The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2048. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 21 Accounts Payable 55 Insurance Expense 22 Salaries Payable 59 Miscellaneous Expense 23 Unearned Fees 31 Common Stock The post-closing trial balance as of April 30, 2018, is shown below! Kelly Consulting Post-Closing Trial Balance Next The post-closing trial balance as of April 30, 2018, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 2048 Account No. Debit Credit 22,100 3,400 1,350 3,200 1,500 14,500 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings 330 120 2,500 30,000 12,300 46,050 46,050 The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9.
Part 5 is optional.
Part 9: Prepare the closing entries below.
Using the spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank.
Post. Ref. Debit Credit Date Account Name 2018 Closing Entries May 31 Fees Earned Salary Expense 40,000 V 1,705 Rent Expense 1,600 ✓ Supplies Expense 1,370 330 Depreciation Expense 275 Insurance Expense Miscellaneous Expense Retained Earnings 1,295 33,425 May 31 Retained Earnings ✓ 10,500 Dividends 10,500