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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 101 project
This project will be completed in two parts. All answers should be submitted in the Excel template attached to this module. Part 1 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 T-Accts (general ledger). Upon submission, your instructor will indicate which journal entries and/or T-Acct entries are incorrect.
Part 2 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 post-closing trial balance.
December business transactions
Dec. 1st Collected $555 from Franklin from a previous engagement in Oct.
Dec. 2nd Paid $1,432 on Gustos Inc. invoice from a previously recorded transaction with check #1301.
Dec 3rd Paid December rent of $2,100 with check #1302.
Dec 4th Completed additional work for Washington, sent invoice #Y77P for $1,310 due in 1 month.
Dec. 5th Paid employee from work previously expensed in Nov. with payment due Dec. 5th using check #1303.
Dec. 8th - Purchased land on a note for $27,342 to be used for future construction of a new office building.
Land and Notes payable will have account numbers of 150 and 240, respectively.
Dec. 9th - Paid $1,475 to cover all utilities for the month of Dec using check #1304.
Dec. 10th - Completed $444 worth of work for a repeat customer who pays cash immediately upon completion.
Dec. 11th - Collected $777 from Washington from a previous engagement in Nov.
Dec. 12th - Our employee earned two weeks of pay amounting to $1,532, to be paid Dec. 23rd.
*employee took vacation from Dec. 15th-Dec. 31st. No pay will accrue*
Dec. 15th - Leah Tyler, the owner, withdrew $3,088 for personal use using check #1305.
Dec. 16th Completed a large job for Franklin for $11,111. Sent invoice #Y78P due Jan. 31st.
Dec. 22nd Franklin paid $2,227 to pay off some of his balance due.
Dec. 23rd Paid our employee for the work expensed Dec. 12th.
Dec 24th-Dec. 31st Owner took off the rest of the year.
Adjustments (due with Part 1)
1. The equipment was used for the third year.
2. Prepaid insurance was adjusted for Oct-Dec usage.
3. Unearned revenue was updated to show 3 months of work completed.
4. A final count of supplies showed $321 remaining.
Part 1 instructions
1. Open the Excel attachment named Student fill-in template.
2. Transfer the opening trial balance amounts to the T-Accts.
3. Journal and post to the T-Accts the December and adjusting transactions.
4. Total each T-Acct and provide the equation total at the top in the highlighted cells.
Check Figure The cash T-Acct final balance should be $28,876
*1. The equipment was used for the third year.
2. Prepaid insurance was adjusted for Oct-Dec usage.
3. Unearned revenue was updated to show 3 months of work completed.
4. A final count of supplies showed $321 remaining.

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