ACT300 Portfolio Project: Kelly Consulting Practice Set
apamaideaACT300 Portfolio Project: Kelly Consulting Practice Set
You are given the following information:
- Post closing trial balance for April 30, 2008
- Transactions for the month of May 2008
- Adjustments for May 31,2008
- Insurance was purchased for a one‐year period, starting on March 1, 2008.
- Rent was prepaid on January 1, 2008, for a one‐year period, starting on January 1.
- Office equipment has a 5 year life, with a 2,500 salvage value.
- A supplies inventory count shows an ending balance of $1,235.
- Assume that the receptionist works 5 days a week, and earns an even amount per day. The May 28th payroll pays her up to May 28th (Wednesday).
The following can be download from the Module 8 Assignment page or the Course Information page
- Journal page to copy and use
- Ledger page to copy and use
- Portfolio Project Excel Spreadsheet template with accounts pre‐entered
Kelly Consulting Transactions for May 2008
May 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.
May 5 Received cash from clients on account, $1,750. May 9 Paid cash for a newspaper advertisement, $100
May 13 Paid Office Station Co. for part of the debt incurred on April 5, $400 May 15 Recorded services provided on account for the period May 1‐15, $5,100.
May 16 Paid part‐time receptionist for two weeks' salary including the amount owed on April 13, $750.
May 17 Recorded cash from cash clients for fees earned during the period May 1‐16, $7,380
May 20 Purchased supplies on account, $500.
May 21 Recorded services provided on account for the period May 16‐20, $2,900.
May 25 Recorded cash from cash clients for fees earned for the period May 17‐23, $4,200.
May 27 Received cash from clients on account, $6,600.
May 28 Paid part‐time receptionist for two weeks' salary, $750. May 30 Paid telephone bill for May, $150.
May 31 Paid electricity bill for May, $225.
May 31 Recorded cash from cash clients for fees earned for the period May 25‐31, $2,875.
May 31 Recorded services provided on account for the remainder of May, $2,200. May 31 Kelly withdrew $7,500 for personal use.
Portfolio Instructions
- Record the ending balances from the April 30 post closing trial balance into the ledger sheets or alternatively, you may create T‐accounts on an Excel spreadsheet.
- Record journal entries for the May transactions on the journal sheets given or create a spreadsheet configured as a journal sheet.
- Post the journal entries to the ledger sheets or if you created T‐accounts post the entries to your T‐accounts.
- Enter the ending balances from the ledger or T‐accounts on to the worksheet trial balance columns.
- Enter the adjustments directly on to the worksheet.
- Extend to the adjusted trial balance columns.
- Extend to the financial statement columns.
- Prepare the financial statements.
- Enter the closing entries on to the worksheet.
10. Prepare the post‐closing trial balance for May.
Submit your work in a Portfolio Project Excel worksheet that you download from the
Module 8 Assignments page. Make sure all the sections listed below are on the worksheet as a single document with each of the four sections described clearly identified.
Make sure you include the following sections in your final Excel Workbook:
- The completed Worksheet on the given downloadable spreadsheet
- Formal income statement, statement of owner's equity, and balance sheet (These may be prepared on separate tabs on the Excel Workbook where "Worksheet" is the first tab)
- Post‐Closing Trial Balance for May 31
IV. T‐ Accounts
13 years ago
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answer.xls
