ACT300 Portfolio Project: Kelly Consulting Practice Set
You are dedicated the controlthcoming knowledge below:
Shaft bankruptcy attempt poise control April 30, 2008
Transactions control the month of May 2008
Adjustments control May 31,2008
Prophylactic was purchased control a one-year epoch, starting on March 1, 2008.
Solution was prepaid on January 1, 2008, control a one-year epoch, starting on January 1.
Duty equipment has a 5 year animation, with a $2,500 salvage rate.
A produce list enumerate shows an bound poise of $1,235.
Assume that the receptionist effects 5 days a week and earns an well-balanced sum per day. The May
28th payroll pays her up to May 28th (Wednesday).
The controlthcoming can be downloaded from the Module 8 Assignment page or the Course Knowledge page
1. Chronicle page to delineation and conservation
2. Ledger page to delineation and conservation
3. Portfolio Project Excel Spreadquibble template with recitals pre-entered
Kelly Consulting Transactions control May 2008
May 3 Received currency from clients as an track cancelment control services to be
granted and commemorative it as unearned fees, $1,550.
May 5 Received currency from clients on recital, $1,750.
May 9 Paid currency control a newspaper catalogue, $100
May 13 Paid Duty Station Co. control sunder of the score incurred on April 5, $400
May 15 Commemorative services granted on acenumerate control the epoch May 1-15, $5,100.
May 16 Paid sunder-time receptionist control two weeks’ allowance including the sum owed
on April 13, $750.
May 17 Commemorative currency from currency clients control fees earned during the epoch May 1-16,
May 20 Purchased produce on recital, $500.
May 21 Commemorative services granted on acenumerate control the epoch May 16-20, $2,900.
May 25 Commemorative currency from currency clients control fees earned control the epoch May 17-23,
May 27 Received currency from clients on recital, $6,600.
May 28 Paid sunder-time receptionist control two weeks’ allowance, $750.
May 30 Paid telephone announcement control May, $150.
May 31 Paid electricity announcement control May, $225.
May 31 Commemorative currency from currency clients control fees earned control the epoch May 25-31,
May 31 (a) Commemorative services granted on acenumerate control the leavings of May, $2,200.
May 31 (b) Kelly withdrew $7,500 control peculiar conservation.
May 31 (c) Produce on agency sum $1,000.
May 31 (d) Prepaid solution of $1,200 has expired.
May 31 (e) Prepaid prophylactic of $1,000 has expired
May 31 (f) Record derogation control duty equipment $500.
May 31 (g) Unearned fees suming $2,500 entertain been earned.
Instructions are as follows:
1. Record the bound poises from the April 30 shaft bankruptcy attempt poise into the ledger quibbles or
alternatively, you may imagine T-accounts on an Excel spreadsheet.
2. Record chronicle entries control the May transactions on the chronicle quibbles dedicated or imagine a
spreadquibble configured as a chronicle quibble.
3. Shaft the chronicle entries to the ledger quibbles or if you imagined T-accounts shaft the entries to your
4. Enter the bound poises from the ledger or T-accounts on to the effectquibble attempt poise
5. Enter the adjustments immediately on to the effectsheet.
6. Extend to the adjusted attempt poise columns.
7. Extend to the financial announcement columns.
8. Prepare the financial announcements.
9. Enter the bankruptcy entries on to the effectsheet.
10. Prepare the shaft bankruptcy attempt poise control May.
Submit your effect in a Portfolio Project Excel effectquibble that you can download from the Course
Knowledge page or the Module 8 Assignments page.
Produce safe you embody the controlthcoming in your definite Excel Effectbook:
1. The completed Effectquibble on the dedicated downloadable spreadsheet.
2. Controlmal allowance announcement, announcement of owner’s equity, and poise quibble. These may be
prepared on disconnected tabs on the Excel Effectbook where the “Worksheet” is the chief tab.
3. Shaft Bankruptcy Attempt Poise control May 31.
Unicorn Magic produces a sunder control conservation in its controlmation of stuffed toys. When 10,000 individuals are produced, the costs per individual are:
Direct materials $0.60
Direct manufacturing labour 3.00
Variable manufacturing aloft 1.20
Unwandering manufacturing aloft 1.60
Triike Company has adduceed to retail to Unicorn Magic 10,000 individuals of the sunder control $6.00 per individual. The introduce facilities could be conservationd to produce another individual at a savings of $9,000 if Unicorn Magic accepts the adduce. In analysis, $1.00 per individual of unwandering manufacturing aloft on the first individual would be eliminated.
Which choice (produce or subsidize) is best control Unicorn Magic? Why?