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ACC- Kelly Consulting Practice Set

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Question;Kelly ConsultingKelly 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 onJanuary1,2008,for a one-year period, starting on January1.;?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).;Kelly Consulting Transactions fro 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, $1750.;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 fess 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 fess earned for the period may 25-31, $2,875.;May 31: Recorded services provided on account for the remained 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 o your T-accounts.;4. Enter the ending balance 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 balances for May.;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.

 

Paper#44544 | Written in 18-Jul-2015

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