Question

Please provide the answer to all of the questions, I want to match up my work. I have the incorrect adjusted and unadjusted trial

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y5. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this 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 it as unearned fees, $4,500 5 Received cash from clients on account, $2,450. 9 13 15 Paid cash for a newspaper advertisement, $225. Paid Office Station Co. for part of the debt incurred on April 5, S640. Provided services on account for the period May 1-15, $9,180. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. Received cash from cash clients for fees earned during the period May 1-16, $8,360. 16 17

Answer 1

Solution:

Credit Journal Entries Date Accounts Title May-03 Cash Unearned Fees Debit $4,500 $4,500 $2,450 May-05 Cash Accounts Receivable $2,450 $225 May-09 Miscellaneous Expense Cash $225 $640 May-13 Accounts Payable Cash $640 $9,180 May-15 Accounts Receivable Fees Earned $9,180 May-16 Salaries Payable Salary Expense Cash $120 $630 $750 $8,360 May-17 Cash Fees Earned $8,360 $735 May-20 Supplies Accounts Payable $735 $4,820 May-21 Accounts Receivable Fees Earned $4,820 $7,900 May-25 Cash Fees Earned $7,900 $9,520 May-27 Cash Accounts Receivable $9,520 $750 May-28 Salary Expense Cash $750 $260 May-30 Miscellaneous Expense Cash $260 $810 May-31 Miscellaneous Expense Cash $810 $3,300 May-31 Cash Fees Earned $3,300 $2,650 May-31 Accounts Receivable Fees Earned $2,650 $10,500 May-31 Kelly Pitney, Drawing Cash $10,500

Credit Debit $44,195 $8,080 $2,085 $3,200 $1,500 $14,500 Kelly Consulting Unadjusted Trial Balance May 31, 2015 Accounts Title Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Drawing Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Totals $330 $895 $0 $7,000 $42,300 $10,500 $36,210 $1,380 $1,295 $86,735 $86,735

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Credit Adjusting Journal Entries Date Accounts Title May-31 Insurance Expense Prepaid Insurance Debit $275 $275 $1,370 May-31 Supplies Expense Supplies $1,370 $330 May-31 Depreciation Expense Accumulated Depreciation $330 $325 May-31 Salary Expense Salaries Payable $325 $1,600 May-31 Rent Expense Prepaid Rent $1,600 $3,790 May-31 Unearned Fees Fees Earned $3,790

Kelly Consulting Adjusted Trial Balance May 31, 2015 Accounts Title Credit Debit $44,195 $8,080 $715 $1,600 $1,225 $14,500 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Drawing Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense Totals $660 $895 $325 $3,210 $42,300 $10,500 $40,000 $1,705 $1,600 $1,370 $330 $275 $1,295 $87,390 $87,390

Trial Balance DR CR $44,195 $8,080 $2,085 $3,200 $1,500 $14,500 Account Titles Cash Accounts Receivables Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Drawing Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense $330 $895 $0 $7,000 $42,300 Kelly Consulting Worksheet May 31, 2015 Adjusted Trial Adjustments Income Statement Balance Sheet Balance DR CR DR CR DR CR DR CR $44,195 $44,195 $8,080 $8,080 $1,370 $715 $715 $1,600 $1,600 $1,600 $275 $1,225 $1,225 $14,500 $14,500 $330 $660 $660 $895 $895 $325 $325 $325 $3,790 $3,210 $3,210 $42,300 $42,300 $10,500 $10,500 $3,790 $40,000 $40,000 $325 $1,705 $1,705 $1,600 $1,600 $1,600 $1,370 $1,370 $1,370 $330 $330 $330 $275 $275 $275 $1,295 $1,295 $6,575 $40,000 $80,815 $47,390 $33,425 $33,425 $7,690 $7,690 $87,390 $87,390 $40,000 $40,000 $80,815 $80,815 $10,500 $36,210 $1,380 $1,295 Net Income $86,735 $86,735