Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Comprehensive problem 1 the accounting cycle part 1

17/11/2021 Client: muhammad11 Deadline: 2 Day

Accounting Questions And Problems

READ EVERYTHING AND ADDRESS ALL QUESTIONS! LABEL EVERYTHING

Accounting Comprehensive Problem 1.

1. Create a Journal

1. C.

Journalize each of the May transactions in the two-column journal starting on Page 5 of the journal. Refer to the Chart of Accounts for exact wording of account titles. (Do not insert the account numbers in the journal at this time.)

2. B.

Add the appropriate posting reference to the journal in CengageNOW.

6. A.

Journalize the adjusting entries on Page 7 of the journal. Refer to the Chart of Accounts for exact wording of account titles.

6. C.

Add the appropriate posting reference to the journal in CengageNOW.

2. Create A Ledger

SPREADSHEET

and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

1. B.

For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, enter Balance in the Item column and enter ‘X’ in the Posting Reference column.

2. A.

Post the May transactions from the journal to a ledger of four-column accounts.

6. B.

Post the adjusting entries to the ledger of four-column accounts, inserting balances in the accounts affected.

3. Prepape a Unadjusted Trial Balance

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 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, $4,500.

5

Received cash from clients on account, $2,450.

9

Paid cash for a newspaper advertisement, $225.

13

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

15

Provided services on account for the period May 1–15, $9,180.

16

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

17

Received cash from cash clients for fees earned during the period May 1–16, $8,360.

Record the following transactions on Page 6 of the journal:

May

20

Purchased supplies on account, $735.

21

Provided services on account for the period May 16–20, $4,820.

25

Received cash from cash clients for fees earned for the period May 17–23, $7,900.

27

Received cash from clients on account, $9,520.

28

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

30

Paid telephone bill for May, $260.

31

Paid electricity bill for May, $810.

31

Received cash from cash clients for fees earned for the period May 26–31, $3,300.

31

Provided services on account for the remainder of May, $2,650.

31

Kelly withdrew $10,500 for personal use.

Required:

1.

The chart of accounts is shown in a separate panel and the post-closing trial balance as of April 30, 2019, is shown below.

A.

Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

B.

For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, enter Balance in the Item column and enter ‘X’ in the Posting Reference column.

C.

Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal. Refer to the Chart of Accounts for exact wording of account titles. (Do not insert the account numbers in the journal at this time.)

2.

Post the journal entries on pages 5 and 6 of the journal to the ledger of four-column accounts.

A.

Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts.

B.

Add the appropriate posting reference to the journal.

3.

Prepare an unadjusted trial balance. Accounts with zero balances can be left blank.

4.

At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).

Insurance expired during May is $275.

Supplies on hand on May 31 are $715.

Depreciation of office equipment for May is $330.

Accrued receptionist salary on May 31 is $325.

Rent expired during May is $1,600.

Unearned fees on May 31 are $3,210.

5.

(Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded.

6.

A.

Journalize the adjusting entries on Page 7 of the journal. Refer to the Chart of Accounts for exact wording of account titles.

B.

Post the adjusting entries to the ledger, inserting balances in the accounts affected.

C.

Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW.

7.

Prepare an adjusted trial balance. Accounts with zero balances can be left blank.

Kelly Consulting

POST-CLOSING TRIAL BALANCE

April 30, 2019

ACCOUNT TITLE

DEBIT

CREDIT

1

Cash

22,100.00

2

Accounts Receivable

3,400.00

3

Supplies

1,350.00

4

Prepaid Rent

3,200.00

5

Prepaid Insurance

1,500.00

6

Office Equipment

14,500.00

7

Accumulated Depreciation

330.00

8

Accounts Payable

800.00

9

Salaries Payable

120.00

10

Unearned Fees

2,500.00

11

Kelly Pitney, Capital

42,300.00

12

Totals

46,050.00

46,050.00

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Premium Solutions
George M.
WRITING LAND
Top Class Engineers
Maths Master
Quick Mentor
Writer Writer Name Offer Chat
Premium Solutions

ONLINE

Premium Solutions

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$34 Chat With Writer
George M.

ONLINE

George M.

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$50 Chat With Writer
WRITING LAND

ONLINE

WRITING LAND

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$28 Chat With Writer
Top Class Engineers

ONLINE

Top Class Engineers

I am an experienced researcher here with master education. After reading your posting, I feel, you need an expert research writer to complete your project.Thank You

$46 Chat With Writer
Maths Master

ONLINE

Maths Master

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$33 Chat With Writer
Quick Mentor

ONLINE

Quick Mentor

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$24 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Hawkes learning statistics cheat - Importance of ritz carlton wow stories - Nike information system case study - Does siemens own bosch - Stewing and braising difference - Legal environment - Bacterial and fungal amylase lab report - Shrewsbury cake taste of history - #4 Project review - Green tomato sauce heinz - P4s3 ionic or covalent - What does sociological perspective mean - Bizarro's erie auto salvage and towing - Santa fe grill mexican restaurant case study - Bank account program in java - Customer satisfaction in hotel industry ppt - The following are audit procedures from different transaction cycles - Westjet airlines information technology governance and corporate strategy - In defense of sweatshops benjamin powell - Wells Fargo: The Stage coach Went Out of Control - Heart failure concept map - Firearmsid com bullet id answers - Blazeclan revenue - Omarama mountain lodge case - Informative speech outline on nutrition - Iron jawed angels will the circle be unbroken lyrics - Cartoons about sexuality and aging - Negotiation readings exercises and cases pdf - Hw - Advantages and disadvantages of an endoskeleton - Leadership and followership ppt - Behold the dreamers study questions - Interview AnalysisJuly 20th is a very hot day in your community. - The dreamer by junot diaz - Pleasant comparative and superlative - Greek storytime doncaster library - York st john moodle - Newspaper article - Bf3 react with ammonia - Hiten patel collabera net worth - Another word for family business - Some lessons from the assembly line audience - Professional development plan paper - Merck ivermectin case - Similarities between fahrenheit 451 book and movie - Force board lab report - St george lost card - Non functional pencil grasp - Bus 401 week 1 assignment - Musical fountain in china with audio of bhagavad gita - Application of pender's health promotion model - What is centrelink working credit - How much are tires marked up - 0028 - Statistics for excel - How much does a hockey puck weigh in lbs - Order 2147297: Do you think GMO food should be banned? - Plain language principles and document design - Individual success plan example gcu - Stock Investment Analysis - Stakeholders - Gram staining introduction lab report - Ikea corporate social responsibility report 2018 - Pearson business statistics answer key - Punnett square practice problems answers - Jackson v murray 2015 - Naidoc week art and craft - Coolermaster nse-300-kkn2 black usb3.0 no psu - Cutover plan template xls - Rams home loan application form - The planning shop electronic financial worksheet - Illawarra mutual building society internet banking - List nicks advantages in the great gatsby - Www dc state fl us active offenders - Expansion strategy and establishing a reorder point excel - Tanzania house plans designs - Ballymena livestock market report - Boroondara hard rubbish collection 2021 - One child book summary - Verbs used in objectives - Boys and girls alice munro quotes - Which of the following statements is true regarding bankruptcy - Www youtube com watch v litxw91uaue - What are the most important dimensions of system dependability - Fahrenheit 451 car quotes - Marketing Strategies New England College - Health asessment - Magnus hardeberg goldman sachs - Betheluniversityonline net cps - Analyzing Emotional Competence - 11 44 police code - M-evaluation - Gerry bertier character analysis - What three subjects is the financial manager concerned with - Power triangle for rlc series circuit - Tafe sa website down - Go float electric boat - Transhipment problem using excel solver - Competition between target and walmart swot analysis - Why did william win the battle of hastings essay