Kelly Consulting

Kelly
Consulting
Transactions
for

May

2008 May3Receivedcash from

clientsas an advance payment forservicesto

beprovidedand recorded itasunearned fees,$1,550.May5Receivedcash fromclientson account
,$1,750.May9Paidcash for anewspaperadvertisement,$100May13PaidOffice
Station Co. forpart ofthe

debt incurredon April
5,$400  May15Recorded services provided on account forthe periodMay1-15,$5,100.May16Paidpart-timereceptionistfor two weeks’salaryincluding the

amountowedon April 13,$750.May17Recorded cashfromcash clientsfor fees earned during the periodMay1-16,$7,380May20Purchas
ed supplies
onaccount, $500.May21Recorded services provided on account forthe periodMay16-20,$2,900.May25Recorded cashfromcash clientsfor fees earned for the period May17-23,$4,200.May27Receivedcash fromclientson account,$6,600.May28Paid part-timereceptionistfor two weeks’salary,$750.May28Paidtelephonebill forMay, $150.May28Paidelectricitybill forMay,$225.May28Recorded cashfromcash clientsfor fees earned ,$2,875.May28Provided serviceson account $2,200.May28Kellywithdrew$7,500 forpersonal use.  Adjusting entries

forMay 31 are ·Insurance
was
purchased
for aone-year

period,

starting

on March
1,2008.
·Rent was prepaid
on January

1,2008,
for aone-yearperiod, startingon January1.·Officeequipment
has a5year
life,witha2,500
salvage
value.
·A supplies inventory
countshows
an ending balance

of $1,235.
   Portfolio
Instructions
 1.Record the
ending balances

fromthe April30 post

closing trial

balanceinto
the ledger

sheets

oralternatively,
you
maycreate

T-accounts

onan Excel
spreadsheet
.
 2.Record journal

entriesforthe May transactions
on thejournal sheets given
orcreate aspreadsheetconfigured
asa journal sheet.
 3.Post
the journal entries tothe ledger sheetsorif you created
T-accountsposttheentriesto your
T-accounts.
 4.Enter

the ending balancesfromtheledgerorT-accountsonto theworksheet
trialbalancecolumns.

 5.Enter the adjustments
directly
on to
theworksheet.

 6.Extend

to the adjusted
trialbalancecolumns.

7.Extendto the financial
statement columns.

 

8.Prepare

thefinancial statements.

 

9.Enter the closing entries
ontotheworksheet.

 

10.
Preparethe post-closing
trial balanceforMay.