Create a complete projectinclude
- General Journal Tab
- General Ledger
- Worksheet Tab
- Income statement and Retained Earnings Tab
- Classified Balance Sheet Tab
- Post-Closing Trial Balance Tab
- Bank Reconciliation
13500 20800 3200 7500 3 S A Complete Accounting Cycle Project After graduating from College you have decided to open a Bookkeeping Consulting Firm. You did some consulting during last few months and you recently filed a corporation starting July 2016. You should choose a name: NAME Consulting Inc. Your new fimm entered into the following transactions starting July 1st, 2016 1-Jul Following assets were received from you in exchange for 1000 shares of common stock: Cash AR Supplies Use straight line of Depreciation Office Equipmen Office Equipment useful life: Years Residual Value: 320.00 1 The firm paid 2 months' rent for a office space lease contract... 2 Paid one year insurance policy premium in advance 4 Received advance cash from a new clients for future services 5 Purchased additional office equipment on account from Office Depot 6 Received cash from clients on account 10 Paid cash for a local newspaper advertisement 12 Paid Office Depot for part of equipment purchased on account 12 Sent invoice #005 to a customer for 90 hrs consultation provided recently 14 Paid your receptionist for two weeks' salary 17 From a cash clients, you received cash after providing some consultation 18 You paid by your business debit card to purchase some supplies 20 Sent invoice #006 to a customer for the service provided during last few days 24 From a cash clients, you received cash after providing some consultation 26 Received cash from clients on account 27 Paid your receptionist for two weeks' salary 29 Received and paid telephone bill for July (Che 007) 31 Received and paid electricity bill for July (Ch 008) 31 From a cash clients, you received cash after providing some consultation 31 Sent invoice #007 to a customer for the service provided during last few days 31 Declared and paid dividends (Ch# 009) 5000 4500 5500 6500 153001 400 5200 1750 450 600 200 12000 1750 300 600 150 1500 $1525 b d 1 Instructions: Record the transactions & Post to the General Ledger accounts. 2 Prepare Bank Reconciliation and post the necessery General Journal Entries. 3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and use these data to complete month-end adjustments. Supply on hand.. Record adjustments to Insurance, Rent and Equipment Depreciation Accrual receptionist salary on July 31st for one day Uneamed fees as of July 31 4 Journalize and post adjusting entries after completing the worksheet 5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet 6 Prepare, record, and post closing entries. 7 Prepare a Post-closing Trial Balance, 8 Write a Memorandum to your bank in regards to profitability of your new corporation. e 2750 Pasadena Federal Credit Union Account Statement Account # Statement Period Page 12345 7/1/2016 7/31/2016 1 of 1 P.O.Box 5555 Pasadena, CA 91106 Tel: (888) 555-5555 YTD Interest Group Consulting Inc. 2000 Forever St. Pasadena, CA 91106 Business Checking Beginning Balance Deposit / Credits Withdraws / Debits Ending Balance $0.00 47,115.00$ 19,259.00 $ 27,856.00 15.00 Trans. Date Deposit Withdraw Balance 1-Jul Cash deposit at the branch 13500 13500 5-Jul Ch #001 5000 8500 5-Jul Deposit by check 5500 14000 6-Jul Ch #002 4500 9500 6-Jul Deposit by check 15300 24800 10-Jul Ch #003 400 24400 12-Jul Ch #004 5200 19200 16-Jul Ch #005 1750 17450 17-Jul Cash deposit at the branch 450 17900 18-Jul Debit card transaction 600 17300 24-Jul Cash deposit at the branch 200 17500 26-Jul Deposit by check 12000 29500 28-Jul Ch #006 1750 27750 30-Jul Cash deposit at the branch 150 27900 31-Jul Deposit Interest rate 0.100% 15 27915 31-Jul Branch service fee 10 27905 31-Jul Withdraw Debit Card Intuit QuickBooks 800-466-8848 49 27856 Cleared checks (amounts already deducted in above section): Check # Date Amount Check # Date Ch#001 5-Jul 5000 Ch# 004 12-Jul Ch # 002 6-Jul 4500 Ch#005 16-Jul Ch # 003 10-Jul 400 Ch # 006 28-Jul Amount 5200 1750 1750 INVOICE Date: 07/20/2016 TO Best Customer Consultatione 2000 Forever Street de CA 90000 Tel. Fax 900-900-6000 Consultinio.com 100 New Awe New Hall, CA 90 Tel: 299.500 5000 Customer ID ABC12357 MATERSON PAYMENT TERMS DE BATX on Booking Consultation De cop OTY DESCRIPTION JUNIT PRICE LINE TOTAL 40 hours Beekeeping and Business Consultanice $150 SUBTOTAL $6.000 SALES TAX TOTAL $6,000 INVOICE Date: 07/12/2016 Invoice N 005 Let's Carat TO Best Customer Ever Consultation Inc. 2000 Forever Street Pasadena, CA 91106 Tet 99.999-9999 Fax 900-900-0000 Consul@info.com 100 New Ave New Hall, CA 99000 Tel: 299-500-5000 Customer ID ABC12345) SALESPERSON JOB PAYMENT TERMS Bookkeeping Consultation DUE DATE Due on receipt QTY DESCRIPTION UNIT PRICE LINE TOTAL 90 hours Bookkeeping and Business Consultation $150 $13500 SUBTOTAL SALES TAX TOTAL $13,500 0 $13,500 INVOICE Date:07/31/2016 Invoice # 007 Let's Cement TO Best Customer Ever Consultation Inc. 2000 Forever Street Pasadena, CA 90000 Tt 299 999-9999 Fax 900-900-0000 Consult@info.com 100 New Ave New Hall, CA 99000 Tel: 299-500-5000 Customer ID ABC12345) SALESPERSON JOB Bookkeeping Consultation PAYMENT TERMS DUE DATE Due on receipt QTY DESCRIPTION UNIT PRICE LINE TOTAL 20 hours Bookkeeping and Business Consultation $150 $3000 $3,000 SUBTOTAL SALES TAX TOTAL $3,000 13500 20800 3200 7500 3 S A Complete Accounting Cycle Project After graduating from College you have decided to open a Bookkeeping Consulting Firm. You did some consulting during last few months and you recently filed a corporation starting July 2016. You should choose a name: NAME Consulting Inc. Your new fimm entered into the following transactions starting July 1st, 2016 1-Jul Following assets were received from you in exchange for 1000 shares of common stock: Cash AR Supplies Use straight line of Depreciation Office Equipmen Office Equipment useful life: Years Residual Value: 320.00 1 The firm paid 2 months' rent for a office space lease contract... 2 Paid one year insurance policy premium in advance 4 Received advance cash from a new clients for future services 5 Purchased additional office equipment on account from Office Depot 6 Received cash from clients on account 10 Paid cash for a local newspaper advertisement 12 Paid Office Depot for part of equipment purchased on account 12 Sent invoice #005 to a customer for 90 hrs consultation provided recently 14 Paid your receptionist for two weeks' salary 17 From a cash clients, you received cash after providing some consultation 18 You paid by your business debit card to purchase some supplies 20 Sent invoice #006 to a customer for the service provided during last few days 24 From a cash clients, you received cash after providing some consultation 26 Received cash from clients on account 27 Paid your receptionist for two weeks' salary 29 Received and paid telephone bill for July (Che 007) 31 Received and paid electricity bill for July (Ch 008) 31 From a cash clients, you received cash after providing some consultation 31 Sent invoice #007 to a customer for the service provided during last few days 31 Declared and paid dividends (Ch# 009) 5000 4500 5500 6500 153001 400 5200 1750 450 600 200 12000 1750 300 600 150 1500 $1525 b d 1 Instructions: Record the transactions & Post to the General Ledger accounts. 2 Prepare Bank Reconciliation and post the necessery General Journal Entries. 3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and use these data to complete month-end adjustments. Supply on hand.. Record adjustments to Insurance, Rent and Equipment Depreciation Accrual receptionist salary on July 31st for one day Uneamed fees as of July 31 4 Journalize and post adjusting entries after completing the worksheet 5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet 6 Prepare, record, and post closing entries. 7 Prepare a Post-closing Trial Balance, 8 Write a Memorandum to your bank in regards to profitability of your new corporation. e 2750 Pasadena Federal Credit Union Account Statement Account # Statement Period Page 12345 7/1/2016 7/31/2016 1 of 1 P.O.Box 5555 Pasadena, CA 91106 Tel: (888) 555-5555 YTD Interest Group Consulting Inc. 2000 Forever St. Pasadena, CA 91106 Business Checking Beginning Balance Deposit / Credits Withdraws / Debits Ending Balance $0.00 47,115.00$ 19,259.00 $ 27,856.00 15.00 Trans. Date Deposit Withdraw Balance 1-Jul Cash deposit at the branch 13500 13500 5-Jul Ch #001 5000 8500 5-Jul Deposit by check 5500 14000 6-Jul Ch #002 4500 9500 6-Jul Deposit by check 15300 24800 10-Jul Ch #003 400 24400 12-Jul Ch #004 5200 19200 16-Jul Ch #005 1750 17450 17-Jul Cash deposit at the branch 450 17900 18-Jul Debit card transaction 600 17300 24-Jul Cash deposit at the branch 200 17500 26-Jul Deposit by check 12000 29500 28-Jul Ch #006 1750 27750 30-Jul Cash deposit at the branch 150 27900 31-Jul Deposit Interest rate 0.100% 15 27915 31-Jul Branch service fee 10 27905 31-Jul Withdraw Debit Card Intuit QuickBooks 800-466-8848 49 27856 Cleared checks (amounts already deducted in above section): Check # Date Amount Check # Date Ch#001 5-Jul 5000 Ch# 004 12-Jul Ch # 002 6-Jul 4500 Ch#005 16-Jul Ch # 003 10-Jul 400 Ch # 006 28-Jul Amount 5200 1750 1750 INVOICE Date: 07/20/2016 TO Best Customer Consultatione 2000 Forever Street de CA 90000 Tel. Fax 900-900-6000 Consultinio.com 100 New Awe New Hall, CA 90 Tel: 299.500 5000 Customer ID ABC12357 MATERSON PAYMENT TERMS DE BATX on Booking Consultation De cop OTY DESCRIPTION JUNIT PRICE LINE TOTAL 40 hours Beekeeping and Business Consultanice $150 SUBTOTAL $6.000 SALES TAX TOTAL $6,000 INVOICE Date: 07/12/2016 Invoice N 005 Let's Carat TO Best Customer Ever Consultation Inc. 2000 Forever Street Pasadena, CA 91106 Tet 99.999-9999 Fax 900-900-0000 Consul@info.com 100 New Ave New Hall, CA 99000 Tel: 299-500-5000 Customer ID ABC12345) SALESPERSON JOB PAYMENT TERMS Bookkeeping Consultation DUE DATE Due on receipt QTY DESCRIPTION UNIT PRICE LINE TOTAL 90 hours Bookkeeping and Business Consultation $150 $13500 SUBTOTAL SALES TAX TOTAL $13,500 0 $13,500 INVOICE Date:07/31/2016 Invoice # 007 Let's Cement TO Best Customer Ever Consultation Inc. 2000 Forever Street Pasadena, CA 90000 Tt 299 999-9999 Fax 900-900-0000 Consult@info.com 100 New Ave New Hall, CA 99000 Tel: 299-500-5000 Customer ID ABC12345) SALESPERSON JOB Bookkeeping Consultation PAYMENT TERMS DUE DATE Due on receipt QTY DESCRIPTION UNIT PRICE LINE TOTAL 20 hours Bookkeeping and Business Consultation $150 $3000 $3,000 SUBTOTAL SALES TAX TOTAL $3,000
