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fredd [130]
3 years ago
6

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for Ap

ril, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into 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 1–15, $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 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.
31. Paid electricity bill for May, $810.
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.

Required:
a. Display the journal entries: General Journal.
b. Display Trial Balance.
Business
1 answer:
Mnenie [13.5K]3 years ago
3 0

Answer:

                         Kelly Pitney                                                                                                            

Explanation:                           Amount in $

 May 3.  Cash                   Dr.4,500

              Unearned Revenue  Cr.4,500

May 5.  Cash     Dr.2,450  

            Advance fee   Cr.2,450

May 9.

         Advertisement Expense   Dr. 225

         Cash                                   Cr.225

May 13.   Stationary                Dr. 640

              Cash                            Cr.640

May 15.  Account Receivable  Dr. 9,180

             Service Revenue       Cr. 9,180

May 16. Salaries Expense  Dr.750

             Cash                    Cr.750

May 17. Cash            Dr.8,360

             Service Revenue Cr.8,360

May 20.  Supplies   Dr.735

               Supplies Payable Cr.735

May 21. Account Receivable Dr.4,820

             Service Revenue      Cr.4,820

May 25.  Cash    Dr.7,900

               Service Revenue Cr.7,900

May 27.  Cash          Dr.9,520

              Account Receivable Cr.9,520

May 28.   Salaries Expense   Dr.750

                Cash                       Cr.750  

May 30-31.  Utility bill-Telephone   Dr.260

                   Utility bill- Electricity    Dr.810

                    Cash                             Cr.1,070

May 31. Cash    Dr.3,300

            Service Revenue Cr.3,300

May 31.  Account Receivable Dr.2,650

              Service Revenue     Cr.2,650

May 31.  Drawings Dr.10,500

               Cash        Cr.10,500

b. Trail Balance

   Kelly Pitney    

   For the moth of May                  

                                                                 Amount in $  

                                                      Dr.                                Cr.

Cash                                            22,095

Unearned Revenue                                                           6,950

Advertisement Expense           225

Stationary Expense                   640

Account Receivable                  7,130

Service Revenue                                                                36,210

Salaries Expense                      1,500

Supplies Payable                                                                     735

Supplies Expense                      735

Electricity Expense                     810

Telephone Expense                   260

Drawings                                   10,500

Total                                          43,895                               43,895          

                                             

             

               

           

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