The Portfolio Project is comprised of 5 questions. These questions are independent of each other. Please

download the excel document titled ACC300_PortfolioTemplate posted in the week 8 assignments page

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to complete the project using the information below.  All answers to the five questions should be

submitted on the downloaded template.

Question 1 

Kelly Consulting

Post-closing Trial Balance

April 30, 2008

 

Account title Debit Credit

Cash 22,100 

Accounts Receivables 3400

Supplies 1350

Prepaid Rent 3200

prepaid insurance 1500

Office Equipment 14500

Accumulated Depreciation  330

Accounts payable  800

Salary payable  120

Kelly Capital  44800

  

Total $46,050 $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

Account title Debit Credit

Cash 18,570 

Accounts Receivables 11,900

Supplies 1,820

Prepaid Rent  750

Equipment 12,000

Accumulated Depreciation  1,100

Accounts payable  1,050

Unearned Fees  2,800

Capital  37,800

Dividends 1400

Fees earned  51450

Wages Expense 28210

Rent expense 2250

Utilities expense 16040

Miscellaneous Expenses 1260 

Total $94,200  $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.

Account title Debit Credit

Cash 15,200 

Accounts Receivable 200

Supplies 1000

Prepaid insurance 550

Equipment 5000

Accumulated Depreciation  40

Notes Payable  5000

Accounts Payable  2500

Unearned Service revenue  800

Salaries & wages payable  1200

Interest payable  50

Owner’s capital  10000

Owner’s drawing 500

Service revenue  10600

Salaries & wages expense 5200

Supplies expenses 1500

Rent expense 900

Insurance expense 50

Interest expense 50

Depreciation expense 40

Total 30,190 30,190

Question 4

Harvest incorporated

Adjusted Trial Balance

December 31, 2014

 

Account title Debit Credit

Cash $6,700 

Accounts Receivable 600 

 

Supplies 1,000

Prepaid rent 900

Equipment 15,000

Accumulated Depreciation  850

Notes Payable  5,000

Accounts Payable  1,510

Unearned  rent revenue  500

Salaries & wages payable  400

Interest payable  50

Owner’s capital  14,000

Owner’s drawing 600

Service revenue  14,200

Salaries & wages expense 9,400

Supplies expenses 200

Rent expense 1,500

Utilities expense 510

Interest expense 50

Depreciation expense 850

Rent revenue  800

Total $37,310 $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.

Question 5

Use 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 Inc

Income Statement

For the year ended December 31, 2014

 

Service revenue  $19,000

Expenses

Supplies expense 500

Salaries expense 4,000

Rent expense 1,500

Total expenses  $6,000

Net income   13,000

EZ Inc

Balance sheet

As of December 31, 2014

 

Assets

Current Assets  

Cash  $2,000

Accounts receivable  1,300

Supplies  600

Prepaid insurance  500

Total current assets  4,400

 

Property, plant and equipment

Equipment $5,000 

Less: Accumulated depreciationEquipment

500 4,500

Total assets  8,900

 

Liabilities and Owner’s Equity

Liabilities  

Notes payable  $5,000

Accounts payable  700

Interest payable  100

Salaries payable  1,300

Total liabilities  7,100

  

Owner’s equity

Owner’s capital  1,800

Total liabilities and owner’s equity  $8,900

 

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