URGENT HELP IN THIS ACCOUNTING ASSIGNMENT You have been hired as an accountant f

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URGENT HELP IN THIS ACCOUNTING ASSIGNMENT

You have been hired as an accountant for FMoore Consulting Inc. This business was created when several friends decided they wanted to earn some money to help pay for some traveling they wanted to be able to do. The business was created on November 1, 2015. The company will have a fiscal year end of October 31st. The initial formation transactions and early purchases for FMoore Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab) During November, the first month of operations, the following transactions occurred:
1/ Borrowed 98,000 from the bank for operating cash on November 1st. The note has a 3% interest rate (simple interest)
and is to be paid back in 3 years
2/ Paid $10,800 for 12 months rent on office space on November 2nd
3/ Purchased office furniture for $14,250 on November 2nd.
4/ Signed a contract with the TBA Inc. on November 3rd for work to be done over the next 12 months
5/ Purchased $12,700 of additional office supplies on account on November 6th.
6/ Received $85,200 from the TBA Inc. on November 8th for the work to be performed over the next 12 months.
7/ Paid $2,750 for maintenance on the equipment on November 10th.
8/ Paid $11,500 to suppliers on November 12th for purchases previously made on account.
9/ Paid $2,170 for travel expenses for information gathering trips related to the TBA Inc. contract on November 18th.
10/ Performed services for various customers for $18,750 cash and another $43,750 on account. Record on November
20th.
11/ Paid salaries to employees totaling $10,500 for services rendered on November 25th.
12/ Paid utility bill (water) totaling $1,570 on November 26th.
13/ Collected $15,500 on November 28th as payment for amounts previously billed.
14/ Dividends of $2,000 were declared and paid on November 30th.

At the end of November, the following additional information is available to help determine what adjustments
are needed:
a) The Prepaid insurance account (see Worksheet tab for beginning balances) represents a 1 year policy purchased
November 1, 2015.
b) One month of interest has accrued on the note payable for the bank loan.
c) Supplies on hand are $9,500.
d) Received the bill for utility services (electricity) that the firm used during November in the amount of $3,790. The company will pay the bill in December.
e) One month of the services for the TBA Inc. has been performed (see November 8th activity above).
f) Depreciation expense for the computer equipment is $270 and for the office furniture is $210
g) Additional work for customers of $14,270 has been performed during the last week of November but not yet
billed
h) Salaries of $10,500 are paid every Friday (for a 5 day work week). November 30, 2015 was a Monday.
i) One month of the prepaid rent has been used up

SUGGESTED STEPS FOR COMPLETION:
· Prepare journal entries to record the November transactions given.
· Post the journal entries to ledger accounts using T-accounts to represent ledger accounts. Don’t forget the
opening balances from the information given on the Worksheet. There is a tab to use for T Accounts if you want
· Prepare an unadjusted trial balance as of November 30, 2015. This will be part of the Worksheet you prepare.
There is a tab in this file that you will use for this.
· Prepare adjusting entries for the month of November given the information provided.
· Post the adjusting entries to the T-accounts and to the Adjusting entries columns on the worksheet
· Prepare an adjusted trial balance as of November 30, 2015. This will be part of the Worksheet you prepare.
There is a tab in this file that you will use for this.
· Prepare financial statements for the month of November 30, 2015. (Income Statement, Statement of Retained
Earnings, Classified Balance Sheet ). Formatting is important and will be graded so be sure you use dollar signs and
underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is a tab
for these statements. Heading are PARTIALLY completed for the 3 statements.
· Prepare and post closing entries for the end of the period and to the T Accounts
· Prepare a post closing trial balance as of November 30, 2015. There is space for this included on the statements
tab.

NOTE: PLEASE PUT THE SOLUTION IN AN EXCEL FILE.

Explanation / Answer

Date Particulars Debit Credit 1-Nov Cash 98000            3 % Notes Payable 98000 Borrowed from ban at 3 % interest 2-Nov Prepaid Rent 10800         Cash 10800 Rent Paid in advance for 12 months 2-Nov Office Furniture 14250         Cash 14250 Office furniture purchased 3-Nov No entry for contract signed 6-Nov Supplies 12700                Accounts Payable 12700 Supplies purchased 8-Nov Cash 85200               Unearned service revenue 85200 Amount received in advance 10-Nov Maintenance expense 2750            Cash 2750 Maintenance expense paid 12-Nov Accounts Payable 11500             Cash 11500 Amount paid to suppliers on account 18-Nov Travel Expense 2170           Cash 2170 Trtavelling expense paid 20-Nov cash 18750 Accounts Receivable 43750              Service revenue 62500 Revenue earned on account of services performed 25-Nov Salaries expense 10500           Cash 10500 Salary expense paid 26-Nov Utility Expense - Water 1570            Cash 1570 Utility Expense paid 28-Nov Cash 15500                  Accounts Receivable 15500 Amount received on account 30-Nov Cash Dividends 2000                Cash 2000 Dividends declared andd paid 30-Nov Amount of insurance has not been provided 30-Nov Interest Expense 245                    Interest Payable 245 Interest expense due on notes payable = 98000 x 3% x 1/12 year 30-Nov Supplies Expense 3200           Supplies 3200 Supplies consumed during period = 12700 -9500, = 3200 30-Nov Utility Expense - Electricity 3790              Acccounts Payable 3790 Unpaid electricity bill recorded 30-Nov Unearned service revenue 7100              Service revenue 7100 Amount recorded as revenue earned = 85200 / 12 , =7100 30-Nov Depreciation Expense - equipment 270               Accumulated Depreciation - equipment 270 Depreciation Expense recorded 30-Nov Depreciation Expense - Furniture 210               Accumulated Depreciation - Furniture 210 Depreciation Expense recorded 30-Nov Unbilled Services 14270               Service Revenue 14270 Unbilled services recorded 30-Nov Salaries Expense 2100            Salaries Payable 2100 Amount due for Monday - 1 day 30-Nov rent Expense 900           Prepaid rent 900 Expired Rent recorded = 10800 /12 , = 900

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