At the end of May, the following adjustment data were assembled: a. Insurance expired during May is RM275. b. Supplies on hand on May 31 are RM715. c. Depreciation of office equipment for May is RM330. d. Accrued receptionist salary on May 31 is RM325. e. Rent expired during May is RM1,600. f. Unearned fees on May 31 are RM3,210.   1. Prepare adjusting journal entries for transaction (a) to (f). Then, post the entries to the appropriate T accounts.

SWFT Comprehensive Vol 2020
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ISBN:9780357391723
Author:Maloney
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Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
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At the end of May, the following adjustment data were assembled:

a. Insurance expired during May is RM275.

b. Supplies on hand on May 31 are RM715.

c. Depreciation of office equipment for May is RM330.

d. Accrued receptionist salary on May 31 is RM325.

e. Rent expired during May is RM1,600.

f. Unearned fees on May 31 are RM3,210.

 

1. Prepare adjusting journal entries for transaction (a) to (f). Then, post the entries to the appropriate T accounts.

Kelly Pitney began her consulting business, Kelly Consulting, on 1 April 2019. During May,
Kelly Consulting entered into the following transactions:
Received cash from clients as an advance payment for services to be provided and
recorded it as unearned fees, RM4,500.
May 3.
5.
Received cash from clients on account, RM2,450.
9.
Paid cash for a newspaper advertisement, RM225.
13.
Paid Office Station Co. for part of the debt incurred on April 5, RM640.
15.
Provided services on account for the period May 1–15, RM9,180.
Paid part-time receptionist for two weeks' salary including the amount owed on April
30, RM750.
16.
17.
Received cash from cash clients for fees earned during the period May 1–16, RM8,360.
Purchased supplies on account, RM735.
20.
21.
Provided services on account for the period May 16–20, RM4,820.
Received cash from cash clients for fees earned for the period May 17-23, RM7,900.
Received cash from clients on account, RM9,520.
25.
27.
28.
Paid part-time receptionist for two weeks' salary, RM750.
30.
Paid telephone bill for May, RM260.
31.
Paid electricity bill for May, RM810.
Received cash from cash clients for fees earned for the period May 26–31, RM3,300.
31.
Provided services on account for the remainder of May, RM2,650.
Kelly withdrew RM10,500 for personal use.
31.
31.
Additional information: The ending balances of the accounts as of 30 April 2019 are as follows:
Kelly Consulting
Post-Closing Trial Balance
April 30, 2019
Debit
Balances Balances
Credit
Account
No.
Cash....
11
22,100
Accounts Receivable
12
3,400
Supplies.....
14
1,350
Prepaid Rent.
Prepaid Insurance..
Office Equipment.
Accumulated Depreciation..
Accounts Payable...
Salaries Payable..
15
3,200
16
1,500
18
14,500
19
330
21
800
22
120
Unearned Fees
23
2,500
Kelly Pitney, Capital...
31
42,300
46,050
46,050
Transcribed Image Text:Kelly Pitney began her consulting business, Kelly Consulting, on 1 April 2019. During May, Kelly Consulting entered into the following transactions: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM4,500. May 3. 5. Received cash from clients on account, RM2,450. 9. Paid cash for a newspaper advertisement, RM225. 13. Paid Office Station Co. for part of the debt incurred on April 5, RM640. 15. Provided services on account for the period May 1–15, RM9,180. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, RM750. 16. 17. Received cash from cash clients for fees earned during the period May 1–16, RM8,360. Purchased supplies on account, RM735. 20. 21. Provided services on account for the period May 16–20, RM4,820. Received cash from cash clients for fees earned for the period May 17-23, RM7,900. Received cash from clients on account, RM9,520. 25. 27. 28. Paid part-time receptionist for two weeks' salary, RM750. 30. Paid telephone bill for May, RM260. 31. Paid electricity bill for May, RM810. Received cash from cash clients for fees earned for the period May 26–31, RM3,300. 31. Provided services on account for the remainder of May, RM2,650. Kelly withdrew RM10,500 for personal use. 31. 31. Additional information: The ending balances of the accounts as of 30 April 2019 are as follows: Kelly Consulting Post-Closing Trial Balance April 30, 2019 Debit Balances Balances Credit Account No. Cash.... 11 22,100 Accounts Receivable 12 3,400 Supplies..... 14 1,350 Prepaid Rent. Prepaid Insurance.. Office Equipment. Accumulated Depreciation.. Accounts Payable... Salaries Payable.. 15 3,200 16 1,500 18 14,500 19 330 21 800 22 120 Unearned Fees 23 2,500 Kelly Pitney, Capital... 31 42,300 46,050 46,050
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