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Kelly Consulting Post-closing Trial Balance April 30, 2008




Question;Kelly Consulting Post-closing Trial Balance;April 30, 2008;Cash: DR: 22,100;Accounts Receivables: DR: 3400;Supplies:DR: 1350;Prepaid Rent:DR: 3200;prepaid insurance: DR: 1500;Office Equipment:DR: 14,500;Accumulated Depreciation: CR: 330;Accounts payable: CR: 800;Salary payable:CR:120;Kelly Capital: CR: 44800;Total: DR: $46,050 CR: $46,050;Requirements;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;$100;4) Paid Office Station Co., previously;posted to accounts payable for, $400;5) 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, $750;7) Recorded cash received from cash clients;for fees earned during the period May 1-16, $7,380 8) 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 2;Woods corporation Unadjusted Trial Balance;December 31, 2014;?????????Cash: DR: 18,570;Accounts Receivables: DR: 11,900;????Supplies: DR: 1,820;Prepaid Rent:DR: 750;????Equipment: DR: 12,000;Accumulated Depreciation:CR: 1,100;??Accounts payable: CR: 1,050;Unearned Fees:CR: 2,800;??Capital:CR: 37,800;Dividends: DR: 1400;Fees earned:CR: 51,450;Wages Expense: DR: 28,210;????Rent expense:DR: 2250;Utilities expense: DR: 1,6040;?Miscellaneous Expenses: DR:1260;Total: DR: $94,200 CR: $94,200;Requirements;??a) Journalize the following adjusting entries as of 12/31/2014.;Assume that all adjustments are;made on a monthly basis. Woods corporation;fiscal year ends on 1/31;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. 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 $1000.00 C) Fees earned and unbilled $ 1,200;D) Additional fees earned (collected in;prior periods) $ 800.00;E) Wages incurred and not paid $ 700;F) Rent was prepaid on February 1 of this;year for one year in the amount of $3000.;Question 3;M&D Inc;Adjusted Trial Balance 12/31/14;Complete the income statement and balance;sheets columns of the worksheet using the following information.;Cash: DR: 15,200;Accounts Receivable: CR:***** 1000;Prepaid insurance:DR 550;Equipment:DR:5000;Accumulated Depreciation: CR:40;Notes Payable: CR: 5000;Accounts Payable: CR: 2500;Unearned Service revenue: CR: 800;Salaries & wages payable: CR: 1200;Interest payable: CR: 50;?????????????Owner's capital: CR: 10,000;Owner's drawing: DR: 500;Service revenue: CR: 10,600;Salaries & wages expense: DR: 5200;Supplies expenses: DR: 1500;Rent expense: DR: 900;Insurance expense: DR: 50;Interest expense: DR: 50;Depreciation expense: DR: 40;Total: DR: 30,190 CR: 30,190;Question 4;Harvest incorporated Adjusted Trial Balance;December 31, 2014;?????????Cash: DR: 6,700;Accounts Receivable: DR: 600;?????????????Supplies: DR: 1,000;Prepaid rent:DR: 900;Equipment: DR: 15,000;Accumulated Depreciation: CR: 850;Notes Payable: CR: 5,000;Accounts Payable: CR: 1,510;Unearned rent revenue: CR: 500;Salaries & wages payable: CR: 400;Interest payable: CR: 50;Owner's capital: CR: 14,000;Owner's drawing: DR: 600;Service revenue: CR: 14,200;Salaries & wages expense: DR: 9,400;Supplies expenses: DR: 200;Rent expense?: DR: 1,500;Utilities expense: DR: 510;Interest expense: DR: 50;Depreciation expense: DR: 850;Rent revenue: CR:***** $37,310 CR: $37,310;Requirements;a) Prepare an income statement for the year;ending 12/31/2014.;b) Prepare a balance sheet as of;12/31/2014.


Paper#52046 | Written in 18-Jul-2015

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