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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:

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 115, $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 116, $8,360.

Record the following transactions on Page 6 of the journal:

May	20	Purchased supplies on account, $735.
	21	Recorded services provided on account for the period May 1620, $4,820.
	25	Recorded cash from cash clients for fees earned for the period May 1723, $7,900.
	27	Received cash from clients on account, $9,520.
	28	Paid part-time receptionist for two weeks salary, $750.
	30	Paid telephone bill for May, $260.
	31	Paid electricity bill for May, $810.
	31	Recorded cash from cash clients for fees earned for the period May 2631, $3,300.
	31	Recorded services provided on account for the remainder of May, $2,650.
	31	Kelly withdrew $10,500 for personal use.

Labels
Cash flows from financing activities
Cash flows from investing activities
Cash flows from operating activities
Current assets
Current liabilities
Expenses
For the Month Ended May 31, 2016
May 31, 2016
Property, plant, and equipment
Amount Descriptions
Add withdrawals
Decrease in owners equity
Increase in owners equity
Kelly Pitney, capital, May 1, 2016
Kelly Pitney, capital, May 31, 2016
Less withdrawals
Net decrease in cash during month
Net income
Net income during the month
Net increase in cash during month
Net loss
Net loss during the month
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment

	Required:

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