I am so lost on this. I am making a B in this class but I can not seem to get th
ID: 2553709 • Letter: I
Question
I am so lost on this. I am making a B in this class but I can not seem to get this project completed. Please help.
ACC-120
Project – Financial Accounting
This assignment supports the following outcomes:
· Prepare journal and ledger entries for a service or merchandising business.
· Prepare year-end statements for a service or merchandising business.
· Report cost decisions using accounting principles and financial statement analysis.
· Evaluate how knowledge, skills, and attitudes learned in this course apply to your chosen career.
· Posting References are not required, but will be visible on the answer key to provide examples.
Assignment
Create a set of financial statements based on the accounting information provided by a service or merchandising company. See the project handout for details.
Part 1
1. Record the journal entries for June.
2. Post the June transactions to the general ledger accounts.
3. Prepare a trial balance.
4. In the first tab (Journal), make all the journal entries required during June. Post them into the ledgers on tabs 2 and 3. On the worksheet- tab 4, create the initial trial balance for the end of the month in the first 2 columns. Remember, the total debits and credits on the trial balance must match!
5. Save and submit this for Milestone 1.
Part 2
1. Prepare adjusting entries in a worksheet using the information below:
· Paid an extra $480 in wages accrued by the end of June.
· Consulting services performed (that will not be billed until July) total $380.
· Performed consulting services for which payment had been received in advance that amounted to $1,460.
· Depreciation on office equipment for June is $320.
· Depreciation on office furniture for June is $200.
· An inventory of office supplies shows $200 still on hand as of June 30.
· One month’s prepaid insurance has expired in the amount of $100.
· Milestone 1 - One month’s prepaid rent has expired in the amount of $2,000.
2. Record the closing entries and post them to the ledger accounts.
3. Prepare a post-closing trial balance using the instructions below:
· Start by making all suggested changes from your instruction from Milestone 1, if any. Then for the Milestone 2, continue through adjustments and the month end process. First, record the adjusting entries in the General Journal and post them to the General Ledger. In the worksheet, add these adjustments to the adjustment column and "foot across" to create your adjusted trial balance.
· Once your adjusted trial balance is in balance, journal your closing entries in the General Journal and post them to the General Ledger. After your closing entries have been completed, you can make your Post Closing Trial Balance (which would then become your beginning balance load for the next accounting period.)
Part 3
1. Your instructor will have given you feedback from Milestone 2. Make any changes required. You are now ready to generate your financial statements. Finish your worksheet to complete your financial statements, then go over to your financial statements tab and complete them in good form. You will now have finished a complete month of the accounting cycle.
2. From the worksheet, prepare an income statement, statement of owners’ equity, and balance sheet.
The May 31, 20XX, post-closing trial balance for the L&L Accounting Firm appears below.
During June, the firm engaged in the following transactions:
1 Received an investment of cash from J. Long, $8,000.
3 Purchased office equipment with cash, $2,000.
4 Received office equipment transferred to the firm from J. Long, $1,800
7 Purchased extra office supplies with cash, $190
9 Completed bookkeeping services for Elliott Electric Company that amounted to $1,400
10 Paid the receptionist in cash for two weeks’ wages, $1,600
13 Paid the amount due to Office Depot for the office equipment purchased last month, $750
14 Accepted an advance in cash for services to be done for a new client, $2,200
15 Purchased a copier (office equipment) from Office Depot for $2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over the next six months.
16 Performed consulting services and received a cash fee, $1,650.
17 Received payment on account from Sally’s Salon for services performed last month, $3,200.
18 Paid amount due for the telephone bill that was received and recorded at the end of May, $260.
19 Performed consulting services for Sally’s Salon and agreed to accept payment next month, $4,600.
20 Performed bookkeeping services for cash, $780.
23 Received and paid the utility bill for June, $340.
24 Paid the secretary for two weeks’ wages, $1,600.
27 Paid the rent for July in advance, $2,000.
28 Received the telephone bill for June, which is to be paid next month, $220.
30 Paid cash to J. Long as a withdrawal for personal expenses, $1,750.
?
Explanation / Answer
The opening trial balance is not provided. I have done all the transaction entries and the adjustments. need to fill the opening trial balance to get the final accounts. Adjustment entry for supplies expense can be done only after having the beginning balance.
L & L Acounting Firm Worksheet trial balance for the month ending June 30 ,20XX Account Opening Trial Balance Transactions Trial Balance Adjustments Adjusted Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 15830 10890 4940 480 4460 4460 Accounts Receivable 6000 3200 2800 2800 2800 Prepaid Insurance 0 100 -100 -100 Prepaid Rent 2000 2000 2000 0 0 Office Supplies 190 190 190 190 Office Equipment 6200 6200 6200 6200 Accumulated Depreciation - Office Equipment 0 320 320 320 Office Furniture 0 0 0 Accumulated Depreciation - Office Furniture 0 200 200 200 Accounts Payable 1010 2220 1210 1210 1210 Unearned Revenue 2200 2200 1460 740 740 J.Long, Capital 9800 9800 9800 11080 J.Long,Drawings 1750 1750 1750 Service Revenue 8430 8430 1460 9890 9890 Wages Expense 3200 3200 480 3680 3680 Rent Expense 0 2000 2000 2000 Telephone Expense 220 220 220 220 Utility Expenses 340 340 340 340 Supplies Expense 0 0 0 Depreciation Expense 0 520 520 520 Insurance Expense 0 100 100 100 Total 36740 36740 21640 21640 4560 4560 22160 22160 6860 9890 13550 13550 Net Income 3030 Grand Total 36740 36740 21640 21640 4560 4560 22160 22160 9890 9890 13550 13550Related Questions
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