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ACT300 Portfolio Project: Kelly Consulting Practice SetYou




Question;Question 1Kelly ConsultingPost-closing Trial BalanceApril 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 800Unearned Fees 120Kelly Capital 2500Total $46,050 $46,050Requirements:a) Journalize the following transactions using the file called ACC300_PortfolioTemplate.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, $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, $2,900.10)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 2Woods corporationUnadjusted Trial BalanceDecember 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 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) $ 800.00E) Wages incurred and not paid $ 700F) Rent was prepaid on February 1 of this year for one year in the amount of $3000Question 3 M&D IncAdjusted Trial Balance12/31/14Complete the income statement and balance sheets columns of the worksheet using the following information.Account title Debit CreditCash 15,200 Accounts Receivable 200 Supplies 1000 Prepaid insurance 550 Equipment 5000 Accumulated Depreciation 40Notes Payable 5000Accounts Payable 2500Unearned Service revenue 800Salaries & wages payable 1200Interest payable 50Owner's capital 10000Owner's drawing 500 Service revenue 10600Salaries & wages expense 5200 Supplies expenses 1500 Rent expense 900 Insurance expense 50 Interest expense 50 Depreciation expense 40 Total 30,190 30,190Question 4Harvest incorporatedAdjusted Trial BalanceDecember 31, 2014Account title Debit CreditCash $6,700 Accounts Receivable 600 Supplies 1,000 Prepaid rent 900 Equipment 15,000 Accumulated Depreciation 850Notes Payable 5,000Accounts Payable 1,510Unearned rent revenue 500Salaries & wages payable 400Interest payable 50Owner's capital 14,000Owner's drawing 600 Service revenue 14,200Salaries & wages expense 9,400 Supplies expenses 200 Rent expense 1,500 Utilities expense 510 Interest expense 50 Depreciation expense 850 Rent revenue 800Total $37,310 $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 IncBalance sheetAs of December 31, 2014AssetsCurrent Assets Cash $2,000Accounts receivable 1,300Supplies 600Prepaid insurance 500Total current assets 4,400Property, plant and equipmentEquipment $5,000 Less: Accumulated depreciation-Equipment 500 4,500Total assets 8,900Liabilities and Owner's EquityLiabilities Notes 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#43763 | Written in 18-Jul-2015

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