Accounting Chapter 4 Homework For the Month Ended May 31, 2016

subject Type Homework Help
subject Pages 9
subject Words 1423
subject Textbook Financial & Managerial Accounting 13th Edition
subject Authors Carl S. Warren, James M. Reeve, Jonathan Duchac
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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.
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
Common Stock 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √30,000
Balance
Balance
Balance
Date
2016
Date
Date
2016
Balance
Date
2016
Balance
Balance
Date
2016
Balance
Date
2016
Balance
Balance
2016
Date
2016
Date
2016
Balance
Date
2016
Date
2016
Retained Earnings 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √12,300
31 Closing
31 Closing
Dividends 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31
31 Closing
Balance
Date
2016
Date
2016
Balance
Income Summary 34
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
Date
2016
2016
Date
Date
Balance
2016
Date
Balance
Date
2016
Balance
Balance
2016
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
3.
Accounts Receivable
Unearned Fees
Common Stock
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Balance
Supplies
Prepaid Rent
Balance
2016
2016
Accounts Payable
Date
Date
2016
Salaries Payable
Dividends
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Balance
Unadjusted Trial Balance
May 31, 2016
Date
Retained Earnings
KELLY CONSULTING
Cash
Debit
Balances
Credit
Balances
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 44,195
Accounts Receivable 8,080
Supplies 2,085
Prepaid Rent 3,200
Prepaid Insurance 1,500
Office Equipment 14,500
Accum. Depreciation 330
Accounts Payable 895
Salaries Payable
Unearned Fees 7,000
Common Stock 30,000
Retained Earnings 12,300
Dividends 10,500
Fees Earned 36,210
Salary Expense 1,380
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense 1,295
86,735 86,735
6.
Page 7
Post.
Ref. Debit Credit
May 31
31
31
31
31
31
7.
Accounts Receivable
Unearned Fees
Common Stock
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Prepaid Insurance
Adjusted Trial Balance
Date
2016
KELLY CONSULTING
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended May 31, 2016
KELLY CONSULTING
May 31, 2016
Office Equipment
Supplies
Prepaid Rent
Cash
Credit
Balances
Balance
Sheet
Trial Balance
Unadjusted Trial Balance
Statement
Adjusted
Income
Salaries Payable
Retained Earnings
Dividends
Accumulated Depreciation
Accounts Payable
Debit
Balances
Adjustments
JOURNAL
8.
Net income
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total stockholders' equity
Total property, plant, and equipment
Total assets
Total liabilities and stockholders' equity
May 31, 2016
Liabilities
Stockholders' Equity
Assets
KELLY CONSULTING
Income Statement
For the Month Ended May 31, 2016
KELLY CONSULTING
Retained earnings, May 1, 2016
Balance Sheet
Retained Earnings Statement
Retained earnings, capital, May 31, 2016
Total revenues
Revenues:
KELLY CONSULTING
For the Month Ended May 31, 2016
Total expenses
Expenses:
9.
Page 8
Post.
Ref. Debit Credit
May 31
31
Miscellaneous Expense
31
31
10.
Accounts Receivable
Unearned Fees
Common Stock
Debit
Balances
Credit
Balances
Salaries Payable
KELLY CONSULTING
Post-Closing Trial Balance
May 31, 2016
Retained Earnings
Office Equipment
Accumulated Depreciation
Cash
Supplies
Prepaid Rent
Accounts Payable
Prepaid Insurance
JOURNAL
Date
2016
page-pf8
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
959 225
Page 6
Post.
Ref. Debit Credit
May 20 14 735
21 735
21 12 4,820
41 4,820
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
9 5
225 28,825
13 5
640 28,185
16 5
750 27,435
17 5
8,360 35,795
Solution
GENERAL LEDGER
Date
2016
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
Balance
JOURNAL
Date
2016
Comprehensive Problem 1
JOURNAL
Date
2016
Name:
Section:
ON
page-pf9
25 6
7,900 43,695
27 6
9,520 53,215
Accounts Receivable 12
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √3,400
Supplies 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √1,350
20 6
735 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
Prepaid Insurance 16
Post.
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 6
735 895
Salaries Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √120
16 5120 - -
31 Adjusting 7 325 325
2016
2016
Date
2016
Date
2016
2016
Balance
Date
Balance
Balance
Date
Date
2016
Balance
Balance
Date
Balance
Balance
page-pfa
Retained Earnings 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 1 Balance √12,300
31 Closing 8 33,425 45,725
31 Closing 8 10,500 35,225
Dividends 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
May 31 6
10,500 10,500
31 Closing 8
10,500 - -
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 - -
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.
Balance
Date
Date
2016
May 31, 2016
2016
Balance
Date
2016
Balance
Date
Date
2016
Balance
Date
2016
2016
KELLY CONSULTING
Unadjusted Trial Balance
Balance
Balance
page-pfb
44,195 -
Accounts Receivable 8,080 -
2,085 -
3,200 -
1,500 -
14,500 -
- 330
- 895
- -
Unearned Fees - 7,000
Common Stock - 30,000
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 44,195 - - 44,195 - - - 44,195 -
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
Common Stock 30,000 - - - 30,000 - - - 30,000
Retained Earnings 12,300 - - - 12,300 - - - 12,300
Dividends 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 - - -
Page 7
6. Post.
Ref. Debit Credit
May 31 55 275
16 275
31 53 1,370
14 1,370
7.
44,195 -
Accounts Receivable 8,080 -
715 -
1,600 -
1,225 -
14,500 -
10,500 -
2016
Unadjusted Trial Balance
Adjustments
Date
Supplies
For the Month Ended May 31, 2016
KELLY CONSULTING
Adjusted
Salaries Payable
Sheet
Trial Balance
Statement
Income
Balance
End-of-Period Spreadsheet (Work Sheet)
Supplies
Prepaid Rent
Debit
Balances
Credit
Balances
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Cash
Dividends
Prepaid Rent
KELLY CONSULTING
Adjusted Trial Balance
May 31, 2016
Cash
Debit
Balances
Credit
Balances
JOURNAL
Prepaid Insurance
Office Equipment
page-pfc
Fees Earned - 40,000
Salary Expense 1,705 -
Rent Expense 1,600 -
8.
40,000$
12,300$
33,425$
Current assets: Current liabilities:
44,195$ 895$
Page 8
9. Post.
Ref. Debit Credit
May 31 41 40,000
34 40,000
31 34 6,575
51 1,705
10.
44,195 -
Accounts Receivable 8,080 -
715 -
1,600 -
1,225 -
14,500 -
- 660
Net income for the month
For the Month Ended May 31, 2016
KELLY CONSULTING
Debit
Balances
Credit
Balances
KELLY CONSULTING
Office Equipment
Accumulated Depreciation
Cash
Supplies
Prepaid Rent
Prepaid Insurance
Post-Closing Trial Balance
May 31, 2016
Date
2016
Assets
Balance Sheet
May 31, 2016
Cash
KELLY CONSULTING
Retained Earnings Statement
KELLY CONSULTING
Income Statement
For the Month Ended May 31, 2016
Revenues:
Expenses:
Fees earned
Total revenues
Retained earnings, May 1, 2016
Liabilities
JOURNAL
Accounts payable
page-pfd
- 895
- 325
Accounts Payable
Salaries Payable

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