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ACT300 Portfolio Project: Kelly Consulting Practice SetYou

$29.00

Category: Accounting Tags: 5000accounts, account, accounting, act300, adjusting, balance, capital, cash, clients, consulting, december, depreciation, earned, entries, fees, following, income, kelly, paid, parttime, payable, period, portfolio, practice, prepare, project, provided, received, receptionist, recorded, rent, revenue, services, setyou, trial, using, wages, year
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Description

Question 1
Kelly Consulting
Post-closing Trial Balance
April 30, 2008

Account title Debit Credit
Cash 22,100
Accounts Receivables 3400
Supplies 1350
Prepaid Rent 3200
prepaid insurance 1500
Office Equipment 14500
Accumulated Depreciation 330
Accounts payable 800
Unearned Fees 120
Kelly Capital 2500

Total $46,050 $46,050

Requirements:
a) Journalize the following transactions using the file called ACC300_PortfolioTemplate.
b) Post them to the general ledgers or T accounts using the same file.

1) Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.

2) Received cash from clients on account, $1,750.
3) Paid cash for a newspaper advertisement, $100
4) Paid Office Station Co., previously posted to accounts payable for, $400
5) Recorded services provided on account for the period May 1-15, $5,100.
6) Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750
7) Recorded cash received from cash clients for fees earned during the period May 1-16, $7,380
8) Purchased supplies on account, $500.
9) Recorded services provided on account for the period May 16-20, $2,900.
10)Recorded cash from cash clients for fees earned for the period May 17-23, $4,200.
11) Received cash from clients on account, $6,600.
12) Paid part-time receptionist for two weeks’ salary, $750.

Question 2

Woods corporation
Unadjusted Trial Balance
December 31, 2014

Account title Debit Credit
Cash 18,570
Accounts Receivables 11,900
Supplies 1,820
Prepaid Rent 750
Equipment 12,000
Accumulated Depreciation 1,100
Accounts payable 1,050
Unearned Fees 2,800
Capital 37,800
Dividends 1400
Fees earned 51450
Wages Expense 28210
Rent expense 2250
Utilities expense 16040
Miscellaneous Expenses 1260
Total $94,200 $94,200

Requirements:
a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments are made on a monthly basis.
b) Post the adjusting entries to the unadjusted trial balance and prepare the adjusted trial balance.

A) The equipment was purchased on January 1 of this year with an expected life of 10 years. There is no salvage value. Use the straight line method.
B) The amount of supplies on hand as of December 31 is $1000.00
C) Fees earned and unbilled $ 1,200
D) Additional fees earned (collected in prior periods) $ 800.00
E) Wages incurred and not paid $ 700
F) Rent was prepaid on February 1 of this year for one year in the amount of $3000

Question 3
M&D Inc
Adjusted Trial Balance
12/31/14
Complete the income statement and balance sheets columns of the worksheet using the following information.
Account title Debit Credit
Cash 15,200
Accounts Receivable 200
Supplies 1000
Prepaid insurance 550
Equipment 5000
Accumulated Depreciation 40
Notes Payable 5000
Accounts Payable 2500
Unearned Service revenue 800
Salaries & wages payable 1200
Interest payable 50
Owner’s capital 10000
Owner’s drawing 500
Service revenue 10600
Salaries & wages expense 5200
Supplies expenses 1500
Rent expense 900
Insurance expense 50
Interest expense 50
Depreciation expense 40
Total 30,190 30,190

Question 4

Harvest incorporated
Adjusted Trial Balance
December 31, 2014

Account title Debit Credit
Cash $6,700
Accounts Receivable 600
Supplies 1,000
Prepaid rent 900
Equipment 15,000
Accumulated Depreciation 850
Notes Payable 5,000
Accounts Payable 1,510
Unearned rent revenue 500
Salaries & wages payable 400
Interest payable 50
Owner’s capital 14,000
Owner’s drawing 600
Service revenue 14,200
Salaries & wages expense 9,400
Supplies expenses 200
Rent expense 1,500
Utilities expense 510
Interest expense 50
Depreciation expense 850
Rent revenue 800
Total $37,310 $37,310

Requirements:

a) Prepare an income statement for the year ending 12/31/2014.
b) Prepare a balance sheet as of 12/31/2014.

Question 5

Use the information provided below to prepare closing entries on 12/31/2014 and then prepare the post-closing trial balances as of 12/31/2014.

EZ Inc
Income Statement
For the year ended December 31, 2014

Service revenue $19,000
Expenses
Supplies expense 500
Salaries expense 4,000
Rent expense 1,500
Total expenses $6,000
Net income 13,000

EZ Inc
Balance sheet
As of December 31, 2014

Assets
Current Assets
Cash $2,000
Accounts receivable 1,300
Supplies 600
Prepaid insurance 500
Total current assets 4,400

Property, plant and equipment
Equipment $5,000
Less: Accumulated depreciation-Equipment 500 4,500
Total assets 8,900

Liabilities and Owner’s Equity
Liabilities
Notes payable $5,000
Accounts payable 700
Interest payable 100
Salaries payable 1,300
Total liabilities 7,100

Owner’s equity
Owner’s capital 1,800
Total liabilities and owner’s equity $8,900

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ACT300 Portfolio Project: Kelly Consulting Practice SetYou

$28.00

Category: Accounting Tags: 0, account, accounting, act300, balance, cash, clients, closing, consulting, create, enter, entries, excel, fees, following, given, journal, kelly, ledger, nbsp, nbspmay, page, paid, period, portfolio, post, postclosing, practice, project, provided, recorded, sections, services, setyou, taccounts, trial, worksheet
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Description

Kelly Consulting Practice Set You
are given the following information:

 • Post closing trial balance for April 30,
2008

 • Transactions for the month of May 2008 • Adjustments for May 31,2008

 •
Insurance was purchased for a one?year period, starting on March 1, 2008

. •
Rent was prepaid on January 1, 2008, for a one?year period, starting on January
1.

• Office equipment has a 5 year life, with a 2,500 salvage value.

 • A
supplies inventory count shows an ending balance of $1,235.

 • Assume that the
receptionist works 5 days a week, and earns an even amount per day. 

The May
28th payroll pays her up to May 28th (Wednesday). The following can be download
from the Module 8 Assignment page or the Course Information page

 1. Journal
page to copy and use

 2. Ledger page to copy and use

 3. Portfolio Project Excel
Spreadsheet template with accounts pre?entered Kelly Consulting Transactions
for May 2008

 May 3 Received cash from clients as an advance payment for
services to be provided and recorded it as unearned fees, $1,550.

 May 5
Received cash from clients on account, $1,750. 

May 9 Paid cash for a newspaper
advertisement, $100

 May 13 Paid Office Station Co. for part of the debt
incurred

 on April 5, $400 May 15 Recorded services provided on account for the
period May 1?15, $5,100. 

May 16 Paid part?time receptionist for two weeks’
salary including the amount owed on April 13, $750. 

17 Recorded cash from
cash clients for fees earned during the period May 1?16, $7,380

 May 20
Purchased supplies on account, $500.

 May 21 Recorded services provided on
account for the period May 16?20, $2,900.

 May 25 Recorded cash from cash
clients for fees earned for the period May 17?23, $4,200.

 May 27 Received cash
from clients on account, $6,600. May 28 Paid part?time receptionist for two
weeks’ salary, $750.

 May 30 Paid telephone bill for May, $150.

 May 31 Paid
electricity bill for May, $225. May 31 Recorded cash from cash clients for fees
earned for the period May 25?31, $2,875.

 May 31 Recorded services provided on
account for the remainder of May, $2,200. May 31 Kelly withdrew $7,500 for
personal use.


 Portfolio Instructions 1. Record the ending balances from the
April 30 post closing trial balance into the ledger sheets or alternatively,
you may create T?accounts on an Excel spreadsheet. 2. Record journal entries
for the May transactions on the journal sheets given or create a spreadsheet
configured as a journal sheet. 3. Post the journal entries to the ledger sheets
or if you created T?accounts post the entries to your T?accounts. 4. Enter the
ending balances from the ledger or T?accounts on to the worksheet trial balance
columns. 5. Enter the adjustments directly on to the worksheet. 6. Extend to
the adjusted trial balance columns. 7. Extend to the financial statement
columns. 8. Prepare the financial statements. 9. Enter the closing entries on
to the worksheet. 10. Prepare the post?closing trial balance for May. Submit
your work in a Portfolio Project Excel worksheet that you download from the
Module 8 Assignments page. Make sure all the sections listed below are on the
worksheet as a single document with each of the four sections described clearly
identified. Make sure you include the following sections in your final Excel
Workbook: I. The completed Worksheet on the given downloadable spreadsheet II.
Formal income statement, statement of owner’s equity, and balance sheet (These
may be prepared on separate tabs on the Excel Workbook where
“Worksheet” is the first tab) III. Post?Closing Trial Balance for May
31 IV. T? Accounts

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ACT300 Portfolio Project: Kelly Consulting Practice SetYou

$32.00

Category: Accounting Tags: 0, account, accounting, accounts, act300, april, balance, cash, clients, columns, consulting, copy, create, earned, excelspreadsheet, fees, given, kelly, ledger, module, page, paid, period, portfolio, post, practice, project, provided, received, recorded, sections, services, setyou, taccounts, trial, worksheet
  • Description
  • Reviews (0)

Description

ACT300
Portfolio Project: Kelly Consulting Practice Set You are given the following
information: • Post closing trial balance for April 30, 2008 • Transactions for
the month of May 2008 • Adjustments for May 31,2008 • Insurance was purchased
for a one?year period,
starting on March 1, 2008. • Rent was prepaid on January 1, 2008, for a one?year period,
starting on January 1.• Office equipment
has a 5 year life, with a 2,500 salvage value.• A supplies inventory count shows an ending balance
of $1,235.• Assume that the
receptionist works 5 days a week, and earns an even amount per day. The May
28th payroll pays her up to May 28th (Wednesday). The following can be download
from the Module 8 Assignment page or the Course Information page 1. Journal
page to copy and use 2. Ledger page to copy and use 3. Portfolio Project Excel
Spreadsheet template with accounts pre?entered Kelly Consulting
Transactions for May 2008 May 3 Received cash from clients as an advance
payment for services to be provided and recorded it as unearned fees, $1,550.
May 5 Received cash from clients on account, $1,750. May 9 Paid cash for a
newspaper advertisement, $100 May 13 Paid Office Station Co. for part of the
debt incurred on April 5, $400 May 15 Recorded services provided on account for
the period May 1?15, $5,100. May 16
Paid part?time receptionist
for two weeks’ salary including the amount owed on April 13, $750. May 17
Recorded cash from cash clients for fees earned during the period May 1?16, $7,380 May 20
Purchased supplies on account, $500. May 21 Recorded services provided on
account for the period May 16?20, $2,900. May 25
Recorded cash from cash clients for fees earned for the period May 17?23, $4,200. May 27
Received cash from clients on account, $6,600. May 28 Paid part?time receptionist
for two weeks’ salary, $750. May 30 Paid telephone bill for May, $150. May 31
Paid electricity bill for May, $225. May 31 Recorded cash from cash clients for
fees earned for the period May 25?31, $2,875. May 31 Recorded
services provided on account for the remainder of May, $2,200. May 31 Kelly
withdrew $7,500 for personal use. Portfolio Instructions 1. Record the ending
balances from the April 30 post closing trial balance into the ledger sheets or
alternatively, you may create T?accounts on an Excel
spreadsheet. 2. Record journal entries for the May transactions on the journal
sheets given or create a spreadsheet configured as a journal sheet. 3. Post the
journal entries to the ledger sheets or if you created T?accounts post the
entries to your T?accounts. 4. Enter
the ending balances from the ledger or T?accounts on to the worksheet trial
balance columns. 5. Enter the adjustments directly on to the worksheet. 6.
Extend to the adjusted trial balance columns. 7. Extend to the financial
statement columns. 8. Prepare the financial statements. 9. Enter the closing
entries on to the worksheet. 10. Prepare the post?closing trial balance for May.
Submit your work in a Portfolio Project Excel worksheet that you download from
the Module 8 Assignments page. Make sure all the sections listed below are on
the worksheet as a single document with each of the four sections described
clearly identified. Make sure you include the following sections in your final
Excel Workbook: I. The completed Worksheet on the given downloadable spreadsheet
II. Formal income statement, statement of owner’s equity, and balance sheet
(These may be prepared on separate tabs on the Excel Workbook where
“Worksheet” is the first tab) III. Post?Closing Trial Balance for May 31
IV. T? Accounts

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