#4 - The Accounting Cycle - Review (15%) This assignment relates to the following Course Learning Requirements: CLR 2: Prepare financial statements including the balance sheet, income statement and statement of owner's equity. CLR 3: Apply the rules of debit and credit to record business transactions in T-accounts and the General ledger. CLR 4: Prepare and explain each step in the accounting cycle including: posting journal entries to the general ledger, preparing a trial balance, making period-end adjusting entries, preparing an adjusted trial balance, and closing the book of accounts. Objective of this Assignment: The objectives of this assignment are: 1. Review and reinforce learning from Modules 1-8. 2. Reinforce all steps of the Accounting Cycle 3. Review preparation of reversing entries 4. Practice completion of work using MS-Excel. Pre-Assignment Instructions: 1. To prepare you for this assignment, review the content of module 9 , including the embedded learning activities. 2. Review feedback from Assignment 2 and 3 Assignment Tasks: 1. This assignment is worth 100 points and is worth 15% of your final grade. 2. Your assignment must be completed and submitted using MS Excel. 3. Your completed assignment file should be named lastname_firstname_ACC2201_Assignment_4 4. Please complete each part on the worksheets as provided in this file. 5. You should make best use of Excel formulas and formatting, whenever possible. 6. Your assignment must be completed and submitted via the course website by the date indicated on the Course Calendar. Assignment Grading Rubric (15%) Question 1 Requirements Points Part 1 Journalize and Post April Entries 23 Part 2 Prepare an Unadjusted Trial Balance 6 Part 3 Journalize and Post Adjusting Entries 20 Part 4 Prepare an Adjusted Trial Balance 8 Part 5 Prepare Financial Statements 20 Part 6 Journalize and Post Closing Entries 12 Part 7 Prepare a Post Closing Trial Balance 5 Part 8 Journalize Reversing Entries 6 Total Points 100 Assignment #4 - The Accounting Cycle - Review - 100 Marks Comprehensive Question- Susie's Commercial Cleaning Susie Smith opened Susie's Commerical Clearning on April 1, 2021.In Apr, the following transactions were completed. Apr-01 Invested $14,000 cash in the business 1 Purchased a used truck for $26,400, paying $6,400 cash and signing a note payable for the balance 1 Collected $3,000 from XYZ for their cleaning needs for Apr, May and June. 3 Purchased cleaning supplies on account for $850 5 Paid $1,800 on a one-year insurance policy, effective Apr 1 12 Billed customers $3,800 for cleaning services 18 Paid $400 of amount owed on cleaning supplies 20 Paid $1,600 for employee's salaries 21 Collected $1,400 from customers billed on Apr 12 25 Billed customers for $3,000 for cleaning services 30 Paid gas and oil for the month on the truck $350 30 Withdrew $1,600 to pay personal property taxes Additional Information: 1. Annual payments of $3,000 are required on the note. Required: 1. Journalize and post the Apr transactions. Susie's Commerical Cleaning records all prepaid expenses and unearned revenues as assets and liabilities 2. Prepare an unadjusted trial balance at April 30, 2021. 3. Journalize and post the following adjustments a. Earned and unbilled fees at Apr 30, 2021 were $1,500. b. The truck has an estimated useful life of four years and no residual value. c. The insurance policy is effective Apr 1, 2021 and expires on March 31, 2022 d. An inventory count shows $375 of cleaning supplies on hand at Apr 30, 2021. e. At Apr 30. 2021, $1,000 of the fees collected in advance have been earned. f. Accrued but unpaid employee salaries were $400. g. The note payable has a 6% annual interest rate. 4. Prepare an adjusted trial balance at Apr 30, 2021. 5. Prepare in good form an Income Statement, Statement of Owner's Equity and a Classified Balance Sheet for the month ended Apr 30,2021. 6. Journalize and post the closing entries. 7. Prepare a post closing trial balance at Apr 30, 2021. 8. Jerry's Mobile Car Wash has chosen to prepare reversing entries. Prepare necessary reversing entries in May 2021. They do not need to be posted