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(Solved) Problem 1 For the past several years, Kelly Pitney has operated a part-time consulting business from her home. As of April 1, 2006, Kelly decided to...


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Problem 1
For the past several years, Kelly Pitney has operated a part-time consulting business from her
home. As of April 1, 2006, Kelly decided to move to rented quarters and to operate the business,
which was to be known as Hippocrates Consulting, on a full-time basis. Hippocrates Consulting
entered into the following transactions during April:
April 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 1. If you complete the problem manually, first establish a set of general ledger accounts
(either “T” accounts or the formal balance format) for the following accounts:
Acct Nr.
11 Title 15
Equipment Acct Nr. Prepaid Rent Title .
Cash
16
Prepaid Insurance
12
Accounts Receivable
18
Office
Equipment
14
Supplies
19
Accum. Deprec
- Office
21 Accounts Payable
Kelly Pitney, 31
Capital
22
Salaries Payable
Kelly Pitney, Withdrawals
23
Unearned Fees
Acct Nr. Title 53 Acct Nr. Supplies Expense Title
41
54
51
55
52
59 32 .
Fees Earned
Depreciation Expense
Salary Expense
Insurance Expense
Rent Expense
Misc. Expense 2. Journalize the transactions, for the month of April, in the General Journal.
3. Post all the month’s journal entries (April 1-30) from the general journal to the general
ledger accounts.
4. After posting the transactions for the month, produce an unadjusted trial balance, which is
to be used in making some of the adjusting entries. Data for the adjusting entries are as
follows:
a. Insurance expired during April is $300.
b. Supplies on hand on April 30 are $1,350.
c. Depreciation of office equipment for April is $700.
2 d. Accrued receptionist salary on April 30 is $120.
e. Rent expired during April is $1,600.
f. Unearned fees on April 30 are $2,500.
5. Prepare the adjusting entries and record them in the General Journal.
6. Post the adjusting entries from the general journal to the general ledger accounts.
7. Produce an Adjusted Trial Balance from the General Ledger updated accounts.
8. Turn in your completed General Journal (including the month’s transactions and
adjusting entries) and your Adjusted Trial Balance. 3

 


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