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Comprehensive Problem: Parts 1-3
COMPPRO.01.01.PART.1
Accounting
1. Comprehensive Problem 1
Part 1:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below:
11
Cash
32
Retained Earnings
12
Accounts Receivable
33
Dividends
14
Supplies
41
Fees Earned
15
Prepaid Rent
51
Salary Expense
16
Prepaid Insurance
52
Rent Expense
18
Office Equipment
53
Supplies Expense
19
Accumulated Depreciation
54
Depreciation Expense
21
Accounts Payable
55
Insurance Expense
22
Salaries Payable
59
Miscellaneous Expense
23
Unearned Fees
31
Common Stock
The post-closing trial balance as of April 30, 20Y8, is shown below:
Kelly Consulting
Post-Closing Trial Balance
April 30, 20Y8
Account No.
Debit
Credit
Cash
11
22,100
Accounts Receivable
12
3,400
Supplies
14
1,350
Prepaid Rent
15
3,200
Prepaid Insurance
16
1,500
Office Equipment
18
14,500
Accumulated Depreciation
19
330
Accounts Payable
21
800
Salaries Payable
22
120
Unearned Fees
23
2,500
Common Stock
31
30,000
Retained Earnings
32
12,300
46,050
46,050
Required:
Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) If an amount box does not require an entry, leave it blank.
May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.
Description
Post. Ref.
Debit
Credit
fill in the blank 2
fill in the blank 3
fill in the blank 5
fill in the blank 6
May 5: Received cash from clients on account, $2,450.
Description
Post. Ref.
Debit
Credit
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
May 9: Paid cash for a newspaper advertisement, $225.
Description
Post. Ref.
Debit
Credit
fill in the blank 14
fill in the blank 15
fill in the blank 17
fill in the blank 18
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
Description
Post. Ref.
Debit
Credit
fill in the blank 20
fill in the blank 21
fill in the blank 23
fill in the blank 24
May 15: Recorded services provided on account for the period May 1-15, $9,180.
Description
Post. Ref.
Debit
Credit
fill in the blank 26
fill in the blank 27
fill in the blank 29
fill in the blank 30
May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.
Description
Post. Ref.
Debit
Credit
fill in the blank 32
fill in the blank 33
fill in the blank 35
fill in the blank 36
fill in the blank 38
fill in the blank 39
May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $8,360.
Description
Post. Ref.
Debit
Credit
fill in the blank 41
fill in the blank 42
fill in the blank 44
fill in the blank 45
May 20: Purchased supplies on account, $735.
Description
Post. Ref.
Debit
Credit
fill in the blank 47
fill in the blank 48
fill in the blank 50
fill in the blank 51
May 21: Recorded services provided on account for the period May 16-20, $4,820.
Description
Post. Ref.
Debit
Credit
fill in the blank 53
fill in the blank 54
fill in the blank 56
fill in the blank 57
May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $7,900.
Description
Post. Ref.
Debit
Credit
fill in the blank 59
fill in the blank 60
fill in the blank 62
fill in the blank 63
May 27: Received cash from clients on account, $9,520.
Description
Post. Ref.
Debit
Credit
fill in the blank 65
fill in the blank 66
fill in the blank 68
fill in the blank 69
May 28: Paid part-time receptionist for two weeks' salary, $750.
Description
Post. Ref.
Debit
Credit
fill in the blank 71
fill in the blank 72
fill in the blank 74
fill in the blank 75
May 30: Paid telephone bill for May, $260.
Description
Post. Ref.
Debit
Credit
fill in the blank 77
fill in the blank 78
fill in the blank 80
fill in the blank 81
May 31: Paid electricity bill for May, $810.
Description
Post. Ref.
Debit
Credit
fill in the blank 83
fill in the blank 84
fill in the blank 86
fill in the blank 87
May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $3,300.
Description
Post. Ref.
Debit
Credit
fill in the blank 89
fill in the blank 90
fill in the blank 92
fill in the blank 93
May 31: Recorded services provided on account for the remainder of May, $2,650.
Description
Post. Ref.
Debit
Credit
fill in the blank 95
fill in the blank 96
fill in the blank 98
fill in the blank 99
May 31: Paid dividends, $10,500.
Description
Post. Ref.
Debit
Credit
fill in the blank 101
fill in the blank 102
fill in the blank 104
fill in the blank 105
Sagot :
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