ACC 300 Portfolio Project

| January 30, 2017

Question
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

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

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.

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

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

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

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.

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

Question 4

Harvest incorporated

Adjusted Trial Balance

December 31, 2014

Account title Debit Credit

Cash $6,700

Accounts Receivable 600

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

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

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

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