ACT300Portfolio Project:KellyConsultingPractice Set

You aregiven thefollowinginformation:

  • Postclosing trialbalanceforApril 30,2008
  • TransactionsforthemonthofMay2008andadjustingentriesforMay2008

Thefollowingcan bedownload fromtheModule8 Assignment pageortheCourseInformation page

1.Journalpagetocopyanduse

2.Ledgerpagetocopy and use

3.Portfolio ProjectExcelSpreadsheet templatewith accountspre-entered

KellyConsultingTransactionsforMay2008

May3 / Receivedcash fromclientsas an advancepayment forservicesto beprovidedand recorded itasunearnedfees,$1,550.
May5 / Receivedcash fromclientson account,$1,750.
May9 / Paidcash for anewspaperadvertisement,$100
May13 / PaidOfficeStation Co.forpart ofthe debtincurredon April 5,$400
May15 / Recordedservicesprovided on account forthe periodMay1-15,$5,100.
May16 / Paidpart-timereceptionistfortwoweeks'salaryincluding theamountowedon April 13,$750.
May17 / Recorded cashfromcash clientsforfeesearnedduring theperiodMay1-16,
$7,380
May20 / Purchasedsuppliesonaccount,$500.
May21 / Recordedservicesprovided on accountforthe periodMay16-20,$2,900.
May25 / Recorded cashfromcash clientsforfeesearnedfortheperiod May17-23,
$4,200.
May27 / Receivedcash fromclientson account,$6,600.
May28 / Paid part-timereceptionistfortwoweeks'salary,$750.
May28 / PaidtelephonebillforMay,$150.
May28 / PaidelectricitybillforMay,$225.
May28 / Recorded cashfromcash clientsforfeesearned ,$2,875.
May28 / Providedserviceson account$2,200.
May28 / Kellywithdrew$7,500forpersonaluse.

Adjusting entriesforMay31 are

  • Insurancewaspurchasedfor aone-yearperiod,starting on March 1,2008.
  • Rent wasprepaidon January1,2008,for aone-yearperiod,startingon January1.
  • Officeequipmenthas a5year life,witha2,500salvagevalue.
  • A suppliesinventorycountshowsan ending balanceof$1,235.

PortfolioInstructions

1.Record theending balancesfromtheApril30 postclosing trialbalanceinto the ledgersheetsoralternatively,youmaycreateT-accounts onan Excelspreadsheet.

2.Record journalentriesfortheMaytransactionson thejournalsheetsgivenorcreate aspreadsheetconfigured asa journalsheet.

3.Postthejournalentriestotheledgersheetsorif you createdT-accountsposttheentriesto yourT-accounts.

4.Entertheending balancesfromtheledgerorT-accountsonto theworksheettrialbalancecolumns.

5.Entertheadjustmentsdirectly on to theworksheet.

6.Extendto the adjusted trialbalancecolumns.

7.Extendto the financialstatement columns.

8.Preparethefinancial statements.

9.Entertheclosing entriesontotheworksheet.

10.Preparethepost-closingtrialbalanceforMay.

Submityourwork inaPortfolio ProjectExcelworksheetthatyou download fromthe

Module8Assignmentspage.Makesure allthesections listed belowareontheworksheetas a singledocumentwitheachof the foursectionsdescribedclearlyidentified.

Makesureyou include thefollowingsectionsin yourfinalExcelWorkbook:

I.ThecompletedWorksheeton thegivendownloadablespreadsheet

II.Formalincomestatement,statementofowner'sequity, andbalancesheet(Thesemaybeprepared onseparate tabson theExcelWorkbookwhere"Worksheet" isthefirsttab)

III.Post-Closing TrialBalanceforMay31

IV.T- Accounts