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ACT300 Portfolio Project




Question;ACC 300 Portfolio Project;The Portfolio Project is comprised of 5 questions. These questions are;independent of each other. Please download the excel document titled;ACC300_PortfolioTemplate posted in the week 8 assignments page to;complete the project using the information below. All answers to the;five questions should be submitted on the downloaded template.;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;Salary payable 120;Kelly Capital 42800;Total $46,050 $46,050;Requirements;a) Journalize the following transactions using the file called student Template.;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


Paper#40072 | Written in 18-Jul-2015

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