I can't figure out my mistake on the trial balance sheet for may. I have not been able to balance the account.
ACT300 Portfolio Project: Kelly Consulting Practice Set You are given the following information: 1. Post closing trial balance for April 30, 2008 2. Transactions for the month of May 2008 3. Adjustments for May 31,2008 The following can be download from the Module 8 Assignment page or the Course Information page 4. Journal page to copy and use 5. Ledger page to copy and use 6. Portfolio Project Excel Spreadsheet template with accounts pre-entered Kelly Consulting Transactions for May 2008 May 3 May 5 May 9 May 13 May 15 May 16 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550. Received cash from clients on account, $1,750. Paid cash for a newspaper advertisement, $100 Paid Office Station Co. for part of the debt incurred on April 5, $400 Recorded services provided on account for the period May 1-15, $5,100. Paid part-time receptionist for two weeks' salary including the amount owed May 17 May 20 May 21 May 25 May 27 May 28 May 30 May 31 May 31 May 31 May 31 on April 13, $750. Recorded cash from cash clients for fees earned during the period May 1-16, $7,380 Purchased supplies on account, $500. Recorded services provided on account for the period May 16-20, $2,900. Recorded cash from cash clients for fees earned for the period May 17-23, $4,200. Received cash from clients on account, $6,600. Paid part-time receptionist for two weeks' salary, $750. Paid telephone bill for May, $150. Paid electricity bill for May, $225. Recorded cash from cash clients for fees earned for the period May 25-31, $2,875. Recorded services provided on account for the remainder of May, $2,200. Kelly withdrew $7,500 for personal use. Instructions are as follows: 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 can download from the Course Information page or the Module 8 Assignments page. Make sure you include the following in your final Excel Workbook: 1. The completed Worksheet on the given downloadable spreadsheet. 2. Formal income statement, statement of owner's equity, and balance sheet. These may be prepared on separate tabs on the Excel Workbook where the "Worksheet" is the first tab. 3. Post Closing Trial Balance for May 31. Kelly Consulting Acct # Account title 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing 33 Income Summary 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense Trial Balance Debit Credit $60,530.00 $1,850.00 $500.00 $3,200.00 $1,500.00 Debit Adjustments Credit Adjusted Trial Balance Debit Credit $60,530.00 $1,850.00 $500.00 $3,200.00 $1,500.00 $100.00 $1,500.00 $1,550.00 $63,205.00 $100.00 $1,500.00 $1,550.00 $63,205.00 $187.50 $187.50 $400.00 $625.00 $41.67 $150.00 $67,580.00 $66,355.00 $475.00 $662.50 $1,216.67 $400.00 $625.00 $41.67 $150.00 $475.00 $68,242.50 $67,571.67 Income Statement Debit Credit Balance Sheet Debit Credit Journal Form 1-May 3-May 5-May Cash Kelly Pitney Capital $1,550.00 Accounts Rec Cash $1,750.00 Advertisement Cash 13-May Cash Accounts payable 16-May 17-May 20-May Cr. $46,050.00 Unearned Fees Cash 9-May 15-May Dr. $46,050.00 $1,550.00 $1,750.00 $100.00 $100.00 $400.00 $400.00 Accounts Recievable Kelly Pitney Capital $5,100.00 Wages Payed Cash $750.00 Cash Received Kelly Pitney Capital $500.00 $5,100.00 $750.00 $7,380.00 $500.00 21-May Accounts Recievable Kelly Pitney Capital $2,900.00 25-May Cash Received Kelly Pitney Capital $4,200.00 Cash Accounts Recievable $6,600.00 27-May 28-May Wages Payed Cash Supply $4,200.00 $6,600.00 $750.00 $750.00 $150.00 31-May Electricity Expence Cash $225.00 31-May Cash Received Kelly Pitney Capital $2,875.00 31-May Accounts Recievable Kelly Pitney Capital Cash Withdrawl Kelly Pitney Capital Accounts Rec 5100 2900 2200 10200 1850 $2,900.00 30-May Telephone Expence Cash 31-May 100 400 750 750 150 225 7500 9875 $7,380.00 Supply Accounts Rec Cash 46050 1550 1750 7380 4200 6600 2875 70405 60530 $150.00 $225.00 $2,875.00 $2,200.00 $2,200.00 $7,500.00 $7,500.00 500 1750 6600 8350 Kelly Pitney Capital 7500 46050 5100 7380 2900 4200 2875 2200 7500 70705 63205 Unearned fees 1550 Misc 100 150 225 475 Accounts Payable 400 500 100 Wages 750 750 1500 30-Apr 30-Apr Assets Cash $22,100.00 Accounts Receivable $3,400.00 Accumulated Depreciation 30-Apr 30-Apr 30-Apr Liabilities Accounts Payable 30-Apr Supplies $1,350.00 Office Equipment $14,500.00 Capital $800.00 Unearned Fees 30-Apr $330.00 30-Apr Rent Expence $3,200.00 30-Apr $2,500.00 Insurance $1,500.00 Salaries Payable 30-Apr $120.00 30-Apr $42,300.00 Assets Cash 46050 1550 1750 7380 4200 6600 2875 70405 60530 Liabilities Wage Expence 100 400 750 750 150 225 7500 9875 Bal Misc. Accounts Payable Office Equipment Bal Accounts Recievable Depreciation Unearned Fees Pre-Payed Rent Prepayed Insurance 30-Apr 20-May Bal Office Supplies 1,350.00 500.00 1,850.00 1,850.00 Kelly Pitney Capital 7500 46050 5100 7380 2900 4200 2875 2200 7500 70705 63205 Kelly Consulting Balance sheet 31-May-08 Assets Cash Liabilities 68030 Accounts payable 100 Accounts receivable Supplies total 1850 Kelly Capital Withholdings 70750 totals 70850 500 70380 Here are some additional facts that were left out of the project description: 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. Technically, it won't matter since it is straight-line depreciation (it should be the same month after month). Just go with the beginning of May, since the starting $330 will mess you all up. There should be an ending balance of $1,235 in your supplies inventory account. Kelly Consulting Acct # Account title 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Kelly Pitney, Capital 32 Kelly Pitney, Drawing 33 Income Summary 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense Trial Balance Debit Credit $60,530.00 $1,850.00 $500.00 $3,200.00 $1,500.00 Debit Adjustments Credit Adjusted Trial Balance Debit Credit $60,530.00 $1,850.00 $500.00 $3,200.00 $1,500.00 $100.00 $1,500.00 $1,550.00 $63,205.00 $100.00 $1,500.00 $1,550.00 $63,205.00 $187.50 $187.50 $400.00 $625.00 $41.67 $150.00 $67,580.00 $66,355.00 $475.00 $662.50 $1,216.67 $400.00 $625.00 $41.67 $150.00 $475.00 $68,242.50 $67,571.67 Income Statement Debit Credit Balance Sheet Debit Credit Journal Form 1-May 3-May 5-May Cash Kelly Pitney Capital $1,550.00 Accounts Rec Cash $1,750.00 Advertisement Cash 13-May Cash Accounts payable 16-May 17-May 20-May Cr. $46,050.00 Unearned Fees Cash 9-May 15-May Dr. $46,050.00 $1,550.00 $1,750.00 $100.00 $100.00 $400.00 $400.00 Accounts Recievable Kelly Pitney Capital $5,100.00 Wages Payed Cash $750.00 Cash Received Kelly Pitney Capital $500.00 $5,100.00 $750.00 $7,380.00 $500.00 21-May Accounts Recievable Kelly Pitney Capital $2,900.00 25-May Cash Received Kelly Pitney Capital $4,200.00 Cash Accounts Recievable $6,600.00 27-May 28-May Wages Payed Cash Supply $4,200.00 $6,600.00 $750.00 $750.00 $150.00 31-May Electricity Expence Cash $225.00 31-May Cash Received Kelly Pitney Capital $2,875.00 31-May Accounts Recievable Kelly Pitney Capital Cash Withdrawl Kelly Pitney Capital Accounts Rec 5100 2900 2200 10200 1850 $2,900.00 30-May Telephone Expence Cash 31-May 100 400 750 750 150 225 7500 9875 $7,380.00 Supply Accounts Rec Cash 46050 1550 1750 7380 4200 6600 2875 70405 60530 $150.00 $225.00 $2,875.00 $2,200.00 $2,200.00 $7,500.00 $7,500.00 500 1750 6600 8350 Kelly Pitney Capital 7500 46050 5100 7380 2900 4200 2875 2200 7500 70705 63205 Unearned fees 1550 Misc 100 150 225 475 Accounts Payable 400 500 100 Wages 750 750 1500 30-Apr 30-Apr Assets Cash $22,100.00 Accounts Receivable $3,400.00 Accumulated Depreciation 30-Apr 30-Apr 30-Apr Liabilities Accounts Payable 30-Apr Supplies $1,350.00 Office Equipment $14,500.00 Capital $800.00 Unearned Fees 30-Apr $330.00 30-Apr Rent Expence $3,200.00 30-Apr $2,500.00 Insurance $1,500.00 Salaries Payable 30-Apr $120.00 30-Apr $42,300.00 Assets Cash 46050 1550 1750 7380 4200 6600 2875 70405 60530 Liabilities Wage Expence 100 400 750 750 150 225 7500 9875 Bal Misc. Accounts Payable Office Equipment Bal Accounts Recievable Depreciation Unearned Fees Pre-Payed Rent Prepayed Insurance 30-Apr 20-May Bal Office Supplies 1,350.00 500.00 1,850.00 1,850.00 Kelly Pitney Capital 7500 46050 5100 7380 2900 4200 2875 2200 7500 70705 63205 Kelly Consulting Balance sheet 31-May-08 Assets Cash Liabilities 68030 Accounts payable 100 Accounts receivable Supplies total 1850 Kelly Capital Withholdings 70750 totals 70850 500 70380 Here are some additional facts that were left out of the project description: 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. Technically, it won't matter since it is straight-line depreciation (it should be the same month after month). Just go with the beginning of May, since the starting $330 will mess you all up. There should be an ending balance of $1,235 in your supplies inventory account
