Kelly Consulting
moneybackguarantedKellyConsultingTransactions for May2008
May3 | Receivedcash fromclientsas an advance payment forservicesto beprovidedand recorded itasunearned fees,$1,550. |
May5 | Receivedcash fromclientson account,$1,750. |
May9 | Paidcash for anewspaperadvertisement,$100 |
May13 | PaidOffice Station Co. forpart ofthe debt incurredon April 5,$400 |
May15 | Recorded services provided on account forthe periodMay1-15,$5,100. |
May16 | Paidpart-timereceptionistfor two weeks'salaryincluding the amountowedon April 13,$750. |
May17 | Recorded cashfromcash clientsfor fees earned during the periodMay1-16, $7,380 |
May20 | Purchased suppliesonaccount, $500. |
May21 | Recorded services provided on account forthe periodMay16-20,$2,900. |
May25 | Recorded cashfromcash clientsfor fees earned for the period May17-23, $4,200. |
May27 | Receivedcash fromclientson account,$6,600. |
May28 | Paid part-timereceptionistfor two weeks'salary,$750. |
May28 | Paidtelephonebill forMay, $150. |
May28 | Paidelectricitybill forMay,$225. |
May28 | Recorded cashfromcash clientsfor fees earned ,$2,875. |
May28 | Provided serviceson account $2,200. |
May28 | Kellywithdrew$7,500 forpersonal use. |
Adjusting entriesforMay 31 are
·Insurancewaspurchased for aone-year period,starting on March 1,2008.
·Rent was prepaidon January1,2008, for aone-yearperiod, startingon January1.
·Officeequipmenthas a5year life,witha2,500 salvage value.
·A supplies inventory countshowsan ending balanceof $1,235.
PortfolioInstructions
1.Record theending balances fromthe April30 postclosing trial balanceinto the ledger sheetsoralternatively, youmaycreate T-accounts onan Excel spreadsheet.
2.Record journalentriesforthe May transactionson thejournal sheets givenorcreate aspreadsheetconfigured asa journal sheet.
3.Post the journal entries tothe ledger sheetsorif you createdT-accountsposttheentriesto yourT-accounts.
4.Enter the ending balancesfromtheledgerorT-accountsonto theworksheettrialbalancecolumns.
5.Enter the adjustments directly on to theworksheet.
6.Extendto the adjusted trialbalancecolumns.
7.Extendto the financialstatement columns.
8.Preparethefinancial statements.
9.Enter the closing entriesontotheworksheet.
10.Preparethe post-closingtrial balanceforMay.
13 years ago
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final_project-solution.xls
