READ EVERYTHING AND ADDRESS ALL QUESTIONS! LABEL EVERYTHING
Accounting Comprehensive Problem 1.
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1. Create a Journal
|1. C.||Journalize each of the May transactions in the two-column journal starting on Page 5 of the journal. Refer to the Chart of Accounts for exact wording of account titles. (Do not insert the account numbers in the journal at this time.)|
|2. B.||Add the appropriate posting reference to the journal in CengageNOW.|
|6. A.||Journalize the adjusting entries on Page 7 of the journal. Refer to the Chart of Accounts for exact wording of account titles.|
|6. C.||Add the appropriate posting reference to the journal in CengageNOW.
2. Create A Ledger
and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.
3. Prepape a Unadjusted Trial Balance
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.|
|5||Received cash from clients on account, $2,450.|
|9||Paid cash for a newspaper advertisement, $225.|
|13||Paid Office Station Co. for part of the debt incurred on April 5, $640.|
|15||Provided services on account for the period May 1–15, $9,180.|
|16||Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750.|
|17||Received cash from cash clients for fees earned during the period May 1–16, $8,360.|
Record the following transactions on Page 6 of the journal:
|May||20||Purchased supplies on account, $735.|
|21||Provided services on account for the period May 16–20, $4,820.|
|25||Received cash from cash clients for fees earned for the period May 17–23, $7,900.|
|27||Received cash from clients on account, $9,520.|
|28||Paid part-time receptionist for two weeks’ salary, $750.|
|30||Paid telephone bill for May, $260.|
|31||Paid electricity bill for May, $810.|
|31||Received cash from cash clients for fees earned for the period May 26–31, $3,300.|
|31||Provided services on account for the remainder of May, $2,650.|
|31||Kelly withdrew $10,500 for personal use.|
|1.||The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 2019, is shown below.
|2.||Post the journal entries on pages 5 and 6 of the journal to the ledger of four-column accounts.
|3.||Prepare an unadjusted trial balance. Accounts with zero balances can be left blank.|
|4.||At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
|5.||(Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded.|
|7.||Prepare an adjusted trial balance. Accounts with zero balances can be left blank.|
POST-CLOSING TRIAL BALANCE
April 30, 2019
|11||Kelly Pitney, Capital||42,300.00|