Build on your work from Milestone One to complete the Income Statement, Statement of Owner's Equity, Balance Sheet, and Closing Entries tabs in your company accounting workbook. This should be completed and submitted using Microsoft Excel. Please refer to the video walkthrough linked below if you need more assistance with your submission
The following events occurred in June: - June 1: Owner contributed $50,000 in cash to the business. - June 1: Owner purchased a company vehicle in the amount of $15,000. - June 3: Owner took out a small business loan in the amount of $25,000. - June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at $1,195 per month. - June 5: Owner paid business license fees in the amount of $250 to the county. - June 5: Owner ordered office supplies, on account, in the amount of $750.00. - June 6: Owner performed service for client on account in the amount of $1,000. - June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due. - June 10: Owner paid $250 in advertising costs to the local paper. - June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20 . - June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month. - June 20: Owner paid wages due to part-time employee from period ending June 15. - June 21: Owner paid for plumbing repairs in the office in the amount of $210. - June 22: Owner withdrew $1,000 cash for personal use. - June 23: Customer paid balance due from June 6 service in the amount of $1,000. - June 25: Owner provided service to client in the amount of $800. Client paid at time of service. - June 28: Owner paid balance due for office supplies purchase on June 5. - June 29: Owner performed service for client on account in the amount of $2,225.00. - June 30: Owner received telephone bill for month of June in the amount of \$155 and recorded the expense. This bill will not be paid until July. - June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5 . - June 30: Record depreciation on vehicle at $250. ACC 201 Company Accounting Workbook Template 6 of owner's equity, and balance sheet for the company. Then close temporary account balances using closing entries in the final step. Be sure to revisit any feedback received from Milestone One and make necessary corrections to ensure that statements are completed with accurate balance information. (You may refer to the blank Company Accounting Workbook Template if necessary, but keep in mind that your work for this milestone should be added to the work that was completed in your workbook for the previous milestone. You should also implement any feedback that was given during Milestone One.) Specifically, you must address the following rubric criteria: - Income Statement: Prepare the income statement using the adjusted trial balance - Statement of Owner's Equity: Prepare the statement of owner's equity using the adjusted trial balance. - Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance. - Balance Sheet Liabilities: Prepare the balance sheet liabilities entries using the adjusted trial balance. - Closing Entries: Complete the "Closing Entries" tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries. What to Submit Build on your work from Milestone One to complete the "Income Statement," "Statement of Owner's Equity," "Balance Sheet," and "Closing Entries" tabs in your company accounting workbook. This should be completed and submitted using Microsoft Excel. Please refer to the video walkthrough linked below if you need more assistance with your submission. ACC 201 Company Accounting Workbook Template 6 ACC 201 Company Accounting Workbook Template 6
