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.
Hint: There is no advertising expense, use miscellaneous
expense.
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 1–15,
$9,180.
16.
Paid part-time receptionist for two weeks' salary including
the amount owed on April 30, $750.
Hint: The receptionist is paid a salary of $750 every two
weeks. $120 of the $750 paid on 5/16 was accrued at the end of
April. If you need more info on this, refer to pages 168 and 170
(you can do a search for page numbers in the e-text too).
17.
Recorded cash from cash clients for fees earned during the
period May 1–16, $8,360.
20.
Purchased supplies on account, $735.
21.
Recorded services provided on account for the period May
16–20, $4,820.
25.
Recorded cash from cash clients for fees earned for the period
May 17–23, $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.
Hint: There is no utility expense (telephone or electricity),
so use miscellaneous expense instead.
31.
Paid electricity bill for May, $810.
Hint: There is no utility expense (telephone or electricity),
so use miscellaneous expense instead.
31.
Recorded cash from cash clients for fees earned for the period
May 26–31, $3,300.
31.
Recorded services provided on account for the remainder of
May, $2,650.
31.
Kelly withdrew $10,500 for personal use.
Part I:
Questions:
1-Display the journal entries: General Journal
2 - Display Trial Balance
Part II:
At the end of May, the following adjustment data were
assembled. Analyze and use these data to journalize and post the
adjusting entries. There is a hint on the next page.
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
Questions:
1)Enter the adjusting entries for May 31 in the General
Journal using the information
In the question:
"The Accrued receptionist salary on May 31 is $325" I try to
put $ 325, but it said was wrong.