ACCT 2301 Spring 2023: Comprehensive Problem & Journal Entries |

ACCT 2301 Spring 2023 Comprehensive Problem Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y5.The accounting cycle for Kelly Consulting for April, including financial statements, was presented on pages 177-187 in Chapter 4 in your textbook.This problem continues the problem illustrated in your book. The problem illustrated is when Kelly Consulting opened thebusiness in April.This problem continues the next month of May. The Chart of Accounts for Kelly Consulting is shown inExhibit 9 on page 178 in your textbook. The Post-Closing Trial Balance for April 30, 20Y5 is shown inExhibit 17 on page 185. The Ledger, with the same amounts as the April 30, 20Y5 Post-Closing Trial balance, is shown inExhibit 18 on pages 185-187.These amounts have been entered as the May 1 balance on the pre-formatted Excel spreadsheet that you will use to complete this Comprehensive Problem.The✓placed in the Posting Reference column is there to indicate that the balances have been entered.You willnotuse a✓when you post journal entries in this problem.Donotput a $ in front of numbers in the journal, ledger, trial balances, or worksheet.If a $ is required on the financial statements, it will automatically add one for you. During May, Kelly Consulting entered into the following transactions. May2Bought an ad in the AC Badger Baseball program for $500 cash. Recorded the ad as Miscellaneous Expense. 6Paid Office Station Co. for part of the debt incurred on April 5, $450. 7Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $6,800. 10Provided services on account for the period May 1-10, $10,225. 11Received cash from clients on account, $3,000. 12Paid part-time receptionist for two weeks' salary including the amount owed onApril 30, $600. HINT:Look at the balance in Salaries Payable.You will 0 that out as that part of the May 12 payroll was accrued at the end of April.Salaries Expense will be the difference between $600 and the amount in Salaries Payable at April 30 / May 1. 15Received cash from cash clients for fees earned during the period May 1-15, $10,465. 17Kelly withdrew $12,225 for personal use. 19Received cash from clients on account, $10,125 20Provided services on account for the period May 11-20, $9,650 21Purchased supplies on account, $945. 26Paid part-time receptionist for two weeks' salary, $600. 30Paid telephone bill for May, $126. 30Paid electricity bill for May, $775. 31Provided services on account for the period May 21-31, $10, 050. 31Received cash from clients on account, $7, 900. 31Received cash from cash clients for fees earned for the period May 16-31, $10,225.