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Kelly Pitney began her consulting business, Kelly Consulting. on April 1, 20Y5. The accounting cycle for Kelly Consulting for Aprie, inciuding financial staternents, was illuatrated in this hapter. During May, Kelly Consuling entered into tranpactions. In Part 1 of this problem, the acoounting oycle was completed up through the preparafion of the adfusted trial baianoe. Required: 8. If you completed the end-of-period work shoet in Part 1, use the adjusted trial batance figures to propare an income statement, a statement of owner's equily, and a balance sheet. If you didn' complete the end-of-period work sheet in Part t, use the ledger (the Excel spreadsheed to prepare an income statement, a stafement of owner's equily, and a balance sheet. Be sure to read the instructions above each statement carotuly 9. A. Prepare the closing entries on Page 8 of the joumal. Refor to the chart of accounts for the exact warding of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumat page is used for debit or credit entries. CNOW journais will automaticaly indent a crodit entry whon a credit amount is enfered. B. Use the sproadsheet to post the closing entries fo the ledger of four-column accounts. Add the appropriate posting reference to the joumal in CengageNOW. 10. Prepare a posf-closing trial balance. 'roblem 1 Chart of Accounts ASSETS11Cash12AccountsReceivable14Supplies15PrepaidRent16PrepaidInsurance18OfficeEquipment19AccumulatedDepreciation-OfficeEquipmentLIABILITIES21AccountsPayable22SalariesPayable23UnearnedFeesREVENUE41FeesEarnedEXPENSES51SalaryExpense52RentExpense53SuppliesExpense54DepreciationExpense55InsuranceExpense59MiscellaneousExpense EQUITY 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended May 31, 20Y5 May 31, 20Y5 Property, plant, and equipment Amount Descriptions Decrease in owner's equity Increase in owner's equity Kelly Pitney, capital, May 1, 20Y5 Kelly Pitney, capital, May 31, 20 Y5 Net decrease in cash during month Net income Net increase in cash during month Net loss Total assets Labels and Amount Descriptions Amount Descriptions Decrease in owner's equity Increase in owner's equity Kelly Pitney, capital, May 1, 20 Y5 Kelly Pitney, capital, May 31, 20Y5 Net decrease in cash during month Net income Net increase in cash during month Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals Journal Question not attempted. Use the spreadsheet complefed in Part 1 of this problem to complete the following steps of this problem. Your input inas the spreadsheet will not be included in yeir grade in CongagevoW on this problem. 9. B. Post the closing entries to the ledger of fouf-column accounts. Comprehensive Problem 1 Lomprehensive Problem 1 Question not attempted. Coenprehenshe Prablem 1 Ahtielf Liakilities Dwnerstequify 10. Prepare a post-olosing tial balance Quesflan not attempted. IL EXAM - PART 2 - 3-ATTEMPTS comprehensiverpoblem? 3. Prepaid linsurance 4. Oifice fquipment 7. Actumulated Depreciation Offoe Equigment 1. Accounts Payasle 1. Salaries Payakle 40 Unearned fees 11 Kelly Pitney, Capital 12 Touls Paria: 613 Kelly Pitney began her consulting business, Kelly Consulting. on April 1, 20Y5. The accounting cycle for Kelly Consulting for Aprie, inciuding financial staternents, was illuatrated in this hapter. During May, Kelly Consuling entered into tranpactions. In Part 1 of this problem, the acoounting oycle was completed up through the preparafion of the adfusted trial baianoe. Required: 8. If you completed the end-of-period work shoet in Part 1, use the adjusted trial batance figures to propare an income statement, a statement of owner's equily, and a balance sheet. If you didn' complete the end-of-period work sheet in Part t, use the ledger (the Excel spreadsheed to prepare an income statement, a stafement of owner's equily, and a balance sheet. Be sure to read the instructions above each statement carotuly 9. A. Prepare the closing entries on Page 8 of the joumal. Refor to the chart of accounts for the exact warding of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumat page is used for debit or credit entries. CNOW journais will automaticaly indent a crodit entry whon a credit amount is enfered. B. Use the sproadsheet to post the closing entries fo the ledger of four-column accounts. Add the appropriate posting reference to the joumal in CengageNOW. 10. Prepare a posf-closing trial balance. 'roblem 1 Chart of Accounts ASSETS11Cash12AccountsReceivable14Supplies15PrepaidRent16PrepaidInsurance18OfficeEquipment19AccumulatedDepreciation-OfficeEquipmentLIABILITIES21AccountsPayable22SalariesPayable23UnearnedFeesREVENUE41FeesEarnedEXPENSES51SalaryExpense52RentExpense53SuppliesExpense54DepreciationExpense55InsuranceExpense59MiscellaneousExpense EQUITY 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended May 31, 20Y5 May 31, 20Y5 Property, plant, and equipment Amount Descriptions Decrease in owner's equity Increase in owner's equity Kelly Pitney, capital, May 1, 20Y5 Kelly Pitney, capital, May 31, 20 Y5 Net decrease in cash during month Net income Net increase in cash during month Net loss Total assets Labels and Amount Descriptions Amount Descriptions Decrease in owner's equity Increase in owner's equity Kelly Pitney, capital, May 1, 20 Y5 Kelly Pitney, capital, May 31, 20Y5 Net decrease in cash during month Net income Net increase in cash during month Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals Journal Question not attempted. Use the spreadsheet complefed in Part 1 of this problem to complete the following steps of this problem. Your input inas the spreadsheet will not be included in yeir grade in CongagevoW on this problem. 9. B. Post the closing entries to the ledger of fouf-column accounts. Comprehensive Problem 1 Lomprehensive Problem 1 Question not attempted. Coenprehenshe Prablem 1 Ahtielf Liakilities Dwnerstequify 10. Prepare a post-olosing tial balance Quesflan not attempted. IL EXAM - PART 2 - 3-ATTEMPTS comprehensiverpoblem? 3. Prepaid linsurance 4. Oifice fquipment 7. Actumulated Depreciation Offoe Equigment 1. Accounts Payasle 1. Salaries Payakle 40 Unearned fees 11 Kelly Pitney, Capital 12 Touls Paria: 613

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