2009-04-17_160040_kelly

2009-04-17_160040_kelly - Kelly pitney began her consulting...

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Unformatted text preview: Kelly pitney began her consulting business, Kelly Consulting, on April 1, 2010. The accounting cylcle for Kelly Consulting for April , including financial statements was illistrated on page 157-168. During May, kelly consulting entered the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,500. 5. Received cash from clients on account, $1,750. 9. Paid cash for a newspaper advertisement, $300. 13. Paid office station company for part of the debt incurred on april 5, $400. 15. Recorded services provided on account for the period May 1-15, $6,100. 16. paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, $8,200. 20. Purchased supplies on account, $400 21. Recorded services provided on account for the period May 16-20, $3,900. 25. Recorded cash from cash clients for fees earned for the period May 17-23, $5,100. 27. Recieved cash from clients on account, $9,500. 28. Paid part-time receptionist for two weeks salary, $750. 30. Paid telephone bill for May, $120. 31. Paid electricity bill for May $290. 31. Recorded cash from cash clients for fees earned for the period May 26-31, $3,875. 31. Recorded services provided on account for the remainder of May, $3,200. 31. Kelly withdrew $8,000 for personal use. Pg. 158 Chart of Accounts: April 1. The following assets were recieved from Kelly Pitney: Cash, $13,100; Accounts receivable, $3,000; Supplies, $1,400; and office equipment, $12,500. there were no liabilities recieved. 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. Recieved 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. Recieved 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. Recieved cash from clients on account, $5,600. 27. Paid part-time receptionist for two weeks' salary, $750....
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This note was uploaded on 11/29/2010 for the course ACC 1101 taught by Professor King during the Spring '10 term at University of West Georgia.

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2009-04-17_160040_kelly - Kelly pitney began her consulting...

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