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Comprehensive Problem 1 Part 1:

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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, 20Y8. The chart of accounts for Kelly Consulting is shown below:

11	Cash	32	Retained Earnings
12	Accounts Receivable	33	Dividends
14	Supplies	41	Fees Earned
15	Prepaid Rent	51	Salary Expense
16	Prepaid Insurance	52	Rent Expense
18	Office Equipment	53	Supplies Expense
19	Accumulated Depreciation	54	Depreciation Expense
21	Accounts Payable	55	Insurance Expense
22	Salaries Payable	59	Miscellaneous Expense
23	Unearned Fees
31	Common Stock

The post-closing trial balance as of April 30, 20Y8, 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.) 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.