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Question 1 Kelly Consulting Post-closing Trial Balance April 30, 2008 Account title Debit Credit Cash 22,100 Accounts Receivables 3400 Supplies 1350 Prepaid Rent 3200 prepaid insurance 1500 Office Equipment 14500 Accumulated Depreciation 330 Accounts payable 800 Salary payable 120 Kelly Capital 44800 Total $46,050 $46,050 Requirements: a) Journalize the following transactions using the file called student Template. b) Post them to the general ledgers or T accounts using the same file. 1) Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550. 2) Received cash from clients on account, $1,750. 3) Paid cash for a newspaper advertisement, $100 4) Paid Office Station Co., previously posted to accounts payable for, $400 5) Recorded services provided on account for the period May 1-15, $5,100. 6) Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750 7) Recorded cash received from cash clients for fees earned during the period May 1-16, $7,380 8) Purchased supplies on account, $500. 9) Recorded services provided on account for the period May 16-20, $2,900. 11) Received cash from clients on account, $6,600. 12) Paid part-time receptionist for two weeks’ salary, $750. Question 2 Woods corporation Unadjusted Trial Balance December 31, 2014 Account title Debit Credit Cash 18,570 Accounts Receivables 11,900 Supplies 1,820 Prepaid Rent 750 Equipment 12,000 Accumulated Depreciation 1,100 Accounts payable 1,050 Unearned Fees 2,800 Capital 37,800 Dividends 1400 Fees earned 51450 Wages Expense 28210 Rent expense 2250 Utilities expense 16040 Miscellaneous Expenses 1260 Total $94,200 $94,200 Requirements: a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments are made on a monthly basis. Woods corporation fiscal year ends on 1/31 b) Post the adjusting entries to the unadjusted trial balance and prepare the adjusted trial balance. A) The equipment was purchased on January 1 of this year. It has a 10 year life. There is no salvage value. Use the straight line method. B) The amount of supplies on hand as of December 31 is $1000.00 C) Fees earned and unbilled $ 1,200 D) Additional fees earned (collected in prior periods) $ 800.00 F) Rent was prepaid on February 1 of this year for one year in the amount of $3000 . Question 3 M&D Inc Adjusted Trial Balance 12/31/14 Complete the income statement and balance sheets columns of the worksheet using the following information. Credit 40 5000 2500 800 1200 50 10000 10600 30,190 Question 4 Harvest incorporated Adjusted Trial Balance December 31, 2014 Credit 850 5,000 1,510 500 400 50 14,000 14,200 800 $37,310 Requirements: a) Prepare an income statement for the year ending 12/31/2014. b) Prepare a balance sheet as of 12/31/2014. Question 5 Use the information provided below to prepare closing entries on 12/31/2014 and then prepare the post-closing trial balances as of 12/31/2014. EZ Inc Income Statement For the year ended December 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 Inc Balance sheet As of December 31, 2014 Current Assets Assets Cash $2,000 Accounts receivable 1,300 Supplies 600 Prepaid insurance 500 Total current assets 4,400 4,500 8,900 Liabilities Liabilities and Owner’s Equity Notes payable $5,000 Accounts payable 700 Interest payable 100 Salaries payable 1,300 Total liabilities 7,100 Owner’s equity Owner’s capital 1,800 Total liabilities and owner’s equity $8,900

Question 1
Kelly Consulting
Post-closing Trial Balance April 30, 2008
Account title Debit Credit
Cash 22,100
Accounts Receivables 3400
Supplies 1350
Prepaid Rent 3200
prepaid insurance 1500
Office Equipment 14500
Accumulated Depreciation 330
Accounts payable 800
Salary payable 120
Kelly Capital 44800
Total $46,050 $46,050

Requirements:
a) Journalize the following transactions using the file called student Template.
b) Post them to the general ledgers or T accounts using the same file.
1) Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.

2) Received cash from clients on account, $1,750.

3) Paid cash for a newspaper advertisement, $100

4) Paid Office Station Co., previously posted to accounts payable for, $400

5) Recorded services provided on account for the period May 1-15, $5,100.

6) Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750

7) Recorded cash received from cash clients for fees earned during the period May 1-16, $7,380

8) Purchased supplies on account, $500.

9) Recorded services provided on account for the period May 16-20, $2,900.

11) Received cash from clients on account, $6,600.

12) Paid part-time receptionist for two weeks’ salary, $750.

 

Question 2

Woods corporation Unadjusted Trial Balance December 31, 2014

 

Account title Debit Credit
Cash 18,570
Accounts Receivables 11,900
Supplies 1,820
Prepaid Rent 750
Equipment 12,000
Accumulated Depreciation 1,100
Accounts payable 1,050
Unearned Fees 2,800
Capital 37,800
Dividends 1400
Fees earned 51450
Wages Expense 28210
Rent expense 2250
Utilities expense 16040
Miscellaneous Expenses 1260
Total $94,200 $94,200

Requirements:
a) Journalize the following adjusting entries as of 12/31/2014. Assume that all adjustments are
made on a monthly basis. Woods corporation fiscal year ends on 1/31
b) Post the adjusting entries to the unadjusted trial balance and prepare the adjusted trial balance.

A) The equipment was purchased on January 1 of this year. It has a 10 year life. There is no salvage value. Use the straight line method.

B) The amount of supplies on hand as of December 31 is $1000.00

C) Fees earned and unbilled $ 1,200

D) Additional fees earned (collected in prior periods) $ 800.00

F) Rent was prepaid on February 1 of this year for one year in the amount of $3000 .

 

 
Question 3

M&D Inc
Adjusted Trial Balance 12/31/14

Complete the income statement and balance sheets columns of the worksheet using the following information.

Credit

 

 

 

40
5000
2500
800
1200
50
10000

10600

 

 

 
30,190
Question 4
Harvest incorporated Adjusted Trial Balance December 31, 2014

Credit

 
850
5,000
1,510
500
400
50
14,000

14,200

 

 

 
800
$37,310
Requirements:

a) Prepare an income statement for the year ending 12/31/2014.
b) Prepare a balance sheet as of 12/31/2014.

Question 5

Use the information provided below to prepare closing entries on 12/31/2014 and then prepare the post-closing trial balances as of 12/31/2014.

EZ Inc
Income Statement
For the year ended December 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 Inc Balance sheet

As of December 31, 2014
Current Assets

Assets

Cash $2,000
Accounts receivable 1,300
Supplies 600
Prepaid insurance 500
Total current assets 4,400

 

 

4,500

8,900
Liabilities

Liabilities and Owner’s Equity

Notes payable $5,000
Accounts payable 700
Interest payable 100
Salaries payable 1,300
Total liabilities 7,100

Owner’s equity
Owner’s capital 1,800
Total liabilities and owner’s equity $8,900

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