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

Part 1 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.

1. May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.

2. May 5: Received cash from clients on account, $2,450.

3. May 9: Paid cash for a newspaper advertisement, $225.

4. May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.

5. May 15: Recorded services provided on account for the period May 115, $9,180.

6. May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.

7. May 17: Recorded cash from cash clients for fees earned during the period May 116, $8,360.

8. May 20: Purchased supplies on account, $735.

9. May 21: Recorded services provided on account for the period May 1620, $4,820.

10. May 25: Recorded cash from cash clients for fees earned for the period May 1723, $7,900.

11. May 27: Received cash from clients on account, $9,520.

12. May 28: Paid part-time receptionist for two weeks' salary, $750.

13. May 30: Paid telephone bill for May, $260.

14. May 31: Paid electricity bill for May, $810.

15. May 31: Recorded cash from cash clients for fees earned for the period May 2631, $3,300.

16. May 31: Recorded services provided on account for the remainder of May, $2,650.

17. May 31: Paid dividends, $10,500.

Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts.

Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.

1. Kelly Consulting Unadjusted Trial Balance May 31, 20Y8
   Account Title	Debit Balances	Credit Balances

Part 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. c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210.

Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.

Date	Account Name	Post. Ref.	Debit	Credit
May 31

Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.

1. Insurance expired during May is $275.
2. Supplies on hand on May 31 are $715.
3. Depreciation of office equipment for May is $330.
4. Accrued receptionist salary on May 31 is $325.
5. Rent expired during May is $1,600.
6. Unearned fees on May 31 are $3,210

1. Part 7:

   Kelly Consulting End-of-Period Spreadsheet (Work Sheet) For the Month Ended May 31, 20Y8
   	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
   Account Title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
   Cash
   Accounts Receivable
   Supplies
   Prepaid Rent
   Prepaid Insurance
   Office Equipment
   Accum. Depreciation
   Accounts Payable
   Salaries Payable
   Unearned Fees
   Common Stock
   Retained Earnings
   Dividends
   Fees Earned
   Salary Expense
   Rent Expense
   Supplies Expense
   Depreciation Expense
   Insurance Expense
   Miscellaneous Expense
   Net income

Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Kelly Consulting Adjusted Trial Balance May 31, 20Y8

Account Title

Debit Balances

Credit Balances

Part 8:

1. Prepare an income statement.

   Kelly Consulting Income Statement For the Month Ended May 31, 20Y8
   		$
   Expenses:
   	$
   		$

   Prepare a statement of stockholders equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

   Kelly Consulting Statement of Stockholders Equity For the Month Ended May 31, 20Y8
   	Common Stock	Retained Earnings	Total
   	$	$	$
   	$	$	$

   Prepare a balance sheet.

   Kelly Consulting Balance Sheet May 31, 20Y8
   Assets			Liabilities
   Current assets:			Current liabilities:
   	$			$
   			Total liabilities		$
   Total current assets		$
   Property, plant, and equipment:			Stockholders Equity
   	$			$
   Total property, plant, and equipment			Total stockholders equity
   Total assets		$	Total liabilities and stockholders equity		$

Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank.

1. Date	Account Name	Post. Ref.	Debit	Credit
   20Y8	Closing Entries
   May 31

Part 10:

Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank.

Kelly Consulting Post-Closing Trial Balance May 31, 20Y8Account TitleDebit BalancesCredit Balances