1 Complete the daily journal entries for January on the Transactions List, entering them in the General Journal. See Chart of Accounts below for listing of available accounts. Post these journal entries to the T-accounts. 2 Complete the Unadjusted Trial Balance columns of the Trial Balance Worksheet with the updated account balances from the daily joumal entries. Make sure your trial balance is in balance before moving to the next step. (See Appendix 3B in eBook or Connect Optional Trial Balance Worksheet Overview for an example.) 3. Assume it is Jan 31, prepare and journalize adjusting entries in the General Journal. (Hint: There are six adjusting entries.) 4 In your Trial Balance Worksheet, enter the adjusting entries in the Adjustments columns. Update the Adjusted Trial Balance columns of the Trial Balance Worksheet. Make sure your trial balance is in balance before moving to the next step. 5 Complete the Multi-Step Income Statement using the numbers in the Adjusted Trial Balance columns of the Trial Balance Worksheet. 6 Complete the Statement of Retained Earnings linking the numbers in the Adjusted Trial Balance columns of the Trial Balance Worksheet and the Multi-Step Income Statement 7 Complete the Classified Balance Sheet linking the numbers in the Adjusted Trial Balance columns of the Trial Balance Worksheet and the Statement of Retained Earnings. 8 Now, assume it is year end. Prepare and journalize the closing entries in the General Journal 9 Complete Group Participation to indicate group member contribution to final project. 10 Upload the completed Excel worksheet to the Canvas Accounting Cycle Project assignment. Only one group member needs to upload the final, agreed-upon assignment for the group. Chart of Accounts Cash Accounts payable Accounts receivable Interest payable Merchandise inventory Wages payable Prepaid insurance Unearned sales revenue Prepaid rent Notes payable Store supplies Common stock Store equipment Retained earings Accumulated depreciation Dividends You will also need Income Summary for closing entries Sales revenue Cost of goods sold Advertising expense Depreciation expense Insurance expense Interest expense Rent expense Supplies expense Utilities expense Wages expense Accounting Cycle Project Check figures Sheet Item T-Accounts Cash ending balance Trial Balance Worksheet Total unadjusted trial balance Trial Balance Worksheet Total adjustments Multi-Step Income Statement Net income (loss) Classified Balance Sheet Total assets Amount $23,550 $58,050 $1,258 $592 $37,058 Project Point Distribution Item Points Up To Daily transactions in general journal 25 Posting daily transactions to t-accounts 5 Adjusting entries in general journal 10 Trial balance worksheet Multi-step income statement Statement of retained earnings 5 Classified balance sheet Closing entries in general journal 5 Total points 75 Points are largely awarded on accuracy, versus effort. 5 10 10 Transactions List # 1 Date January 1 January 1 2 Brewer, Inc. sold 175 shares of stock at $50 per share for cash. Received a 4-year, $5000 loan at 4%. The principal is due at the end of the maturity period. Interest is to be paid monthly due on the Ist of the following month. 3 January 1 4 5 6 7 8 January 2 January 2 January 3 January 5 January 7 January 10 January 11 January 12 January 13 9 10 11 12 Purchased store equipment for $4000. Made a down payment of $1500 and the remaining balance in a promissory note with 'same as cash' financing terms (no interest). The equipment has a salvage value of $500 and estimated useful life of 7 years. Paid rent for January through May totaling $3000. Purchased store supplies on account for $750. Purchased inventory on account for $14000. Sold inventory on account for $9000 which was purchased for S6000. Purchased a 12-month insurance policy for $1800. Purchased inventory at S5000 cash. Paid $1250 for advertising for January on social media. Sold inventory on account for $12400 which costed $8000, Received payment from customer from January 5 sale. Account was paid off in full. Paid employees' wages for the past 2 weeks totaling $2000. (Wages run $200 per day.) Received cash from customer for S6400 of inventory which costed $4000. Merchandise will not be shipped until February 2 per customer's request. Received payment on the sale dated January 12. Paid employees' wages for the past 2 weeks totaling $2000. (There are five work days cach week.) January 28 is a Friday. No one works the weekend but employees do work January 31. Paid electricity bill for January that totaled $300. Paid for supplies purchased on January 2. There remains S500 worth of supllies in the cabinet today. Placed an order for $8000 worth of inventory. Inventory is not expected to be received until February 4 with terms of n/30. Paid $400 cash to shareholders for dividends. 13 January 14 14 January 20 15 January 25 January 28 16 17 January 30 January 31 18 19 January 31 20 January 31 1 Complete the daily journal entries for January on the Transactions List, entering them in the General Journal. See Chart of Accounts below for listing of available accounts. Post these journal entries to the T-accounts. 2 Complete the Unadjusted Trial Balance columns of the Trial Balance Worksheet with the updated account balances from the daily joumal entries. Make sure your trial balance is in balance before moving to the next step. (See Appendix 3B in eBook or Connect Optional Trial Balance Worksheet Overview for an example.) 3. Assume it is Jan 31, prepare and journalize adjusting entries in the General Journal. (Hint: There are six adjusting entries.) 4 In your Trial Balance Worksheet, enter the adjusting entries in the Adjustments columns. Update the Adjusted Trial Balance columns of the Trial Balance Worksheet. Make sure your trial balance is in balance before moving to the next step. 5 Complete the Multi-Step Income Statement using the numbers in the Adjusted Trial Balance columns of the Trial Balance Worksheet. 6 Complete the Statement of Retained Earnings linking the numbers in the Adjusted Trial Balance columns of the Trial Balance Worksheet and the Multi-Step Income Statement 7 Complete the Classified Balance Sheet linking the numbers in the Adjusted Trial Balance columns of the Trial Balance Worksheet and the Statement of Retained Earnings. 8 Now, assume it is year end. Prepare and journalize the closing entries in the General Journal 9 Complete Group Participation to indicate group member contribution to final project. 10 Upload the completed Excel worksheet to the Canvas Accounting Cycle Project assignment. Only one group member needs to upload the final, agreed-upon assignment for the group. Chart of Accounts Cash Accounts payable Accounts receivable Interest payable Merchandise inventory Wages payable Prepaid insurance Unearned sales revenue Prepaid rent Notes payable Store supplies Common stock Store equipment Retained earings Accumulated depreciation Dividends You will also need Income Summary for closing entries Sales revenue Cost of goods sold Advertising expense Depreciation expense Insurance expense Interest expense Rent expense Supplies expense Utilities expense Wages expense Accounting Cycle Project Check figures Sheet Item T-Accounts Cash ending balance Trial Balance Worksheet Total unadjusted trial balance Trial Balance Worksheet Total adjustments Multi-Step Income Statement Net income (loss) Classified Balance Sheet Total assets Amount $23,550 $58,050 $1,258 $592 $37,058 Project Point Distribution Item Points Up To Daily transactions in general journal 25 Posting daily transactions to t-accounts 5 Adjusting entries in general journal 10 Trial balance worksheet Multi-step income statement Statement of retained earnings 5 Classified balance sheet Closing entries in general journal 5 Total points 75 Points are largely awarded on accuracy, versus effort. 5 10 10 Transactions List # 1 Date January 1 January 1 2 Brewer, Inc. sold 175 shares of stock at $50 per share for cash. Received a 4-year, $5000 loan at 4%. The principal is due at the end of the maturity period. Interest is to be paid monthly due on the Ist of the following month. 3 January 1 4 5 6 7 8 January 2 January 2 January 3 January 5 January 7 January 10 January 11 January 12 January 13 9 10 11 12 Purchased store equipment for $4000. Made a down payment of $1500 and the remaining balance in a promissory note with 'same as cash' financing terms (no interest). The equipment has a salvage value of $500 and estimated useful life of 7 years. Paid rent for January through May totaling $3000. Purchased store supplies on account for $750. Purchased inventory on account for $14000. Sold inventory on account for $9000 which was purchased for S6000. Purchased a 12-month insurance policy for $1800. Purchased inventory at S5000 cash. Paid $1250 for advertising for January on social media. Sold inventory on account for $12400 which costed $8000, Received payment from customer from January 5 sale. Account was paid off in full. Paid employees' wages for the past 2 weeks totaling $2000. (Wages run $200 per day.) Received cash from customer for S6400 of inventory which costed $4000. Merchandise will not be shipped until February 2 per customer's request. Received payment on the sale dated January 12. Paid employees' wages for the past 2 weeks totaling $2000. (There are five work days cach week.) January 28 is a Friday. No one works the weekend but employees do work January 31. Paid electricity bill for January that totaled $300. Paid for supplies purchased on January 2. There remains S500 worth of supllies in the cabinet today. Placed an order for $8000 worth of inventory. Inventory is not expected to be received until February 4 with terms of n/30. Paid $400 cash to shareholders for dividends. 13 January 14 14 January 20 15 January 25 January 28 16 17 January 30 January 31 18 19 January 31 20 January 31