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Accounting 1 0 1 project This project will be completed in two parts. All answers should be submitted in the Excel template attached to this
Accounting project
This project will be completed in two parts. All answers should be submitted in the Excel template attached to this module. Part contains an opening trial balance, list of business transactions, journaling all transactions into the general journal including the adjusting entries and updating each account in the TAccts general ledger Upon submission, your instructor will indicate which journal entries andor TAcct entries are incorrect.
Part will have you correct any mistakes and then complete the project. The remaining parts of the project include preparing the adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries, and postclosing trial balance.
December business transactions
Dec. st Collected $ from Franklin from a previous engagement in Oct.
Dec. nd Paid $ on Gustos Inc. invoice from a previously recorded transaction with check #
Dec rd Paid December rent of $ with check #
Dec th Completed additional work for Washington, sent invoice #YP for $ due in month.
Dec. th Paid employee from work previously expensed in Nov. with payment due Dec. th using check #
Dec. th Purchased land on a note for $ to be used for future construction of a new office building.
Land and Notes payable will have account numbers of and respectively.
Dec. th Paid $ to cover all utilities for the month of Dec using check #
Dec. th Completed $ worth of work for a repeat customer who pays cash immediately upon completion.
Dec. th Collected $ from Washington from a previous engagement in Nov.
Dec. th Our employee earned two weeks of pay amounting to $ to be paid Dec. rd
employee took vacation from Dec. thDec. st No pay will accrue
Dec. th Leah Tyler, the owner, withdrew $ for personal use using check #
Dec. th Completed a large job for Franklin for $ Sent invoice #YP due Jan. st
Dec. nd Franklin paid $ to pay off some of his balance due.
Dec. rd Paid our employee for the work expensed Dec. th
Dec thDec. st Owner took off the rest of the year.
Adjustments due with Part
The equipment was used for the third year.
Prepaid insurance was adjusted for OctDec usage.
Unearned revenue was updated to show months of work completed.
A final count of supplies showed $ remaining.
Part instructions
Open the Excel attachment named Student fillin template
Transfer the opening trial balance amounts to the TAccts.
Journal and post to the TAccts the December and adjusting transactions.
Total each TAcct and provide the equation total at the top in the highlighted cells.
Check Figure The cash TAcct final balance should be $
The equipment was used for the third year.
Prepaid insurance was adjusted for OctDec usage.
Unearned revenue was updated to show months of work completed.
A final count of supplies showed $ remaining.
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