Reference no: EM132740129
Problem - Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. 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
May 5. Received cash from clients on account, $2,450.
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 May 1-15, $9,180.
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, $8,360.
May 20. Purchased supplies on account, $735.
May 21. Recorded services provided on account for the period May 16-20, $4,820.
May 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7,900.
May 27. Received cash from clients on account, $9,520.
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, $3,300.
May 31. Recorded services provided on account for the remainder of May, $2,650.
May 31. Paid dividends, $10,500.
Required - Post the journal to a ledger of four-column accounts.
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