09 May The Portfolio Project is comprised of 5 questions.
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 1Kelly ConsultingPost-closing Trial BalanceApril 30, 2008Account titleCashAccounts ReceivablesSuppliesPrepaid Rentprepaid insuranceOffice EquipmentAccumulated DepreciationAccounts payableSalary payableKelly CapitalDebit22,100340013503200150014500Total$46,050Credit33080012042800$46,050Requirements: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 asunearned fees, $1,550.2) Received cash from clients on account, $1,750.3) Paid cash for a newspaper advertisement, $1004) Paid Office Station Co., previously posted to accounts payable for, $4005) 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, $7507) Recorded cash received from cash clients for fees earned during the period May 1-16, $7,3808) 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 2Woods corporationUnadjusted Trial BalanceDecember 31, 2014Account titleCashAccounts ReceivablesSuppliesPrepaid RentEquipmentAccumulated DepreciationAccounts payableUnearned FeesCapitalDividendsFees earnedWages ExpenseRent expenseUtilities expenseMiscellaneous ExpensesTotalDebit18,57011,9001,82075012,000Credit1,1001,0502,80037,800140051450282102250160401260$94,200$94,200Requirements:a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments aremade 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 nosalvage value. Use the straight line method.B) The amount of supplies on hand as of December 31 is $1000.00C) Fees earned and unbilled $ 1,200D) Additional fees earned (collected in prior periods) $ 800.00E) Wages incurred and not paid $ 700F) Rent was prepaid on February 1 of this year for one year in the amount of $3000Question 3M&D IncAdjusted Trial Balance12/31/14Complete the income statement and balance sheets columns of the worksheet using the followinginformation.Account titleCashAccounts ReceivableSuppliesPrepaid insuranceEquipmentAccumulated DepreciationNotes PayableAccounts PayableUnearned Service revenueSalaries & wages payableInterest payableOwner’s capitalOwner’s drawingService revenueSalaries & wages expenseSupplies expensesRent expenseInsurance expenseInterest expenseDepreciation expenseTotalDebit15,20020010005505000Credit405000250080012005010000500106005200150090050504030,19030,190Question 4Harvest incorporatedAdjusted Trial BalanceDecember 31, 2014Account titleCashAccounts ReceivableDebit$6,700600CreditSuppliesPrepaid rentEquipmentAccumulated DepreciationNotes PayableAccounts PayableUnearned rent revenueSalaries & wages payableInterest payableOwner’s capitalOwner’s drawingService revenueSalaries & wages expenseSupplies expensesRent expenseUtilities expenseInterest expenseDepreciation expenseRent revenueTotal1,00090015,0008505,0001,5105004005014,00060014,2009,4002001,50051050850$37,310800$37,310Requirements:a) Prepare an income statement for the year ending 12/31/2014.b) Prepare a balance sheet as of 12/31/2014.Question 5Use the information provided below to prepare closing entries on 12/31/2014 and then prepare thepost-closing trial balances as of 12/31/2014.EZ IncIncome StatementFor the year ended December 31, 2014Service revenue$19,000ExpensesSupplies expenseSalaries expenseRent expenseTotal expensesNet incomeEZ IncBalance sheet5004,0001,500$6,00013,000As of December 31, 2014AssetsCurrent AssetsCashAccounts receivableSuppliesPrepaid insuranceTotal current assets$2,0001,3006005004,400Property, plant and equipmentEquipment$5,000Less: Accumulated depreciation500EquipmentTotal assets4,5008,900Liabilities and Owner’s EquityLiabilitiesNotes payableAccounts payableInterest payableSalaries payableTotal liabilities$5,0007001001,3007,100Owner’s equityOwner’s capitalTotal liabilities and owner’s equity1,800$8,900
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