CLR 3: Apply the rules of debit and credit to record business transactions in T-accounts and the General ledger. CLR 4: Prepare and explain each step in the accounting cycle including: posting joumal entries to the general ledger. preparing a trial balance, making period-end adjusting entries, preparing an adjusted trial balance, and closing the book of accounts. Objective of this Assignment: The objectives of this assignment are: 1. Review and reinforce leaming from Modules 1-8. 2. Reinforce all steps of the Accounting Cycle 3. Review preparation of reversing entries 4. Practice completion of work using MS-Excel. Pre-Assignment instructions: 1. To prepare you for this assignment, review the content of module 9 , including the embedded learning activities. 2. Review feedback from Assignment 2 and 3 Assignment Tasks: 1. This assignment is worth 100 points and is worth 15% of your final grade. 2. Your assignment must be completed and submitted using MS Excel. 3. Your completed assignment file should be named lastname_firstname__ACC2201__Assignment_4 4. Please complete each part on the worksheets as provided in this file. 5. You should make best use of Excel formulas and formatting, whenever possible. 6. Your assignment must be completed and submilted via the course website by the date indicated on the Course Calendar. Question and Rubric \begin{tabular}{l|c|c|c|} \hline & A & B & C \\ \hline 51 & & They do not need to be posted. \\ \hline 52 & Assignment \#4 - The Accounting Cycle - Review - 100 Marks \\ \hline 53 & & E \\ \hline 54 & Comprehensive Question-Becky's Car Detailing Services \\ 55 & & \\ 56 & Becky Jones opened Becky's Car Detailing Services on April 1, 2027. In Apr, the following transactions were completed. \end{tabular} Apr-01 Invested $14,000 cash in the business 1. Purchased a used truck for $26,400, paying $6,400 cash and signing a note payable for the balance 1. Collected $3,000 from XYZ for their car detailing needs for Apr, May and June. 3 Purchased cleaning supplies on account for $850 5 Paid $1,800 on a one-year insurance policy, effective Apr 1 12 Billed customers $3,800 for car detailing services 18 Paid $400 of amount owed on cleaning supplies 20 Paid \$1,600 for employee's salaries 21 Collected $1,400 from customers billed on Apr 12 25 Billed customers for $3,000 for car detailing services 30 Paid gas and oil for the month on the truck $350 30 Withdrew $1,600 to pay personal property taxes Additional Information: 1. Annual payments of $2,000 are required on the note. Required: 1. Journalize and post the Apr transactions. Becky's Car Detailing Services records all prepaid expenses and unearned revenues as assets and liabilities Prepare an unadjusted trial balance at April 30, 2027. Joumalize and post the following adjustments a. Eamed and unbilled fees at Apr 30, 2027 were $1,500. b. The truck has an estimated useful life of four years and no residual value. Question and Rubric Check Figures and Hinds and Tia CL Credit balances illustrated Required: 1. Joumalize and post the Apr transactions. Becky's Car Detailing Services records all prepaid expenses and uneamed revenues as assets and liabilities Prepare an unadjusted trial balance at April 30, 2027. 2. Joumalize and post the following adjustments a. Earned and unbilled fees at Apr 30, 2027 were $1,500. b. The truck has an estimated useful life of four years and no residual value. c. The insurance policy is effective Apr 1, 2027 and expires on March 31, 2028 d. An inventory count shows $375 of cleaning supplies on hand at Apr 30,2027. e. At Apr 30.2027, \$1,000 of the fees collected in advance have been earned. f. Accrued but unpaid employee salaries were $400. g. The note payable has a 6% annual interest rate. 4. Prepare an adjusted trial balance at Apr 30, 2027. 5. Prepare in good form an Income Statement, Statement of Owner's Equity and a Classified Balance Sheet for the month ended Apr 30, 2027. 6. Journalize and post the closing entries. 7. Prepare a post closing trial balance at Apr 30, 2027. 8. Becky's Car Detailing Services has chosen to prepare reversing entries. Prepare necessary reversing entries in May 2027. 0 The balance in the cash ledger acoount is $6,250 on the debit side The closing balance in Eecky Jones, Capital at April 30, 2027 is $18,075 on the credit side. General Tips Templates are provided on the following worksheet. It is highly recommended you use these femplates. You must number each page of the general journal Posting references are required All entrios should be posted into one general ledger (not 3). A proper goneral lodger doos not include T-Accounts In the general ledger, the particulars column can be left blank You should not start each ledger account with a line that says opening balance of zero, as the company did not exist last month, You are not required to prepare a worksheet for this assignment Assignment Tips for Each Part 17 Please note: You must pest entries into a general ledger and not into T.Accounts as used in the textbook. (Using the Templetes is a realy good idea). An example of an unadjusted trial balance can be found on page 2-24. Illustration 2,37 or before you go on - do it: question A zero balance ncoount on the trial balance can be deloted or left on the trial balance with a zero balance. Your adjusting ontries should be prepared in a general journal separate from Part 1. Label tho general journal Acjusting Entries. Poet your adjusting ontries into the general ledger started in Part 1. Mendy the Accessibility investigote: A Part 2 An example of an unadjusted trial balance can be found on page 2-24. Illustration 2.37 or before you go on - do it question A zero balance account on the trial balance can be deleted or left on the trial balance with a zero balance. Your adjusting entries should be prepared in a general journal separate from Part 1. Label the general joutnal Adju: Entries. Post your adjusting entries into the general ledger started in Part 1. Page 3-26 can be used as an example for this part illustration 3.29 Uso good form to prepare your financial statements. Remember the feedback from assignment \#3 so the same mistakes are. not made. Part 6 Prepare your closing entries in a goneral journal separate from Part 1 and Part 2. Label the general journal Closing Entries. Post your closing entries into the general ladger from part 3. Pago 4-10 has an example of a post closing trial balance. Illustration 4.10 Proparo your reversing entries in a general journal separate from Parts 1, 2 and 6 . Label the gonoral journal Reversing Entries. You do not neod to post these entries. Presenting Credit Balances in the Ceneral Ledger The next worksheet entited GiL credit balances ilustrated explain how to differentiate between debit and credit balances in the general ledger. The presentation of a dobit balance should be different than a credt balance. Ploase be sure to prosent the debl and credit balances as oxplained in these fles for this assignment. The text book does not explain or emphasize this. Fach time the balance cohamn is in a medt position the cogumn should be formatted (oresevind differently) In this wxample I huve peat brackets and red fore on the ersoit baltaricay GENERAL JOURNAL 4 COMPANY NAME: 5 Account \begin{tabular}{l|l} 6 & No. \\ 7 & 1010 \\ \hline 8 & 1030 \end{tabular} \begin{tabular}{|c|l|l|} \hline 7 & 1010 & ACCOUNT TITLE \\ \hline 8 & 1030 & Cash \\ \hline \end{tabular} \begin{tabular}{|c|c|l|} \hline 8 & 1030 & Accounts Receivable \\ \hline 9 & 1200 & Cleaning Supplies \\ \hline 10 & 1300 & Prepaid Insurance \\ \hline 11 & 1450 & Vehicle \\ \hline 12 & 1452 & Accumulated Deprociation - Vohiclo. \\ \hline 13 & 2000 & Accounts Payable \\ \hline 14 & 2010 & Salaries Payable \\ \hline 15 & 2020 & \end{tabular} \begin{tabular}{|l|l|l|} \hline 14 & 2010 & Salaries Payable \\ \hline 16 & 2020 & Interest Payable \\ \hline 17 & 2100 & Unearned Revenue \\ \hline 18 & 2300 & Note Payable \\ \hline \end{tabular} 18 B. Jones, Capital 32 33 34 35 36 37 37 38 39 40 41 42 43 an