I need the complete project for accounting, comprehensive Problem 1, 26 edition

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Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 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:

May3Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.
 5Received cash from clients on account, $2,450.
 9Paid cash for a newspaper advertisement, $225.
 13Paid Office Station Co. for part of the debt incurred on April 5, $640.
 15Recorded services provided on account for the period May 1–15, $9,180.
 16Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750.
 17Recorded 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:

May20Purchased supplies on account, $735.
 21Recorded services provided on account for the period May 16–20, $4,820.
 25Recorded cash from cash clients for fees earned for the period May 17–23, $7,900.
 27Received cash from clients on account, $9,520.
 28Paid part-time receptionist for two weeks’ salary, $750.
 30Paid telephone bill for May, $260.
 31Paid electricity bill for May, $810.
 31Recorded cash from cash clients for fees earned for the period May 26–31, $3,300.
 31Recorded services provided on account for the remainder of May, $2,650.
 31Paid dividends, $10,500.
 Required:
1.The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 2016, is shown below.
A.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, enter Balance in the Item column and select a check mark in the Posting Reference column.
B.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.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.
4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
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.
6.
A.Journalize the adjusting entries on Page 7 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
B.Post the adjusting entries to the ledger.
7.Prepare an adjusted trial balance.
8.Prepare an income statement, a retained earnings statement, and a balance sheet.*
9.
A.Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
B.Post the closing entries to the ledger. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry.
10.Prepare a post-closing trial balance.
*For guidance in completing the financial statements, be sure to read the instructions above each statement carefully.

Kelly Consulting

POST-CLOSING TRIAL BALANCE

April 30, 2016

 ACCOUNT TITLEDEBITCREDIT

1

Cash

22,100.00

 

2

Accounts Receivable

3,400.00

 

3

Supplies

1,350.00

 

4

Prepaid Rent

3,200.00

 

5

Prepaid Insurance

1,500.00

 

6

Office Equipment

14,500.00

 

7

Accumulated Depreciation

 

330.00

8

Accounts Payable

 

800.00

9

Salaries Payable

 

120.00

10

Unearned Fees

 

2,500.00

11

Common Stock

 

30,000.00

12

Retained Earnings

 

12,300.00

13

Totals

46,050.00

46,050.00

 

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