Part 1 Comprehensive Problem 1: The following is a comprehensive problem which encompasses all of th 1 answer below »

Part 1
Comprehensive Problem 1:

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, 2014. The chart of accounts for Kelly Consulting is shown below:

Required:

Journalize each of the May transactions using Kelly Consulting’s chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) For a compound transaction, if an amount box does not require an entry, leave it blank.

May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500

Part 2 and Part 3:

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 part 1 before completing parts 2 and 3.

Part 2: Using the attached spreadsheet, post the journal entries from part 1 to a ledger of four-column accounts.

Part 3: Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. COMPREHENSIVE PROBLEM 1 – The following ledger accounts appear below, in this order:        Fees Earned, Salary Expense, Rent Expense, Supplies Expense, Depreciation Expense, Insurance Expense,      Miscellaneous Expense, – Beginning balances from the textbook have already been entered. – The remaining accounts are found on the previous page. The entries in the ledgers will not grade or mark correct or incorrect. LEDGERS – Income Statement accounts Fees Earned 41 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Salary Expense 51 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Rent Expense 52 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Supplies Expense 53 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Depreciation Expense 54 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Insurance Expense 55 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Miscellaneous Expense 59 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Accumulated Depreciation Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 5/1 Balance ?           330 Accounts Payable Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 5/1 Balance ?           800 Salaries Payable Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 5/1 Balance ?           120 Unearned Fees Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 5/1 Balance ?        2,500 Kelly Pitney, Capital Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 5/1 Balance ?      42,300 Kelly Pitney, Drawing Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Income Summary Post Balance Date Item Ref. Dr. Cr. Dr. Cr.