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

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 accountforthe 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 accountforthe period May16-20,$2,900.

 

11)  Received cashfromclientson account, $6,600.

 

12)  Paidpart-time receptionist fortwo weeks’ salary,$750.

 

 

 

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 corporation fiscal year ends on 1/31

b)Postthe adjustingentries to the unadjusted trial balanceand preparetheadjusted trialbalance.

 

A)Theequipmentwaspurchased on January1ofthisyear.It has a 10 year life. There is nosalvagevalue.Usethe straight line method.

 

B)Theamountof supplieson hand asofDecember31is$1000.00

 

C)Feesearnedandunbilled $1,200

 

D)  Additional fees earned (collected 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.

 

Account title Debit Cash 15,200 AccountsReceivable 200 Supplies 1000 Prepaid insurance 550 Equipment 5000 Accumulated Depreciation   NotesPayable   AccountsPayable   Unearned Servicerevenue   Salaries & wages payable   Interestpayable   Owner’s capital   Owner’s drawing 500 Service revenue   Salaries & wages expense 5200 Supplies expenses 1500 Rent expense 900 Insuranceexpense 50 Interestexpense 50 Depreciationexpense 40 Total 30,190

Credit

 

 

 

 

 

 

 

40

5000

2500

800

1200

50

10000

 

10600

 

 

 

 

 

 

 

 

30,190

 

 

Question 4

 

 

HarvestincorporatedAdjusted Trial BalanceDecember 31,2014

 

Account title Debit Cash $6,700 AccountsReceivable 600

Credit

 

 

 

Supplies 1,000 Prepaid rent 900 Equipment 15,000 Accumulated Depreciation   NotesPayable   AccountsPayable   Unearnedrent revenue   Salaries & wages payable   Interestpayable   Owner’s capital   Owner’s drawing 600 Service revenue   Salaries & wages expense 9,400 Supplies expenses 200 Rent expense 1,500 Utilities expense 510 Interestexpense 50 Depreciationexpense 850 Rent revenue   Total $37,310

850

5,000

1,510

500

400

50

14,000

 

14,200

 

 

 

 

 

 

 

 

800

$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 trial 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

Totalcurrent assets                                                                              4,400

 

 

 

 

 

Equipment $5,000 Less: Accumulateddepreciation-Equipment 500 Total assets

4,500

 

8,900

 

 

 

Liabilities

Liabilities and Owner’sEquity