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ACT300 Portfolio Project Kelly Consulting Practice Set

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Question;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 fromclients 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

 

Paper#40071 | Written in 18-Jul-2015

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