1.Using the Project Accounting Transactions, enter the transaction for October, November and December.The worksheet will automatically add across and down.The column in the middle must be zero or the line doesn't balance.Your books are out of balance.

2.Compare your October totals the corresponding number on the Trial Balance.

3.If there is a difference, look at that column and see if you can determine and correct your entry.

4.If you do not see the cause of the difference -- DON'T GET FRUSTRATED -- email me.

5.Provide me your number for the specific column.I will respond with what you need to change.

6.Repeat this process for each month -- October, then November, then December.

7.Next locate the Project Year End information.Read each item and decide if the worksheet should be changed (adjusted).Then enter the adjusting entry on the spreadsheet.Other tabs are provided along with the worksheet to guide you through this process.

8.The worksheet will compute your year end balances.

9.Compare your year-end totals to those on the trial balance.Follow the steps above if your totals do not agree with those on the trial balance.

10. These adjusted year end balances are the numbers that would be used in the financial statements.

OCTOBER TRANSACTIONS

1.A new company started on October 1, 2018.It's name is Enjoy Haggis, Inc.

2.Co sold 1,000 shares of common stock for $10,000 on October 1.

3.Co. borrowed $90,000 from the bank on October 2.The terms are 5% payable semi-annually with the principal due in full five years out.

4.On October 4 this co bought trucks for $90,000 with $10,000 down and the balance due with interest at 6% payable semiannually, plus a principal payment of $5,000 every 6 months.

5.On October 5, the company purchased equipment for $70,000.The terms are 8% interest payable every 6 months and the principal balance due in total in three years.

6.On October 6, the company signed a contract for product sales totaling $70,000 over the next 8 months.

7.Oct 6 -- Supplies of $3,000 were purchased on account.

8.Oct 7 - Liability Insurance for the next 12 months, was acquired for $5,000 on account.

9.Oct 7 - signed a contract with a major supplier totaling $35,000 covering the next 8 months.

10.Oct 8 - Inventory costing $40,000 was purchased on account and received by Oct 14.

11.Cash sales -- $10,000 products, $20,000 services

12.Credit sales -- $30,000 products, $30,000 services

13.Cost of goods sold was estimated at 50% of selling price

14.$30,000 rent paid for 6 months

15.Payroll - Gross $2,500, $300 deducted from payroll, $2,200 net paid

16.Utilities of $286 were incurred.$100 was paid currently, the balance is due next month

17.Also incurred $7,500 utilities not due until next month

18.Supplies - used $2,000 and paid $500 for additional supplies

19.Vehicle expenses of $914, incurred but not paid

20.Repairs of $914 incurred and not paid

21.Attorney fees of $5,000 due and unpaid

22.Collected $ 4,300 on accounts receivable

23.Paid $3,598 on accounts payable

NOVEMBER TRANSACTIONS

24.Cash sales -- $7,435 products, $37,570 services

25.Credit sales -- $35,000 products, $45,000 services

26.Cost of goods sold was estimated at 50% of selling price

27.Purchased inventory on account for $68,000

28.Payroll - Gross $5,000, $600 deducted from employees

29.Paid $7,500 utilities

30.Also incurred $8,000 utilities not due until next month

31.Supplies - bought $750 and paid cash

32.Vehicle expenses of $880 paid cash

33.Repairs of $13,300 incurred and $8,300 payment

34.Attorney fees - paid $3,500 and incurred an additional $500

35.Paid $2,575 miscellaneous expenses

36.Collected $ 53,000 on accounts receivable

37.Paid $87,000 on accounts payable

DECEMBER TRANSACTIONS

38.Cash sales -- $8,200 products, $30,800 services

39.Credit sales -- $30,000 products, $65,000

40.Cost of goods sold was estimated at 55% of selling price

41.Purchased inventory on account for $24,000

42.Payroll - Gross $9,700, $1,200 deducted from employees

43.Paid $9,000 utilities

44.Also incurred $9,800 utilities not due until next month

45.Supplies - bought $1,800 and paid cash

46.Vehicle expenses of $5,500 and paid only $3,500

47.Repairs of $9,000 incurred and $5,000 paid

48.Attorney fees - paid $2,250 and incurred an additional $250

49.Paid $1,200 miscellaneous expenses

50.Collected $ 126,200 on accounts receivable

51.Paid $51,000 on accounts payable