Question

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. 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 Received cash from clients on account, $2.450. Paid cash for a newspaper advertisement, $225. 5 9 13. Paid Office Station Co. for part of the debt incurred on April 5. $640, 15 16 P 17 Provided services on account for the period May 1-15, $9,180 a rt-time receptionist for two weeks' salary including the amount owed on April 30.9750 Received cash from cash clients for fees earned during the period May 1-16, 58,360

In total, there are pages 5 and 6 to the journal and page 7 is adjusting entries. there is also closing entries (part of the journal), I do NOT need to enter ledger accounts, there is also an unadjusted trial balance, adjusted trial balance, income statement, statement of owners equity, balance sheet, and post-closing trial balance.

This is what I have already:

The trial balances are wrong becayse my totals dont match and im not sure why. The other financial statements are still needed.

Answer 1

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Arial - General * Cut La Copy Paste - Format Painter Clipboard - 10 - A A ->-A Wrap Text Merge & Center WD - Autosum - 4 A 1- % , 9 4.3 conditional actione s e insert Delete Format 2 Clearv Fort Finde BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 fc Kelly Consulting Kelly Consulting General Journal Dr Cr 5 4,500.00 4,500.00 4 Date General Journal 03-May Cash 6 To Unearned Fees (Being advance payment received from customer) 05-May Cash To Accounts Receivable 2,450.00 2,450.00 225.00 225.00 (Being amount of on account payment received 09-May Advertisement To cash (Being amount paid for newspaper advertisement) 13-May Account Payable To Cash (Being amt paid to office station company for part of debt incurred on 5th April 15-May Accounts Receivable To Fees Earned 640.00 640.00 $ 9,180.00 9,180.00 19 K+ Ready I(Being amount of service performed on account) Sheet1 Sheet2 Sheet3 OO a 100% u ENG 0 06:45 28-10-2019 .

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Arial - General 1 Wrap Text Merge & Center 1 - 3 Autosum * * Cut La Copy Paste - Format Painter Clipboard - 10 - A A ->-A BI U - - % 8.09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 foc Kelly Consulting C 20 S 630.00 120.00 750.00 16-May Salary Salary Payable To Cash (Being amount of tax service performed on account 17-May Cash To Fees Earned (Being amount received for service provided between 1 to 16 may) 20-May Supplies To Accounts Payable 8,360.00 8,360.00 735.00 735.00 4,820.00 4,820.00 7,900.00 (Being amount of supplies received on account) 21-May Accounts Receivable To Fees Earned (Being amount of service performed on account for the period 16 to 20 may) 25-May Cash To Fees Earned (Being amount of cash received for service performed between 17-23 may 27-May Cash To Accounts Receivable |(Being amount of cash received from clients) Sheet1 Sheet2 Sheet3 7,900.00 9,520.00 36 37 38 9,520.00 Ready OO 100% u ENG a U 06:45 28-10-2019 6 - 019

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General LE Paste Format Painter Clipboard - 10 - A A ->-A Wrap Text Merge & Center 1 1 - 3 1- % , 9 4.3 conditional actione s e insert Delete Format Autosum * 2 Clearv Fort Finde BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 fix Kelly Consulting 9,520.00 36 37 9,520.00 38 750.00 40 $ 750.00 41 42 260.00 260.00 44 810.00 45 46 47 27-May Cash To Accounts Receivable (Being amount of cash received from clients) 28-May Salary To Cash (Being amount paid for receptionist for two weeks salary) 30-May Telephone Expenses To Cash (Being amount paid for telephone exp) 31-May Electricity Expenses To Cash (Being amount paid for electricity exp) 31-May Cash To Fees Earned (Being amount of service revenue for the period 26-31 May 31-May Accounts Receivable To Fees Earned (Being amount of service provided on account) 31-May Drawings To cash (Amount of cash withdrawal) 810.00 $ 3,300.00 49 3,300.00 $ 2,650.00 2,650.00 10,500.00 55 10,500.00 56 57 Ke Ready Sheet1 Sheet2 Sheet30 OD 100% Đ 0 06:45 28-10-2019 ENG 0 W

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General LE Paste Format Painter Clipboard - 10 - A A ->-A Wrap Text Merge & Center 1 1 - % 9 8 18 conditional Forme - 3 insert Delete Format Autosum * 2 Clearn front a Finde BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 for Kelly Consulting F 275.00 275.00 1,370.00 1,370.00 330.00 Kelly Consulting Adjusted Journal Entries 31-May Insurance A/C To Prepaid Insurance (Being amount of Prepaid insurance transfer to Insurance A/C) 31-May Supplies Exenses($1350+$735-$715) To Supplies (Being amount of sulies expenses) 31-May Depreciation To Accumulated Depreciation (Being amount of Depreciation) 31-May Salary To Salary Payable (Being amount of Salary Payable) 31-May Rent A/C To Prepaid Rent (Being amount of Preaid rent trnasfer to rent a/c) 31-May Unearned Fees To Fees Earned (Being amount of fees earned)($7000-$3210) 330.00 325.00 325.00 1,600.00 1,600.00 3,790.00 3,790.00 79 80 Ke Ready Sheet1 Sheet2 Sheet30 OD 100% Đ 0 06:45 28-10-2019 ENG

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * - 10 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 fc Kelly Consulting Cash A/C Balance Date 4,500.00 2,450.00 225.00 640.00 750.00 01-May Balance 03-May 05-May 09-May 13-May 16-May 17-May 25-May 27-May 28-May 30-May 31-May 31-May 31-Mayl 8,360.00 7,900.00 9,520.00 22100 26,600.00 29,050.00 28,825.00 28,185.00 27,435.00 35,795.00 43,695.00 53,215.00 52,465.00 52,205.00 51,395.00 54,695.00 44,195.00 750.00 260.00 810.00 $ $ 3,300.00 10,500.00 $ 100 Accounts receivable 101 Balance Dr 103 102 Date Account Title and Explanation 01-May Balance M Sheet1 Sheet2 Sheet3 Ready 3400 Osnon 100 2.150 onló OD 100% Đ 1 2 @ $ e 0 06:46 28-10-2019 OP A DE ENG 0

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * - 10 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 for Kelly Consulting fa Kelly A B Accounts receivable Balance Dr DR 103 104 100 101 102 Date Account Title and Explanation 01-May Balance 05-May 105 15-May 106 21-May 27-May 31-May 2,450.00 $ 9,180.00 4,820.00 3400 950.00 10,130.00 14,950.00 5,430.00 8,080.00 107 9,520.00 $ $ 2,650.00 $ 108 109 110 111 112 Supplies Balance 113 Cr Dr 735.00 $ Date Account Title and Explanation 114 01-May Balance 20-May 31-May Adjustment 117 118 115 116 1,350.00 2,085.00 715.00 $ 1370 $ Prepaid Rent 119 Balance DR CR 120 Date Account Title and Explanation 121 01-May Balance 122 31-May Adjustment Sheet1 Sheet2 Sheet3 Ready 3,200.00 1,600.00 1600 $ Đ OD 100% 0 06:46 A HOBENG 28-10-2019 OR 0

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * - 10 - A A ->-A BI U - - % 8.09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells fc Kelly Consulting A2 А 123 124 Prepaid Insurance 125 Balance CR 126 Date Account Title and Explanation 127 01-May Balance 128 31-May Adjustment $ 1,500.00 1,225.00 275.00 $ 129 130 Office Equiment 131 Balance CR 132 Date Account Title and Explanation 133 01-May Balance 134 $ 14,500.00 135 Accumulated Depreciation Balance DR Dr 136 137 Date Account Title and Explanation 138 01-May Balance 139 31-May Adjustment 140 141 CR $ $ 330.00 660.00 $ 330 Accounts Payable 142 Balance DR 143 Date Account Title and Explanation 144 01-May Balance 145 13-Mayl Sheet1 Sheet2 Sheet3 Ready CR $ $ 800.00 160.00 640.00 OD a 100% u ENG u 06:46 28-10-2019 .

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * - 10 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 fc Kelly Consulting TA Accounts Payable Balance 140 141 142 143 Date Account Title and Explanation 01-May Balance 145 13-Mayl 20-May DR CR $ $ $ 640.00 800.00 160.00 895.00 146 735.00 147 148 Salary Payable 149 Balance 150 DR $ 120.00 Date Account Title and Explanation 01-May Balance 16-May 31-Mayl 120.00 325.00 $ 325.00 Unearned Fees Balance 155 156 157 Date Account Title and Explanation 01-May Balance 159 03-May 160 31-Mayl DR 158 CR $ $ $ 4,500.00 3,790.00 2,500.00 7,000.00 3,210.00 161 Kelly Pitney's Capital 162 HE Ready Sheet1 Sheet2 Sheet3 OU 100% O ENG - 06:46 28-10-2019

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * - 10 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells - face Kelly Consulting A2 А B 162 Kelly Pitney's Capital 163 Balance DR Dr CR 165 164 Date Account Title and Explanation 01-May Balance 166 167 $ 42,300.00 Kelly Pitney's Drawings 168 Balance DR 169 Date Account Title and Explanation 01-Mayl Balance 31-Mayl CR $ 10,500.00 170 10,500.00 10,500.00 172 Salary Expenses 173 174 Balance Account Title and Explanation CR 176 Date 16-May 28-May 31-May 630.00 750.00 325.00 630.00 1,380.00 1,705.00 178 179 180 Rent Exenses Balance DR 181 182 Date Account Title and Explanation 183 31-May 184 Sheet1 Sheet2 Sheet3 Ready 1,600.00 $ 1,600.00 OD 100% Đ 0 06:46 28-10-2019 ENG

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General 1 Wrap Text Merge & Center 1 - 3 Autosum * LE Paste Format Painter Clipboard - 10 - A A ->-A Y BI U - Conditional Format Formatting as Table Styles Insert Delete Format Cell Styles insert Delete Format F tting" as Table - series 2 Clear Sort & Find & Filter Select Editing Font Alignment L N umber Cells - face Kelly Consulting B Supplies Expenses A2 А 185 186 187 Date 188 31-May 189 Balance Account Title and Explanation DR Dr 1370 1370 190 Depreciation Balance DR CR 194 330 330 191 192 193 Date Account Title and Explanation 31-May 195 196 197 198 199 Date Account Title and Explanation 200 31-May 201 202 203 Insuance Exp Balance DR 275 275 Miscellaneous Exenses 204 Balance Dr Account Title and Explanation DR 205 Date 09-May 207 30-May 206 225 225 260 485 Sheet1 Sheet2 Sheet3 Ready OO 100% Tue ENG 0 06:46 28-10-2019 .

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - AutoSum - A General 1 1 Wrap Text Merge & Center - 3 LE Paste Format Painter Clipboard Autosum * - 10 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 А fc Kelly Consulting B E F 203 Miscellaneous Exenses 204 Balance Dr DR CR 206 225 225 260 810 485 1295 Fees Earned 205 Date Account Title and Explanation 09-May 207 30-May 31-May 209 210 211 212 Date Account Title and Explanation 15-May 214 17-May| 21-May 25-May 31-May 31-May 31-May Balance Dr 9180 8360 4820 7900 3300 2650 3790 9180 17540 22360 30260 33560 36210 40000 222 Kelly consulting Adjusted Trial Balance 31st May Trial Balance Dr Account Head 225 226 Cash Accounts receivable 44,195.00 8,080.00 Sheet1 Sheet2 Sheet3 Ready of A OO 100% U 06:46 VO E ENG 28-10-2019 0

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * - 10 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 for Kelly Consulting 222 223 Kelly consulting Adjusted Trial Balance 31st May Trial Balance Dr 224 Cr 225 226 227 228 44,195.00 8,080.00 715.00 1,600.00 1,225.00 14,500.00 231 234 Account Head Cash Accounts receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Kelly's Capital Retained Earnings Drawings Fees Earned Salary Rent Insurance Suplies Deprciation Miscellaneous 660.00 895.00 325.00 3,210.00 30,000.00 12,300.00 10,500.00 238 40,000.00 239 240 241 242 243 1,705.00 1,600.00 275.00 1,370.00 330.00 1,295.00 244 245 Ke Ready Sheet1 Sheet2 Sheet30 I OO 100% U ENG 06:47 28-10-2019 ♡

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy Arial - General 1 Wrap Text Merge & Center 1 LE Paste Format Painter Clipboard - - 10 - A A ->-A 3 Delete Format Autosum * 2 eller sort a Fere BI U - - % 8.09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A2 o f Kelly Consulting $ 40,000.00 238 239 241 Fees Earned Salary Rent Insurance Suplies Deprciation Miscellaneous 1,705.00 1,600.00 275.00 1,370.00 330.00 1,295.00 245 246 Total 87,390.00 $ 87,390.00 248 249 Kelly's Consulting Income Statement 251 40,000.00 253 254 Income Fees Earned Expenses Salary Rent Insurance Suplies Deprciation Misc Total Expenses Net Income 1,705.00 1,600.00 275.00 1,370.00 330.00 1,295.00 258 259 260 261 $ $ 6,575.00 33,425.00 Her Sheet1 Sheet2 Sheet3_02 Ready OO a 100% u ENG U 06:47 28-10-2019 -

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ Accounting - Wrap Text Merge & Center 1 1 - 3 Autosum * Calibri - 11 - AA BI U - ->-A Font Delete Format all 47 Paste 99 % , o ... cel insert Delete Insert Delete Format 1.8 -8 Formational Format Cell Styles Conditional Format Formatting as Table Styles Format Painter Clipboard selama 2 Clear Sort & Find & Filter Select Editing sore here ont Alignment Number Cells D267 for 30000 А G 265 D E F Owner's Equity For the month ended May 31st, 2019 Common Stock Retained Earnings Total 30,000.00 $ 12,300.00 $ 42,300.00 $ 33,425.00 $ 33,425.00 -10,500.00 $-10,500.00 19,500.00 $ 45,725.00 $ 65,225.00 267 Beginning Add: Net Income Less: Drawings Ending Retained Earnings $ 270 271 Keely consulting Balance Sheet May 31st, 2019 276 278 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Total Current Assets Property, plant and Equipment Office Equipment Less: Accumulated Depreciation Total Assets liabilities and Stockholder's Fauitv 44,195.00 8,080.00 715.00 1,600.00 1,225.00 55,815.00 282 283 14,500.00 -660.00 13,840.00 69,655.00 286 287 Sheet1 Sheet2 Sheet3 Ready Average: $26,090.00 Count: 10 Sum: $2,60,900.00 ol DO 100% u 06:47 - O & ENG 28-10-2019 0 W

Kelly consulting - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ Accounting LE Paste Format Painter Clipboard Calibri - 11 - AA BI U - ->-A Font - Wrap Text Merge & Center 1- % to. 1 1 Fonditional terme - 3 en Insert Delete Format Autosum * Ž clear Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing secrete ont Alignment Number Cells for 30000 D267 A 274 Balance Sheet May 31st, 2019 275 276 44,195.00 8,080.00 715.00 1,600.00 1,225.00 281 55,815.00 283 14,500.00 - 660.00 $ Assets Current Assets Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Total Current Assets Property, Plant and Equipment Office Equipment Less: Accumulated Depreciation Total Assets Liabilities and Stockholder's Equity Liabilities Accounts Payable Salaries Payable Unearned training fees Total liabilities Stockholder's Equity Common Stock Retained Earnings Tota liabilities and Stockholder's Equity 13,840.00 69,655.00 895.00 325.00 3,210.00 4,430.00 19,500.00 45,725.00 $ 294 295 296 Ke Ready 65,225.00 69,655.00 Sheet1 Sheet2 Sheet30 Average: $26,090.00 Count: 10 + Sum: $2,60,900.00 O OO 100% ... SAAD GENG 0 06:47 28-10-2019 0