ACC 300 Portfolio Project

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

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.

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 42800 Total $46,050 $46,050

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

Requirements:

a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments are made on a monthly basis. 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 with an expected life of 10 years. 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

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

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.

Question 4

Harvest incorporated Adjusted Trial Balance December 31, 2014

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

Account title Debit Credit

Cash $6,700 Accounts Receivable 600

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

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

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 depreciation- Equipment

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