ACC
300 Portfolio Project
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
TUTORIAL
PREVIEW
Journalize the following adjusting
entries for Woods corporation as of
December 31, 2014 (Assume that adjustments are made on a monthly basis)
|
oods
Inc.
|
|||||
|
Unadjusted
Trial Balance
|
|||||
|
November
30, 2014
|
|||||
|
Account
|
|
|
Debit
|
Credit
|
|
|
Cash
|
|
|
18,570
|
||
|
Accounts Receivable
|
|
11,900
|
|||
|
Supplies
|
|
|
1,820
|
||
|
Prepaid rent
|
|
750
|
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