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ACT300 Portfolio Project: Kelly Consulting Practice SetYou




Question;ACT300;Portfolio Project: 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. May 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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