ACT300 Portfolio Project: Kelly Consulting Practice Set

act300_portfolio_project_kelly_consulting_practice_set_question xfinal_project_q_for

mat.xlsx

ACT300Portfolio Project
:KellyConsultingPractice Set

You are
given
the

following

information:

·Post
closing trial
balance
for April 30,
2008

·Transactions
for themonth
ofMay
2008and
adjusting
entriesforMay2008

The
followingcan be
download from
theModule
8 Assignment page

ortheCourse
Information page

1.Journal
page tocopy

anduse

2.Ledger
pagetocopy and use

3.Portfolio Project Excel
Spreadsheet template
with accounts
pre-entered

See Attachment

ACT300 Portfolio Project: Kelly Consulting Practice Set

You are given the following information:

· Post closing trial balance for April 30, 2008

· Transactions for the month of

May 20

08 and adjusting entries for May 2008

The following can be download from the Module 8 Assignment page or the Course Information page

1. Journal page to copy and use

2. Ledger page to copy and use

3. Portfolio Project Excel Spreadsheet template with accounts pre-entered

Kelly Consulting Transactions for May 2008

May 3	Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.
May 5	Received cash from clients on account, $1,750.
May 9	Paid cash for a newspaper advertisement, $100
May 13	Paid Office Station Co. for part of the debt incurred on April 5, $400

May 28

May 15	Recorded services provided on account for the period May 1-15, $5,100.
May 16	Paid part-time receptionist for two weeks’ salary including the amount owed on April 13, $750.
May 17	Recorded cash from cash clients for fees earned during the period May 1-16, $7,380
May 20	Purchased supplies on account, $500.
May 21	Recorded services provided on account for the period May 16-20, $2,900.
May 25	Recorded cash from cash clients for fees earned for the period May 17-23, $4,200.
May 27	Received cash from clients on account, $6,600.
		May 28	Paid part-time receptionist for two weeks’ salary, $750.
Paid telephone bill for May, $150.
Paid electricity bill for May, $225.
Recorded cash from cash clients for fees earned , $2,875.
Provided services on account $2,200.
Kelly withdrew $7,500 for personal use.

Adjusting entries for May 31 are

· Insurance was purchased for a one-year period, starting on March 1, 2008.

· Rent was prepaid on January 1, 2008, for a one-year period, starting on January 1.

· Office equipment has a 5 year life, with a 2,500 salvage value.

· A supplies inventory count shows an ending balance of $1,235.

Portfolio Instructions

1. Record the ending balances from the April 30 post closing trial balance into the ledger sheets or alternatively, you may create T-accounts on an Excel spreadsheet.

2. Record journal entries for the May transactions on the journal sheets given or create a spreadsheet configured as a journal sheet.

3. Post the journal entries to the ledger sheets or if you created T-accounts post the entries to your T-accounts.

4. Enter the ending balances from the ledger or T-accounts on to the worksheet trial balance columns.

5. Enter the adjustments directly on to the worksheet.

6. Extend to the adjusted trial balance columns.

7. Extend to the financial statement columns.

8. Prepare the financial statements.

9. Enter the closing entries on to the worksheet.

10. Prepare the post-closing trial balance for May.

Submit your work in a Portfolio Project Excel worksheet that you download from the

Module 8 Assignments page. Make sure all the sections listed below are on the worksheet as a single document with each of the four sections described clearly identified.

Make sure you include the following sections in your final Excel Workbook:

I. The completed Worksheet on the given downloadable spreadsheet

II. Formal income statement, statement of owner’s equity, and balance sheet (These may be prepared on separate tabs on the Excel Workbook where “Worksheet” is the first tab)

III. Post-Closing Trial Balance for May 31

IV. T- Accounts

LEDGER

>
o

dy>

GENERAL LEDGER ACCOUNT Cash ACCOUNT NO.

11 DATE DESCRIPTION POST DEBIT CREDIT BALANCE REF. Debit Credit Apr 30 Bala

ce Forwarded 22

100 May 03 J1 1,

0 23

,650 May 05

750 25,

400 May 09

J1 100

25,

300 May 13

J1 400

24,

900 May

J1 750

24,

0 May 17

7,380 31

0 May 25

200 35,730 May 27

6,600 42,

0 May 28

J1 750

0 May 28 J1

150 41,430 May 28 J1

225 41,205 May 28 J1

2,875 44,080 May 28 J1

500 36,580 ACCOUNT

Accounts Receivable ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

Apr 30 Balance Forwarded

3,400 May 05 J1

1,750 1,650 May 15

5,100 6,750 May

2,900 9,650 May 27 J1 6,600

3,050 May 28 J1

2,200 5,250 ACCOUNT

Supplies ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

Apr 30 Balance Forwarded

1,350 May 20

J1 500

1,850 May 28 J1 900 900
ACCOUNT

Office Equipment ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

Apr 30 Balance Forwarded

14,500 ACCOUNT

Accumulated Depreciation ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

Apr 30 Balance Forwarded 330
May 28 J1 200 530
ACCOUNT

Accounts Payable ACCOUNT NO. 21

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

Apr 30 Balance Forwarded

800 May 13

GJ1

400 400
May 20 GJ1 500 900
ACCOUNT

Salaries Payable ACCOUNT NO. 22

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

Apr 30 Balance Forwarded

120 May 16

J1 120

– 0 May 31

260

260
ACCOUNT

Unearned Fees ACCOUNT NO. 23

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

Apr 30 Balance Forwarded

2,500 May 03 J1

1,550 4,050 May 31 J1

2,750 1,300 ACCOUNT

Kelly Pitney, Capital ACCOUNT NO. 31

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

Apr 30 Balance Forwarded

42,300 May 31 J1

22,160 64,460 May 31 J1

7,500 56

,960 ACCOUNT

Pitney Withdrawl ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 28 J1 7,500 7,500
May 28 J1 7,500 – 0
ACCOUNT

Income Summary ACCOUNT NO. 33

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 31 J1

27,405

27,405
May 31 J1

5,245

22,160
May 31 J1 22,160 – 0
ACCOUNT

Fees Earned ACCOUNT NO. 41

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 09 J1 5,100 5,100
May 17 J1 7,380

12,480 May 20 J1 2,900

15,380 May 25 J1

4,200 19,580 May 31 J1 2,875

22,455 May 31 J1 2,200

24,655 May 31 J1 2,750 27,405
May 31 J1 27,405 – 0
n
ACCOUNT

Salary Expense ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 16 J1

630

630
May 28 J1 750

1,380 May 31 J1 260

1,640 May 31 J1 1,640 – 0
ACCOUNT

Rent Exp

ense ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 31 J1

1,600

1,600
May 31 J1 1,600 – 0
ACCOUNT

Supplies Expense ACCOUNT NO. 53

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 31 J1 900 900
May 31 J1 900 – 0
ACCOUNT

Depreciation Expense ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 31 J1 330 330
May 31 J1 330 – 0 e
ACCOUNT

Insurance Expense ACCOUNT NO. 55

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 31 J1 300 300
May 31 J1 300 – 0
ACCOUNT

Advertising Expense ACCOUNT NO. 56

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 09 J1 100 100
100
ACCOUNT

Telephone Expense ACCOUNT NO.

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 28 J1 150 150
150
ACCOUNT

Electric Expense ACCOUNT NO. 58

DATE
DESCRIPTION POST DEBIT CREDIT BALANCE
REF. Debit Credit

May 28 J1 225 225
225

April

Debit Credit

Cash

Accounts Receivable 3,400
Supplies 1,350
Office Equipment 14,500
Accumulated Depreciation 330
Accounts Payable 800
Salaries Payable 120
Unearned Fees 2,500
Kelly Pitney, Capital 42,300

46,050

Post Closing	Trial Balance
April 30, 2008
22,100
		Prepaid Rent	3,200
		Prepaid Insurance	1,500
	46,050

Worksheet

Trial Balance

title

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

11 Cash

36580 36580

12 Accounts Receivable

5250

14 Supplies

1235

15 Prepaid Rent

400

2800

16 Prepaid Insurance

150

1350

18 Office Equipment

14500

330 200 530 530

21 Accounts Payable 900 900 900
22 Salaries Payable 260 260 260
23 Unearned Fees

31 Kelly Pitney, Capital
32 Pitney Withdrawl

7500

33 Income Summary
41 Fees Earned

24655

51 Salary Expense

1380 1380

52 Rent Expense 400 400
53 Supplies Expense 615 615
54 Depreciation Expense 200 200
55 Insurance Expense 150 150
56 Telephone Expense 150
57 Electric Expense 225
58 Advertising Expense 100

Kelly Consulting
	Adjustments	Adjusted Trial Balance	Income Statement	Balance Sheet
Acct #		Account
		36580
5200		5250
1850					615	1235
3200		2800
1500		1350
	14500
	Accum Depreciation
4050
	7500
	24655
		1380

May Journal

Account

Debit Credit

May 03 Cash 11 1,550 n
Unearned Fees 23 1,550
May 05 Cash 11 1,750
Accounts Receivable 12 1,750
May 09 Advertising Expense 58 100
Cash 11 100
May 13 Accounts Payable 21 400
Cash 11 400
May 15 Accounts Receivable 12 5,100
Fees Earned 41 5,100
May 16

51 630

Salaries Payable 22 120

Cash 11 750
May 17 Cash 11 7,380
Fees Earned 41 7,380
May 20 Supplies 14 500
Accounts Payable 21 500

Accounts Receivable 12 2,900

Fees Earned 41 2,900
May 25 Cash 11 4,200
Fees Earned 41 4,200
May 27 Cash 11 6,600 o
Accounts Receivable 12 6,600
May 28 Salary Expense 51 750

Cash 11 750

May 28

150

Cash 11 150
May 28

57 225

Cash 11 225
May 28 Cash 11 2,875
Fees Earned 41 2,875
May 28 Accounts Receivable 23 2,200
Fees Earned 41 2,200
May 28

31 7,500

Cash 11 7,500
Adjustments
May 28

55 150

Prepaid Insurance 16 150
May 28 Rent Exp 57 400
Prepaid Rent 15 400
May 28 Depreciation Expense 54 200
Accum Depreciation 19 200
May 28

53 615

Supplies 41 615

Date	Post. Ref.
Salaries Expense
Neo
May 21
Tele Expense 56
Electricty
Kelly Pitney, Drawing
Insur. Exp
Supply Expense

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