Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016.
ID: 2463836 • Letter: K
Question
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
Common Stock
30,000.00
12
Retained Earnings
12,300.00
13
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
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