ACNT $1303$ Spring $2024$ All About You Spa Project

You will need the text:

$$ Chapter $3,$ pp$.143-145$ All About You Spa: Journalizing, Posting, Preparing a Trial Balance

$$ Chapter $4,$ pp$.192-193$ All About You Spa: Adjustments, Preparing financial statements

$$ Chapter $5,$ p$.236$ All About You Spa: Closing Entries

And your Magnolia Spa company in QuickBooks Online.

To ensure you have the correct starting point for the Project, create a Trial Balance that should match:

July $1,2022$

May $31,2022$

$1.$ Verify that the accounts you have in QBO match the Chart of Accounts on p$.143.$

o Wages Payable in QBO may be account $213$ instead of $212,$ that is okay

o Edit $311$ Lewis Capital to be $311$ A$.$ Valli, Capital

o Edit $312$ Lewis, Drawing to be $312$ A$.$ Valli, Drawing

o We have account $640$ Miscellaneous Expense in QBO, that is okay

o Change the company name to be $$your name All About You Spa PROJECT$$ using the gear, Account and Settings, Company tab.

NOTE: As you prepare reports and financial statements it is a good idea to save them as you customize them in your report folder. If you didn$$t create one find it in the Chapter $3$ packet, page $6,$ step $25.$

CHAPTER $3,$ pp$\mathrm{.}144-145$

$2.$ Using pages $144$ and $145$ in the text, journalize the October transactions IN DATE ORDER using the year $2022.$ Start with Journal no$.100$ for the $1$st journal entry on October $1$st$.$

$3.$ Prepare and print a Trial Balance for $05/31/2022$ to $10/31/2022.$

CHAPTER $4,$ pp$.192-193$

$4.$ Analyze and journalize adjusting entries $($a$)$ through $($f$).$

o Assume the balance in Prepaid Insurance is for Liability insurance, round to the nearest cent.

o through f$)$ use what is in the text, rounding to the nearest cent.

$5.$ Prepare and print an Adjusted Trial Balance for October $31,2022$

$6.$ Prepare an Income Statement for the month of October $2022$

o Customize the title to be $$Income Statement$$ instead of $$Profit and Loss$$

$1)$ Use the Customize button

$2)$ Select Header$/$Footer drop$-$down

$3)$ Change Report title

$7.$ Prepare and print a Balance Sheet as of October $31,2022$

CHAPTER $5,$ p$.236$

$8.$ You will have to journalize the four closing entries.

$9.$ Prepare and print a Post$-$Closing Trial Balance for October $31,2022$

o Customize the title of the Trial Balance report to be $$Adjusted Trial Balance$$

$10.$ Prepare and print a Journal Report for October $1-31,2022$

NAME: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ DUE: Friday, April $7$th$,11$:$00$ AM

Submit this sheet with the following reports, in the order listed:

$1.$ Trial Balance

$2.$ Adjusted Trial Balance

$3.$ Income Statement

$4.$ Balance Sheet

$5.$ Post$-$Closing Trial Balance

$6.$ Journal Report

Requirement

Possible points

Points Earned

$1.$ Trial Balance

$6$

$2.$ Adjusted Trial Balance

$8$

$3.$ Income Statement

$8$

$4.$ Balance Sheet

$6$

$5.$ Post$-$Closing Trial Balance

$8$

$6.$ Journal report $(42$ journal entries$)$

$64$

TOTAL

$100$