Module 2 What Comprehensive Problem: Parts 4-7 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 eam 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 May 31 Insurance Expense Prepaid Insurance Post. Ref. Debit Credit 275 0 0 275 b. Supplies on hand on May 31 are $715. Date Account Name May 31 Supplies Expense Supplies Post. Ref. Debit Credit c. Depreciation of office equipment for May is $330. Date Account Name May Depreciation Expense 31 Accumulated Depreciation Post. Ref. Debit Credit d. Accrued receptionist salary on May 31 is $325. Date Account Name May 31 Salary Expense Salaries Payable 330 0 330 Post. Ref. Debit Credit 325 0 325 e. Rent expired during May is $1,600. Date Account Name May 31 Rent Expense Prepaid Rent Post. Ref. Debit Credit 1,600 0 0 1,600 f. Unearned fees on May 31 are $3,210. Date Account Name May 31 Unearned Fees Fees Earned Feedback Post. Ref. Debit Credit 0 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, 20Y8. 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 32 Retained Earnings 33 Dividends 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 55 Insurance Expense 21 Accounts Payable 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 20YS Account No. Debit Credit Cash Accounts Receivable 11 22,100 12 3,400 Supplies Prepaid Rent 14. 1,350 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 Common Stock 31 30,000 Retained Earnings 32 12,300 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 Cash Unearned Fees Post. Ref. Debit Credit 4,500 0 0 4,500 May 5: Received cash from clients on account, $2,450. Description Cash Accounts Receivable Post. Ref. Debit Credit 2,450 0 0 2,450 V May 9: Paid cash for a newspaper advertisement, $225. Description Miscellaneous Expense Cash Post. Ref. Debit Credit 225 0 0 225 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Accounts Payable Cash Post. Ref. Debit 640 0 Credit 640 May 15: Recorded services provided on account for the period May 1-15, $9,180. Description Accounts Receivable Fees Earned Post. Ref. Debit 9,180 0 Credit 0 9,180 May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750- Description Salary Expense Salaries Payable Cash Post. Ref. Debit 630 120 0 Credit 0 0 750 May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Debit Credit May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Cash Fees Earned Post. Refa May 20: Purchased supplies on account, $735. Description Supplies Accounts Payable Debit Gredit 8,360 0 0 8,360 Post. Ref. Debit Credit 735 0 0 735 May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Accounts Receivable Fees Earned Post. Ref. Debit 4,820 0 Credit 0 4,820 May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. Description Cash Fees Earned Post. Ref. Debit 7,900 Credit 0 0 7,900 May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. Description Cash Fees Earned Post. Ref. Debit Credit 7,900 0 0 7,900 May 27: Received cash from clients on account, $9,520. Description Cash Accounts Receivable Post. Ref. Debit Credit 9,520 0 0 9,520 May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit Salary Expense 750 0 Cash 0 750 V May 30: Paid telephone bill for May, $260. Description Miscellaneous Expense Cash Post. Ref. Debit Credit 260 0 0 260 Description Post-Ref. Miscellaneous Expense 810 Cash 0 810 May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. Description Cash Fees Earned Post. Ref. Debit 3,300 0 Credit 0 3,300 May 31: Recorded services provided on account for the remainder of May, $2,650. Description Accounts Receivable Fees Earned May 31: Paid dividends, $10,500. Description Dividends Cash Post. Ref. Debit Credit 2,650 0 0 2,650 Post. Ref. Debit Credit 10,500 0 0 10,500 Comprehensive Problem 1 Part 2 and Part 3: 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 part 1 before completing parts 2 and 3. Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four- column accounts. Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. Kelly Consulting Unadjusted Trial Balance May 31, 20Y8 Debit Credit Account Title Balances Balances Cash 44,195 0 Accounts Receivable 8,080 0 Supplies 2,085 0 Prepaid Rent 3,200 0 Prepaid Insurance office Enuinment 1,500 0 14.500 Kelly Consulting Unadjusted Trial Balance May 31, 20YS C Debit Credit Account Title Balances Balances Cash 44,195 10 8,080 Accounts Receivable Supplies Prepaid Rent 2,085 3,200 0 Prepaid Insurance 1,500 0 Office Equipment 14,500 0 Accumulated Depreciation 330 Accounts Payable 0 895 Salaries Payable 0 0 Unearned Fees 0 7,000 Common Stock 0 30,000 Retained Earnings 0 A 12,300 Dividends 10,500 0 Office Equipment Accumulated Depreciation Accounts Payable 14,500 0 330 0 895 Salaries Payable 0 Unearned Fees 0 7,000 Common Stock 0 30,000 Retained Earnings 0 12,300 Dividends 10,500 0 Fees Earned 0 36,210 Salary Expense 1,380 0 Rent Expense 0 Supplies Expense 0 Depreciation Expense 0 0 Insurance Expense 0 0 Miscellaneous Expense 1,295 0 86,735 86,735