Kelly consulting | Business & Finance homework help
Question 1 |
| |
KellyConsulting Post-closing Trial BalanceApril 30,2008 | ||
Account title | Debit | Credit |
Cash | 22,100 |
|
AccountsReceivables | 3400 |
|
Supplies | 1350 |
|
Prepaid Rent | 3200 |
|
prepaid insurance | 1500 |
|
OfficeEquipment | 14500 |
|
Accumulated Depreciation |
| 330 |
Accountspayable |
| 800 |
Salary payable |
| 120 |
KellyCapital |
| 44800 |
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Total $46,050 $46,050
Requirements:
a) Journalize the followingtransactionsusing thefilecalled studentTemplate.
b) Postthemtothe generalledgersor Taccountsusing the samefile.
1) Receivedcash fromclientsas anadvancepaymentfor services tobe providedand recorded it asunearned fees, $1,550.
2) Receivedcash fromclientsonaccount,$1,750.
3) Paidcash foranewspaper advertisement,$100
4) PaidOffice Station Co., previouslyposted toaccountspayablefor, $400
5) Recorded services provided on totalityforthe period May1-15,$5,100.
6) Paidpart-timereceptionist fortwo weeks' salary including the amountowedon April 30,$750
7) Recorded cashreceivedfromcashclientsfor feesearned during the period May1-16, $7,380
8) Purchased suppliesonaccount,$500.
9) Recorded services provided on totalityforthe period May16-20,$2,900.
11) Received cashfromclientson totality, $6,600.
12) Paidpart-time receptionist fortwo weeks' salary,$750.
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Question 2
Woods corporationUnadjusted TrialBalanceDecember31,2014
Account title | Debit | Credit |
Cash | 18,570 |
|
AccountsReceivables | 11,900 |
|
Supplies | 1,820 |
|
Prepaid Rent | 750 |
|
Equipment | 12,000 |
|
Accumulated Depreciation |
| 1,100 |
Accountspayable |
| 1,050 |
Unearned Fees |
| 2,800 |
Capital |
| 37,800 |
Dividends | 1400 |
|
Feesearned |
| 51450 |
Wages Expense | 28210 |
|
Rent expense | 2250 |
|
Utilities expense | 16040 |
|
MiscellaneousExpenses | 1260 |
|
Total | $94,200 | $94,200 |
Requirements:
a) Journalize the followingadjusting entriesasof12/31/2014. Assumethat alladjustmentsare
madeonamonthly basis.Woods confirmation fiscal year ends on 1/31
b)Postthe adjustingentries to the unadjusted attempt balanceand preparetheadjusted attemptbalance.
A)Theequipmentwaspurchased on January1ofthisyear.It has a 10 year society. There is nosalvagevalue.Usethe straight line method.
B)Theamountof supplieson operative asofDecember31is$1000.00
C)Feesearnedandunbilled $1,200
D) Additional fees earned (self-possessed in prior periods) $ 800.00
F)Rentwas prepaid on February1ofthisyear foroneyearinthe amountof $3000.
Question 3
M&DInc
Adjusted Trial Balance12/31/14
Completethe incomestatementandbalancesheetscolumnsoftheworksheet using the followinginformation.
|
Credit
40
5000
2500
800
1200
50
10000
10600
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30,190
Question 4
HarvestincorporatedAdjusted Trial BalanceDecember 31,2014
|
Credit
|
5,000
1,510
500
400
50
14,000
14,200
800
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$37,310
Requirements:
a) Prepare an income statementfortheyearending 12/31/2014.
b)Preparea balance sheetas of12/31/2014.
Question 5
Use the information provided belowtoprepare closing entrieson12/31/2014 and then preparethepost-closing attempt balancesas of12/31/2014.
EZ Inc
Income Statement
For theyear endedDecember 31,2014
Service revenue $19,000
Expenses
Supplies expense | 500 |
|
Salaries expense | 4,000 | |
Rent expense | 1,500 | |
Total expenses |
| $6,000 |
Net income |
| 13,000 |
EZ IncBalancesheet
As ofDecember31,2014
Current Assets
Assets
Cash $2,000
Accountsreceivable 1,300
Supplies 600
Prepaidinsurance 500
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Totalcurrent assets 4,400
|
8,900
Liabilities
Liabilities and Owner'sEquity
Notespayable $5,000
Accounts payable 700
Interestpayable 100
Salaries payable 1,300
Totalliabilities 7,100
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Owner's equity
Owner's capital 1,800