need help complteteing the blank with proper formatting please sonal use Instruc
ID: 2548121 • Letter: N
Question
need help complteteing the blank with proper formatting please
sonal use Instructions The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2019, is shown in Exhibit 17. For each post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, and place a check mark C in the Posting Reference column. Journalize each of the May transactions in a column journal starting on Page 5 of the journal and using Kelly Consulting s cha 1. account in the two- rt al at this time.) 2. Post the journal to a 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). a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715.Explanation / Answer
6. Adjusting entries
7. Adjusted Trial Balance
8. Income statement
Fees earned = 33000
less: expenses:
Supplies expense 1370
Rent expense 1600
Insurance expense 275
Depreciation expense 330
salary expense 1705
Miscellaneous expense 1295 = 6575
Net income = 26425
Statement of owner's capital
Beginning Kelly's capital = 42300
Add: Net income = 26425
less: Drawing = 10500
Closing kelly's capital = 58225
Balance Sheet
Assets
Cash 44195
Accounts receivable 8080
Supplies 715
Prepaid rent 1600
Prepaid insurance 1225
Office equipment 14500
less: Accumulated Dep 660 13840
Total Assets 69655
Liabilities and capital
Accounts payable 895
Accured salary 325
Unearned fees 10210
Kelly's capital 58225
Total Liabilities and capital 69655
9. Closing entries
Event Jounral entries Dr. Cr. a Insurance expense 275 To Prepaid insurance 275 b Supples expense 1370 To supplies [2085 - 715] 1370 c Depreciation expense 330 To Accumulated depreciation 330 d Salary expense 325 To Accrued salary 325 e Rent expense 1600 To Prepaid rent 1600 f Service fees 3210 To Unearned fees 3210Related Questions
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