assel Accounting began operations as a corporation on 1/1/19. All transactions through 11/30/20 have been recorded and the account balances can be found in the November Trial Balance. During December, the following transactions occurred: (NOTE: All accounts used are in the Chart of Accounts on the same page as the Nov TB)

Using formulas only, transfer the balances from the November Trial Balance into the ledger accounts.

Journalize and post the December transactions. NOTE: if a transaction should not be recorded, just leave it out. In addition, formulas must be used to pick up journal entry amounts and to calculate all ledger account balances.

Using formulas, start the worksheet by transferring the ledger balances at 12/31 to the Unadjusted Trial Balance columns.

Accounting Cycle Project-F20-B Q Search Sheet Home Insert Page Layout Formulas Data Review View 2+ Share Insert C Calibri 13 A- A+ Wrap Text Custom NA 49 Paste B I U + Merge & Center $ % ) ..0 .00 .00 0 Conditional Format Formatting as Table Cell Styles x Delete Format Sort & Filter B K 1 M N N 0 P O R S U V w 28 29 B14 fx Completed an audit for $38,600. The client paid $8,600 in cash and was billed for the balance due. D E F G H 1 J J. 281273 casser palmeirasz,000 Case divided 26 27 Instructions: Part 1 is due by 2pm on Tues, 9/15 1 Using formulas only, transfer the balances from the November Trial Balance into the ledger accounts Journalize and post the December transactions. NOTE: if a transaction should not be recorded, just 2 leave it out. In addition, formulas must be used to pick up journal entry amounts and to calculate all ledger account balances 3 Using formulas, start the worksheet by transferring the ledger balances at 12/31 to the Unadjusted 30 Trial Balance columns. 31 With regard to the Ledger There are double underlines throughout the accounts. These indicate that you should be done A posting/recording items. For instance, the first double-underline in each account are for the November balances (where applicable), the next one is for the end of recording December transactions, etc. 32 There is a "Check Figures-Actual" box at the very end of the ledger. The formulas are set so that when you post transactions, the balances will automatically be tabulated at the bottom so you will know if B your debits equal your credits. This assumes, however, that you have the proper formulas set up in the balance columns and that you don't move the accounts around. Next to that box are the correct Dr/Cr 33 totals that you should have At the end of December (the fiscal year end), Cassel Accounting had the following adjustments. (NOTE: Depreciation expense is only recorded at year-end; all other adjustments are recorded monthly.) 14 35 a. 16 b. c. 37 d. 38 e. 39 1. of the $8,200 received from the client on 12/11, only $6,900 has been earned as of 12/31. The insurance policy was renewed on 10/1/20 for 6 months at a cost of $7,200. Interest has accrued on both of the notes. The $16,800 note was taken out on 9/1/20 and is for 6 months at 6% interest. $7,200 of the amounts received in advance from clients are still unearned. (NOTE: do not include amounts from Adjustment a in this calculation) Equipment is depreciated over 5 years using the straight-line method with no salvage value. The equipment on the books at 11/30 was purchased on 1/1/19 The new Vehicle is being depreciated over 10 years using the straight-line method with a $5,000 salvage value. $1,650 of supplies were used during December. Received a utility bill for December for $785. Record the salary of $20,000 owed to Mr. Cassel for December. He receives his check on the first day of the following month. His FICA tax rate is also 7.65% and he has 20% for Federal income tax and 10% for State income tax deducted from his check Record the December wages earned and taxes owed by Tailer since the last pay period. (NOTE: round to whole dollars if necessary. Record the employer's share of FICA tax on all salaries/wages payable and unemployment taxes on / Tailer's wages only Audit services performed on 12/30 have not yet been billed. The client owes $7,500. 40 & h. 42 i. 43 1 44 45 k Instructions & Transactions Nov Trial Balance and COA Journal Ledger Worksheet Statements Post-Closing Trial Balance + Ready 3 + 69% Accounting Cycle Project-F20-B Q Search Sheet Home Insert Page Layout Formulas Data Review View 2+ Share a Insert Calibri 13 A- A Custom Wrap Text Merge & Center NA 49 Paste B I U $ . % ) ..0 .00 .00 .0 Conditional Format Cell Formatting as Table Styles x Delete Format Sort & Filter B14 fx Completed an audit for $38,600. The client paid $8,600 in cash and was billed for the balance due. D E F G H 1 1 j K L M N o P Q R s T U 2 CASSEL ACCOUNTING Cassel Accounting began operations as a corporation on 1/1/19. All transactions through 11/30/20 have been recorded and the account balances can be found in the November Trial Balance. During December, the following transactions occurred: (NOTE: All accounts used are in the Chart of Accounts on the same page as the Nov TB) 3 5 12/1 Paid the December office rent of $1,500. 12/1 Paid Mr Cassel his salary from November 6 12/1 Purchased office furniture for $25,200 in cash. The furniture is recorded as "Equipment on the books 7 8 9 12 13 14 12/1 Paid the utility bill from November. Mr. Cassel contributed $50,000 cash to the business and received 1,500 shares of $6 par common stock in 12/3 exchange Hired Tailer Sift as a staff accountant who will be paid $500 per day for a 5-day (M-F) work week. Payday 12/4 is the 2nd and 4th Friday of the month, and covers the 2-week period ending on that Friday. Tailer's first 10 day of work will be on Monday, 12/7. 11 12/5 12/5 Purchased office supplies for $840 on account. 12/7 Received $17.400 from clients who had been billed for services performed in November 12/8 Mr. Cassel purchased a company car for $65,000 and signed a 5-year, 6% note payable. A new Vehicles account is set up for this asset. 12/10 Completed an audit for $38,600. The client paid $8,600 in cash and was billed for the balance due. 12/11 Received $8,200 from a client for services to be performed in December. Tailer recorded this as 15 December revenue. Recorded Tailer's gross wages for the pay period ending 12/11. The FICA tax rate is 7.65% of gross 12/11 wages. Tailer has 12% for federal income tax and 7% for state income tax deducted from her paycheck. She is paid her net wages on payday, and the taxes are paid on the 15th of the following month. (NOTE: Round FICA to whole dollars) 12/11 Record the employer's share of the FICA and unemployment taxes for Tailer's wages. The Federal unemployment rate is 6%, and State is 1%. (NOTE: Round FICA to whole dollars) 18 12/15 Paid the payroll taxes due from November 12/16 Billed clients $27,400 for audit services performed. 2012/18 Paid $3,200 toward the amount due on account. 21 12/22 Purchased office supplies for $940 cash. 22 12/25 Paid Tailer's wages for the pay period ending 12/25, and recorded the taxes due 23 12/25 Record the employer's share of the FICA and unemployment taxes for Tailer's wages. 24 12/28 Received $8,400 from a client to prepare their tax return in January 25 12/31 Mr. Cassel paid himself a $2,000 cash dividend. 16 17 26 Instructions & Transactions Nov Trial Balance and COA Journal Ledger Worksheet Statements Post-Closing Trial Balance + Ready + 75% Accounting Cycle Project-F20-B Q Search Sheet Home Insert Page Layout Formulas Data Review View 2+ Share Insert C Calibri 13 A- A+ Wrap Text Custom NA 49 Paste B I U + Merge & Center $ % ) ..0 .00 .00 0 Conditional Format Formatting as Table Cell Styles x Delete Format Sort & Filter B K 1 M N N 0 P O R S U V w 28 29 B14 fx Completed an audit for $38,600. The client paid $8,600 in cash and was billed for the balance due. D E F G H 1 J J. 281273 casser palmeirasz,000 Case divided 26 27 Instructions: Part 1 is due by 2pm on Tues, 9/15 1 Using formulas only, transfer the balances from the November Trial Balance into the ledger accounts Journalize and post the December transactions. NOTE: if a transaction should not be recorded, just 2 leave it out. In addition, formulas must be used to pick up journal entry amounts and to calculate all ledger account balances 3 Using formulas, start the worksheet by transferring the ledger balances at 12/31 to the Unadjusted 30 Trial Balance columns. 31 With regard to the Ledger There are double underlines throughout the accounts. These indicate that you should be done A posting/recording items. For instance, the first double-underline in each account are for the November balances (where applicable), the next one is for the end of recording December transactions, etc. 32 There is a "Check Figures-Actual" box at the very end of the ledger. The formulas are set so that when you post transactions, the balances will automatically be tabulated at the bottom so you will know if B your debits equal your credits. This assumes, however, that you have the proper formulas set up in the balance columns and that you don't move the accounts around. Next to that box are the correct Dr/Cr 33 totals that you should have At the end of December (the fiscal year end), Cassel Accounting had the following adjustments. (NOTE: Depreciation expense is only recorded at year-end; all other adjustments are recorded monthly.) 14 35 a. 16 b. c. 37 d. 38 e. 39 1. of the $8,200 received from the client on 12/11, only $6,900 has been earned as of 12/31. The insurance policy was renewed on 10/1/20 for 6 months at a cost of $7,200. Interest has accrued on both of the notes. The $16,800 note was taken out on 9/1/20 and is for 6 months at 6% interest. $7,200 of the amounts received in advance from clients are still unearned. (NOTE: do not include amounts from Adjustment a in this calculation) Equipment is depreciated over 5 years using the straight-line method with no salvage value. The equipment on the books at 11/30 was purchased on 1/1/19 The new Vehicle is being depreciated over 10 years using the straight-line method with a $5,000 salvage value. $1,650 of supplies were used during December. Received a utility bill for December for $785. Record the salary of $20,000 owed to Mr. Cassel for December. He receives his check on the first day of the following month. His FICA tax rate is also 7.65% and he has 20% for Federal income tax and 10% for State income tax deducted from his check Record the December wages earned and taxes owed by Tailer since the last pay period. (NOTE: round to whole dollars if necessary. Record the employer's share of FICA tax on all salaries/wages payable and unemployment taxes on / Tailer's wages only Audit services performed on 12/30 have not yet been billed. The client owes $7,500. 40 & h. 42 i. 43 1 44 45 k Instructions & Transactions Nov Trial Balance and COA Journal Ledger Worksheet Statements Post-Closing Trial Balance + Ready 3 + 69% Accounting Cycle Project-F20-B Q Search Sheet Home Insert Page Layout Formulas Data Review View 2+ Share a Insert Calibri 13 A- A Custom Wrap Text Merge & Center NA 49 Paste B I U $ . % ) ..0 .00 .00 .0 Conditional Format Cell Formatting as Table Styles x Delete Format Sort & Filter B14 fx Completed an audit for $38,600. The client paid $8,600 in cash and was billed for the balance due. D E F G H 1 1 j K L M N o P Q R s T U 2 CASSEL ACCOUNTING Cassel Accounting began operations as a corporation on 1/1/19. All transactions through 11/30/20 have been recorded and the account balances can be found in the November Trial Balance. During December, the following transactions occurred: (NOTE: All accounts used are in the Chart of Accounts on the same page as the Nov TB) 3 5 12/1 Paid the December office rent of $1,500. 12/1 Paid Mr Cassel his salary from November 6 12/1 Purchased office furniture for $25,200 in cash. The furniture is recorded as "Equipment on the books 7 8 9 12 13 14 12/1 Paid the utility bill from November. Mr. Cassel contributed $50,000 cash to the business and received 1,500 shares of $6 par common stock in 12/3 exchange Hired Tailer Sift as a staff accountant who will be paid $500 per day for a 5-day (M-F) work week. Payday 12/4 is the 2nd and 4th Friday of the month, and covers the 2-week period ending on that Friday. Tailer's first 10 day of work will be on Monday, 12/7. 11 12/5 12/5 Purchased office supplies for $840 on account. 12/7 Received $17.400 from clients who had been billed for services performed in November 12/8 Mr. Cassel purchased a company car for $65,000 and signed a 5-year, 6% note payable. A new Vehicles account is set up for this asset. 12/10 Completed an audit for $38,600. The client paid $8,600 in cash and was billed for the balance due. 12/11 Received $8,200 from a client for services to be performed in December. Tailer recorded this as 15 December revenue. Recorded Tailer's gross wages for the pay period ending 12/11. The FICA tax rate is 7.65% of gross 12/11 wages. Tailer has 12% for federal income tax and 7% for state income tax deducted from her paycheck. She is paid her net wages on payday, and the taxes are paid on the 15th of the following month. (NOTE: Round FICA to whole dollars) 12/11 Record the employer's share of the FICA and unemployment taxes for Tailer's wages. The Federal unemployment rate is 6%, and State is 1%. (NOTE: Round FICA to whole dollars) 18 12/15 Paid the payroll taxes due from November 12/16 Billed clients $27,400 for audit services performed. 2012/18 Paid $3,200 toward the amount due on account. 21 12/22 Purchased office supplies for $940 cash. 22 12/25 Paid Tailer's wages for the pay period ending 12/25, and recorded the taxes due 23 12/25 Record the employer's share of the FICA and unemployment taxes for Tailer's wages. 24 12/28 Received $8,400 from a client to prepare their tax return in January 25 12/31 Mr. Cassel paid himself a $2,000 cash dividend. 16 17 26 Instructions & Transactions Nov Trial Balance and COA Journal Ledger Worksheet Statements Post-Closing Trial Balance + Ready + 75%