Comprehensive 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. (Income Summary is account #33 in the chart of accounts.) If an amount box does not require an entry, leave it blank or enter "0".

Date	Account Name	Post. Ref.	Debit	Credit
2014
May 31	SelectFees EarnedIncome SummaryKelly Pitney, CapitalKelly Pitney, DrawingMiscellaneous ExpenseItem 1
	SelectFees EarnedIncome SummaryKelly Pitney, CapitalKelly Pitney, DrawingSuppliesItem 4
May 31	SelectDepreciation ExpenseIncome SummaryInsurance ExpenseMiscellaneous ExpenseSupplies ExpenseItem 7
	SelectFees EarnedIncome SummaryKelly Pitney, CapitalSalaries PayableSalary ExpenseItem 11
	SelectCashIncome SummaryPrepaid RentRent ExpenseUnearned FeesItem 15
	SelectAccounts ReceivableIncome SummaryKelly Pitney, CapitalSuppliesSupplies ExpenseItem 19
	SelectAccumulated DepreciationDepreciation ExpenseOffice EquipmentIncome SummaryKelly Pitney, DrawingItem 23
	SelectAccounts PayableFees EarnedIncome SummaryInsurance ExpensePrepaid InsuranceItem 27
	SelectFees EarnedIncome SummaryKelly Pitney, CapitalKelly Pitney, DrawingMiscellaneous ExpenseItem 31
May 31	SelectDepreciation ExpenseIncome SummaryInsurance ExpenseMiscellaneous ExpenseSupplies ExpenseItem 35
	SelectAccounts PayableAccounts ReceivableFees EarnedIncome SummaryKelly Pitney, CapitalItem 38
May 31	SelectDepreciation ExpenseIncome SummaryKelly Pitney, CapitalKelly Pitney, DrawingMiscellaneous ExpenseItem 41
	SelectDepreciation ExpenseIncome SummaryKelly Pitney, CapitalKelly Pitney, DrawingMiscellaneous ExpenseItem 44