Try to in class for today by group( 5 member)
remarked 25%
Submission date Oct, 25, 2024
Accounting Cycle
In this section, we will illustrate the complete accounting cycle for one period. We
assume that for several years Kelly Pitney has operated a part-time consulting business
from her home. As of April 1, 2010, Kelly decided to move to rented quarters and to
operate the business on a full-time basis. The business will be known as Kelly
Consulting.
During April, Kelly Consulting entered into the following transactions:
Apr. 1. The following assets were received from Kelly Pitney: cash, $13,100; accounts
receivable, $3,000; supplies, $1,400; and office equipment, $12,500. There were no
liabilities received.
1. Paid three months’ rent on a lease rental contract, $4,800.
2. Paid the premiums on property and casualty insurance policies, $1,800.
4. Received cash from clients as an advance payment for services to be provided and
recorded it as unearned fees, $5,000.
5. Purchased additional office equipment on account from Office Station Co.,$2,000.
6. Received cash from clients on account, $1,800.
10. Paid cash for a newspaper advertisement, $120.
12. Paid Office Station Co. for part of the debt incurred on April 5, $1,200.
12. Recorded services provided on account for the period April 1–12, $4,200.
14. Paid part-time receptionist for two weeks’ salary, $750.
17. Recorded cash from cash clients for fees earned during the period April 1–16,
$6,250.
18. Paid cash for supplies, $800.
20. Recorded services provided on account for the period April 13–20, $2,100.
24. Recorded cash from cash clients for fees earned for the period April 17–24, $3,850.
26. Received cash from clients on account, $5,600.
27. Paid part-time receptionist for two weeks’ salary, $750.
29. Paid telephone bill for April, $130.
30. Paid electricity bill for April, $200.
30. Recorded cash from cash clients for fees earned for the period April 25–30, $3,050.
30. Recorded services provided on account for the remainder of April, $1,500.
30. Kelly withdrew $6,000 for personal use.
Required
1. Analyzing and Recording Transactions in the Journal
2. Posting Transactions to the Ledger
3. Preparing an Unadjusted Trial Balance
