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, P.C., on April 1, 2014. The chart of accounts for Kelly Consulting is shown below: The post-closing trial balance as of April 30, 2014, 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. Description Post. Ref. Debit Credit