Part 1 Comprehensive Problem 1: Kelly Pitney began her consulting business, Kelly Consulting, P.C. | Documents and Forms | Research Papers

Part 1 Comprehensive Problem 1: Kelly Pitney began her consulting business, Kelly Consulting, P.C.

Part 1 Comprehensive Problem 1: Kelly Pitney began her consulting business, Kelly Consulting, P.C. PLDZ-505
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Kelly Pitney began her consulting business, Kelly Consulting, P.C. on April 1, 2014.  The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages 163-173.  During May, Kelly Consulting entered into the following transactions: 

 

May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4500. 

May 5. Received cash from clients on account, $2450. 

May 9. Paid cash for a newspaper advertisement, $225. 

May 13. Paid Office Station Co. for part of the debt incurred on April 5, $640. 

May 15. Recorded services provided on account for the period of May 1-15, $9180.

May 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 

May 17. Recorded cash from cash clients for fees earned during the period May 1-16, $8360. 

 

Record the following on Page 6 of the journal:

May 20. Purchased supplies on account, $735. 

May 21. Recorded services provided on account for the period May 16-20, $4820. 

May 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7900. 

May 27. Received cash from clients on account, $9520 

May 28. Paid part-time receptionist for two weeks' salary, $750. 

May 30. Paid telephone bill for May, $260. 

May 31. Paid electricity bill for May, $810. 

May 31. Recorded cash from cash clients for fees earned for the period May 26-31, $3300 

May 31. Recorded services provided on account for the remainder of May, $2650. 

May 31. Paid dividends $10,500.

 

INSTUCTIONS:

 

 

 

 

Check figure: Net Income $33,425

Kelly Pitney began her consulting business, Kelly Consulting, P.C. on April 1, 2014. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages 163-173. During May, Kelly Consulting entered into th
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