Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2010. The accounting…

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2010. The accounting cycle for Kelly Consulting for April , including financial statements was illistrated on page 157-168. During May, Kelly consulting entered the following transactions:
May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $3,000
5. Received cash from clients on account, $2100
9. Paid cash for a newspaper advertisement, $300.
13. Paid office station company for part of the debt incurred on april 5, $400.
15. Recorded services provided on account for the period May 1-15, $7350
16. paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750.

Record the following transaction
17. Recorded cash from cash clients for fees earned during the period May 1-16, $6150
20. Purchased supplies on account, $600
21. Recorded services provided on account for the period May 16-20, $6175
25. Recorded cash from cash clients for fees earned for the period May 17-23, $3125
27. Received cash from clients on account, $11,250
28. Paid part-time receptionist for two weeks salary, $750.
30. Paid telephone bill for May, $120.
31. Paid electricity bill for May $290.
31. Recorded cash from cash clients for fees earned for the period May 26-31, $2,800
31. Recorded services provided on account for the remainder of May, $1,900
31. Kelly withdrew $ 15,000 personal use.
1. The chart of accounts for Kelly Consulting is shown on page 158, and the post-closing trial balance as of April 30, 2010 is shown on page 166. For each account in the post-closing trial balance, enter the balance in the appropriate balance column of a four column account. Date the balances May 1, 2010, and place a check mark in the posting reference column. Journalize each of the May transactions in a two column journal 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 trail 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 $300.
b. Supplies on hand on May 31 are $750
c. Depreciation of office equipment for May is $330.
d. Accrued receptionist salary on May 31 is $300.
e. Rent expired during May is $1,600.
f. Unearned fees on May 31 are $1,500
5. Enter the unadjusted trial balance on an end-of-period spreadsheet (worksheet) and complete the spreadsheet.
6. Journalize and post the adjusting entries.
7.Prepare an adjusted trial balance.
8. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
9. Prepare and post the closing entries. (Income summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.
10. Prepare a post-closing trial balance

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