Course Project Overview

Comprehensive Accounting Project

You have been called upon to help Sarah Singer with her newly established graphic design business. Singer has decided to lease a rented office space and is planning to operate the new business on a full$-$time basis. The business is known as Sarah's Designs, Inc. Singer's company had the following business transactions during the first month of operation in September $20$XX:

Sept $1.$ To launch the new business, the following assets were initially contributed by Sarah Singer in exchange for common stock: Cash, $$25,800$; Accounts Receivable, $$4,500$; Supplies, $$2,500$; and Office Equipment, $$16,500.$

Sept $1.$ Paid three months' rent in advance on a new lease rental contract, $$3,600.$

Sept $2.$ Paid the premiums on property and casualty insurance policies, $$1,800.($This total insurance policy premium covers six months$)$

Sept $4.$ Received cash from the Gaines Company $($a new client$)$ as an advance payment for services to be provided, and the amount will be recorded as Unearned Revenue for $$4,200.$

Sept $5.$ Purchased a new computer on account from Brown's Computer Nook for $$3,600.$ The useful life of the computer has been estimated to be $5$ years.

Sept $6.$ Received cash from clients for services performed on account for $$2,600.$

Sept $9.$ Paid cash to the Mason Tribune for a newspaper advertisement, $$240.$

Sept $12.$ Recorded services provided on account for various clients for the period of September $1-12,$ for $$5,700.$

Sept $13.$ Paid Brown's Computer Nook for part of the liability incurred earlier $($back on Sept $5),$ $$690.$

Sept $14.$ Paid part$-$time receptionist for two weeks' salary, $$1,100.$

Sept $17.$ Paid cash for supplies, $$1,000.$

Sept $20.$ Purchased additional office equipment on account from Cabrillo Office Supply store for $$2,650.$

Sept $20.$ Recorded services provided on account for various clients for the period of September $13-20,$ $$4,360.$

Sept $24.$ Received cash from clients for fees earned during the period of September $17-24($not on account$),$ $$6,100.$

Sept $26.$ Received cash from clients on account from September $12$ services, $$2,200.$

Sept $28.$ Paid part$-$time receptionist for two weeks' salary, $$1,100.$

Sept $29.$ Paid telephone bill for September, $$370.$

Sept $29.$ Paid electricity bill for September, $$515.$

Sept $30.$ Recorded cash from clients for fees earned for the period of September $25-30($not on account$),$ $$3,450.$

Sept $30.$ Recorded services provided on account for the remainder of September, $$2,100.$

Sept $30.$ Paid dividends of $$2,500.$

Adjustment data for Sarah's Designs, Inc., as of September $30,20$XX:

Prepaid Insurance expired during September is $$300.$

Supplies on hand on September $30$ have a total value of $$2,130.$

Monthly depreciation of office equipment is $$320.$

Monthly depreciation of computer is $$60.$

Prepaid Rent expired during September is $$1,200.$

Accrued receptionist salary on September $30$ is $$200.$

Unearned Revenue balance on Sept $30$ amounts to $$3,600.$

Requirements and deliverables for this project:

Record the transactions listed above to the general journal and also post to the general ledger. Record and post appropriate adjusting entries, prepare trial balances, prepare financial statements, and record and post closing entries. The following detailed listing enumerates the required steps and items that you'll complete for each of the three milestones of this project, due in Weeks $3,5,$ and $8,$ respectively.

For Course Project Milestone $1$: $($due at the end of Week $3)$

Record the general journal entries for the business transactions.

Post the business transactions to the general ledger.

Prepare an unadjusted trial balance for September $30,20$XX$.$Give all calculations