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222 Chapter 4 Completing the Accounting Cycle Comprehensive Problem 1 8. Net income. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The $35.425 ing cycle for Kelly Consulting for April, including financial statements, was illustrated chapter. During May, Kelly Consulting entered into the following transactions: May 3 Received cash from clients as an advance payment for services to be provided and recorded its earned fees. $4,500. 5. Received cash from clients on account 52.450. 9. Paid cash for a newspaper advertisement $225. 13. Paid Office Station Co. for part of the debt incurred on April 5,5640. 15. Recorded services provided on account for the period May 1-15.59,180 16. Paid part-time receptionist for two weeks'salary including the amount owed on April 30, 5750 17. Recorded cash from cash clients for fees earned during the period May 1-16, 58,360. Recond the following transactions on Page 6 of the journal: 20. Purchased supplies on account, $735. 21. Recorded services provided on account for the period May 16-20, $4,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, 57,900. 27. Received cash from clients on account. 59,520 28. Paid part-time receptionist for two weeks'salary. 5750. 30. Paid telephone bill for May, 5260. 31. Paid electricity bill for May, $810 31. Recorded cash from cash clients for fees earned for the period May 26-31, 53,300. 31. Recorded services provided on account for the remainder of May. 52650. 31. Paid dividends. $10,500 Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-columna count. Date the balances May 1, 2018, and place a check mark in the Posting Refer ence column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 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 5715. (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. IF) Unearned fees on May 31 are $3.210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earings statement, and a balance sheet. Prepare and post the closing entries. Record the closing entries on Pace of the jour (Income Summary is account in the chart of accounts.) Indicate closed accounts inserting a line in both the Balance columns opposite the closing entry 10. Prepare a post-closing trial balance. 1. Journal 2. Ledger 3. Unadjusted trial balance 4. Journal -adjustment 5. Ledger 5 6. Adjusted trial balance 7. Worksheet 8. Financial statement 9. Journal - closing entry 10. ledger 11. Post closing trial balance The Andama A posi of the post-closing trial next period. The accounts and amounts with the accounts and amounts listed on the balance The post-closing trial balance for Kelly Consulting is shown nown in the post-closing trial balance are taken from the ending Dances in the le Exhibir 18. These balances agree with the amounts shown on Kelly Consultino's ccounts and listed on the bonsulting is anding balances balances in the eager shou og trial balance for kee maken from the wyn on Kelly Consulting's balan sheet in Exhibit 15. Kelly Consulting Post-Closing Trial Balance April 30, 2018 Account Credit Balances No. Exhibit 17 Post-Closing Trial Balance, Kelly Consulting 11 Debit Balances 22,100 3,400 1,350 3,200 1,500 14,500 14 330 800 Cash.... Accounts Receivable Supplies ... Prepaid Rent .. Prepaid Insurance..... Office Equipment.... Accumulated Depreciation.. Accounts Payable..... Salaries Payable ... Unearned Fees ... Common Stock Retained Earnings ... 120 2,500 30,000 12,300 46,050 46,050