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ACC300 PortfolioTemplate |

ACC300 PortfolioTemplate

| March 11, 2016

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

Category: ACCOUNTING

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