ACCOUNTING CYCLE PROJECT Part II PART II. REQUIREMENTS: a. Start on the first blank General Journal tab and prepare the Adjusting Entries for the month of December based on the information below labeled i. - vi. Use the account names that are on the General Ledger accounts. These adjustments can all be dated December 31. The entity uses straight-line depreciation. b. Post all adjustments 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 to, just as if it were a real set of books and records. Required: when you have posted one line of a transaction, write the Account Number in the REF column of the GJ, and 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. c. Prepare an Adjusted Trial Balance. Include only accounts that have non-zero balances. The accounts should appear in the same order as in the GL. d. Make sure that all pages have appropriate headings (look at the examples in the textbook Chapter 2). They will not be an exact match. e. DO NOT prepare any closing entries!!! You will lose points on your Adjusted TB if you include closing entries at this point.

On December 1, 2019, Sharon Cox launched her own accounting firm, Sharon Cox, LLC, that is organized as a limited liability corporation and provides accounting and tax services. Sharon Cox, LLC uses the accrual basis of accounting and has a calendar year end; however, will prepare financial statements and close its accounts at the end of each month. During its first month, the LLC entered into the following transactions: Dec 1 Issued a total of 1,000 shares of capital stock to Sharon in exchange for $200,000, cash; $10,000 of computer equipment; and $5,000 of office equipment. Dec 2 Paid $4,800 for three months rent, starting December 1, 2019. Dec 3 Paid $2,400 for a two-year property and liability insurance policy. The policy coverage is in effect as of December 1, 2019. Dec 5 Hired Mary Rourke as a part-time bookkeeper for $280 per day, as needed. Dec 6 Purchased $800 of computer supplies on account from Staples. Dec 8 Billed CCC, Inc., a customer, $15,000 for accounting and tax planning services. Dec 10 Paid $850 for an advertisement in the local newspaper that will appear on December 15, 2019. Dec 12 Paid $840 for Mary Rourkes wages for three days work. Dec 16 Paid $350 to repair computer equipment that was damaged during the move to the new office location. Dec 17 Received $7,000 from CCC, Inc. for partial payment of its December10th invoice. Dec 20 Billed HHH, Inc. $3,750 for services performed. Dec 22 Received $3,200 from CCC, Inc. for payment of its December 10th invoice. Dec 23 Billed XYZ, Inc., $10,620 for services performed. Dec 28 Paid $1,000 dividend to Sharon. Dec 31 Paid $800 for the computer supplies purchased from Staples on December 6.