AC 300-02 Fall 2019 ACCOUNTING CYCLE PROJECT Part III Due Date: Thursday, Septembe class. te: Thursday, September 26, 2019 - at the START of Part III is worth 15 points YOU MUST TURN IN ALL PAGES (numbered at the bo N ALL PAGES (numbered at the bottom of the accounting paper" pages.) A pages must be STAPLED together - I will not have a stapler in class. Use Pencil and a good eraser!!!!!!! PART III. REQUIREMENTS: Prepare the following Financial Statements based on the Adjusted Trial Balance. Income Statement Statement of Retained Earnings Balance Sheet The financial statements must be typed (Excel or word processor, etc.) and in PROPER format (ex: only use dollar signs where appropriate, use commas, do not use decimal points, proper indentation, etc. - look at the examples in the textbook- Chapter 2). Each financial statement must be on a separate page. Start on the first blank General Journal page and prepare the necessary Closing Entries for the month of December. Use the account names that are on the General Ledger accounts. These entries can all be dated December 31. Post all closing entries from the General Journal to the General Ledger accounts. So, at this point the adjustments will be posted on the same Ledger pages that you posted the transactions and adjustments to, just as if it were a real set of books and records. Prepare an after-closing (or Post-Closing) Trial Balance, using only accounts with non-zero balances. The accounts should appear in the same order as in the Gu Make sure that all sheets have appropriate headings (look at the examples in the textbook). d. Name John Tang, LLC GENERAL JOURNAL Account Titles and Explanation Ref. nation Ref. Debit Credit Debit 2019 Dec 2 00,000 0,000 1 1 Cash Computer Equipment | Office Equipment Common Stock To record the issuance of 1,000 shares of common stock as John Tang's initial Investment 101 167 1671 163 3071 5,000 215,000 4.800 131 1011 4.800 2 Prepaid Rent Cash To record payment of 3 months rent in advance. 2,400 128 101 2.400 3 Prepaid Insurance Cash To record payment of 2 year property and liability insurance policy starting | 12/1/2019 8 00 126 201 800 Computer Supplies Accounts Payable To record purchase of supplies from Staples 1 5,000 106 403 15,000 8 Accounts Receivable Services Revenue To record billing to CCC, Inc. for accounting and tax services 850 655 101 850 10 Advertising Expense Cash To record payment for Dec 15 newspaper ad. 12 Wages Expense Cash To record payment to Mary Rourke for three days' work. 623 101 840 840 Name John Tang, LLC General Journal Account Titles and Explanation Ref. Date 2019 Dec Debit Credit 684 350 16 Repairs Expense - Computer Cash To record payment for computer damaged due to moving. 101 To ord 17 Cash Accounts Receivable To record receipt of amount due from CCC, Inc. 101 106 7.000 7.000 20 Accounts Receivable Services Rev To record billing to HHH, Inc. for services performed 106 403 3,750 3.750 | 22 Cash Accounts Receivable To record receipt of amount due from | CCC, Inc. for Dec 10 invoice. 101 106 3.200 3 ,200 10.620 23 Accounts Receivable Services Rev To record billing to XYZ, Inc. for services performed 106 403 10.620 28 Dividends Cash To record payment of cash dividend to lob to John Tang. 319 101 1,000 1.000 800 31 Accounts Payable Cash To record payment to Staples. 201 101 800 Name John Tang, LLC General Journal Account Titles and Explanation Date 2019 Dec Ref. Debit Credit 31 Computer Supplies Expense Computer Supplies To record use of supplies 225 225 100 31 Insurance Expense Prepaid Insurance To record one month expiration of policy 637 128 100 623 1680 31 Wage Expense Wages Payable To accrue wages due to Mary Rourke 613 167 31 Depreciation Expense - Computer Equip A/Deprec - Computer Equip To record one months depreciation 167 31 Depreciation Expense - Office Equip A/Deprec - Office Equipment To record one months depreciation 612 164 640 1600 31 Rent expense Prepaid Rent 1600 Name John Tang, LLC GENERAL LEDGER Date 2019 1-Dec Explanation Cash Ref. ACCOUNT NO. 101 CREDIT BALANCE DEBIT J1 200,000 GROWN 4,800 2,400 850 840 200.000 195,200 192,800 191,950 191,110 190,760 197.760 200,960 199,9 199,960 199,160 7,000 3,200 1,000 Accounts Receivable Ref. DEBIT ACCOUNT NO. 106 CREDIT BALANCE Explanation Date 2019 8-Dec J1 15000 7000| FAS 3750 15,000 8,000 11,750 8,550 19,170 J2 3200 J2 10620 Date Name John Tang LLC GENERAL LEDGER Computer Supplies Ref. Explanation ACCOUNT NO. 126 CREDIT BALANCE DEBIT 800 225 800 575 Date Explanation Prepaid Insurance Ref. DEBIT 2019 3-Dec 31-Dec ACCOUNT NO. 128 CREDIT BALANCE J1 2.400 100 2.400 2.300 Date 2019 2-Dec 31-Dec on Prepaid Rent Ref. DEBIT ACCOUNT NO. 131 CREDIT BALANCE 4 J1 J3 ,800 1,6003 4.800 200 Date Explanation Office Equipment Ref. DEBIT 20197 ACCOUNT NO. 163 CREDIT BALANCE 1-Dec J15 ,000 5,000 Acc. Dep. - Office Equipment Explanation Ref. DEBIT Date 2019 31-Dec ACCOUNT NO. 164 ACCOUNT CREDIT BALANCE J3 104 104 Explanation Date 2019 1-Dec Computer Equipment Ref. DEBIT ACCOUNT NO. 167 CREDIT BALANCE J1 10,000 10,000 Acc. Dep. - Computer Equipment Explanation Ref. DEBIT Date 2019 1-Dec ACCOUNT NO. 168 CREDITBALANCE J3 167 167 Date Name John Tang, LLC GENERAL LEDGER Accounts Payable Ref. DEBIT 2019 Explanation 6-Dec ACCOUNT NO. 201 CREDITBALANCE 800 800 J1 J2 8001 Date 2019 31-Dec Explanation Wages Payable ACCOUNT NO. 210 CREDIT BALANCE Ref.L DEBIT 1680 1,680 Date Unearned Service Revenue Explanation Ref. DEBIT ACCOUNT NO. 236 CREDIT BALANCE Name John Tang, LLC GENERAL LEDGER Common Stock Ref. DEBIT ACCOUNT NO. 307 CREDIT BALANCE Date Explanation 2019 1-Dec J1 215,000 215,000 Date Retained Earnings Ref. DEBIT ACCOUNT NO. 318 CREDIT BALANCE Explanation Dividends Ref. DEBIT Date 2019 28- Dec ACCOUNT NO. 319 CREDIT BALANCE J 21 ,000 1.000 Explanation Services Revenue Ref. DEBIT ACCOUNT NO. 403 CREDIT BALANCE Date 2019 8-Dec 201 15000 3750 10620 15,000 18.750 29,370 Name John Tang, LLC GENERAL LEDGER Depreciation Expense Office Faulo Explanation R D ERIT Date 2019 31-Dec ACCOUNT NO. 612 CREDIT BALANCE J3104 104 Depreciation Expense - Computer Equip Explanation Ref. DEBIT A CCOUNT NO. 613 CREDIT BALANCE Date 2019 31-Dec J3167 167 Explanation Wages Expense Ref. DEBIT ACCOUNT NO. 623 CREDIT B ALANCE Date 2019 12-Dec J1 J3 8 1 40 6801 840 2.520 Insurance Expense Ref.L DEBIT Explanation ACCOUNT NO. 637 CREDIT BALANCE Date 2019 31-Dec J3 1 00 100 Rent Expense Ref. 1 DEBIT ACCOUNT NO. 640 CREDIT B ALANCE Explanation Date 2019 31-Decl J3 1600 Name John Tang, LLC GENERAL LEDGER Computer Supplies Expense Explanation Ref. DEBIT ACCOUNT NO. 652 CREDIT BALANCE Date 2019 31-Dec J3225 225 Date Advertising Expense Ref. DEBIT ACCOUNT NO. 655 CREDIT B ALANCE Explanation 10-Dec J1850 850 Date - Explanation Mileage Expense Ref. DEBIT ACCOUNT NO. 676 CREDIT BALANCE Miscellaneous Expense Ref. DEBIT ACCOUNT NO. 677 CREDIT BALANCE Date Explanation Explanation Repairs Expense-Computer Ref. DEBIT ACCOUNT NO. 684 CREDIT BALANCE Date 2019) 16.Decl J2 350 350 Income Summary Ref. DEBIT ACCOUNT NO.901 CREDIT BALANCE Date Explanation Name John Tang, LLC Unadjusted Trial Balance 31-Dec-19 DEBIT Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Computer Equipment Common Stock Dividends 199.160 19.170 800 2.400 4.800 5.000 10.000 S 215,000 1,000 29,370 Service Revenue Wages Expense Advertising Expense Repairs Expense - Computer 840 850 350 Totals 244,370 $ 244,370 _John Tang, LLC Adjusted Trial Balance December 31, 2019 DEBIT CREDIT S T Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Acc Depreciation - Office Equipment Computer Equipment Acc Depreciation - Computer Equipment 199,160 19,170 5 75 2,300 3.200 5.000 $ 104 10,000 167 Wages Payable Common Stock Dividends 1,680 215,000 1,000 29.370 Computer Service Revenue Depreciation Expense - Office Equipment Depreciation Expense - Computer Equipment Wages Expense Insurance Expense Rent Expense Computer Supplies Expense Advertising Expense Repairs Expense - Computer 104 167 2.520 100 1,600 225 850 350 Totals $ 246,3215 6.321