ACC 300 Portfolio Project

 

Never use plagiarized sources. Get Your Original Essay on
Business Finance – Accounting Assignment
Hire Professionals Just from $11/Page
Order Now Click here

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 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        42800

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.

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 $1000.00

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 depreciation-Equipment   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

Need a custom written plagiarism free essay? Click here to order now.

Open chat
Lets chat on via WhatsApp
Hello, Welcome to our WhatsApp support. Reply to this message to start a chat.