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  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.
 
 
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.  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  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 depreciationEquipment

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