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Home / Questions / Kelly Pitney began her consulting business, Kelly Consulting, on May 1, 2019. During May,...

Kelly Pitney began her consulting business, Kelly Consulting, on May 1, 2019. During May, Kelly Consulting entered into the following transactions: May

Kelly Pitney began her consulting business, Kelly Consulting, on May 1, 2019.

During May, Kelly Consulting entered into the following transactions:

May

1.

3.

Invested $20,000 into her new business

Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.

9.

Paid cash for a newspaper advertisement for May, $225.

13.

Paid Office Station Co. $640 to purchase supplies

15.

Provided services on account for $9,180.

16.

Paid part-time receptionist for two weeks' salary $750.

20.

Purchased equipment on account, $1,735.

25.

Received cash from cash clients for services rendered $7,900.

27.

Received payment from client on account, $2,000.

30.

Paid telephone bill for May, $260.

31.

Paid electricity bill for May, $810.

31.

Kelly withdrew $5,500 for personal use.

I want to Journalize and post the May transactions to t-accounts
And then need to prepare an unadjusted trial balance.
Also, I need to journalize and post adjustments:
Supplies on hand on May 31 are $215.

Depreciation of office equipment for May is $50.

Accrued receptionist salary on May 31 is $325.

Unearned fees on May 31 are $3,210.

Then need an adjusted trial balance,an income statement, a statement of owner's equity, and a balance sheet.

 

Sep 02 2020 View more View Less

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