Journalize and post the end of month adjusting entries
Extracted text: Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2018 ACCOUNT TITLE DEBIT CREDIT Keily Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for Apnl, including financal statements, was 1 Cash 22,100.00 illustrated in this chapter. During May, Kelly Consulting entered into the following transactions 2 Accounts Receivable 3,400.00 May 3 Received cash from clients as an advance payment for services to be provided and recorded it as 3 Supplies 1,350.00 unearmed fees, $4,500 Received cash from clients on account, $2,450 4 Prepaid Rent 3,200.00 9 Paid cash for a newspaper advertisement $225 Paid Office Station Co. for part of the debt incurred on Apni 5, $640. 5 Prepaid Insurance 1,500.00 13 15 Recorded services provided on account for the perod May 1-15, $9, 180 6 Office Equipment 14,500.00 16 Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 7 Accumulated Depreciation 330.00 17 Recorded cash from cash clients for fees earned duning the period May 1-16. S8.360 * Accounts Payable 800.00 May 20 Purchased supplies on account, $735. * Salaries Payable 120.00 21 Recorded services provided on account for the period May 16-20, $4,820 Recorded cash from cash clients for fees earned for the penod May 17-23, $7.900. 10 Unearned Fees 2,500.00 25 27 Recerved cash from clients on account, $9,520. 11 Common Stock 30,000.00 28 Paid part-tme receptionist for two weeks' salary, $750. 12 Retained Earnings 12,300.00 30 Paid telephone bill for May, $260. 31 Paid electncity bill for May, $810 13 Dividends 31 Recorded cash from cash chents for fees carmed for the period May 26-31, $3,300 14 Income Summary 31 Recorded services provided on account for the remainder of May $2.650 15 Totals 46,050.00 46,050.00 31 Paid drvidends, $10 500 At the end of May, the following adjustment data were assembled. Required: 1 Journalize the May transactions 2 Post these journals to their respective ledger accounts Note some of these accounts have balances at the end of April • Insurance expired during May is $275 • Supplies on hand on May 31 are $715. 3 Prepare an unadjusted Trail balance 4 Journalize and post the end of month adjusting entries • Depreciation of office equipment for May is $330. • Accrued receptionist salary on May 31 is $325 5 Prepare an adjusted Trail balance 6 Prepare the financial statements • Rent expired during May is $1,600. i Income statement Uneamed fees on May 31 are $3,210. ii Statement of retained earnings iii Balance sheet 7 Journalize the closing entries for the temporary accounts 8 Prepare a post-closing Trail balance
Extracted text: General Journal 3-May Cash $ 4,500.00 Unearned Fees $ 4,500.00 5-May Cash 2$ 2,450.00 Accounts receivable 2,450.00 9-May Advertisements $ 225.00 Cash 225.00 13-May Accounts Payable 840.00 Cash $ 840.00 15-May Cash 9,180.00 Unearned Services 9,180.00 16-May Salaries Payable 2$ 750.00 Cash 750.00 17-May Cash $ 8,360.00 Unearned Services 8,360.00 20-May Supplies $ 735.00 Cash $ 735.00 21-May Cash 4,820.00 Unearned Services 4,820.00 25-May Cash 7,900.00 Unearned Fees $ 7,900.00 27-May Cash $ 9,520.00 Accounts Receivable 9,520.00 28-May Salaries Payable 750.00 Cash $ 750.00 30-May Telephone Expense 260.00 Cash 260.00 31-May Utility Expense 810.00 Cash 810.00 31-May Cash 3,300.00 Unearned Fees $ 3,300.00 31-May Cash 2$ 2,650.00 Unearned Services 2,650.00 31-May Dividends 10,500.00 Cash 2$ 10,500.00