I need help specifically with the closing entries and ledgers (to include item,
ID: 2419477 • Letter: I
Question
I need help specifically with the closing entries and ledgers (to include item, post ref, debit/credit, and balance debit/credit) for accounting comprehensive problem 1, 4-8i.
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:
Record the following transactions on Page 6 of the journal:
Kelly Consulting
POST-CLOSING TRIAL BALANCE
April 30, 2016
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
Kelly Pitney, Capital
42,300.00
12
Totals
46,050.00
46,050.00
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 Recorded services provided 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 Recorded cash from cash clients for fees earned during the period May 1–16, $8,360.Explanation / Answer
Adjusting entries:
to Supplies
(1350 +375-715)
T-Accounts
Cash
(in post reference column you need to place the account number for example for cash it is 11 and account receivable is 12 so whichever entries relates to a/c receivable in cash account place number 12 as reference)
Service fees
Similarly draw other accounts
Debit Credit Insurance expense $275 To Prepaid insurance $275 Supplies expense $1,010to Supplies
(1350 +375-715)
$1,010 Depreciation expense $330 To Accumulated depreciation $330 Salary expense $325 To Salary payable $325 Rent 1,600 To Prepaid rent $1,600Related Questions
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