Accounting Problem – Kelly Consulting
Comprehensive Problem 1
Part 1:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below:
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| 11 | Cash |
| 12 | Accounts Receivable |
| 14 | Supplies |
| 15 | Prepaid Rent |
| 16 | Prepaid Insurance |
| 18 | Office Equipment |
| 19 | Accumulated Depreciation |
| 21 | Accounts Payable |
| 22 | Salaries Payable |
| 23 | Unearned Fees |
| 31 | Common Stock |
| 32 | Retained Earnings |
| 33 | Dividends |
| 41 | Fees Earned |
| 51 | Salary Expense |
| 52 | Rent Expense |
| 53 | Supplies Expense |
| 54 | Depreciation Expense |
| 55 | Insurance Expense |
| 59 | Miscellaneous Expense |
The post-closing trial balance as of April 30, 20Y8, is shown below:
| Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 |
|||
| Account | 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 | |
| Total | 46,050 | 46,050 |
Required:
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.
May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.
| Description | Post. Ref. | Debit | Credit |
| Accounts Receivable Cash Fees Earned Prepaid Rent Unearned Fees | fill in the blank 2 | fill in the blank 3 | |
| Accounts Receivable Cash Fees Earned Prepaid Rent Unearned Fees | fill in the blank 5 | fill in the blank 6 |
May 5: Received cash from clients on account, $2,450.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 8 | fill in the blank 9 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 11 | fill in the blank 12 |
May 9: Paid cash for a newspaper advertisement, $225.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Miscellaneous Expense Rent Expense | fill in the blank 14 | fill in the blank 15 | |
| Accounts Payable Accounts Receivable Cash Miscellaneous Expense Supplies Expense | fill in the blank 17 | fill in the blank 18 |
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Office Equipment Supplies Expense | fill in the blank 20 | fill in the blank 21 | |
| Accounts Payable Accounts Receivable Cash Office Equipment Supplies Expense | fill in the blank 23 | fill in the blank 24 |
May 15: Recorded services provided on account for the period May 1–15, $9,180.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 26 | fill in the blank 27 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 29 | fill in the blank 30 |
May 16: Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Fees Earned Salary Expense | fill in the blank 32 | fill in the blank 33 | |
| Accounts Receivable Cash Fees Earned Salaries Payable Unearned Fees | fill in the blank 35 | fill in the blank 36 | |
| Accounts Payable Cash Fees Earned Salaries Payable Salary Expense | fill in the blank 38 | fill in the blank 39 |
May 17: Recorded cash from cash clients for fees earned during the period May 1–16, $8,360.
| Description | Post. Ref. | Debit | Credit |
| Accounts Receivable Cash Fees Earned Salary Expense Unearned Fees | fill in the blank 41 | fill in the blank 42 | |
| Accounts Payable Cash Fees Earned Salaries Payable Unearned Fees | fill in the blank 44 | fill in the blank 45 |
May 20: Purchased supplies on account, $735.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Office Equipment Supplies | fill in the blank 47 | fill in the blank 48 | |
| Accounts Payable Accounts Receivable Cash Supplies Supplies Expense | fill in the blank 50 | fill in the blank 51 |
May 21: Recorded services provided on account for the period May 16–20, $4,820.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 53 | fill in the blank 54 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 56 | fill in the blank 57 |
May 25: Recorded cash from cash clients for fees earned for the period May 17–23, $7,900.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 59 | fill in the blank 60 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 62 | fill in the blank 63 |
May 27: Received cash from clients on account, $9,520.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 65 | fill in the blank 66 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 68 | fill in the blank 69 |
May 28: Paid part-time receptionist for two weeks’ salary, $750.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Cash Miscellaneous Expense Salaries Payable Salary Expense | fill in the blank 71 | fill in the blank 72 | |
| Accounts Payable Cash Salaries Payable Salary Expense Unearned Fees | fill in the blank 74 | fill in the blank 75 |
May 30: Paid telephone bill for May, $260.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Miscellaneous Expense Supplies Expense | fill in the blank 77 | fill in the blank 78 | |
| Accounts Payable Accounts Receivable Cash Miscellaneous Expense Supplies | fill in the blank 80 | fill in the blank 81 |
May 31: Paid electricity bill for May, $810.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Miscellaneous Expense Office Equipment | fill in the blank 83 | fill in the blank 84 | |
| Accounts Payable Accounts Receivable Cash Miscellaneous Expense Supplies | fill in the blank 86 | fill in the blank 87 |
May 31: Recorded cash from cash clients for fees earned for the period May 26–31, $3,300.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 89 | fill in the blank 90 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 92 | fill in the blank 93 |
May 31: Recorded services provided on account for the remainder of May, $2,650.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 95 | fill in the blank 96 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 98 | fill in the blank 99 |
May 31: Paid dividends, $10,500.
| Description | Post. Ref. | Debit | Credit |
| Accounts Payable Cash Dividends Miscellaneous Expense Retained Earnings | fill in the blank 101 | fill in the blank 102 | |
| Accounts Payable Cash Dividends Miscellaneous Expense Retained Earnings | fill in the blank 104 | fill in the blank 105 |
Part 2 and Part 3:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing parts 2 and 3.
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.
| Kelly Consulting Unadjusted Trial Balance May 31, 20Y8 |
||
| Account Title | Debit Balances | Credit Balances |
| Accounts Payable Accumulated Depreciation Cash Common Stock Salary Expense | fill in the blank 2 | fill in the blank 3 |
| Accounts Receivable Accumulated Depreciation Retained Earnings Rent Expense Salaries Payable | fill in the blank 5 | fill in the blank 6 |
| Fees Earned Miscellaneous Expense Supplies Supplies Expense Unearned Fees | fill in the blank 8 | fill in the blank 9 |
| Accumulated Depreciation Common Stock Prepaid Rent Rent Expense Salaries Payable | fill in the blank 11 | fill in the blank 12 |
| Accounts Payable Insurance Expense Retained Earnings Prepaid Insurance Unearned Fees | fill in the blank 14 | fill in the blank 15 |
| Accumulated Depreciation Common Stock Office Equipment Salaries Payable Supplies Expense | fill in the blank 17 | fill in the blank 18 |
| Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Office Equipment | fill in the blank 20 | fill in the blank 21 |
| Accounts Payable Cash Office Equipment Rent Expense Retained Earnings | fill in the blank 23 | fill in the blank 24 |
| Accounts Receivable Fees Earned Office Equipment Salaries Payable Salary Expense | fill in the blank 26 | fill in the blank 27 |
| Cash Fees Earned Miscellaneous Expense Office Equipment Unearned Fees | fill in the blank 29 | fill in the blank 30 |
| Accounts Payable Common Stock Insurance Expense Office Equipment Prepaid Rent | fill in the blank 32 | fill in the blank 33 |
| Accounts Receivable Accumulated Depreciation Retained Earnings Salaries Payable Unearned Fees | fill in the blank 35 | fill in the blank 36 |
| Accounts Payable Accumulated Depreciation Dividends Salaries Payable Unearned Fees | fill in the blank 38 | fill in the blank 39 |
| Accounts Receivable Cash Fees Earned Office Equipment Unearned Fees | fill in the blank 41 | fill in the blank 42 |
| Accounts Payable Common Stock Salaries Payable Salary Expense Unearned Fees | fill in the blank 44 | fill in the blank 45 |
| Accounts Payable Accumulated Depreciation Prepaid Rent Rent Expense Salaries Payable | fill in the blank 47 | fill in the blank 48 |
| Accumulated Depreciation Prepaid Insurance Salaries Payable Supplies Supplies Expense | fill in the blank 50 | fill in the blank 51 |
| Accounts Receivable Accumulated Depreciation Common Stock Depreciation Expense Unearned Fees | fill in the blank 53 | fill in the blank 54 |
| Accounts Payable Insurance Expense Prepaid Insurance Salaries Payable Unearned Fees | fill in the blank 56 | fill in the blank 57 |
| Cash Common Stock Miscellaneous Expense Retained Earnings Unearned Fees | fill in the blank 59 | fill in the blank 60 |
| Total | fill in the blank 61 | fill in the blank 62 |
Part 4 and Part 6:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
- 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.
- Insurance expired during May is $275.
| Date | Account Name | Post. Ref. | Debit | Credit |
| May 31 | Accounts Payable Cash Insurance Expense Prepaid Insurance Unearned Fees | fill in the blank 2 | fill in the blank 3 | |
| Accounts Payable Cash Fees Earned Insurance Expense Prepaid Insurance | fill in the blank 5 | fill in the blank 6 |
- Supplies on hand on May 31 are $715.
| Date | Account Name | Post. Ref. | Debit | Credit |
| May 31 | Accounts Payable Cash Office Equipment Supplies Supplies Expense | fill in the blank 8 | fill in the blank 9 | |
| Accounts Payable Cash Office Equipment Supplies Supplies Expense | fill in the blank 11 | fill in the blank 12 |
- Depreciation of office equipment for May is $330.
| Date | Account Name | Post. Ref. | Debit | Credit |
| May 31 | Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Office Equipment | fill in the blank 14 | fill in the blank 15 | |
| Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Office Equipment | fill in the blank 17 | fill in the blank 18 |
- Accrued receptionist salary on May 31 is $325.
| Date | Account Name | Post. Ref. | Debit | Credit |
| May 31 | Cash Dividends Salaries Payable Salary Expense Unearned Fees | fill in the blank 20 | fill in the blank 21 | |
| Cash Dividends Salaries Payable Salary Expense Unearned Fees | fill in the blank 23 | fill in the blank 24 |
- Rent expired during May is $1,600.
| Date | Account Name | Post. Ref. | Debit | Credit |
| May 31 | Accounts Receivable Cash Prepaid Rent Rent Expense Unearned Fees | fill in the blank 26 | fill in the blank 27 | |
| Accounts Receivable Cash Prepaid Rent Rent Expense Unearned Fees | fill in the blank 29 | fill in the blank 30 |
- Unearned fees on May 31 are $3,210.
| Date | Account Name | Post. Ref. | Debit | Credit |
| May 31 | Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 32 | fill in the blank 33 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees | fill in the blank 35 | fill in the blank 36 |
Part 5 is optional.
Part 7:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4, and 6 before completing part 7. Part 5 is optional.
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 |
| Accounts Payable Accumulated Depreciation Cash Common Stock Salary Expense | fill in the blank 2 | fill in the blank 3 |
| Accounts Receivable Accumulated Depreciation Rent Expense Retained Earnings Salaries Payable | fill in the blank 5 | fill in the blank 6 |
| Fees Earned Miscellaneous Expense Supplies Supplies Expense Unearned Fees | fill in the blank 8 | fill in the blank 9 |
| Accumulated Depreciation Common Stock Prepaid Rent Rent Expense Salaries Payable | fill in the blank 11 | fill in the blank 12 |
| Accounts Payable Insurance Expense Prepaid Insurance Retained Earnings Unearned Fees | fill in the blank 14 | fill in the blank 15 |
| Accumulated Depreciation Common Stock Office Equipment Salaries Payable Supplies Expense | fill in the blank 17 | fill in the blank 18 |
| Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Office Equipment | fill in the blank 20 | fill in the blank 21 |
| Accounts Payable Cash Office Equipment Rent Expense Retained Earnings | fill in the blank 23 | fill in the blank 24 |
| Accounts Receivable Fees Earned Office Equipment Salaries Payable Salary Expense | fill in the blank 26 | fill in the blank 27 |
| Cash Fees Earned Office Equipment Miscellaneous Expense Unearned Fees | fill in the blank 29 | fill in the blank 30 |
| Accounts Payable Common Stock Insurance Expense Office Equipment Prepaid Rent | fill in the blank 32 | fill in the blank 33 |
| Accounts Receivable Accumulated Depreciation Retained Earnings Salaries Payable Unearned Fees | fill in the blank 35 | fill in the blank 36 |
| Accounts Payable Accumulated Depreciation Dividends Salaries Payable Unearned Fees | fill in the blank 38 | fill in the blank 39 |
| Accounts Receivable Cash Fees Earned Office Equipment Unearned Fees | fill in the blank 41 | fill in the blank 42 |
| Accounts Payable Common Stock Salaries Payable Salary Expense Unearned Fees | fill in the blank 44 | fill in the blank 45 |
| Accounts Payable Accumulated Depreciation Prepaid Rent Rent Expense Salaries Payable | fill in the blank 47 | fill in the blank 48 |
| Accumulated Depreciation Prepaid Insurance Salaries Payable Supplies Supplies Expense | fill in the blank 50 | fill in the blank 51 |
| Accounts Receivable Accumulated Depreciation Common Stock Depreciation Expense Unearned Fees | fill in the blank 53 | fill in the blank 54 |
| Accounts Payable Insurance Expense Prepaid Insurance Salaries Payable Unearned Fees | fill in the blank 56 | fill in the blank 57 |
| Cash Common Stock Miscellaneous Expense Retained Earnings Unearned Fees | fill in the blank 59 | fill in the blank 60 |
| Total | fill in the blank 61 | fill in the blank 62 |
- Part 8:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional.
Prepare an income statement.
| Kelly Consulting Income Statement For the Month Ended May 31, 20Y8 |
||
| Line Item Description | Amount | Amount |
| Fees earned Insurance expense Rent expense Salary expense Utilities expense | $fill in the blank 2 | |
| Expenses: | ||
|
Cash Fees earned Salary expense Salaries payable Utilities expense |
$fill in the blank 4 | |
|
Cash Office equipment Prepaid rent Rent expense Utilities expense |
fill in the blank 6 | |
|
Accounts receivable Fees earned Supplies Supplies expense Utilities expense |
fill in the blank 8 | |
|
Accounts payable Accumulated depreciation Depreciation expense Utilities expense Unearned fees |
fill in the blank 10 | |
|
Cash Fees earned Insurance expense Prepaid insurance Utilities expense |
fill in the blank 12 | |
|
Accounts payable Accounts receivable Fees earned Miscellaneous expense Utilities expense |
fill in the blank 14 | |
|
Common stock Fees earned Retained earnings Total expenses Utilities expense |
fill in the blank 16 | |
| Fees earned Insurance expense Net income Net loss Utilities expense | $fill in the blank 18 |
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 |
|||
| Line Item Description | Common Stock | Retained Earnings | Total |
| Balances, May 1, 20Y8 Balances, May 31, 20Y8 Dividends Net income Net loss | $fill in the blank 20 | $fill in the blank 21 | $fill in the blank 22 |
| Balances, May 1, 20Y8 Balances, May 31, 20Y8 Change in retained earnings Net income Net loss | fill in the blank 24 | fill in the blank 25 | fill in the blank 26 |
| Balances, May 1, 20Y8 Balances, May 31, 20Y8 Dividends Net income Net loss | fill in the blank 28 | fill in the blank 29 | fill in the blank 30 |
| Balances, May 1, 20Y8 Balances, May 31, 20Y8 Dividends Net income Net loss | $fill in the blank 32 | $fill in the blank 33 | $fill in the blank 34 |
Prepare a balance sheet.
| Kelly Consulting Balance Sheet May 31, 20Y8 |
|||
| Line Item Description | Amount | Amount | |
| Assets | |||
| Current assets: | |||
|
Accounts payable Cash Fees earned Office equipment Unearned fees |
$fill in the blank 36 | ||
|
Accounts payable Accounts receivable Fees earned Salaries payable Unearned fees |
fill in the blank 38 | ||
|
Accounts payable Fees earned Supplies Supplies expense Unearned fees |
fill in the blank 40 | ||
|
Accounts payable Miscellaneous expense Office equipment Prepaid rent Rent expense |
fill in the blank 42 | ||
|
Cash Insurance expense Prepaid insurance Salaries payable Supplies expense |
fill in the blank 44 | ||
| Total current assets | $fill in the blank 45 | ||
| Property, plant, and equipment: | |||
|
Accounts payable Fees earned Office equipment Prepaid insurance Rent expense |
$fill in the blank 47 | ||
|
Accounts payable Accumulated depreciation Depreciation expense Office equipment Unearned fees |
fill in the blank 49 | ||
| Total property, plant, and equipment | fill in the blank 50 | ||
| Total assets | $fill in the blank 51 | ||
| Liabilities | |||
| Current liabilities: | |||
|
Accounts payable Accounts receivable Cash Common stock Retained earnings |
$fill in the blank 53 | ||
|
Accounts receivable Prepaid insurance Prepaid rent Salaries payable Salary expense |
fill in the blank 55 | ||
|
Accounts receivable Common stock Fees earned Retained earnings Unearned fees |
fill in the blank 57 | ||
| Total liabilities | $fill in the blank 58 | ||
| Stockholders’ Equity | |||
|
Accounts payable Common stock Office equipment Prepaid insurance Rent expense |
$fill in the blank 60 | ||
|
Accounts receivable Fees earned Office equipment Retained earnings Salaries payable |
fill in the blank 62 | ||
| Total stockholders’ equity | fill in the blank 63 | ||
| Total liabilities and stockholders’ equity | $fill in the blank 64 |
Part 9:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional.
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.
| Date | Account Name | Post. Ref. | Debit | Credit |
| 20Y8 | Closing Entries | |||
| May 31 | Dividends Fees Earned Insurance Expense Miscellaneous Expense Retained Earnings | fill in the blank 2 | fill in the blank 3 | fill in the blank 4 |
| Dividends Fees Earned Retained Earnings Salaries Payable Salary Expense | fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | |
| Accounts Payable Cash Prepaid Rent Rent Expense Unearned Fees | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | |
| Accounts Receivable Dividends Retained Earnings Supplies Supplies Expense | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 | |
| Accumulated Depreciation Depreciation Expense Dividends Office Equipment Rent Payable | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | |
| Accounts Payable Cash Fees Earned Insurance Expense Prepaid Insurance | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 | |
| Accounts Receivable Dividends Fees Earned Miscellaneous Expense Retained Earnings | fill in the blank 26 | fill in the blank 27 | fill in the blank 28 | |
| Accounts Payable Accounts Receivable Cash Fees Earned Retained Earnings | fill in the blank 30 | fill in the blank 31 | fill in the blank 32 | |
| May 31 | Cash Depreciation Expense Dividends Miscellaneous Expense Retained Earnings | fill in the blank 34 | fill in the blank 35 | fill in the blank 36 |
| Cash Depreciation Expense Dividends Miscellaneous Expense Retained Earnings | fill in the blank 38 | fill in the blank 39 | fill in the blank 40 |
Part 10:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
Note: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before completing part 10. Part 5 is optional.
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, 20Y8 |
||
| Account Title | Debit Balances | Credit Balances |
| Accounts Payable Accumulated Depreciation Cash Common Stock Salary Expense | fill in the blank 2 | fill in the blank 3 |
| Accounts Payable Accounts Receivable Accumulated Depreciation Rent Expense Salaries Payable | fill in the blank 5 | fill in the blank 6 |
| Fees Earned Miscellaneous Expense Supplies Supplies Expense Unearned Fees | fill in the blank 8 | fill in the blank 9 |
| Accumulated Depreciation Common Stock Prepaid Rent Rent Expense Salaries Payable | fill in the blank 11 | fill in the blank 12 |
| Accounts Payable Common Stock Insurance Expense Prepaid Insurance Unearned Fees | fill in the blank 14 | fill in the blank 15 |
| Accumulated Depreciation Common Stock Office Equipment Salaries Payable Supplies Expense | fill in the blank 17 | fill in the blank 18 |
| Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Office Equipment | fill in the blank 20 | fill in the blank 21 |
| Accounts Payable Cash Common Stock Office Equipment Rent Expense | fill in the blank 23 | fill in the blank 24 |
| Accounts Receivable Fees Earned Office Equipment Salaries Payable Salary Expense | fill in the blank 26 | fill in the blank 27 |
| Cash Fees Earned Miscellaneous Expense Office Equipment Unearned Fees | fill in the blank 29 | fill in the blank 30 |
| Accounts Payable Common Stock Insurance Expense Office Equipment Prepaid Rent | fill in the blank 32 | fill in the blank 33 |
| Accounts Payable Insurance Expense Office Equipment Prepaid Rent Retained Earnings | fill in the blank 35 | fill in the blank 36 |
| Total | fill in the blank 37 | fill in the blank 38 |
