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ACT300 Portfolio Project: Kelly Consulting Practice SetYou

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Question;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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