Calculate adjusting journal entry

X for Accounts receivable G E Debit 5,86,382 F Credit 1,30,307 4,56,075 75,000 75,000 1,07,500 1,07,500 26,061 26,061 2019 Account Titles 1-Jan Building Cash Notes Payable 3-Jan Wages Payable Cash 08-Jan Unearned Sales Revenue Sales Revenue Cost of goods sold Inventories 12-Jan Tax Payable Cash 13-Jan Cash Sales Revenue 15-Jan Cash Common Shares 16-Jan Inventories Accounts Payable 21-Jan Accounts Payable Inventories 28-Jan Accounts Payable + Cash Inventories 45,000 45,000 1,30,307 1,30,307 3,90,921 3,90,921 2,73,645 2,73,645 13,031 13,031 2,60,614 2,52,796 7,818 31-Jan 6,515 6,515 31-Jan Utilities Expense Cash Salaries Expense Group 2.Data3.JE 10,425 4.GL_T accounts 5.Unadjusted TB Maintenance expense F G B 51-Jan E 10,425 10,425 2-Feb 1,56,369 1,56,369 1,04,246 1,04,246 12-Feb 78,184 78,184 52,123 52,123 01-Mar 78,184 78,184 01-Apr 3,909 Salaries Expense Cash Cash Sales revenue cost of goods sold Inventories Accounts receivable Sales revenue Cost of goods sold Inventories Cash Accounts receivable Rent Expense Cash Inventory Cash Cash Notes Payable Prepaid Rent Cash Maintenance expens Cash Salaries Expense Cash Cash Unearned Rent Revenue Accounts receivable 1. Group 2. Data 3.JE 3,909 15-Apr 2,60,614 2,60,614 01-May 1,30,307 1,30,307 01-Aug 15,637 15,637 31-Aug 6,515 6,515 30-Sep 19,546 19,546 30-Sep 31,274 31,274 21-Oct 2,60,614 4.GL_T accounts S.Unadjusted to Calibri - = = 3 BIU-E-1 SA- Wrap Merge Font Alignment x for Maintenance expense F G 2,60,614 2,60,614 1,30,307 1,30,307 65,154 65,154 LBC 21-Oct Accounts receivable Sales revenue cost of goods sold Inventories 01-Nov Accounts payable Cash 108-Nov Accounts receivable Sales revenue cost of goods sold Inventory 14-Nov Cash Sales discount Accounts receivable 31-Dec Income Tax payable Cash 2,73,645 2,73,645 1,82,430 1,82,430 2,68,172 5,473 2,73,645 10,000 10,000 Dec 31, the note payable and the interest need to be calculated and paid Can be done here or in Adj. JE sheet Interest expense = |31-Dec Notes Payable Interest expense Cash 4,56,075 27,365 4,83,440 45,41,544 45.41,544 G H Some of the transactions require adjustments, like depreciation. Prepare all the necessary adjusting JE, and post it to the GL Note: you can bring the GL for those accounts require adjustments into this shee 1. Calculate the depreciation for equipment (from the notes) Dep. Ex 50,000.0 Debits edits 31-Dec Dep. Exp. 50,000 ACC Dep. 50,000 2. Calculate bad debt expense, its 3% of the net credit sales (from the notes) Bad debt expense 13,818 Debits edits 31-Dec 5. Calculate the deferred insurance exp (from the notes) Insurance exp. - Debits edits 31-Dec 3. Calculate depreciation expense for the building (transaction 1) Dep. Exp= Debits edits 31-Dec 4. Calculate the accrued interest expense (transaction 17) Interest exp. = Debits 31-Dec edits 5. Calculate the deferred rent exp (transaction 18) 1. Group 2. Data 3.JE 4.GL_T accounts Unadjusted to DIE Font Alignn B C D | 5. Calculate the deferred rent exp (transaction 18) Rent exp.= Debits 31-Dec edits 31-Dec | 6. Calculate the deferred rent revenue (transaction 21) Rent revenue = Debits edits | 31-Dec ACCT 1115 Co. Comparitive statement of Financila Position December 31, 2018 and 2017 Account 2018 2017 Sales Revenue 7,13,000 6,20,000 Sales discount Net slaes 7,13,000 . 6,20,000 Cost of goods sold 4,71,500 4,10,000 Gross Profit 2,41,500 2,10,000 Operating exp: Salaries & wages exp. 17,250 15,000 Rent expense 11,500 10,000 Utility Expense 5,750 5,000 Maintenance exp. Dep. Expense (equip. & Build) 57,500 50,000 Bad debt exp 4,0253 ,500 Insurance exp. 13,800 12,000 Total operating exp. 1,09,825 95,500 Operating income 1,31,675 1,14,500 Other revenues and expenses: Rent revenue Interest exp. 34,500 30,000 Income before tax 97,175 84,500 Income tax exp. 45,000 42,000 Net Income 52,175 42,500 656 =+G52+G54+G53+G55 C D ACCT 1115 Co. Comparitive statement of Financila Position December 31, 2018 and 2017 Account 2018 2017 Current Assets Cash 1,00,000 50,000 Accounts Receivable 2,00,000 1,00,000 Inventory 1,85,000 1,25,000 Prepaid Insurance 24,000 36,000 Total current assets 5,09,000 3,11,000 Long term Investments 2,50,000 80,000 Equipment 5,00,0005,00,000 Accumulated depreciation Equipment |(1,50,000) (1,00,000) Total Assets 11,09,000.00 7,91,000.00 60,000 Liabilities and sharholders equity Accounts Payable Wages & Salaries Payable Unearned Sales Revenue Income tax payable Total current liabilities Bonds payable Total Liabilities Common shares Retained earnings Total Liabilities and sharholders equity 1,60,000 7 5,000 1,07,500 45,000 3,87,500 3,50,000 7,37,500 1,00,000 2,71,500 11.09,000.00 10,000 42,000 1,12,000 3,50,000 4,62,000 1,00,000 2,29,000 7,91,000.00 coded calculation. Please DO NOT add any numbers to to this dark line or below. Notes (assumptions): A. ACCT 1115 using perpetual inventory system B. Equipment on their SFP purchased on 2016 for $500,000 with 5,00,000 $0 residual value, depreciated straight line over 10 year estimated useful life. C. They use aging accounts receivables method to estimate any bad debt expenses. They estimated 3% of outstanding net Accounts Receivables t year yean sales at year will not be collected D. Prepaid insurance was paid on Jan 1,2017 to cover 3 years insurance E. No accruals/deferrals other than the ones found in the above transactions. Required: Following the excel sheet template Prepare: Round your answers to nearst $i dollar. This is not apply on the ratios 1. All JE for the above transactions, considering the notes/ assumptions above 2. Post all the transactions into the general ledger GL ("T" accounts) 3. Prepare the unadjusted trial balance before any adjustments 4. Prepare all the required adjustments (deferrals and accruals) if any, and update the GL 5. Prepare the adjusted trial balance after you made all the adjustments 0. Prepare the following financial statements a. Statement of Income b. Statement of changes in equity c. Statement of Financial position 7. Prepare the following financial ratios (the list on excel file). Round ratios to 2 digits. 8. Write a memo to your client ACCT 1115 to communicate your findings by explaining the ratios, their results and any suggestions for improvements if needed. Alfemo one to nio pages maximum) Search libel 11 A WE view Help A = 2 Wiap Text A. EEEEE3Merge a Center 19 Alignment =*6524541653655 % 9 58.48 Formatting Styles Table Styles Number * Instructions: The objective of this exercise: - To learn the complete accounting cycle, and to analyze the financial statements after completed. - To learn and practice excel skills, and some data analytics DO NOT CHANGE ANY NUMBERS IN THE DATA SHEET. Type one of the group student ID number on the yellow If for some reason you are getting zeros or negative numbers, you need to communicate that with me immediately. - To complete this assignment, you need to create worksheets for each accounting cycle step. - When preparing JE, posting to GL, adjusting transactions and preparing financial statements, you need to import the applicable data (numbers) by linking cells. 14) NOT SIMPLY TYPE NUMBERS - For totals you need to use "Sum" do not add. 25% of the overall mark will be on excel formulas For ratios you need to use "round" function, to round the answer to two digits. Each sheet on excel file includes instruction on how to complete it. If you need any help in using excel functions (V-lookups, Round, conditionals... etc.) let me know, I am here to help you. Adj. JE 7.Updated with ad Adjusted 2.Data UE S.Unadjusted TB 4 GLT accounts Share -11- 3. A Merge Center - 22 Sort Find 56 6524654*653655 The following transaction are the only transacbon for ACCT 1115 co during 2019 carry interest 69 1,30,307 cash and they 12 note payable for the balance. The The note principle doe with the interest on Dec 31, 2019. The building expected useful life residual ( s e) vale amount of 65,154 ACCT 1115 uses the lines the method of depreciation Tan 3 was payable trem 2015 cash 1.07.500 cost of these products are 26,061 Previously ACCT 1115 received cash amount of 1,07.500 from customer and record it in Dec 18, 2018 in account (Unearned revenue) Tan 12 income taxes owed from last year we pad cash Jan 13, collect from customers 11107 15 and come for lah Jan 16 purchased merchandise for 2,73,615 from ABC coterm 20.45 FOB destination discount if pada 20 days 21 returned merchandise to ABC Camount of 13,031 Jan 28 and the amount owed to ABC CO 65 11 Palades 10.15 12 Feb 2 sold merchandise of 1.560 cost of those rood was 104 ACCT 1115 used perpetual entory wystem 13 Feb 12 sold merchandise of 78,181 XYZ coterm 2/10,30 FOB shopping point cost of those goods was 82.123 24 discount is recetted in 10 days 15 10 17 laidor the lanmount of Apr 15, purchased mechandise for cash Mary how from a local bank 1100 1241 141 19.510 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 resal(avage) vale amount of Jan 3, all wages payable from 2018 paid cash 65,154 ACCT 1115 ses strat e as the method of depreciation Jan 8they deliver merchandise to customer amount of Previously ACCT 1115 received cash amount of 1,07,500 cost of these products 1.07.500 from eastern record in Dec 1, 2015 in contander 26,061 Jan 12, al income taxes owed from last year we pandash ) Jan 13, collect from customers 1,30,307 ch Jan 15, issued common shares for 3,90,921 cash Jan 16 purchased merchandise for 2,73,645 from ABC Coterm Jan 21 returned merchandise to ABC co amount of 20,45 FOB destination 13,031 Jan 28 paid the amounts owed to ABC.CO Jan 31 paid utilities 6,515 cash Pan 31 paid salanes 10,425 cash Feb 2 sold merchandise of 1.56,369 cost of those foods was 1,04,246 ACCT 1115 used perpetual ventory system Feb 12 sold merchandise of 78,184 to XYZ coterm 2/10,30, FOB shipping point cost of those goods was March 1, XYZ paid their account in full Apr I paid rent for the months JanMar amount of 3,909 Apr 15. purchased merchandise for cash 2,60,614 May 1 borrow from a local bank 1,30,307 by signing a 12 note pavable Aug 1, they paid for one-year rent amount of 15,637 Aug 31. paid cash for maintenance and cleaning the building Sep 1. paid in salaries 19,516 31.274 for Sep 30, they rent part of their building to a local business and collect one year rent in advance amount of Oct 21 sold merchandise on account for 2,60,614 to BC lid cost of those goods was Nov 1, Be itd., paid 65,154 cash on their account 2 scount received in 10 days Nov 8 sold merchandise to SK Co., for 2.73.645 ferm 2/10,n30. FOB shipping point. Cost of those goods was Nov 14, SK paid their account in full Dec 31, paid income taxes amount of 7 Updated GL with a 8 Adjusted 6.Ad. JE 1.Group 2. Data 3.JE S. Unad usted TB 4.GL_T accounts 0.515 10,000