{"id":435171,"date":"2018-06-25T16:02:33","date_gmt":"2018-06-25T16:02:33","guid":{"rendered":"https:\/\/essaypaper.org\/?p=29105"},"modified":"2018-10-24T09:07:34","modified_gmt":"2018-10-24T09:07:34","slug":"accounting-1a-assignment-paper","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/accounting-1a-assignment-paper\/","title":{"rendered":"ACCOUNTING 1A ASSIGNMENT PAPER"},"content":{"rendered":"

ACCOUNTING 1A<\/h2>\n

Chart of Accounts for Kelly Consulting<\/strong><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
11 Cash<\/td>\n32 Retained Earnings<\/td>\n<\/tr>\n
12 Accounts Receivable<\/td>\n33 Dividends<\/td>\n<\/tr>\n
14 Supplies<\/td>\n34 Income Summary<\/td>\n<\/tr>\n
15 Prepaid Rent<\/td>\n41 Fees Earned<\/td>\n<\/tr>\n
16 Prepaid Insurance<\/td>\n51 Salary Expense<\/td>\n<\/tr>\n
18 Office Equipment<\/td>\n52 Rent Expense<\/td>\n<\/tr>\n
19 Accumulated Depreciation<\/td>\n53 Supplies Expense<\/td>\n<\/tr>\n
21 Accounts Payable<\/td>\n54 Depreciation Expense<\/td>\n<\/tr>\n
22 Salaries Payable<\/td>\n55 Insurance Expense<\/td>\n<\/tr>\n
23 Unearned Fees<\/td>\n59 Miscellaneous Expense<\/td>\n<\/tr>\n
31 Common Stock<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Kelly Pitney began her consulting business, Kelly Consulting, P.C. on April 1, 2018. 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 :<\/p>\n

 <\/p>\n

May.\u00a0\u00a03. Received cash from clients as an advance payment for services to be provided\u00a0\u00a0\u00a0\u00a0\u00a0and recorded it as unearned fees, $4,500.<\/p>\n

 <\/p>\n

5. Received cash from clients on account, $2,450.<\/p>\n

 <\/p>\n

9. Paid cash for a newspaper advertisement, $225.<\/p>\n

 <\/p>\n

13. Paid Office Station Co. for part of the debt incurred on April 5, $640.<\/p>\n

 <\/p>\n

15.\u00a0\u00a0Recorded services provided on account for the period May 1-15, $9,180.<\/p>\n

 <\/p>\n

16.\u00a0\u00a0Paid part-time receptionists for two weeks’ salary including the amount owed on April 30, $750.<\/p>\n

 <\/p>\n

17.\u00a0\u00a0Recorded cash from clients for fees earned during the period May 1-16,<\/p>\n

 <\/p>\n

$8,360.<\/p>\n

 <\/p>\n

Record the following transactions on Page 6 of the journal.<\/em><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

20.\u00a0\u00a0Purchased supplies on account, $735 .<\/p>\n

 <\/p>\n

21.\u00a0\u00a0Recorded services provided on account for the period May 16-20, $4,820.<\/p>\n

 <\/p>\n

25. Recorded cash from cash clients for fees earned for the period May 17-23,<\/p>\n

 <\/p>\n

$7,900.<\/p>\n

 <\/p>\n

27.\u00a0\u00a0Received cash from clients on account, $9,520.<\/p>\n

 <\/p>\n

28.\u00a0\u00a0Paid part-time receptionist for two week salary, $750.<\/p>\n

 <\/p>\n

30.\u00a0\u00a0Paid telephone bill for May, $260.<\/p>\n

 <\/p>\n

31.\u00a0\u00a0Paid electricity bill for May, $810.<\/p>\n

 <\/p>\n

31. Recorded cash from cash clients for fees earned for the period May 26-31,<\/p>\n

 <\/p>\n

$3,300.<\/p>\n

 <\/p>\n

31. Recorded services provided on account for the remainder of May, $2,650.<\/p>\n

 <\/p>\n

31. Paid dividends of $10,500.<\/p>\n

 <\/p>\n

Instructions\u00a0<\/strong><\/p>\n

 <\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The chart of accounts for Kelly Consulting is shown on page 173, and the post-closing trial balance as of April 30, 2018 is shown on page 180. For each account in the postclosing trial balance, enter the balance in the appropriate balance column of a fourcolumn account. Date the balances May 1, 2018,\u00a0\u00a0and place a check mark (\u221a ) in the Posting Reference column.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Journalize each of the May’s transactions in a two column journal starting on<\/u>\u00a0Page 5 of the journal and using Kelly Consulting’s chart of accounts.\u00a0<\/u><\/strong>. (Do not insert the account numbers in the journal at this time).<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Post the journal to a ledger of four column accounts. (General Ledgers)<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Prepare an unadjusted trial balance.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0At the end of May, the following adjustment data were assembled. Analyze and use\u00a0\u00a0these data to complete (5) and (6).<\/p>\n

 <\/p>\n

a)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Insurance expired during May\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0275<\/p>\n

 <\/p>\n

b)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Supplies on hand on May 31\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0715<\/p>\n

 <\/p>\n

c)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Depreciation of office equipment for May is\u00a0\u00a0\u00a0\u00a0330<\/p>\n

 <\/p>\n

d)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accrued receptionist salary on May 31:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0325<\/p>\n

 <\/p>\n

e)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Rent expired during May is\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,600<\/p>\n

 <\/p>\n

f)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Unearned fees on May 31 are\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,210<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet\u00a0\u00a0(Work sheet), and complete the spreadsheet.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Prepare an adjusted trial balance.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Prepare an income statement, a retained earnings statement, and a balance sheet.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

10.\u00a0\u00a0Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #34 in the chart of accounts) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

11.\u00a0\u00a0Prepare a post-closing trial balance.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Please submit your documents in this order:<\/strong><\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Journal Entries (Pages 5 – 6)<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Ledgers (completed)<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Unadjusted Trial Balance<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Worksheet<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Adjusting Journal Entries (Page 7)<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Adjusted Trial Balance<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Income Statement<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Statement of Retained Earnings<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Balance Sheet (Classified)<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Closing Entries (Page 8)<\/p>\n

 <\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Post-Closing Trial Balance<\/p>\n","protected":false},"excerpt":{"rendered":"

ACCOUNTING 1A Chart of Accounts for Kelly Consulting   11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 34 Income Summary 15 Prepaid Rent 41 Fees Earned 16 Prepaid Insurance 51 Salary Expense 18 Office Equipment 52 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-435171","post","type-post","status-publish","format-standard","hentry","category-essay-paper-writing"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/435171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=435171"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/435171\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=435171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=435171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=435171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}