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accounting problems with all solutions




Question;Question 1 Kelly ConsultingPost-closing Trial Balance April 30, 2008 Account title Debit CreditCash 22,100 Accounts Receivables 3400 Supplies 1350 Prepaid Rent 3200 prepaid insurance 1500 Office Equipment 14500 Accumulated Depreciation 330Accounts payable 800Salary payable 120Kelly Capital 44800Total $46,050 $46,050Requirements: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, $2,900.11) Received cash from clients on account, $6,600.12) Paid part-time receptionist for two weeks' salary, $750.Question 2Woods corporation Unadjusted Trial Balance December 31, 2014Account title Debit CreditCash 18,570 Accounts Receivables 11,900 Supplies 1,820 Prepaid Rent 750 Equipment 12,000 Accumulated Depreciation 1,100Accounts payable 1,050Unearned Fees 2,800Capital 37,800Dividends 1400 Fees earned 51450Wages Expense 28210 Rent expense 2250 Utilities expense 16040 Miscellaneous Expenses 1260 Total $94,200 $94,200Requirements:a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments aremade on a monthly basis. Woods corporation fiscal year ends on 1/31b) 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. It has a 10 year life. 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) $ 800.00F) Rent was prepaid on February 1 of this year for one year in the amount of $3000.Question 3M&D IncAdjusted Trial Balance 12/31/14Complete the income statement and balance sheets columns of the worksheet using the following information.Credit4050002500800120050100001060030,190Question 4Harvest incorporated Adjusted Trial Balance December 31, 2014Credit8505,0001,5105004005014,00014,200800$37,310Requirements: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 $19,000ExpensesSupplies expense 500 Salaries expense 4,000 Rent expense 1,500 Total expenses $6,000Net income 13,000EZ Inc Balance sheetAs of December 31, 2014Current AssetsAssetsCash $2,000Accounts receivable 1,300Supplies 600Prepaid insurance 500Total current assets 4,4004,5008,900LiabilitiesLiabilities and Owner's EquityNotes payable $5,000Accounts payable 700Interest payable 100Salaries payable 1,300Total liabilities 7,100Owner's equityOwner's capital 1,800Total liabilities and owner's equity $8,900


Paper#41747 | Written in 18-Jul-2015

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