ACT300 Portfolio Project Assignment

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
Cash
Accounts Receivables
Supplies
Prepaid Rent
prepaid insurance
Office Equipment
Accumulated Depreciation
Accounts payable
Salary payable
Kelly Capital

Debit
22,100
3400
1350
3200
1500
14500

Total

$46,050

Credit

330
800
120
42800
$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
Cash
Accounts Receivables
Supplies
Prepaid Rent
Equipment
Accumulated Depreciation
Accounts payable
Unearned Fees
Capital
Dividends
Fees earned
Wages Expense
Rent expense
Utilities expense
Miscellaneous Expenses
Total

Debit
18,570
11,900
1,820
750
12,000

Credit

1,100
1,050
2,800
37,800
1400
51450
28210
2250
16040
1260
$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
Cash
Accounts Receivable
Supplies
Prepaid insurance
Equipment
Accumulated Depreciation
Notes Payable
Accounts Payable
Unearned Service revenue
Salaries & wages payable
Interest payable
Owner's capital
Owner's drawing
Service revenue
Salaries & wages expense
Supplies expenses
Rent expense
Insurance expense
Interest expense
Depreciation expense
Total

Debit
15,200
200
1000
550
5000

Credit

40
5000
2500
800
1200
50
10000
500
10600
5200
1500
900
50
50
40
30,190

30,190

Question 4
Harvest incorporated
Adjusted Trial Balance
December 31, 2014
Account title
Cash
Accounts Receivable

Debit
$6,700
600

Credit

Supplies
Prepaid rent
Equipment
Accumulated Depreciation
Notes Payable
Accounts Payable
Unearned rent revenue
Salaries & wages payable
Interest payable
Owner's capital
Owner's drawing
Service revenue
Salaries & wages expense
Supplies expenses
Rent expense
Utilities expense
Interest expense
Depreciation expense
Rent revenue
Total

1,000
900
15,000
850
5,000
1,510
500
400
50
14,000
600
14,200
9,400
200
1,500
510
50
850
$37,310

800
$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
Salaries expense
Rent expense
Total expenses
Net income

EZ Inc
Balance sheet

500
4,000
1,500
$6,000
13,000

As of December 31, 2014
Assets
Current Assets
Cash
Accounts receivable
Supplies
Prepaid insurance
Total current assets

$2,000
1,300
600
500
4,400

Property, plant and equipment
Equipment
$5,000
Less: Accumulated depreciation500
Equipment
Total assets

4,500
8,900

Liabilities and Owner's Equity
Liabilities
Notes payable
Accounts payable
Interest payable
Salaries payable
Total liabilities

$5,000
700
100
1,300
7,100

Owner's equity
Owner's capital
Total liabilities and owner's equity

1,800
$8,900