Kelly consulting | Business & Finance homework help

 

Connect with a professional writer in 5 simple steps

Please provide as many details about your writing struggle as possible

Academic level of your paper

Type of Paper

When is it due?

How many pages is this assigment?

Question 1

 

KellyConsulting

Post-closing Trial BalanceApril 30,2008

Account title

Debit

Credit

Cash

22,100

 

AccountsReceivables

3400

 

Supplies

1350

 

Prepaid Rent

3200

 

prepaid insurance

1500

 

OfficeEquipment

14500

 

Accumulated Depreciation

 

330

Accountspayable

 

800

Salary payable

 

120

KellyCapital

 

44800

Total                                                             $46,050                      $46,050

 

Requirements:

a)  Journalize the followingtransactionsusing thefilecalled studentTemplate.

b)  Postthemtothe generalledgersor Taccountsusing the samefile.

 

 

1)  Receivedcash fromclientsas anadvancepaymentfor services tobe providedand recorded it asunearned fees, $1,550.

 

2)  Receivedcash fromclientsonaccount,$1,750.

 

3)  Paidcash foranewspaper advertisement,$100

 

4)  PaidOffice Station Co., previouslyposted toaccountspayablefor, $400

 

5)  Recorded services provided on accountforthe period May1-15,$5,100.

 

6)  Paidpart-timereceptionist fortwo weeks’ salary including the amountowedon April 30,$750

 

7)  Recorded cashreceivedfromcashclientsfor feesearned during the period May1-16, $7,380

 

8)  Purchased suppliesonaccount,$500.

 

9)  Recorded services provided on accountforthe period May16-20,$2,900.

 

11)  Received cashfromclientson account, $6,600.

 

12)  Paidpart-time receptionist fortwo weeks’ salary,$750.

 

 

 

Question 2

 

Woods corporationUnadjusted TrialBalanceDecember31,2014

 

 

 

Account title

Debit

Credit

Cash

18,570

 

AccountsReceivables

11,900

 

Supplies

1,820

 

Prepaid Rent

750

 

Equipment

12,000

 

Accumulated Depreciation

 

1,100

Accountspayable

 

1,050

Unearned Fees

 

2,800

Capital

 

37,800

Dividends

1400

 

Feesearned

 

51450

Wages Expense

28210

 

Rent expense

2250

 

Utilities expense

16040

 

MiscellaneousExpenses

1260

 

Total

$94,200

$94,200

 

Requirements:

a)  Journalize the followingadjusting entriesasof12/31/2014. Assumethat alladjustmentsare

madeonamonthly basis.Woods corporation fiscal year ends on 1/31

b)Postthe adjustingentries to the unadjusted trial balanceand preparetheadjusted trialbalance.

 

A)Theequipmentwaspurchased on January1ofthisyear.It has a 10 year life. There is nosalvagevalue.Usethe straight line method.

 

B)Theamountof supplieson hand asofDecember31is$1000.00

 

C)Feesearnedandunbilled $1,200

 

D)  Additional fees earned (collected in prior periods)  $ 800.00

F)Rentwas prepaid on February1ofthisyear foroneyearinthe amountof $3000.

 

 

 

 

 

 

Question 3

 

M&DInc

Adjusted Trial Balance12/31/14

 

Completethe incomestatementandbalancesheetscolumnsoftheworksheet using the followinginformation.

 

Account title

Debit

Cash

15,200

AccountsReceivable

200

Supplies

1000

Prepaid insurance

550

Equipment

5000

Accumulated Depreciation

 

NotesPayable

 

AccountsPayable

 

Unearned Servicerevenue

 

Salaries & wages payable

 

Interestpayable

 

Owner’s capital

 

Owner’s drawing

500

Service revenue

 

Salaries & wages expense

5200

Supplies expenses

1500

Rent expense

900

Insuranceexpense

50

Interestexpense

50

Depreciationexpense

40

Total

30,190

 

 

Credit

 

 

 

 

 

 

 

40

5000

2500

800

1200

50

10000

 

10600

 

 

 

 

 

 

 

 

30,190

 

 

Question 4

 

 

HarvestincorporatedAdjusted Trial BalanceDecember 31,2014

 

Account title

Debit

Cash

$6,700

AccountsReceivable

600

 

 

Credit

 

 

 

Supplies

1,000

Prepaid rent

900

Equipment

15,000

Accumulated Depreciation

 

NotesPayable

 

AccountsPayable

 

Unearnedrent revenue

 

Salaries & wages payable

 

Interestpayable

 

Owner’s capital

 

Owner’s drawing

600

Service revenue

 

Salaries & wages expense

9,400

Supplies expenses

200

Rent expense

1,500

Utilities expense

510

Interestexpense

50

Depreciationexpense

850

Rent revenue

 

Total

$37,310

 

 

850

5,000

1,510

500

400

50

14,000

 

14,200

 

 

 

 

 

 

 

 

800

$37,310

 

 

Requirements:

 

a)  Prepare an income statementfortheyearending 12/31/2014.

b)Preparea balance sheetas of12/31/2014.

 

Question 5

 

Use the information provided belowtoprepare closing entrieson12/31/2014 and then preparethepost-closing trial balancesas of12/31/2014.

 

EZ Inc

Income Statement

For theyear endedDecember 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 IncBalancesheet

As ofDecember31,2014

 

 

 

Current Assets


Assets

Cash                                                                                                             $2,000

Accountsreceivable                                                                              1,300

Supplies                                                                                                                       600

Prepaidinsurance                                                                                                                  500

Totalcurrent assets                                                                              4,400

 

 

 

 

 

 

 

Equipment

$5,000

Less: Accumulateddepreciation-Equipment

500

Total assets

 

 

 

4,500

 

8,900

 

 

 

Liabilities


Liabilities and Owner’sEquity

Notespayable                                                                                         $5,000

Accounts payable                                                                                                                  700

Interestpayable                                                                                                                   100

Salaries payable                                                                                      1,300

Totalliabilities                                                                                          7,100

 

Owner’s equity

Owner’s capital                                                                                       1,800

Totalliabilities and owner’s equity                                               $8,900

Kelly consulting | Business & Finance homework help

 

Connect with a professional writer in 5 simple steps

Please provide as many details about your writing struggle as possible

Academic level of your paper

Type of Paper

When is it due?

How many pages is this assigment?

Question 1

 

KellyConsulting

Post-closing Trial BalanceApril 30,2008

Account title

Debit

Credit

Cash

22,100

 

AccountsReceivables

3400

 

Supplies

1350

 

Prepaid Rent

3200

 

prepaid insurance

1500

 

OfficeEquipment

14500

 

Accumulated Depreciation

 

330

Accountspayable

 

800

Salary payable

 

120

KellyCapital

 

44800

Total                                                             $46,050                      $46,050

 

Requirements:

a)  Journalize the followingtransactionsusing thefilecalled studentTemplate.

b)  Postthemtothe generalledgersor Taccountsusing the samefile.

 

 

1)  Receivedcash fromclientsas anadvancepaymentfor services tobe providedand recorded it asunearned fees, $1,550.

 

2)  Receivedcash fromclientsonaccount,$1,750.

 

3)  Paidcash foranewspaper advertisement,$100

 

4)  PaidOffice Station Co., previouslyposted toaccountspayablefor, $400

 

5)  Recorded services provided on accountforthe period May1-15,$5,100.

 

6)  Paidpart-timereceptionist fortwo weeks’ salary including the amountowedon April 30,$750

 

7)  Recorded cashreceivedfromcashclientsfor feesearned during the period May1-16, $7,380

 

8)  Purchased suppliesonaccount,$500.

 

9)  Recorded services provided on accountforthe period May16-20,$2,900.

 

11)  Received cashfromclientson account, $6,600.

 

12)  Paidpart-time receptionist fortwo weeks’ salary,$750.

 

 

 

Question 2

 

Woods corporationUnadjusted TrialBalanceDecember31,2014

 

 

 

Account title

Debit

Credit

Cash

18,570

 

AccountsReceivables

11,900

 

Supplies

1,820

 

Prepaid Rent

750

 

Equipment

12,000

 

Accumulated Depreciation

 

1,100

Accountspayable

 

1,050

Unearned Fees

 

2,800

Capital

 

37,800

Dividends

1400

 

Feesearned

 

51450

Wages Expense

28210

 

Rent expense

2250

 

Utilities expense

16040

 

MiscellaneousExpenses

1260

 

Total

$94,200

$94,200

 

Requirements:

a)  Journalize the followingadjusting entriesasof12/31/2014. Assumethat alladjustmentsare

madeonamonthly basis.Woods corporation fiscal year ends on 1/31

b)Postthe adjustingentries to the unadjusted trial balanceand preparetheadjusted trialbalance.

 

A)Theequipmentwaspurchased on January1ofthisyear.It has a 10 year life. There is nosalvagevalue.Usethe straight line method.

 

B)Theamountof supplieson hand asofDecember31is$1000.00

 

C)Feesearnedandunbilled $1,200

 

D)  Additional fees earned (collected in prior periods)  $ 800.00

F)Rentwas prepaid on February1ofthisyear foroneyearinthe amountof $3000.

 

 

 

 

 

 

Question 3

 

M&DInc

Adjusted Trial Balance12/31/14

 

Completethe incomestatementandbalancesheetscolumnsoftheworksheet using the followinginformation.

 

Account title

Debit

Cash

15,200

AccountsReceivable

200

Supplies

1000

Prepaid insurance

550

Equipment

5000

Accumulated Depreciation

 

NotesPayable

 

AccountsPayable

 

Unearned Servicerevenue

 

Salaries & wages payable

 

Interestpayable

 

Owner’s capital

 

Owner’s drawing

500

Service revenue

 

Salaries & wages expense

5200

Supplies expenses

1500

Rent expense

900

Insuranceexpense

50

Interestexpense

50

Depreciationexpense

40

Total

30,190

 

 

Credit

 

 

 

 

 

 

 

40

5000

2500

800

1200

50

10000

 

10600

 

 

 

 

 

 

 

 

30,190

 

 

Question 4

 

 

HarvestincorporatedAdjusted Trial BalanceDecember 31,2014

 

Account title

Debit

Cash

$6,700

AccountsReceivable

600

 

 

Credit

 

 

 

Supplies

1,000

Prepaid rent

900

Equipment

15,000

Accumulated Depreciation

 

NotesPayable

 

AccountsPayable

 

Unearnedrent revenue

 

Salaries & wages payable

 

Interestpayable

 

Owner’s capital

 

Owner’s drawing

600

Service revenue

 

Salaries & wages expense

9,400

Supplies expenses

200

Rent expense

1,500

Utilities expense

510

Interestexpense

50

Depreciationexpense

850

Rent revenue

 

Total

$37,310

 

 

850

5,000

1,510

500

400

50

14,000

 

14,200

 

 

 

 

 

 

 

 

800

$37,310

 

 

Requirements:

 

a)  Prepare an income statementfortheyearending 12/31/2014.

b)Preparea balance sheetas of12/31/2014.

 

Question 5

 

Use the information provided belowtoprepare closing entrieson12/31/2014 and then preparethepost-closing trial balancesas of12/31/2014.

 

EZ Inc

Income Statement

For theyear endedDecember 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 IncBalancesheet

As ofDecember31,2014

 

 

 

Current Assets


Assets

Cash                                                                                                             $2,000

Accountsreceivable                                                                              1,300

Supplies                                                                                                                       600

Prepaidinsurance                                                                                                                  500

Totalcurrent assets                                                                              4,400

 

 

 

 

 

 

 

Equipment

$5,000

Less: Accumulateddepreciation-Equipment

500

Total assets

 

 

 

4,500

 

8,900

 

 

 

Liabilities


Liabilities and Owner’sEquity

Notespayable                                                                                         $5,000

Accounts payable                                                                                                                  700

Interestpayable                                                                                                                   100

Salaries payable                                                                                      1,300

Totalliabilities                                                                                          7,100

 

Owner’s equity

Owner’s capital                                                                                       1,800

Totalliabilities and owner’s equity                                               $8,900