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Question 1 |
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KellyConsulting Post-closing Trial BalanceApril 30,2008 |
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Account title |
Debit |
Credit |
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Cash |
22,100 |
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AccountsReceivables |
3400 |
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Supplies |
1350 |
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Prepaid Rent |
3200 |
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prepaid insurance |
1500 |
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OfficeEquipment |
14500 |
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Accumulated Depreciation |
|
330 |
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Accountspayable |
|
800 |
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Salary payable |
|
120 |
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KellyCapital |
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44800 |
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.
Woods corporationUnadjusted TrialBalanceDecember31,2014
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Account title |
Debit |
Credit |
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Cash |
18,570 |
|
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AccountsReceivables |
11,900 |
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Supplies |
1,820 |
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Prepaid Rent |
750 |
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Equipment |
12,000 |
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Accumulated Depreciation |
|
1,100 |
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Accountspayable |
|
1,050 |
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Unearned Fees |
|
2,800 |
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Capital |
|
37,800 |
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Dividends |
1400 |
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Feesearned |
|
51450 |
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Wages Expense |
28210 |
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Rent expense |
2250 |
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Utilities expense |
16040 |
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MiscellaneousExpenses |
1260 |
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Total |
$94,200 |
$94,200 |
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.
M&DInc
Adjusted Trial Balance12/31/14
Completethe incomestatementandbalancesheetscolumnsoftheworksheet using the followinginformation.
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40
5000
2500
800
1200
50
10000
10600
Question 4
HarvestincorporatedAdjusted Trial BalanceDecember 31,2014
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850
5,000
1,510
500
400
50
14,000
14,200
800
Requirements:
a) Prepare an income statementfortheyearending 12/31/2014.
b)Preparea balance sheetas of12/31/2014.
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
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Supplies expense |
500 |
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Salaries expense |
4,000 |
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Rent expense |
1,500 |
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Total expenses |
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$6,000 |
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Net income |
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13,000 |
EZ IncBalancesheet
As ofDecember31,2014
Current Assets
Cash $2,000
Accountsreceivable 1,300
Supplies 600
Prepaidinsurance 500
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4,500
8,900
Liabilities
Notespayable $5,000
Accounts payable 700
Interestpayable 100
Salaries payable 1,300
Totalliabilities 7,100
Owner’s capital 1,800
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