KellyConsultingTransactions for May2008
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May3 |
Receivedcash fromclientsas an advance payment forservicesto beprovidedand recorded itasunearned fees,$1,550. |
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May5 |
Receivedcash fromclientson account,$1,750. |
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May9 |
Paidcash for anewspaperadvertisement,$100 |
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May13 |
PaidOffice Station Co. forpart ofthe debt incurredon April5,$400 |
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May15 |
Recorded services providedon account forthe periodMay1-15,$5,100. |
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May16 |
Paidpart-timereceptionistfor two weeks’salaryincluding the amountowedon April 13,$750. |
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May17 |
Recorded cashfromcash clientsfor fees earned during the periodMay1-16, $7,380 |
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May20 |
Purchased suppliesonaccount, $500. |
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May21 |
Recorded services providedon account forthe periodMay16-20,$2,900. |
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May25 |
Recorded cashfromcash clientsfor fees earned for the period May17-23, $4,200. |
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May27 |
Receivedcash fromclientson account,$6,600. |
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May28 |
Paid part-timereceptionistfor two weeks’salary,$750. |
|
May28 |
Paidtelephonebill forMay, $150. |
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May28 |
Paidelectricitybill forMay,$225. |
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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.