credit
May 31	Accounts PayableCashInsurance ExpensePrepaid InsuranceUnearned FeesInsurance Expense		fill in the blank 2	fill in the blank 3
	Accounts PayableCashFees EarnedInsurance ExpensePrepaid InsurancePrepaid Insurance		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	Accounts PayableCashOffice EquipmentSuppliesSupplies ExpenseSupplies Expense		fill in the blank 8	fill in the blank 9
	Accounts PayableCashOffice EquipmentSuppliesSupplies ExpenseSupplies		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	Accounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentDepreciation Expense		fill in the blank 14	fill in the blank 15
	Accounts ReceivableAccumulated DepreciationCashDepreciation ExpenseOffice EquipmentAccumulated Depreciation		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	CashDividendsSalaries PayableSalary ExpenseUnearned FeesSalary Expense		fill in the blank 20	fill in the blank 21
	CashDividendsSalaries PayableSalary ExpenseUnearned FeesSalaries Payable		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	Accounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesRent Expense		fill in the blank 26	fill in the blank 27
	Accounts ReceivableCashPrepaid RentRent ExpenseUnearned FeesPrepaid Rent		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	Accounts PayableAccounts ReceivableCashFees EarnedUnearned FeesUnearned Fees		fill in the blank 32	fill in the blank 33
	Accounts PayableAccounts ReceivableCashFees EarnedUnearned FeesFees Earned		fill in the blank 35	fill in the blank 36