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QUIZ 1 - (Tuesday, November 7, 2017)

Table below shows the unadjusted account balances of Kelly Consulting.


Kelly Consulting
Unadjusted Account Balances
December 30, 2008
Debet Balances Credit Balnces
Cash 2.210.000
Accounts Receivable 340.000
Supplies 220.000
Prepaid Rent 480.000
Prepaid Insurance 180.000
Office Equipment 1.450.000
Accumulated Depreciation
Accounts Payable 80.000
Salaries Payable
Unearned Fees 500.000
Kelly Pitney, Capital 3.000.000
Kelly Pitney, Drawing 600.000
Fees Earned 2.095.000
Salary Expense 150.000
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense 450.000
5.675.000 5.675.000

The following data have been assembled on December 30, 2008, for analysis of possible adjustments
for Kelly Consulting:
a. Insurance expired during December is $300
b. Supplies on hand on December 30 are $1,350
c. Depreciation of office equipment for December is $330
d. Accrued receptionist salary on December 30 is $120
e. Rent expired during December is $1,600
f. Unearned fees on December 30 are $2,500
Instructions:
1. Make the journals from the adjustment transactions above and the adjusted trial balance. (25
points)
2. Make the financial statement (income statement, statement of owner’s equity and balance sheet)
– (60 points)
3. There are 4 accounts who are categorized in closing entries (they should be closed in the end of
reporting period), what are they and why they should be closed? (5 points). Make the journals
of those closing entries (10 points)