1. Prepare all the journal entries on a document.

2. Post all journal entries to the worksheet

3. Post all adjusting journal entries to the worksheet

4. In good form, produce a multi step income statement, statement of retained earnings, balance sheet, statement of cash flow, and bond amortization tables for Bond #1, and Bond #2 (for the life of the bonds).

Instructions:

1. Post the journal entry amounts in columns F and H, post adjusting journal entry amounts in columns N and P, and post the closing entry amounts in columns V and Y.
2. Do not touch the columns with the account balances for they are formula driven. You will not have to calculate anything!
3. For tracking purposes post the journal entries as they appear. The regular transaction numbers will be posted in columns E and G. The adjusting transaction numbers will be posted in columns M and O. The closing transaction numbers will be posted in columns U and W. Regular transactions will have just the number (1, 2, 3, ect). Adjusting transactions will have A in front of the number (A1, A2, A3, ect). Closing transactions will have C in front of the number (C1, C2, C3).
4. For the statements: use only the cells marked in yellow to put in numbers. The totals will calculate for you. You will not be required to do any formatting.

5. Failure to follow any of these instructions will result in 15 point non-negotiable penalty.

7. Questions to the professor can not be asked until the student has made a reasonable attempt to complete the entire project and has not come up with the check figures given. The professor will only check the students work once.

8. There will be a 10%/5% bonus if turned into the instructor before the due date. See the calendar and discussion board for dates. No late assignments will be accepted for any reason.

Misc Information: Mr. Smithers performed the necessary entries to get the books up to date; this included the reduction of the mortgage payable. However, you will calculate interest expense, bad debt expense, and depreciation expense. These amounts will not be given to you. Good luck and time manage appropriately. ***For any note/mortgage payable, you find interest expense the same way you find interest revenue. ***

Check Figures:

Unadjusted Net Loss: ($30,251)

Adjusted Net Loss: ($177,450)

Journal Entries:

1. January 2: After from returning from exile, Mr. Burns invested $500,000 of personal funds directly in the business to strengthen his grip on the cookie market and received preferred stock.

2. January 3: In order to keep the IRS off his trail, Mr. Burns transferred money from his personal account into a Cayman Island secret account for $10,000,000

3. January 3: In order to expand his cookie factory and be able to dump toxic waste without being impeded by the Feds, Mr. Burns bought land for cash for $400,000. The bald children in the park was drawing attention from the Environmental Protection Agency

4. January 4: Being threatening to block out the sun, Mr. Burns was able to expedite the collection of the beginning 2020 balance of Accounts Receivable

5. January 5: In order to ease his beginning of the year cash flow crunch, Mr. Burns issued Common Stock (1,000,000 shares at $2.00 per share, par value $1.00 per share)

6. February 1: In order to keep up with being 104 year old hip evil billionaire, Mr. Burns decided to purchase a new truck. The truck cost $40,000. Mr. Burns put a down payment on the truck of $10,000 and took out a note for the rest (long term). The interest rate of the note is 8%. The truck will depreciated by miles. The expected life of the truck is 100,000 miles.

7. February 20: Mr. Burns sold his delicious cookies to candy store on account $200,000. Mr. Burns offered terms 2/10, n30. The cost of merchandise sold was $100,000.

8. February 28: Mr. Burns bought cookie dough to keep the cookie assembly line going. Mr. Burns paid cash for the cookie dough $250,000

9. March 1^st. Mr. Burns reclassed $50,000 from the long term note payable to current

10. March 5: Mr. Burns paid for the following expenses that came in: Sales Salary $70,000, Advertising Expense $50,000, and Delivery Expense $40,000. Use only one cash transaction