! ACC 300

ACC 300 Portfolio Project
The Portfolio Project is comprised of 5 questions. These questions are independent of each other. Please download the exceldocument 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
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.
Cash
22,100





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
Accounts Receivables
Debit Credit
Cash
18,570
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
Requirements:
$94,200 $94,200
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
Owner's drawing     500
Service revenue
Salaries & wages expense     5200
Supplies expenses 1500
Rent expense     900
Insurance expense 50
Interest expense     50
Depreciation expense 40
Question 4
Harvest incorporated Adjusted Trial Balance December 31, 2014
Account title
10000
10600
Total
30,190
30,190
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.

Link to spreadsheet: https://csuglobal.blackboard.com/bbcswebdav/pid-1423891-dt-content-rid-7015767_2/xid-7015767_2 Question 9

Lee, a salesperson for Midsize Corporation, causes a car accident while on business. Lee and Midsize are liable to

all those who were injured.

only those who were uninsured.

only those whose injuries could have been reasonably foreseen.

only those with whom Lee was doing business.
0.5 points
Question 10

Eve, an employee of First Bank, is injured. For Eve to receive work¬ers' compensation, the injury must be

accidental and arise out of a preex¬isting disease or condition.

accidental and occur on the job or in the course of employment.

intentional and arise out of a preex¬ist¬ing disease or condition.

intentional and occur on the job or in the course of employment.
0.5 points
Question 11

Security Guns & Ammo, Inc. tells its salespersons not to load a gun during a sale. Bert, a salesperson, loads a gun during a sale. The gun fires, negligently injuring Kathy, who is in the store. Security is

not liable, because Bert was not acting within the scope of employment.

not liable, because employers are not responsible for their employees' torts.

liable under the doctrine of respondeat superior.

liable under the doctrine of res ipsa loquitur.
0.5 points
Question 12

Greg agrees to make bookshelves for Holly, who tells Ira that she will guarantee payment for whatever supplies Greg orders from Ira for the shelves. Holly's promise is enforceable

only if it is in writing.

only if it is oral.

whether it is oral or in writing.

under no circumstances.
0.5 points
Question 13

Snookie, a Jersey Shore Girl, wants to work at Disney's African-themed resort in the African village as a salesperson selling "native" artifacts to the tourists. Disney, however, says that in order to work in a customer-contact position at this park, you MUST be from Africa. Snookie feels she is being discriminated against and wants to sue. The likely result of such a lawsuit would be:

Snookie would prevail since she is being discriminated against because of her national origin.

Snookie would prevail since this Africa-only policy has a disparate impact on non-Africans.

Disney would prevail if it received an exemption from the United Nations allowing it to have such a policy.

Disney would prevail if its policy rose to the level of a Bona Fide Occupational Qualification for the position.
0.5 points
Question 14

Vinnie from Jersey City, New Jersey, and Sally from Sunny Isles, Florida, are disputing the title to and thus ownership of a small piece of undeveloped real property in western North Carolina. At most, the property is worth only a few thousand dollars; nonetheless, Vinnie intends to proceed to court to resolve the matter. Which court system will hear the case?
a.
New Jersey state court system, since Vinnie is the plaintiff and the one bringing the lawsuit and he is a New Jersey resident.
b.
Florida state court system, since Sally is the defendant and she is a resident of Florida.
c.
The federal district court system, since Vinnie and Sally are residents of different states.
d.
North Carolina state court system, since the property is located in that state and the lawsuit involves title to real property.
0.5 points
Question 15

Jack, an older worker who was laid-off from his job due to economic reasons, applies for a new position with Y Corporation, He is rejected for employment. The reason given is that he is "over-qualified." The position remains open and another younger candidate is chosen. Jack sues for discrimination based on age in violation of the ADEA. Which is an accurate statement regarding Jack's lawsuit?

Jack must be over 40 to bring a lawsuit.

Jack will prevail if he can convince the court that the use of the words "over-qualified" was a "code word" showing a discriminatory intent.

Jack will lose if the company can convince the court that having a young person in the position was a BFOQ.

All are accurate.
0.5 points
Question 16

Barb owns Barb's Salon, which owes back rent to Capital Properties, a landlord. Barb agrees to pay a percentage of her profit each month until the debt is paid. Capital Properties is

Barb's creditor and partner.

Barb's creditor only.

Barb's partner only.

neither Barb's creditor nor partner.
0.5 points