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
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KellyConsultingTransactions for May2008
Receivedcash fromclientsas an advance payment forservicesto beprovidedand recorded itasunearned fees,$1,550.
Receivedcash fromclientson account,$1,750.
Paidcash for anewspaperadvertisement,$100
PaidOffice Station Co. forpart ofthe debt incurredon April 5,$400
Recorded services provided on account forthe periodMay1-15,$5,100.
Paidpart-timereceptionistfor two weeks’salaryincluding the amountowedon April 13,$750.
Recorded cashfromcash clientsfor fees earned during the periodMay1-16,
Purchased suppliesonaccount, $500.
Recorded services provided on account forthe periodMay16-20,$2,900.
Recorded cashfromcash clientsfor fees earned for the period May17-23,
Receivedcash fromclientson account,$6,600.
Paid part-timereceptionistfor two weeks’salary,$750.
Paidtelephonebill forMay, $150.
Recorded cashfromcash clientsfor fees earned ,$2,875.
Provided serviceson account $2,200.
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.
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
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