Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
In the general ledger accounts, only normal balance columns will be graded. For correct grading in the
trial balances, work sheet, and ledger balance columns, enter a zero in cells you would otherwise leave blank.
1. and 2.
Page 5
Post.
Ref. Debit Credit
May 3
5
9
13
15
16
17
Page 6
Post.
Ref. Debit Credit
May 20
21
25
27
28
30
31
31
31
31
Comprehensive Problem 1
JOURNAL
Date
2016
Cells with non-gray backgrounds are protected and cannot be edited.
0%
2
JOURNAL
Date
2016
Description
Description
2., 6., and 9.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √22,100
3
5
9
13
16
17
25
27
28
30
31
31
31
Accounts Receivable 12
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √3,400
5
15
21
27
31
Supplies 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √1,350
20
31 Adjusting
Prepaid Rent 15
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √3,200
31 Adjusting
Prepaid Insurance 16
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √1,500
31 Adjusting
Office Equipment 18
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √14,500
Accumulated Depreciation 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √330
31 Adjusting
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √800
13
20
Salaries Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
Date
2016
GENERAL LEDGER
2016
Date
2016
Date
2016
Date
2016
Date
Balance
Balance
Date
2016
Balance
Balance
Date
2016
Balance
Date
2016
Balance
Date
Balance
Balance
Balance
May 1 Balance √120
16
31 Adjusting
Unearned Fees 23
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √2,500
3
31 Adjusting
Kelley Pitney, Capital 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √42,300
31 Closing
31 Closing
Kelley Pitney, Drawing 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31
31 Closing
Balance
2016
Balance
Balance
Date
2016
2016
Date
2016
Date
Income Summary 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 Closing
31 Closing
31 Closing
Fees Earned 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 15
17
21
25
31
31
31 Adjusting
31 Closing
Salary Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 16
28
31 Adjusting
31 Closing
Rent Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 Adjusting
31 Closing
Supplies Expense 53
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 Adjusting
31 Closing
Balance
Balance
2016
Balance
Date
2016
Date
2016
Date
Date
Balance
2016
Date
2016
Balance
Depreciation Expense 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 Adjusting
31 Closing
Insurance Expense 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 Adjusting
31 Closing
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 9
30
31
31 Closing
Date
Balance
2016
Date
Date
2016
2016
Balance
Balance
Scoring:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
In the general ledger accounts, only normal balance columns will be graded. For correct grading in the
trial balances, work sheet, and ledger balance columns, enter a zero in cells you would otherwise leave blank.
1. and 2.
Page 5
Post.
Ref. Debit Credit
May 3 11 4,500
23 4,500
511 2,450
12 2,450
Page 6
Post.
Ref. Debit Credit
May 20 14 735
21 735
21 12 4,820
41 4,820
25 11 7,900
41 7,900
27 11 9,520
12 9,520
Cash
Cash
Salary Expense
Miscellaneous Expense
Fees Earned
Kelly Pitney, Drawing
Cash
Accounts Receivable
Cash
Miscellaneous Expense
Accounts Receivable
Fees Earned
Cash
Cash
Comprehensive Problem 1
JOURNAL
Date
2016
Supplies
Accounts Receivable
Cash
Fees Earned
JOURNAL
Date
2016
ON
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
Description
Cash
Unearned Fees
Accounts Receivable
Cash
Fees Earned
Description
Accounts Payable
Solution
Salaries Payable
Cash
Accounts Payable
Cash
Miscellaneous Expense
Cash
Cash
Fees Earned
Fees Earned
Salary Expense
Accounts Receivable
2., 6., and 9.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √22,100
3 5 4,500 26,600
5 5 2,450 29,050
Accounts Receivable 12
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √3,400
5 5 2,450 950
15 5 9,180 10,130
21 6 4,820 14,950
27 6 9,520 5,430
31 6 2,650 8,080
Supplies 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √1,350
20 6735 2,085
31 Adjusting 7 1,370 715
Prepaid Rent 15
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √3,200
31 Adjusting 7 1,600 1,600
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √1,500
31 Adjusting 7 275 1,225
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √14,500
Balance
Balance
2016
Date
2016
Date
2016
Accumulated Depreciation 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √330
31 Adjusting 7 330 660
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √800
13 5640 160
20 6735 895
Salaries Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
Balance
Balance
Balance
2016
Balance
Date
GENERAL LEDGER
2016
Balance
Date
Date
2016
Balance
Balance
Date
Date
Date
2016
Date
2016
13 5640 28,185
16 5750 27,435
17 5 8,360 35,795
25 6 7,900 43,695
27 6 9,520 53,215
28 6750 52,465
30 6260 52,205
31 6810 51,395
31 6 3,300 54,695
31 6 10,500 44,195
May 1 Balance √120
16 5120 – –
31 Adjusting 7 325 325
Unearned Fees 23
Post.
Item Ref. Dr. Cr. Dr. Cr.
Income Summary 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 Closing 8 40,000 40,000
31 Closing 8 6,575 33,425
31 Closing 8 33,425 – –
Fees Earned 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 15 5 9,180 9,180
17 5 8,360 17,540
21 6 4,820 22,360
25 6 7,900 30,260
31 6 3,300 33,560
31 6 2,650 36,210
31 Adjusting 7 3,790 40,000
31 Closing 8 40,000 – –
Salary Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 16 5630 630
28 6750 1,380
31 Adjusting 7 325 1,705
31 Closing 8 1,705 – –
Rent Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 Adjusting 7 1,600 1,600
31 Closing 8 1,600 – –
Post.
May 31 Adjusting 7 1,370 1,370
31 Closing 8 1,370 – –
2016
Date
2016
Balance
Depreciation Expense 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
Balance
Date
2016
Balance
2016
2016
Balance
Date
Date
2016
Date
Balance
Balance
Date
2016
2016
Balance
Date
May 1 Balance √2,500
31 Adjusting 7 3,790 3,210
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √42,300
31 Closing 8 33,425 75,725
31 Closing 8 10,500 65,225
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 6 10,500 10,500
31 Closing 8 10,500 – –
Date
2016
Balance
Date
2016
Balance
May 31 Adjusting 7 330 330
31 Closing 8 330 – –
Insurance Expense 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 Adjusting 7 275 275
31 Closing 8 275 – –
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 9 5 225 225
30 6260 485
31 6810 1,295
31 Closing 8 1,295 – –
3.
44,195 –
Accounts Receivable 8,080 –
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 44,195 – – 44,195 – – – 44,195 –
Accounts Receivable 8,080 – – 8,080 – – – 8,080 –
Supplies 2,085 – (b) 1,370 715 – – – 715 –
Prepaid Rent 3,200 – (e) 1,600 1,600 – – – 1,600 –
Prepaid Insurance 1,500 – (a) 275 1,225 – – – 1,225 –
Office Equipment 14,500 – – 14,500 – – – 14,500 –
Accum. Depreciation 330 – (c) 330 – 660 – – – 660
Accounts Payable 895 – – – 895 – – – 895
Salaries Payable – (d) 325 – 325 – – – 325
Unearned Fees 7,000 (f) 3,790 – – 3,210 – – – 3,210
Kelley Pitney, Capital 42,300 – – – 42,300 – – – 42,300
Kelley Pitney, Drawing 10,500 – – 10,500 – – – 10,500 –
Fees Earned 36,210 – (f) 3,790 – 40,000 – 40,000 – –
Salary Expense 1,380 (d) 325 – 1,705 – 1,705 – – –
Rent Expense (e) 1,600 – 1,600 – 1,600 – – –
Supplies Expense (b) 1,370 – 1,370 – 1,370 – – –
Depreciation Expense (c) 330 – 330 – 330 – – –
Insurance Expense (a) 275 – 275 – 275 – – –
Miscellaneous Expense 1,295 – – 1,295 – 1,295 – – –
6. Page 7
Post.
Ref. Debit Credit
May 31 55 275
16 275
Balance
JOURNAL
Description
2016
KELLY CONSULTING
Unadjusted Trial Balance
Balance
Date
Date
2016
May 31, 2016
Cash
Debit
Balances
Credit
Balances
Sheet
Trial Balance
Statement
Income
Balance
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended May 31, 2016
KELLY CONSULTING
Adjusted
Insurance Expense
Prepaid Insurance
2016
Adjusting Entries
Unadjusted Trial Balance
Adjustments
Date
14,500 –
Unearned Fees – 7,000
10,500 –
Fees Earned – 36,210
Salary Expense 1,380 –
Rent Expense – –
Supplies Expense – –
Depreciation Expense – –
Insurance Expense – –
Miscellaneous Expense 1,295 –
Accumulated Depreciation
Accounts Payable
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Salaries Payable
Kelley Pitney, Capital
Kelley Pitney, Drawing
31 53 1,370
14 1,370
Salaries Payable
Accounts Payable
Kelley Pitney, Capital
Kelley Pitney, Drawing
7.
44,195 –
Accounts Receivable 8,080 –
715 –
1,600 –
1,225 –
14,500 –
– 660
Supplies expense
Depreciation expense
Insurance expense
Miscellaneous expense
Total expenses
Less withdrawals
Increase in owner’s equity
Supplies
Unearned fees
Prepaid rent
8.
40,000$
1,705$
1,600
42,300$
33,425$
Current assets: Current liabilities
44,195$ 895$
8,080 325
Liabilities
Accounts payable
Accounts receivable
Salaries payable
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Kelley Pitney, capital, May 1, 2016
Salary expense
KELLY CONSULTING
Adjusted Trial Balance
May 31, 2016
Cash
Debit
Balances
Credit
Balances
Prepaid Rent
Rent expense
Expenses:
Fees earned
Total revenues
KELLY CONSULTING
Income Statement
For the Month Ended May 31, 2016
Revenues:
Statement of Owner’s Equity
Supplies Expense
Supplies
Assets
Balance Sheet
May 31, 2016
KELLY CONSULTING
Cash
Supplies
Net income for the month
For the Month Ended May 31, 2016
KELLY CONSULTING
31 52 1,600
15 1,600
31 23 3,790
41 3,790
Prepaid Rent
Unearned Fees
Fees Earned
Depreciation Expense
Accumulated Depreciation
Salary Expense
Rent Expense
Salaries Payable
1,225
Total current assets 55,815$
Property, plant, and equipment: 65,225
9.
Page 8
Post.
Kelley Pitney, Drawing
Insurance Expense
Income Summary
Kelley Pitney, Capital
Kelley Pitney, Capital
Rent Expense
Supplies Expense
Depreciation Expense
Ref. Debit Credit
May 31 41 40,000
33 40,000
31 33 6,575
51 1,705
10.
44,195 –
Accounts Receivable 8,080 –
715 –
1,600 –
1,225 –
14,500 –
Unearned Fees – 3,210
Kelley Pitney, Capital
Salaries Payable
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Owner’s Equity
JOURNAL
Description
Kelley Pitney, capital
Date
2016
Closing Entries
Prepaid insurance
Cash
Supplies
Prepaid Rent
Post-Closing Trial Balance
May 31, 2016
Debit
Balances
Credit
Balances
KELLY CONSULTING
Salary Expense
Fees Earned
Income Summary
Income Summary
Accumulated depreciation
Office equipment