ACC 300 Portfolio Project The Portfolio Project is comprised of 5 questions. These questions are independent of each other. download the exceldocument titled ACC300_PortfolioTemplate posted

ACC 300 Portfolio Project The Portfolio Project is comprised of 5 questions. These questions are independent of each other. 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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