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ACT 300 Portfolio Project




Question;ACC 300 Portfolio ProjectThe 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 1Kelly ConsultingPost-closing Trial BalanceApril 30, 2008Requirements: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, $1004) Paid Office Station Co., previously posted to accounts payable for, $4005) 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, $7507) Recorded cash received from cash clients for fees earned during the period May 1-16, $7,3808) Purchased supplies on account, $500.9) Recorded services provided on account for the period May 16-20, $2,900.Account titleDebitCredit Cash 22,100Accounts Receivables3400Supplies 1350Prepaid Rent3200prepaid insurance 1500Office Equipment14500Accumulated Depreciation 330Accounts payable800 Salary payable 120Kelly Capital42800Total$46,050$46,05010)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 2Woods corporationUnadjusted Trial BalanceDecember 31, 2014Requirements: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 $1000.00C) Fees earned and unbilled $ 1,200D) Additional fees earned (collected in prior periods) $ 800.00Account titleDebitCredit Cash 18,570Accounts Receivables11,900Supplies 1,820Prepaid Rent750Equipment 12,000Accumulated Depreciation1,100 Accounts payable 1,050Unearned Fees2,800 Capital 37,800Dividends1400Fees earned 51450Wages Expense28210Rent expense 2250Utilities expense16040Miscellaneous Expenses 1260Total$94,200$94,200E) Wages incurred and not paid $ 700F) Rent was prepaid on February 1 of this year for one year in the amount of $3000Question 3M&D Inc Adjusted Trial Balance 12/31/14Complete the income statement and balance sheets columns of the worksheet using the following information.Question 4Harvest incorporatedAdjusted Trial BalanceDecember 31, 2014Account titleDebitCredit Cash 15,200Accounts Receivable200Supplies 1000Prepaid insurance550Equipment 5000Accumulated Depreciation40 Notes Payable 5000Accounts Payable2500 Unearned Service revenue 800Salaries & wages payable1200 Interest payable 50Owner's capital10000 Owner's drawing 500Service revenue10600 Salaries & wages expense 5200Supplies expenses1500Rent expense 900Insurance expense50Interest expense 50Depreciation expense40Total 30,190 30,190Account titleDebitCredit Cash $6,700Accounts Receivable600Requirements:a) Prepare an income statement for the year ending 12/31/2014.b) Prepare a balance sheet as of 12/31/2014.Question 5Use 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 IncIncome StatementFor the year ended December 31, 2014Service revenue$19,000 ExpensesSupplies expense500Salaries expense 4,000Rent expense1,500Total expenses $6,000Net income13,000EZ IncBalance sheet Supplies 1,000Prepaid rent900Equipment 15,000Accumulated Depreciation850 Notes Payable 5,000Accounts Payable1,510 Unearned rent revenue 500Salaries & wages payable400 Interest payable 50Owner's capital14,000 Owner's drawing 600Service revenue14,200 Salaries & wages expense 9,400Supplies expenses200Rent expense 1,500Utilities expense510Interest expense 50Depreciation expense850Rent revenue 800Total$37,310$37,310As of December 31, 2014Assets Current AssetsCash$2,000 Accounts receivable 1,300Supplies600 Prepaid insurance 500Total current assets4,400Property, plant and equipment Equipment $5,000Less: Accumulated depreciation-Equipment5004,500 Total assets 8,900Liabilities and Owner's Equity LiabilitiesNotes payable$5,000 Accounts payable 700Interest payable100 Salaries payable 1,300Total liabilities7,100Owner's equity Owner's capital 1,800Total liabilities and owner's equity$8,900


Paper#40883 | Written in 18-Jul-2015

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