LEDGERGENERAL LEDGERACCOUNT CashACCOUNT NO. 11DATEDESCRIPTI.docx

LEDGERGENERAL LEDGERACCOUNT CashACCOUNT
NO. 11DATE
DESCRIPTIONPOST
DEBITCREDITBALANCEREF.DebitCreditApr 30Balance
Forwarded22,100May 03J11,55023,650May
05J11,75025,400May 09J110025,300May 13J140024,900May
16J175024,150May 17J17,38031,530May 25J14,20035,730May
27J16,60042,330May 28J175041,580May 28J115041,430May
28J122541,205May 28J12,87544,080May
28J17,50036,580ACCOUNT Accounts ReceivableACCOUNT
NO. 12 DATE
DESCRIPTIONPOST
Forwarded3,400May 05J11,7501,650May 15J15,1006,750May
21J12,9009,650May 27J16,6003,050May
28J12,2005,250ACCOUNT SuppliesACCOUNT NO.
14DATE
DESCRIPTIONPOST
Forwarded1,350May 20J15001,850May 28J1900900ACCOUNT
Office EquipmentACCOUNT NO. 18DATE
DESCRIPTIONPOST
Forwarded14,500ACCOUNT Accumulated
DepreciationACCOUNT NO. 19DATE
DESCRIPTIONPOST
Forwarded330May 28J1200530ACCOUNT Accounts
PayableACCOUNT NO. 21DATE
DESCRIPTIONPOST
Forwarded800May 13GJ1400400May 20GJ1500900ACCOUNT
Salaries PayableACCOUNT NO. 22DATE
DESCRIPTIONPOST

Forwarded120May 16J1120- 0May 31J1260260ACCOUNT
Unearned FeesACCOUNT NO. 23DATE
DESCRIPTIONPOST
31J12,7501,300ACCOUNT Kelly Pitney, CapitalACCOUNT
NO. 31DATE
DESCRIPTIONPOST
31J17,50056,960ACCOUNT Pitney WithdrawlACCOUNT
NO. 32DATE
DESCRIPTIONPOST
DEBITCREDITBALANCEREF.DebitCreditMay
28J17,5007,500May 28J17,500- 0ACCOUNT Income
SummaryACCOUNT NO. 33DATE
DESCRIPTIONPOST
31J127,40527,405May 31J15,24522,160May 31J122,160-
0ACCOUNT Fees EarnedACCOUNT NO. 41DATE
DESCRIPTIONPOST
09J15,1005,100May 17J17,38012,480May 20J12,90015,380May
25J14,20019,580May 31J12,87522,455May
31J12,20024,655May 31J12,75027,405May 31J127,405-
0nACCOUNT Salary ExpenseACCOUNT NO. 51DATE
DESCRIPTIONPOST
16J1630630May 28J17501,380May 31J12601,640May
31J11,640- 0ACCOUNT Rent ExpenseACCOUNT NO.
52DATE
DESCRIPTIONPOST
31J11,6001,600May 31J11,600- 0ACCOUNT Supplies
ExpenseACCOUNT NO. 53DATE

DESCRIPTIONPOST
31J1900900May 31J1900- 0ACCOUNT Depreciation
DESCRIPTIONPOST
31J1330330May 31J1330- 0eACCOUNT Insurance
DESCRIPTIONPOST
31J1300300May 31J1300- 0ACCOUNT Advertising
DESCRIPTIONPOST
09J1100100100ACCOUNT Telephone ExpenseACCOUNT
NO. 57DATE
DESCRIPTIONPOST
28J1150150150ACCOUNT Electric ExpenseACCOUNT NO.
58DATE
DESCRIPTIONPOST
DEBITCREDITBALANCEREF.DebitCreditMay 28J1225225225
April Post Closing Trial BalanceApril 30,
2008DebitCreditCash22,100Accounts
Receivable3,400Supplies1,350Prepaid Rent3,200Prepaid
Insurance1,500Office Equipment14,500Accumulated
Depreciation330Accounts Payable800Salaries
Payable120Unearned Fees2,500Kelly Pitney,
Capital42,30046,05046,050
WorksheetKelly ConsultingTrial BalanceAdjustmentsAdjusted
Trial BalanceIncome StatementBalance SheetAcct #Account
titleDebitCreditDebitCreditDebitCreditDebitCreditDebitCredit1
1Cash36580365803658012Accounts
Receivable52005250525014Supplies18506151235123515Prepai
d Rent32004002800280016Prepaid
Insurance15001501350135018Office

Equipment145001450019Accum
Depreciation33020053053021Accounts
Payable90090090022Salaries Payable26026026023Unearned
Fees405031Kelly Pitney, Capital32Pitney
Withdrawl7500750033Income Summary41Fees
Earned246552465551Salary Expense13801380138052Rent
Expense40040053Supplies Expense61561554Depreciation
Expense20020055Insurance Expense15015056Telephone
Expense15057Electric Expense22558Advertising Expense100
May JournalDateAccount Post. Ref.DebitCreditMay
03Cash111,550nUnearned Fees231,550May
05Cash111,750Accounts Receivable121,750May 09Advertising
Expense58100Cash11100May 13Accounts
Payable21400Cash11400May 15Accounts
Receivable125,100Fees Earned415,100May 16Salaries
Expense51630Salaries Payable22120NeoCash11750May
17Cash117,380Fees Earned417,380May
20Supplies14500Accounts Payable21500May 21Accounts
Receivable122,900Fees Earned412,900May 25Cash114,200Fees
Earned414,200May 27Cash116,600oAccounts
Receivable126,600May 28Salary Expense51750Cash11750May
28Tele Expense 56150Cash11150May 28Electricty
57225Cash11225May 28Cash112,875Fees Earned412,875May
28Accounts Receivable232,200Fees Earned412,200May 28Kelly
Pitney, Drawing317,500Cash117,500AdjustmentsMay 28Insur.
Exp55150Prepaid Insurance16150May 28Rent Exp57400Prepaid
Rent15400May 28Depreciation Expense54200Accum
Depreciation19200May 28Supply Expense53615Supplies41615
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. Record the ending balances from the April 30 post closing
trial balance into the ledger sheets or alternatively, you may
create T-accounts on an Excel spreadsheet.
2. Record journal entries for the May transactions on the journal
sheets given or create a spreadsheet configured as a journal
sheet.
3. Post the journal entries to the ledger sheets or if you created
T-accounts post the entries to your T-accounts.
4. Enter the ending balances from the ledger or T-accounts on to
the worksheet trial balance columns.
5. Enter the adjustments directly on to the worksheet.
6. Extend to the adjusted trial balance columns.
7. Extend to the financial statement columns.
8. Prepare the financial statements.
9. Enter the closing entries on to the worksheet.
10. Prepare the post-closing trial balance for May.
Submit your work in a Portfolio Project Excel worksheet that
you download from the

Module 8 Assignments page. Make sure all the sections listed
below are on the worksheet as a single document with each of
the four sections described clearly identified.
Make sure you include the following sections in your final
Excel Workbook:
I. The completed Worksheet on the given downloadable
spreadsheet
II. Formal income statement, statement of owner's equity, and
balance sheet (These may be prepared on separate tabs on the
Excel Workbook where "Worksheet" is the first tab)
III. Post-Closing Trial Balance for May 31
IV. T- Accounts

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