ACT300 PortfolioTemplate

Question 1
Kelly Consulting
Post-closing Trial Balance
30-Apr-08

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
Unearned Fees 120
Kelly Capital 2500

Total $46,050 $46,050

Requirements:
a) Journalize the following transactions using the file called ACC300_PortfolioTemplate.
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

Journalize the following adjusting entries for Woods corporation as of  December 31, 2014 (Assume that adjustments are made on a monthly basis)

Woods Inc.
Unadjusted Trial Balance
30-Nov-14

Account Debit Credit
Cash 18,570
Accounts Receivable 11,900
Supplies 1,820
Prepaid rent 750
Equipment 12,000
Accumulated depreciation 1100
Accounts Payable 1050
Unearned Fees 2800
Capital Stock 10000
Retained earnings 27800
Dividends 1,400
Fees earned 51450
Wages Expense 28210 q
Rent expense 2,250
Utilities expense 16040
Miscellaneous Expenses 1260
Total 94,200 94,200

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 $3,000)

Question 3

Income Statement Balance Sheet
Account Debit Credit Debit Credit Debit Credit

Cash 15200
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

$30, 190 $30, 190

Complete the income statement and balance sheets columns of the worksheet.

Question 4. Use the following information to complete the income statement and the balance sheet

Harvest incorporated
Adjusted Trial Balance
31-Dec-14

Account 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 Using the information provided below to prepare closing entries at Dec 31 of 2014 and then prepare the post-closing trial balance

Question 5

EZ Inc
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
Interest expense 50
Depreciation expense 850
Rent revenue 800
$37,310 $37,310