Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. 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. | Recorded services provided 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. | Recorded 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: | |
20. | Purchased supplies on account, $735. |
21. | Recorded services provided on account for the period May 16-20,$4,820. |
25. | Recorded 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. | Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. |
31. | Recorded services provided on account for the remainder of May, $2,650. |
31. | Paid dividends, $10,500. |
Instructions
Cornerstones of Financial Accounting
Accounting Information Systems
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Fundamentals of Financial Management (MindTap Course List)
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Essentials of Business Communication (MindTap Course List)
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Contemporary Marketing
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College Accounting (Book Only): A Career Approach
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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
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