ACT300 Portfolio Project: Kelly Consulting Practice Set

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LEDGER

GENERAL LEDGER
ACCOUNT Cash ACCOUNT NO. 11
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 22,100
May 03 J1 1,550 23,650
May 05 J1 1,750 25,400
May 09 J1 100 25,300
May 13 J1 400 24,900
May 16 J1 750 24,150
May 17 J1 7,380 31,530
May 25 J1 4,200 35,730
May 27 J1 6,600 42,330
May 28 J1 750 41,580
May 28 J1 150 41,430
May 28 J1 225 41,205
May 28 J1 2,875 44,080
May 28 J1 7,500 36,580
ACCOUNT Accounts Receivable ACCOUNT NO. 12
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 3,400
May 05 J1 1,750 1,650
May 15 J1 5,100 6,750
May 21 J1 2,900 9,650
May 27 J1 6,600 3,050
May 28 J1 2,200 5,250
ACCOUNT Supplies ACCOUNT NO. 14
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 1,350
May 20 J1 500 1,850
May 28 J1 900 900
ACCOUNT Office Equipment ACCOUNT NO. 18
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 14,500
ACCOUNT Accumulated Depreciation ACCOUNT NO. 19
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 330
May 28 J1 200 530
ACCOUNT Accounts Payable ACCOUNT NO. 21
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 800
May 13 GJ1 400 400
May 20 GJ1 500 900
ACCOUNT Salaries Payable ACCOUNT NO. 22
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 120
May 16 J1 120 - 0
May 31 J1 260 260
ACCOUNT Unearned Fees ACCOUNT NO. 23
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 2,500
May 03 J1 1,550 4,050
May 31 J1 2,750 1,300
ACCOUNT Kelly Pitney, Capital ACCOUNT NO. 31
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
Apr 30 Balance Forwarded 42,300
May 31 J1 22,160 64,460
May 31 J1 7,500 56,960
ACCOUNT Pitney Withdrawl ACCOUNT NO. 32
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 28 J1 7,500 7,500
May 28 J1 7,500 - 0
ACCOUNT Income Summary ACCOUNT NO. 33
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 31 J1 27,405 27,405
May 31 J1 5,245 22,160
May 31 J1 22,160 - 0
ACCOUNT Fees Earned ACCOUNT NO. 41
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 09 J1 5,100 5,100
May 17 J1 7,380 12,480
May 20 J1 2,900 15,380
May 25 J1 4,200 19,580
May 31 J1 2,875 22,455
May 31 J1 2,200 24,655
May 31 J1 2,750 27,405
May 31 J1 27,405 - 0
n
ACCOUNT Salary Expense ACCOUNT NO. 51
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 16 J1 630 630
May 28 J1 750 1,380
May 31 J1 260 1,640
May 31 J1 1,640 - 0
ACCOUNT Rent Expense ACCOUNT NO. 52
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 31 J1 1,600 1,600
May 31 J1 1,600 - 0
ACCOUNT Supplies Expense ACCOUNT NO. 53
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 31 J1 900 900
May 31 J1 900 - 0
ACCOUNT Depreciation Expense ACCOUNT NO. 54
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 31 J1 330 330
May 31 J1 330 - 0 e
ACCOUNT Insurance Expense ACCOUNT NO. 55
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 31 J1 300 300
May 31 J1 300 - 0
ACCOUNT Advertising Expense ACCOUNT NO. 56
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 09 J1 100 100
100
ACCOUNT Telephone Expense ACCOUNT NO. 57
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 28 J1 150 150
150
ACCOUNT Electric Expense ACCOUNT NO. 58
DATE DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit
May 28 J1 225 225
225

April

Post Closing Trial Balance
April 30, 2008
Debit Credit
Cash 22,100
Accounts Receivable 3,400
Supplies 1,350
Prepaid Rent 3,200
Prepaid Insurance 1,500
Office Equipment 14,500
Accumulated Depreciation 330
Accounts Payable 800
Salaries Payable 120
Unearned Fees 2,500
Kelly Pitney, Capital 42,300
46,050 46,050

Worksheet

Kelly Consulting
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Acct # Account title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
11 Cash 36580 36580 36580
12 Accounts Receivable 5200 5250 5250
14 Supplies 1850 615 1235 1235
15 Prepaid Rent 3200 400 2800 2800
16 Prepaid Insurance 1500 150 1350 1350
18 Office Equipment 14500 14500
19 Accum Depreciation 330 200 530 530
21 Accounts Payable 900 900 900
22 Salaries Payable 260 260 260
23 Unearned Fees 4050
31 Kelly Pitney, Capital
32 Pitney Withdrawl 7500 7500
33 Income Summary
41 Fees Earned 24655 24655
51 Salary Expense 1380 1380 1380
52 Rent Expense 400 400
53 Supplies Expense 615 615
54 Depreciation Expense 200 200
55 Insurance Expense 150 150
56 Telephone Expense 150
57 Electric Expense 225
58 Advertising Expense 100

May Journal

Date Account Post. Ref. Debit Credit
May 03 Cash 11 1,550 n
Unearned Fees 23 1,550
May 05 Cash 11 1,750
Accounts Receivable 12 1,750
May 09 Advertising Expense 58 100
Cash 11 100
May 13 Accounts Payable 21 400
Cash 11 400
May 15 Accounts Receivable 12 5,100
Fees Earned 41 5,100
May 16 Salaries Expense 51 630
Salaries Payable 22 120 Neo
Cash 11 750
May 17 Cash 11 7,380
Fees Earned 41 7,380
May 20 Supplies 14 500
Accounts Payable 21 500
May 21 Accounts Receivable 12 2,900
Fees Earned 41 2,900
May 25 Cash 11 4,200
Fees Earned 41 4,200
May 27 Cash 11 6,600 o
Accounts Receivable 12 6,600
May 28 Salary Expense 51 750
Cash 11 750
May 28 Tele Expense 56 150
Cash 11 150
May 28 Electricty 57 225
Cash 11 225
May 28 Cash 11 2,875
Fees Earned 41 2,875
May 28 Accounts Receivable 23 2,200
Fees Earned 41 2,200
May 28 Kelly Pitney, Drawing 31 7,500
Cash 11 7,500
Adjustments
May 28 Insur. Exp 55 150
Prepaid Insurance 16 150
May 28 Rent Exp 57 400
Prepaid Rent 15 400
May 28 Depreciation Expense 54 200
Accum Depreciation 19 200
May 28 Supply Expense 53 615
Supplies 41 615