The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 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. May 5: Received cash from clients on account, $2,450. Description Cash Accounts Receivable Post. Ref. May 9: Paid cash for a newspaper advertisement, $225. Description Miscellaneous Expense Cash Post. Ref. Debit Credit 4,500 4,500 Debit Credit 2,450 2,450 Debit Credit 225 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Description Accounts Payable Cash Post. Ref. Debit 640 225 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 Credit 9,180 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 Credit 630 120 750 May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Description Post. Ref. Cash Fees Earned Debit 8,360 8,360 Credit May 20: Purchased supplies on account, $735. Description Post. Ref. Debit Credit Supplies 735 Accounts Payable 735 May 21: Recorded services provided on account for the period May 16-20, $4,820. Description Accounts Receivable Fees Earned Post. Ref. Debit Credit 4,820 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 Credit 7,900 7,900 May 27: Received cash from clients on account, $9,520. Description Cash Accounts Receivable Post. Ref. Debit Credit 9,520 9,520 May 28: Paid part-time receptionist for two weeks' salary, $750. Description Post. Ref. Debit Credit Salary Expense 750 Cash 750 May 30: Paid telephone bill for May, $260. Description Miscellaneous Expense Cash Post. Ref. Debit Credit 260 260 Accounting numeric field Description Miscellaneous Expense Cash May 31: Paid electricity bill for May, $810. Description Miscellaneous Expense Cash Post. Ref. Debit Credit 260 260 Post. Ref. Debit Credit 810 810 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 Credit 3,300 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 Accounts Payable Cash Post. Ref. Debit Credit 2,650 2,650 Post. Ref. Debit Credit 10,500 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, 2018 Debit Credit Account Title Balances Balances Cash Accounts Receivable Supplies Prepaid Rent 44,195 8,080 2,085 3,200 Prepaid Insurance 1,500 Office Equipment 14,500 Accumulated Depreciation 330 Accounts Payable 895 Salaries Payable Unearned Fees 7,000 Common Stock 30,000 Retained Earnings 12,300 Dividends 10,500 Account Title Balances Balances Cash 44,195 Accounts Receivable 8,080 Supplies 2,085 Prepaid Rent 3,200 Prepaid Insurance 1,500 Office Equipment 14,500 Accumulated Depreciation 330 Accounts Payable 895 Salaries Payable Unearned Fees 7,000 Common Stock 30,000 Retained Earnings 12,300 Dividends 10,500 Fees Earned 36,210 Salary Expense 1,380 Rent Expense 1,600 Supplies Expense 1,370 Depreciation Expense 330 Insurance Expense 275 Miscellaneous Expense 1,295 86,735 86,735 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 May 31 Insurance Expense Prepaid Insurance b. Supplies on hand on May 31 are $715. Date Account Name May 31 Supplies Expense Supplies Post. Ref. Debit Credit 275 275 Post. Ref. Debit Credit 1,370 1,370 c. Depreciation of office equipment for May is $330. Date Account Name May 31 Depreciation Expense Accumulated Depreciation Post. Ref. Debit Credit 330 330 d. Accrued receptionist salary on May 31 is $325. Date Account Name May 31 Salary Expense Salaries Payable e. Rent expired during May is $1,600. Date Account Name May 31 Rent Expense Prepaid Rent f. Unearned fees on May 31 are $3,210. Date Account Name May 31 Unearned Fees Fees Earned Post. Ref. Debit Credit 325 325 Post. Ref. Debit Credit 1,600 1,600 Post. Ref. Debit Credit 3,790 3,790 c. Depreciation of office equipment for May is $330. Date Account Name May 31 Depreciation Expense Accumulated Depreciation Post. Ref. Debit Credit 330 330 d. Accrued receptionist salary on May 31 is $325. Date Account Name May 31 Salary Expense Salaries Payable e. Rent expired during May is $1,600. Date Account Name May 31 Rent Expense Prepaid Rent f. Unearned fees on May 31 are $3,210. Date Account Name May 31 Unearned Fees Fees Earned Post. Ref. Debit Credit 325 325 Post. Ref. Debit Credit 1,600 1,600 Post. Ref. Debit Credit 3,790 3,790 Comprehensive Problem 1 Part 5: Work Sheet 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 before completing part 5. Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data. 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. If an amount box does not require an entry, leave it blank or enter "0". Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 2018 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 44,195 44,195 44,195 Accounts Receivable 8,080 8,080 8,080 Supplies 2,085 1,370 715 715 Prepaid Rent 3,200 1,600 1,600 1,600 Prepaid Insurance 1,500 275 1,225 1,225 Office Equipment 14,500 14,500 14,500 Accum. Depreciation 330 330 660 660 Casi 44,195 444,195 Accounts Receivable 8,080 8,080 Supplies 2,085 1,370 715 Prepaid Rent 3,200 1,600 1,600 44,195 8,080 715 1,600 Prepaid Insurance 1,500 275 1,225 1,225 Office Equipment 14,500 14,500 14,500 Accum. Depreciation 330 330 660 660 Accounts Payable 895 895 895 Salaries Payable 0 325 325 325 Unearned Fees 7,000 3,790 3,210 3,210 Common Stock 30,000 30,000 30,000 Retained Earnings 12,300 12,300 12,300 Dividends 10,500 10,500 10,500 Fees Earned 36,210 3,790 40,000 40,000 Salary Expense 1,380 325 1,705 1,705 Rent Expense 1,600 1,600 1,600 Supplies Expense 1,370 1,370 1,370 Depreciation Expense 330 330 330 Insurance Expense 275 275 275 Miscellaneous Expense 1,295 1,295 1,295 86,735 86,735 7,690 7,690 87,390 87,390 6,675 40,000 70,315 70,315 Net income 33,425 40,000 40,000 80,815 80,815 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, 2018 Account Title Cash Debit Balances Credit Balances 44,195 Accounts Receivable Supplies Prepaid Rent 8,080 715 1,600 Prepaid Insurance 1,225 Office Equipment 14,500 Accumulated Depreciation 660 Accounts Payable 895 Salaries Payable 325 Unearned Fees 3,210 Common Stock 42,300 Retained Earnings 10,500 Fees Earned 40,000 Account Title Balances Balances Cash 44,195 Accounts Receivable 8,080 Supplies 715 Prepaid Rent 1,600 Prepaid Insurance 1,225 Office Equipment 14,500 Accumulated Depreciation 660 Accounts Payable 895 Salaries Payable 325 Unearned Fees 3,210 Common Stock 42,300 Retained Earnings 10,500 Fees Earned 40,000 Salary Expense 1,705 Rent Expense 1,600 Supplies Expense 1,370 Depreciation Expense 330 Insurance Expense 275 Miscellaneous Expense 1,295 87,390 87,390 Comprehensive Problem 1 Part 8: 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 and 7 before completing part 8. Part 5 is optional. Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 20Y8 Fees earned 40,000 Expenses: Salary expense 1,705 Rent expense 1,600 Supplies expense 1,370 Depreciation expense 330 Insurance expense 275 Miscellaneous expense 1,295 Total expenses 6,575 Net income 33,425 Prepare a statement of stockholders' equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Kelly Consulting Statement of Stockholders' Equity For the Month Ended May 31, 20Y8 Common Stock Retained Earnings Total Balances, May 1, 20Y8 $ 30,000 $ 12,300 $ 44,300 Net income 33,425 33,425 Dividends -10,500 -10,500 Balances, May 31, 20Y8 30,000 35,225 65,225 Prepare a balance sheet. Assets Current assets: Kelly Consulting Balance Sheet May 31, 20Y8 Liabilities Current liabilities: Cash Accounts receivable Supplies Prepaid rent Prepaid insurance Total current assets Property, plant, and equipment: Office equipment Accumulated depreciation Total property, plant, and equipment Total assets 44,195 Accounts payable 895 8,080 Salaries payable 325 715 Unearned fees 3,210 1,600 1,225 Total liabilities 55,815 Stockholders' Equity 14,500 Common stock -660 Retained earnings 13,840 Total stockholders' equity 69,655 Total liabilities and stockholders' equity 4,430 30,000 35,225 65,225 69,655 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. If an amount box does not require an entry, leave it blank. Date Account Name Post. Ref. Debit Credit 2018 Closing Entries May 31 Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Retained Earnings May 31 Cash Retained Earnings