AC 300 - 03 Fall 2019 ACCOUNTING CYCLE PROJECT Part 1 Due Date: Monday, September 16, 2019 - at the START OF class. Part I is worth 20 points YOU MUST TURN IN ALL PAGES (numbered at the bottom of the accounting paper" pages. isst be STAPLED together - I will not have a stapler in class. pages must counting paper" pages.) All Us pencil and a good eraser PARTEMENTS: Print your name at the top of each page. REQUIREMENTS: Start on the page with the heading "General Journal prepare the Journal Entries for the November transactions below. Use the account names that are on the General Ledger accounts (General Ledger provided). Post all transactions from the General Journal to the General Ledger accounts. Suggestion: when you have posted one line of a transaction, write the Account Number in the REF column of the Guand write the GJ-page in the REF column of the GL. Each time you post one line, repeat this process, it will help you keep track of what has been posted, and later if you need to check your work you will know where the number in the GL originated. Prepare an Unadjusted Trial Balance. Include only accounts that have non-zero balances. The accounts should appear in the same order as in the GL. Make sure that all pages have appropriate headings (look at the examples in the textbook - Chapter 2). DO NOT prepare any adjustments at this point!!! You will lose points on the Unadjusted TB if you include anything other than the transactions below in your Unadjusted Trial Balance!!! NOVEMBER transactions start on the next page of this document (Page B) Page A AC 300-03 Fall 2019 pany, Blue Devil, Inc., that is On November 1. 2019, Julia Vega launched a consulting services company, Blue Deville organized as a corporation and provides consulting services, computer system installations nations, and custom program development. Blue Devil uses the accrual basis of accounting and has a calon year end; however, will prepare financial statements and close its accounts at the end of each During its first month, the corporation entered into the following transactions: end of each month Nov 1 Issued a total of 10,000 shares of capital stock to Julia in exchange for $165,000, cash: $20,000 of computer equipment; and $26,000 of office equipment Nov 2 Paid $4,500 for three months rent, starting November 1, 2019 Purchased $1,000 of computer supplies on account from Staples. Hired John Lee as a part-time assistant for $240 per day, as needed. Paid $4,200 for a two-year property and liability insurance policy. The policy coverage is in effect as of November 1, 2019. Paid $1,980 cash for an advertisement in the local newspaper that will appear on November 25, 2019 Nov 10 Billed ABC, LLC; a customer, $12,000 for services performed in installing a new Web server. Paid $1,200 for John Lee's wages for five days' work. Received $7,000 from ABC, LLC for partial payment of its November 10th invoice. Nov 17 Paid $450 to repair computer equipment that was damaged during the move to the new office location Billed ABC, LLC another $4,850 for services performed. Received $2,950 from ABC, LLC for payment of its November 104 invoice Billed XYZ, Inc., a customer, $12,250 for services performed. Paid $1,000 for the computer supplies purchased from Staples November 3. Nov 31 Paid $1,000 dividend to Julia. Page B Name GENERAL JOURNAL Account Titles and Explanation Ref. Debit Credit C T AC 300 - 03 Fall 2019 ACCOUNTING CYCLE PROJECT Part 1 Due Date: Monday, September 16, 2019 - at the START OF class. Part I is worth 20 points YOU MUST TURN IN ALL PAGES (numbered at the bottom of the accounting paper" pages. isst be STAPLED together - I will not have a stapler in class. pages must counting paper" pages.) All Us pencil and a good eraser PARTEMENTS: Print your name at the top of each page. REQUIREMENTS: Start on the page with the heading "General Journal prepare the Journal Entries for the November transactions below. Use the account names that are on the General Ledger accounts (General Ledger provided). Post all transactions from the General Journal to the General Ledger accounts. Suggestion: when you have posted one line of a transaction, write the Account Number in the REF column of the Guand write the GJ-page in the REF column of the GL. Each time you post one line, repeat this process, it will help you keep track of what has been posted, and later if you need to check your work you will know where the number in the GL originated. Prepare an Unadjusted Trial Balance. Include only accounts that have non-zero balances. The accounts should appear in the same order as in the GL. Make sure that all pages have appropriate headings (look at the examples in the textbook - Chapter 2). DO NOT prepare any adjustments at this point!!! You will lose points on the Unadjusted TB if you include anything other than the transactions below in your Unadjusted Trial Balance!!! NOVEMBER transactions start on the next page of this document (Page B) Page A AC 300-03 Fall 2019 pany, Blue Devil, Inc., that is On November 1. 2019, Julia Vega launched a consulting services company, Blue Deville organized as a corporation and provides consulting services, computer system installations nations, and custom program development. Blue Devil uses the accrual basis of accounting and has a calon year end; however, will prepare financial statements and close its accounts at the end of each During its first month, the corporation entered into the following transactions: end of each month Nov 1 Issued a total of 10,000 shares of capital stock to Julia in exchange for $165,000, cash: $20,000 of computer equipment; and $26,000 of office equipment Nov 2 Paid $4,500 for three months rent, starting November 1, 2019 Purchased $1,000 of computer supplies on account from Staples. Hired John Lee as a part-time assistant for $240 per day, as needed. Paid $4,200 for a two-year property and liability insurance policy. The policy coverage is in effect as of November 1, 2019. Paid $1,980 cash for an advertisement in the local newspaper that will appear on November 25, 2019 Nov 10 Billed ABC, LLC; a customer, $12,000 for services performed in installing a new Web server. Paid $1,200 for John Lee's wages for five days' work. Received $7,000 from ABC, LLC for partial payment of its November 10th invoice. Nov 17 Paid $450 to repair computer equipment that was damaged during the move to the new office location Billed ABC, LLC another $4,850 for services performed. Received $2,950 from ABC, LLC for payment of its November 104 invoice Billed XYZ, Inc., a customer, $12,250 for services performed. Paid $1,000 for the computer supplies purchased from Staples November 3. Nov 31 Paid $1,000 dividend to Julia. Page B Name GENERAL JOURNAL Account Titles and Explanation Ref. Debit Credit C T