ACT300 Portfolio Project: Kelly Consulting Practice Set

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act300_portfolio_project_kelly_consulting_practice_set.xlsx
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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 22100
12 Accounts Receivable 3400
14 Supplies 1350
15 Prepaid Rent 3200
16 Prepaid Insurance 1500
18 Office Equipment 14500
19 Accumulated Depreciation 330
21 Accounts Payable 800
22 Salaries Payable 120
23 Unearned Fees 2500
31 Kelly Pitney, Capital 42300
32 Kelly Pitney, Drawing
33 Income Summary
41 Fees Earned
51 Salary Expense
52 Rent Expense
53 Supplies Expense
54 Depreciation Expense
55 Insurance Expense
59 Advertising expense
60 Telephone expense
61 Electric expenses
46050 46050

Journal

DATE DESCRIPTION POST. REF. DEBIT CREDIT
5/3/14 Cash $ 1,550
Unearned Revenue $ 1,550
Advance Payment for Services
5/5/14 Cash $ 1,750
Service Fees $ 1,750
Clients on account
5/9/14 Advertising Expense $ 100
Cash $ 100
Paid for Newspaper Advertising
5/13/14 Account Payable $ 400
Service Expense $ 400
Office Station Co. Debit Incurred 4/5/14
5/15/14 Account Receivable $ 5,100
Service Fees $ 5,100
On account for May 1-16
5/16/14 Salary $ 750
Wage Expense $ 750
Receptonist two-week salary for including
amount owed on 4/13
5/17/14 Accounts Payable $ 7,380
Service Fees $ 7,380
Period May 1-16
5/20/14 Supplies $ 500
Account Payable $ 500
Supplies purchased on account
5/21/14 Accounts Receivable $ 2,900
Service Fees $ 2,900
On account for May 16-20 revenue v. expense
5/25/14 Accounts Payable $ 4,200 service revenue
Service Fees $ 4,200
Period May 17-23
5/27/14 Cash $ 6,600
Service Fees $ 6,600 account payable= short term obligations to suppliers for good and services
Clients on account
5/28/14 Wages Expense $ 750
Cash $ 750
Receptonist two-week salary
5/30/14 Utility Expense $ 150 account receivable=short term assets that rise from sales on CREDIT and are often called trade credit.
Cash $ 150
Paid telephone Bill
5/31/14 Utility Expense $ 225
Cash $ 225
Paid electrical bill
5/31/14 Accounts Payable $ 2,875
Service Fees $ 2,875
Period May 25-31
5/31/14 Account Receivable $ 2,200
Service Fees $ 2,200
On account for May 21-31
5/31/14 Owner's Drawing $ 7,500
$ 7,500
Kelly withdrew for peronal use
$ 44,930 $ 44,930

LEDGER

ACCOUNT CASH ACCOUNT NO. 11
BALANCE Cash
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT $ 1,550
$ 1,750
$ 6,600
$ 5,100
$ 7,380
ACCOUNT ACCOUNTS RECEIVABLE ACCOUNT NO. 12
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT SUPPLIES ACCOUNT NO. 14 $ 22,380
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT PREPAID RENT ACCOUNT NO. 15
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT PREPAID INSURANCE ACCOUNT NO. 16
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT OFFICE EQUIPMENT ACCOUNT NO. 18
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT Accumulated Depreciation ACCOUNT NO. 19
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT Accounts Payable ACCOUNT NO. 21
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT SALARIES PAYABLE ACCOUNT NO. 22
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT Unearned Fees ACCOUNT NO. 23
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT Kelly Pitney, Capital ACCOUNT NO. 31
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT ACCOUNT NO.
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Income Statement

Statement of Owner's Equity

Balance Sheet