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can you please help me do this assignment all information was on the Attach file Comprehensive Accounting Cycle Review Problem Acct2310 Student Name____________________________ Complete the
can you please help me do this assignment
all information was on the Attach file
Comprehensive Accounting Cycle Review Problem Acct2310 Student Name____________________________ Complete the Comprehensive Problem, beginning on page 2, on the included work papers. Submit the assignment to your instructor by uploading on to Connect on the link on Chapter 2 part 3. Note: This is the project that lets you know if your level of understanding is where it needs to be to be successful in this course. If you are having great difficulty in completing this then you need to review the content of chapters 2-4 in your Financial Accounting book (from acct1110) to continue on and have a successful experience in this course. Please give it your best shot! A solution to this problem is not available for your reference. The following check figures are provided: Unadjusted Trial Balance Adjusted Trial Balance Net Income Ending Capital Post-Closing Trial Balance $117,430 $117,690 $16,060 $75,560 $106,450 1 Comprehensive Accounting Cycle Review Problem On December 1st Gary Walton began an auto repair shop, Walton Quality Automotive. The following information about December's transactions, accounts, and adjustment data is available. Transactions Accounts Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Equipment; Accumulated Depreciation-Equipment; Land; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; W a l t o n , Capital; Wal to n , Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. Adjustment Data a. Office Supplies used during the month, $600. b. Depreciation for the month, $200. c. One month insurance has expired. d. Accrued Interest Expense, $60. Requirements: Complete the following on the attached work papers 1. Prepare the journal entries and post to the T-accounts. 2. Prepare an unadjusted trial balance. 3. Prepare the adjusting entries and post to the T-accounts. 4. Prepare an adjusted trial balance. 2 5. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings, dollar signs, and underlining. 6. Prepare the closing entries and post to the T-accounts. 7. Prepare a post-closing trial balance. 8. Submit to your instructor via Connect. GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION Record Transactions, Adjusting Entries, Closing Entries in this journal 3 DEBIT CREDIT GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION 4 DEBIT CREDIT GENERAL LEDGER Cash Equipment Utilities Payable Capital-Walton Accts. Rec Office Supplies Accum. Deprec. - Equip. Land Prepaid Insurance Accounts Payable Interest Payable Unearned Revenue Notes Payable Withdrawals-Walton Service Revenue Salaries Expense 5 Rent Expense Insurance Expense Utilities Expense Interest Expense 6 Advertising Expense Supplies Expense Depreciation Exp. Equip. Income Summary Unadjusted Trial Balance Debits 7 Credits Adjusted Trial Balance Debits 8 Credits Income Statement Statement of Changes in Owner's Equity 9 Balance Sheet Assets Liabilities Owner's Equity 10 Post-Closing Trial Balance Debits 11 CreditsStep by Step Solution
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