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- Download: http://solutionzip.com/downloads/act300-portfolio-project-kelly-consulting-practice-set/
- ACT300 Portfolio Project Kelly Consulting Practice Set
- You are given thefollowinginformation:
- • Post closing trialbalancefor April 30, 2008
- • Transactions for themonthofMay2008and adjustingentriesforMay2008
- The followingcan be download fromtheModule8 Assignment pageortheCourse Information page
- 1. Journal page tocopyanduse
- 2. Ledger pagetocopy and use
- 3. Portfolio Project ExcelSpreadsheet templatewith accountspre-entered
- Full Size Image
- KellyConsultingTransactions for May2008
- May3
- Receivedcash fromclientsas an advance payment forservicesto beprovidedand recorded itasunearned fees,$1,550.
- May5
- Receivedcash fromclientson account,$1,750.
- May9
- Paidcash for anewspaperadvertisement,$100
- May13
- PaidOffice Station Co. forpart ofthe debt incurredon April 5,$400
- May15
- Recorded services provided on account forthe periodMay1-15,$5,100.
- May16
- Paidpart-timereceptionistfor two weeks’salaryincluding the amountowedon April 13,$750.
- May17
- Recorded cashfromcash clientsfor fees earned during the periodMay1-16,
- $7,380
- May20
- Purchased suppliesonaccount, $500.
- May21
- Recorded services provided on account forthe periodMay16-20,$2,900.
- May25
- Recorded cashfromcash clientsfor fees earned for the period May17-23,
- $4,200.
- May27
- Receivedcash fromclientson account,$6,600.
- May28
- Paid part-timereceptionistfor two weeks’salary,$750.
- May28
- Paidtelephonebill forMay, $150.
- May28
- Paidelectricitybill forMay,$225.
- May28
- Recorded cashfromcash clientsfor fees earned ,$2,875.
- May28
- Provided serviceson account $2,200.
- May28
- Kellywithdrew$7,500 forpersonal use.
- Adjusting entriesforMay 31 are
- • Insurancewaspurchased for aone-year period,starting on March 1,2008.
- • Rent was prepaidon January1,2008, for aone-yearperiod, startingon January1.
- • Officeequipmenthas a5year life,witha2,500 salvage value.
- • A supplies inventory countshowsan ending balanceof $1,235.
- PortfolioInstructions
- 1. Record theending balances fromthe April30 postclosing trial balanceinto the ledger sheetsoralternatively, youmaycreate T-accounts onan Excel spreadsheet.
- 2. Record journalentriesforthe May transactionson thejournal sheets givenorcreate aspreadsheetconfigured asa journal sheet.
- 3. Post the journal entries tothe ledger sheetsorif you createdT-accountsposttheentriesto yourT-accounts.
- 4. Enter the ending balancesfromtheledgerorT-accountsonto theworksheettrialbalancecolumns.
- 5. Enter the adjustments directly on to theworksheet.
- 6. Extendto the adjusted trialbalancecolumns.
- 7. Extendto the financialstatement columns.
- 8. Preparethefinancial statements.
- 9. Enter the closing entriesontotheworksheet.
- 10. Preparethe post-closingtrial balanceforMay.
- Submit yourwork inaPortfolio ProjectExcelworksheet thatyou download fromthe
- Module8Assignmentspage. Make sure allthe sections listed belowareontheworksheet as a singledocument witheachof the four sections described clearly identified.
- Makesureyou include thefollowingsectionsin your final ExcelWorkbook:
- I. The completedWorksheeton thegiven downloadablespreadsheet
- II. Formalincome statement,statementofowner’sequity, andbalancesheet(These maybeprepared onseparate tabson theExcel Workbookwhere”Worksheet” isthefirsttab)
- III. Post-Closing Trial Balance forMay31
- IV. T- Accounts
- Download: http://solutionzip.com/downloads/act300-portfolio-project-kelly-consulting-practice-set/
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