COMPREHENSIVE PROBLEM : The Accounting Cycle DIRECTIONS/INSTRUCTIONS: Required: complete the accounting process for several transactions (journals, T Accounts, Trial Balance, 3 Financial Statements) HINT!!! Use the T Accounts provided before class as your "chart of accounts". You may not need all of the T Accounts provided If you did not print the T Accounts use the following listing of Chart of Accounts to choose from when writing your journal entries: Cash, Accounts Receivable, Supplies, Prepaid Expenses, Computer Equipment, Vehicle, Accounts Payable, Loan Payable, Unearned Revenue, Wages Payable, Common Stock, Retained Earnings, Dividends, Consulting Revenue, Rent Expense, Utilities Expense, Wages Expense, Income Summary THIS PROBLEM WILL REQUIRE A MINIMUN OF 5 PAGES OF PAPER. PLEASE PREPARE AS DIRECTED BELOW: Page 1) Read and analyze each transaction. Prepare a journal entry for each transaction A-M. You may skip the memos and use abbreviations to limit your writing. You will need 1 - 2 sheets of paper. Page 2) Post your journals to T Accounts and properly compute the ending balances of each. Be sure to label each transaction in the T Accounts. You will lose points for not "labeling" your transactions in T Accounts with the corresponding transaction letter, even if you made no other errors. paper. Page 2) Post your journals to T Accounts and properly compute the ending balances of each. Be sure to label each transaction in the T Accounts. You will lose points for not "labeling" your transactions in T Accounts with the corresponding transaction letter, even if you made no other errors. Page 3) Prepare a Trial Balance from your T Accounts Page 4) Prepare an Income Statement for the accounting period - You may put the Income Statement & Statement of RE on the same sheet of paper Page 4 or 5) Prepare a Statement of Retained Earnings - you may start a new sheet or use the same paper as the income statement Page 5 or 6) Prepare a Balance Sheet - Put the balance sheet on 1 sheet of paper. Closing entries are not required, but T accounts were provided if you'd like to prepare them. Problem info: Use the following Chart of Accounts to make your account selection when preparing journals entries: Chart of Accounts: Cash, Supplies, Equipment, Prepaid Expenses, Land, Accounts Receivable, Unearned Revenue, Loan Payable, Accounts Payable Common Stock Dividends, Consulting Services (rev), Salaries expense On December 31, 2020 Sara, Elton, and Calvin form S.E.C. Advisors Inc; a consulting group advising hedge funds and trading platforms with emerging and unusual stock trading activities. Below are 3 transactions that occurred on Dec 31, 2020 (the last day of the accounting period). a) On December 31, 2020 the 3 owners of S.E.C. Advisors each contribute $5,000 cash and are issued common stock. b) On December 31, 2020 S.E.C. prepays $6,000 cash for a software license that begins in the next accounting period. c) On December 31, 2020 S.E.C. signs a contract with a client to provide them consulting services in 2021. The client pays $5,000 cash to S.E.C. 1) DOC pays the owners a dividend of $8 (in total not each) m) A new customer pays $14 cash in advance to DOC for consulting services to be performed in the next accounting period. You must include the required elements in your PDF upload (Journals, T Accounts, TB. Inc Stmt, Stmt RE and Bal Sheet). No PDF of the work and financial statements will result in a 0 for this question. But, if you'd like some early feedback before I complete grading you may enter the following answers: From your trial balance, what are your total debits?(please do not enter the $. just the number) What is the Net Income you calculated? What did you calculate for Total Equity? Your grade may change (up or down) for partial credit and format of your statements. Points given by Canvas are tentative. COMPREHENSIVE PROBLEM : The Accounting Cycle DIRECTIONS/INSTRUCTIONS: Required: complete the accounting process for several transactions (journals, T Accounts, Trial Balance, 3 Financial Statements) HINT!!! Use the T Accounts provided before class as your "chart of accounts". You may not need all of the T Accounts provided If you did not print the T Accounts use the following listing of Chart of Accounts to choose from when writing your journal entries: Cash, Accounts Receivable, Supplies, Prepaid Expenses, Computer Equipment, Vehicle, Accounts Payable, Loan Payable, Unearned Revenue, Wages Payable, Common Stock, Retained Earnings, Dividends, Consulting Revenue, Rent Expense, Utilities Expense, Wages Expense, Income Summary THIS PROBLEM WILL REQUIRE A MINIMUN OF 5 PAGES OF PAPER. PLEASE PREPARE AS DIRECTED BELOW: Page 1) Read and analyze each transaction. Prepare a journal entry for each transaction A-M. You may skip the memos and use abbreviations to limit your writing. You will need 1 - 2 sheets of paper. Page 2) Post your journals to T Accounts and properly compute the ending balances of each. Be sure to label each transaction in the T Accounts. You will lose points for not "labeling" your transactions in T Accounts with the corresponding transaction letter, even if you made no other errors. paper. Page 2) Post your journals to T Accounts and properly compute the ending balances of each. Be sure to label each transaction in the T Accounts. You will lose points for not "labeling" your transactions in T Accounts with the corresponding transaction letter, even if you made no other errors. Page 3) Prepare a Trial Balance from your T Accounts Page 4) Prepare an Income Statement for the accounting period - You may put the Income Statement & Statement of RE on the same sheet of paper Page 4 or 5) Prepare a Statement of Retained Earnings - you may start a new sheet or use the same paper as the income statement Page 5 or 6) Prepare a Balance Sheet - Put the balance sheet on 1 sheet of paper. Closing entries are not required, but T accounts were provided if you'd like to prepare them. Problem info: Use the following Chart of Accounts to make your account selection when preparing journals entries: Chart of Accounts: Cash, Supplies, Equipment, Prepaid Expenses, Land, Accounts Receivable, Unearned Revenue, Loan Payable, Accounts Payable Common Stock Dividends, Consulting Services (rev), Salaries expense On December 31, 2020 Sara, Elton, and Calvin form S.E.C. Advisors Inc; a consulting group advising hedge funds and trading platforms with emerging and unusual stock trading activities. Below are 3 transactions that occurred on Dec 31, 2020 (the last day of the accounting period). a) On December 31, 2020 the 3 owners of S.E.C. Advisors each contribute $5,000 cash and are issued common stock. b) On December 31, 2020 S.E.C. prepays $6,000 cash for a software license that begins in the next accounting period. c) On December 31, 2020 S.E.C. signs a contract with a client to provide them consulting services in 2021. The client pays $5,000 cash to S.E.C. 1) DOC pays the owners a dividend of $8 (in total not each) m) A new customer pays $14 cash in advance to DOC for consulting services to be performed in the next accounting period. You must include the required elements in your PDF upload (Journals, T Accounts, TB. Inc Stmt, Stmt RE and Bal Sheet). No PDF of the work and financial statements will result in a 0 for this question. But, if you'd like some early feedback before I complete grading you may enter the following answers: From your trial balance, what are your total debits?(please do not enter the $. just the number) What is the Net Income you calculated? What did you calculate for Total Equity? Your grade may change (up or down) for partial credit and format of your statements. Points given by Canvas are tentative