The fallowing transaction occurred far Omega Car Supplies during the period ended 12/31/x1. They provide services to customers and sell products. March 1 The company was formed with 2,000,000 shares authorized - $1 par value. March 20 The company issued stock for $200,000 at par value. April 7 Purchased supplies for $6,000 on account. April 28 Paid $2,200 to get a patent an their special cash wash soap. May 10 Purchased inventory for $45,000 on account. The company uses the LIFO method under a perpetual system to account for inventory May 19 Purchase equipment with a Note Payable of $50,000 due in 5 yrars. The company used the straight-line method for depreciation. The note requires annual principle payment of $10,000. Purchase two parcels of land for $62,000 - Parcel A was $10,000 and Parcel B was $52,000. Parcel A was used to builda storage facility. They do not know what they will do with Parcel B so the intentian is ta just hold it. May 31 June 1 Purchased two years of Insurance for $8,000. June 26 Provided goods to a customer worth $18,000. Inventory had a cost of $9,200. The customer paid $8,000 cash and the rest on account. July 7 Provided goods of S33,000 to a customer for cash. Inventory had a cost of $12,400. July 26 Paid employee wages of $6,500. August 9 Customer paid $5,000 for goods to be provided in the future. August 17 Received $12,000 on account for goods provided. Inventory had a cost of $6,700. Sept 10 Invested $7,000 of excess cash in securities - internd to hold them far several years. Sept 21 Collected $5,000 from a customer that owed you money for goods previously provided. Sept 29 Some of the $5,000 worth equipment purchased on May 19h was sold for $2,000. Oct 1 Paid rent for the period of $15,000 for the next year. Oct 19 Received Interest income on investments of $1,000 Nov 8 Received a utility bill for $2,000 for utility services received. (Paid on account) Nav 27 Paid $2,500 of the amount owed for supplies. Dec 15 Paid dividend of $5,000. Accounting Cycle Project Chart of Accounts You can add addinional accounts as nendod) 300 - Common Stock 310- Retained Earnings 100- Cash 110-Account Receivable 320 - Dividends 120-Inventory 125-Supplies 130- Prepaid Insurance 140- Prepaid Rent 400 - Service Revenue 410- Interest Income 450- Gain on Sales 150-Marketable Securities 160- Equipment 165 - Aceumulated Depreciation 170- Land 175-land- held as invrstrnent 500 - Cost of Goods Sold 510- Salary Expense S15 - Rent Expense 520- Utilities Expense 180-Patent 530 - Depreciation Expense 540 - Insurance Expense 550 - Supplies Expense 560 - Income Tax Expense 190-Interest Receivable 200- Account Payable 220- Salary Payable 230- Utilities Payable 570- Interest Expense 590 - Loss on Sale 240-Unearned Revenue 250- Note Payable 260- Taxes Payable 270-Interest Payable Part 1- Instruction - Due 10-11 - submit in moodle drop box You will prepare the following in excel: 1. General Journal a. Journal entries - full proper journal entry with descriptions b. Post entries to ledger 2. Ledger - Taccounts a. Show beginning balance b. Post all activity - make sure to include reference to journal entry C. Show ending balance 3. Trial Balance a. Unadjusted Trial Balance The fallowing transaction occurred far Omega Car Supplies during the period ended 12/31/x1. They provide services to customers and sell products. March 1 The company was formed with 2,000,000 shares authorized - $1 par value. March 20 The company issued stock for $200,000 at par value. April 7 Purchased supplies for $6,000 on account. April 28 Paid $2,200 to get a patent an their special cash wash soap. May 10 Purchased inventory for $45,000 on account. The company uses the LIFO method under a perpetual system to account for inventory May 19 Purchase equipment with a Note Payable of $50,000 due in 5 yrars. The company used the straight-line method for depreciation. The note requires annual principle payment of $10,000. Purchase two parcels of land for $62,000 - Parcel A was $10,000 and Parcel B was $52,000. Parcel A was used to builda storage facility. They do not know what they will do with Parcel B so the intentian is ta just hold it. May 31 June 1 Purchased two years of Insurance for $8,000. June 26 Provided goods to a customer worth $18,000. Inventory had a cost of $9,200. The customer paid $8,000 cash and the rest on account. July 7 Provided goods of S33,000 to a customer for cash. Inventory had a cost of $12,400. July 26 Paid employee wages of $6,500. August 9 Customer paid $5,000 for goods to be provided in the future. August 17 Received $12,000 on account for goods provided. Inventory had a cost of $6,700. Sept 10 Invested $7,000 of excess cash in securities - internd to hold them far several years. Sept 21 Collected $5,000 from a customer that owed you money for goods previously provided. Sept 29 Some of the $5,000 worth equipment purchased on May 19h was sold for $2,000. Oct 1 Paid rent for the period of $15,000 for the next year. Oct 19 Received Interest income on investments of $1,000 Nov 8 Received a utility bill for $2,000 for utility services received. (Paid on account) Nav 27 Paid $2,500 of the amount owed for supplies. Dec 15 Paid dividend of $5,000. Accounting Cycle Project Chart of Accounts You can add addinional accounts as nendod) 300 - Common Stock 310- Retained Earnings 100- Cash 110-Account Receivable 320 - Dividends 120-Inventory 125-Supplies 130- Prepaid Insurance 140- Prepaid Rent 400 - Service Revenue 410- Interest Income 450- Gain on Sales 150-Marketable Securities 160- Equipment 165 - Aceumulated Depreciation 170- Land 175-land- held as invrstrnent 500 - Cost of Goods Sold 510- Salary Expense S15 - Rent Expense 520- Utilities Expense 180-Patent 530 - Depreciation Expense 540 - Insurance Expense 550 - Supplies Expense 560 - Income Tax Expense 190-Interest Receivable 200- Account Payable 220- Salary Payable 230- Utilities Payable 570- Interest Expense 590 - Loss on Sale 240-Unearned Revenue 250- Note Payable 260- Taxes Payable 270-Interest Payable Part 1- Instruction - Due 10-11 - submit in moodle drop box You will prepare the following in excel: 1. General Journal a. Journal entries - full proper journal entry with descriptions b. Post entries to ledger 2. Ledger - Taccounts a. Show beginning balance b. Post all activity - make sure to include reference to journal entry C. Show ending balance 3. Trial Balance a. Unadjusted Trial Balance The fallowing transaction occurred far Omega Car Supplies during the period ended 12/31/x1. They provide services to customers and sell products. March 1 The company was formed with 2,000,000 shares authorized - $1 par value. March 20 The company issued stock for $200,000 at par value. April 7 Purchased supplies for $6,000 on account. April 28 Paid $2,200 to get a patent an their special cash wash soap. May 10 Purchased inventory for $45,000 on account. The company uses the LIFO method under a perpetual system to account for inventory May 19 Purchase equipment with a Note Payable of $50,000 due in 5 yrars. The company used the straight-line method for depreciation. The note requires annual principle payment of $10,000. Purchase two parcels of land for $62,000 - Parcel A was $10,000 and Parcel B was $52,000. Parcel A was used to builda storage facility. They do not know what they will do with Parcel B so the intentian is ta just hold it. May 31 June 1 Purchased two years of Insurance for $8,000. June 26 Provided goods to a customer worth $18,000. Inventory had a cost of $9,200. The customer paid $8,000 cash and the rest on account. July 7 Provided goods of S33,000 to a customer for cash. Inventory had a cost of $12,400. July 26 Paid employee wages of $6,500. August 9 Customer paid $5,000 for goods to be provided in the future. August 17 Received $12,000 on account for goods provided. Inventory had a cost of $6,700. Sept 10 Invested $7,000 of excess cash in securities - internd to hold them far several years. Sept 21 Collected $5,000 from a customer that owed you money for goods previously provided. Sept 29 Some of the $5,000 worth equipment purchased on May 19h was sold for $2,000. Oct 1 Paid rent for the period of $15,000 for the next year. Oct 19 Received Interest income on investments of $1,000 Nov 8 Received a utility bill for $2,000 for utility services received. (Paid on account) Nav 27 Paid $2,500 of the amount owed for supplies. Dec 15 Paid dividend of $5,000. Accounting Cycle Project Chart of Accounts You can add addinional accounts as nendod) 300 - Common Stock 310- Retained Earnings 100- Cash 110-Account Receivable 320 - Dividends 120-Inventory 125-Supplies 130- Prepaid Insurance 140- Prepaid Rent 400 - Service Revenue 410- Interest Income 450- Gain on Sales 150-Marketable Securities 160- Equipment 165 - Aceumulated Depreciation 170- Land 175-land- held as invrstrnent 500 - Cost of Goods Sold 510- Salary Expense S15 - Rent Expense 520- Utilities Expense 180-Patent 530 - Depreciation Expense 540 - Insurance Expense 550 - Supplies Expense 560 - Income Tax Expense 190-Interest Receivable 200- Account Payable 220- Salary Payable 230- Utilities Payable 570- Interest Expense 590 - Loss on Sale 240-Unearned Revenue 250- Note Payable 260- Taxes Payable 270-Interest Payable Part 1- Instruction - Due 10-11 - submit in moodle drop box You will prepare the following in excel: 1. General Journal a. Journal entries - full proper journal entry with descriptions b. Post entries to ledger 2. Ledger - Taccounts a. Show beginning balance b. Post all activity - make sure to include reference to journal entry C. Show ending balance 3. Trial Balance a. Unadjusted Trial Balance The fallowing transaction occurred far Omega Car Supplies during the period ended 12/31/x1. They provide services to customers and sell products. March 1 The company was formed with 2,000,000 shares authorized - $1 par value. March 20 The company issued stock for $200,000 at par value. April 7 Purchased supplies for $6,000 on account. April 28 Paid $2,200 to get a patent an their special cash wash soap. May 10 Purchased inventory for $45,000 on account. The company uses the LIFO method under a perpetual system to account for inventory May 19 Purchase equipment with a Note Payable of $50,000 due in 5 yrars. The company used the straight-line method for depreciation. The note requires annual principle payment of $10,000. Purchase two parcels of land for $62,000 - Parcel A was $10,000 and Parcel B was $52,000. Parcel A was used to builda storage facility. They do not know what they will do with Parcel B so the intentian is ta just hold it. May 31 June 1 Purchased two years of Insurance for $8,000. June 26 Provided goods to a customer worth $18,000. Inventory had a cost of $9,200. The customer paid $8,000 cash and the rest on account. July 7 Provided goods of S33,000 to a customer for cash. Inventory had a cost of $12,400. July 26 Paid employee wages of $6,500. August 9 Customer paid $5,000 for goods to be provided in the future. August 17 Received $12,000 on account for goods provided. Inventory had a cost of $6,700. Sept 10 Invested $7,000 of excess cash in securities - internd to hold them far several years. Sept 21 Collected $5,000 from a customer that owed you money for goods previously provided. Sept 29 Some of the $5,000 worth equipment purchased on May 19h was sold for $2,000. Oct 1 Paid rent for the period of $15,000 for the next year. Oct 19 Received Interest income on investments of $1,000 Nov 8 Received a utility bill for $2,000 for utility services received. (Paid on account) Nav 27 Paid $2,500 of the amount owed for supplies. Dec 15 Paid dividend of $5,000. Accounting Cycle Project Chart of Accounts You can add addinional accounts as nendod) 300 - Common Stock 310- Retained Earnings 100- Cash 110-Account Receivable 320 - Dividends 120-Inventory 125-Supplies 130- Prepaid Insurance 140- Prepaid Rent 400 - Service Revenue 410- Interest Income 450- Gain on Sales 150-Marketable Securities 160- Equipment 165 - Aceumulated Depreciation 170- Land 175-land- held as invrstrnent 500 - Cost of Goods Sold 510- Salary Expense S15 - Rent Expense 520- Utilities Expense 180-Patent 530 - Depreciation Expense 540 - Insurance Expense 550 - Supplies Expense 560 - Income Tax Expense 190-Interest Receivable 200- Account Payable 220- Salary Payable 230- Utilities Payable 570- Interest Expense 590 - Loss on Sale 240-Unearned Revenue 250- Note Payable 260- Taxes Payable 270-Interest Payable Part 1- Instruction - Due 10-11 - submit in moodle drop box You will prepare the following in excel: 1. General Journal a. Journal entries - full proper journal entry with descriptions b. Post entries to ledger 2. Ledger - Taccounts a. Show beginning balance b. Post all activity - make sure to include reference to journal entry C. Show ending balance 3. Trial Balance a. Unadjusted Trial Balance