Document Preview:

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 2008 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 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. May 28 Paid telephone bill for May, $150. May 28 Paid electricity bill for May, $225. May 28 Recorded cash from cash clients for fees earned , $2,875. May 28 Provided services on account $2,200. May 28 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….