Acc 300 portfolio project | Business & Finance homework help

ACC 300 Portfolio Project
The Portfolio Project is comprised of 5 questions. These questions are independent of each other. Please download the exceldocument 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
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 ? ? ? ? ? ? ? 44800
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.
?????????????????Cash
22,100
?
??
?????
??
?????????????
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
Accounts Receivables
Debit Credit
?????????????????Cash
18,570
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
Requirements:
$94,200 $94,200
??a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments are
made on a monthly basis. Woods corporation fiscal year ends on 1/31
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. It has a 10 year life. 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
Owner’s drawing ? ? ? ? 500
Service revenue
Salaries & wages expense ? ? ? ? 5200
Supplies expenses 1500
Rent expense ? ? ? ? 900
Insurance expense 50
Interest expense ? ? ? ? 50
Depreciation expense 40
Question 4
Harvest incorporated Adjusted Trial Balance December 31, 2014
Account title
10000
10600
?????????????????????????????Total
30,190
30,190
???????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.

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