ACCT 201 - PROJECT 2

Requirements:

Prepare perpetual inventory records for 20X1 for Davis using the LIFO inventory costing method. (Note: You must calculate the cost of goods sold on March 1 and May 5 from the information in the inventory schedule.)

Journalize the transactions (explanations are required) but not the adjusting entries yet (you will prepare adjusting entries in #4).

Post the journal entries to the ledgers showing dates, account numbers, and account balances.

Prepare the year-end bank reconciliation using the bank statement below.

Journalize AND post any transactions required from the bank reconciliation.

Journalize AND post the adjusting entries.

Prepare the Adjusted Trial Balance for the 6 months ended June 30, 20X1.

Prepare the financial statements for Davis Consulting for the 6 months ended June 30, 20X1 using the Adjusted Trial Balance. Required financial statements include:

Multi-step Income Statement (list Service Revenue underneath gross profit and ignore classifying the expenses as selling and administrative)

Statement of Owners Equity

Classified Balance Sheet

Journalize AND post the closing entries.

Prepare a post-closing trial balance. Make sure these figures agree with your balances in your General Ledger.