KellyConsultingTransactions for May2008
| May3 | Receivedcash fromclientsas an advance payment forservicesto beprovidedand recorded itasunearned fees,$1,550. |
| May5 | Receivedcash fromclientson account,$1,750. |
| May9 | Paidcash for anewspaperadvertisement,$100 |
| May13 | PaidOffice Station Co. forpart ofthe debt incurredon April5,$400 |
| May15 | Recorded services providedon account forthe periodMay1-15,$5,100. |
| May16 | Paidpart-timereceptionistfor two weeks’salaryincluding the amountowedon April 13,$750. |
| May17 | Recorded cashfromcash clientsfor fees earned during the periodMay1-16, $7,380 |
| May20 | Purchased suppliesonaccount, $500. |
| May21 | Recorded services providedon account forthe periodMay16-20,$2,900. |
| May25 | Recorded cashfromcash clientsfor fees earned for the period May17-23, $4,200. |
| May27 | Receivedcash fromclientson account,$6,600. |
| May28 | Paid part-timereceptionistfor two weeks’salary,$750. |
| May28 | Paidtelephonebill forMay, $150. |
| May28 | Paidelectricitybill forMay,$225. |
| May28 | Recorded cashfromcash clientsfor fees earned ,$2,875. |
| May28 | Provided serviceson account $2,200. |
| May28 | Kellywithdrew$7,500 forpersonal use. |
Adjusting entriesforMay 31 are
Insurancewaspurchased for aone-year period,startingon March 1,2008.
Rent was prepaidon January1,2008, for aone-yearperiod, startingon January1.
Officeequipmenthas a5yearlife,witha2,500 salvage value.
A supplies inventory countshowsan ending balanceof $1,235.
PortfolioInstructions
1.Record theending balances fromthe April30 postclosing trial balanceintothe ledger sheetsoralternatively, youmaycreate T-accounts onan Excel spreadsheet.
2.Record journalentriesforthe May transactionson thejournal sheets givenorcreate aspreadsheetconfiguredasa journal sheet.
3.Post the journal entries tothe ledger sheetsorif you createdT-accountsposttheentriesto yourT-accounts.
4.Enter the ending balancesfromtheledgerorT-accountsonto theworksheettrialbalancecolumns.
5.Enter the adjustments directlyon totheworksheet.
6.Extendtothe adjusted trialbalancecolumns.
7.Extendtothe financialstatement columns.
8.Preparethefinancial statements.
9.Enter the closing entriesontotheworksheet.
10.Preparethe post-closingtrial balanceforMay.
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