D Question 4 - W3: CNECT - Conce X Bb Review Submission History: W2P X PRE ACCT205+-+Portfolio+Project+V x Dashboard X + X C File | C:/Users/Miarl/Downloads/ACCT205+-+Portfolio + Project+Week+2.pdf G 9-Jul Inventories $200 Cash $200 11-Jul Inventories $600 Accounts Payable $600 15-Jul Rent expense $2,000 Cash $2,000 15-Jul Accounts Payable . COGS $1,000 Sales Revenue Inventory $1,000 16-Jul Accounts Receivable $2,000 Sales Revenues $2,000 16-Jul Cost of Goods Sold $240 Inventories $240 22-Jul Accounts Receivable . COGS $3,500 Sales Revenue . Inventory $3,500 24-Jul Inventories Sales returns and allowances 500 Cact of Conde cold Accounts receivable 26-Jul Cash ,120 Recalculate Sales Discount $70 Account Receivable $5,500 31-Jul Electricity Expense $100 Cash $100 Week 4 78 F O a W 1:43 AM Mostly clear 9/22/2022D Question 4 - W3: CNECT - Conce X Bb Review Submission History: W2P X PRE ACCT205+-+Portfolio+Project+V x Dashboard X + X C File | C:/Users/Miarl/Downloads/ACCT205+-+Portfolio + Project+Week+2.pdf G Cash Act. # 101 Date Item PR Debit Credit Balance 1-Jul J1 $100,000 9-Ju 19 $200 15-Jul 15 $2,000 26-Jul 126 31-Jul 131 $100 Should be credits Missing data Accounts Receivable Act. # 105 Date Item PR Debit Credit Balance 16-Jul J16 $2,000 22-Jul 122 $3,500 26-Jul 126 do cool Equipment Act. # 150 Date Item PR Debit Credit Bala 2-Jul 12 $10,100 Accumulated Depreciation-Equipment Act. # 150.1 78 F Mostly clear a W 1:43 AM 9/22/2022D Question 4 - W3: CNECT - Conce X Bb Review Submission History: W2P X BE ACCT205+-+Portfolio+Project+V x Dashboard X + X C File | C:/Users/Miarl/Downloads/ACCT205+-+Portfolio + Project+Week+2.pdf G Equipment Act. # 150 |Date Item PR Debit Credit Bala 2-Ju 12 $10,100 O Accumulated Depreciation-Equipment Act. # 150.1 Date Item PR Debit Credit Balance Inventory Act. # 170 Date tem PR Debit Credit Balance 5-Ju $200 9-Ju 19 $200 11-Jul J11 $600 16-Jul 16 $240 24-Jul 124 $60 Credits Accounts Payable Act. # 210 Date IItem PR Debit Credit Balance 78 F O a W 1:43 AM Mostly clear 9/22/2022D Question 4 - W3: CNECT - Conce X Bb Review Submission History: W2P X BBC ACCT205+-+Portfolio+Project+V x Dashboard X + X C File | C:/Users/Miarl/Downloads/ACCT205+-+Portfolio + Project +Week+2.pdf G Credits Sales Act. # 410 |Date Item PR Debit Credit Balance 15-Jul J15 $1,000 16-Jul 16 $2,000 22-Jul 122 $3,500 Sales returns & allowances Act. # 410.1 Date Item PR Debit Credit Balance Sales discounts Act. # 410.2 Date Item PR Debit Credit Balance 26-Jul 126 78 F O a W 1:43 AM Mostly clear 9/22/2022D Question 4 - W3: CNECT - Conce X Bb Review Submission History: W2P X PRE ACCT205+-+Portfolio+Project+V x Dashboard X + X C File | C:/Users/Miarl/Downloads/ACCT205+-+Portfolio +Project+Week+2.pdf G COGS Act. # 530 Date Item PR Debit Credit Balance 16-Jul 16 $240 24-Jul 124 $60 Electric Expense Act. # 540 Date Item PR |Debit Credit Balance 31-Jul 131 $100 Depreciation Expense Act. # 550 Date Item PR Debit Credit Balance Bad Debts Expense Act. # 560 Date Item PR Debit Credit Balance Shipping Expense Act. # 570 Date Item PR Debit Credit Balance 78 F O a W 1:43 AM Mostly clear 9/22/2022W AutoSave Off ACCT205 - Portfolio Project Directions and Rubrics . Saved to this PC - Search (Alt+Q) A on.duquene.miarlynn O X File Home Insert Draw Design Layout References Mailings Review View Help Comments Share Book Antiqua 12 ~ A" A Aa* A O Paste Normal No Spacing Heading 1 B I U ~ ab x x A LA Editing Dictate Sensitivity Editor Reuse Files Undo Clipboard Font Paragraph Styles Voice Sensitivity Editor | Reuse Files Directions You will first have to figure out what accounts you are going to need and how to classify them. Once you have figured out what general ledger accounts you need, do the journal entries. Next, you will use an inventory ledger using LIFO to compute the cost of goods sold, put those numbers into the journal, and post to the general ledgers. At month-end, you have received information about a customer that has gone bankrupt and will have to be written off via direct write-off. Remember to post. Now that it is the end of the month, you have to compute the depreciation for the equipment you purchased at the beginning of the month using straight- line for the month. The owner has become concerned about liability, so the company is ACCT205 - Portfolio Project Directions and Rubric 2 converting from a sole proprietorship to a corporation. You, therefore, have to do the required entries. Once you have completed that, you will finish the month-end accounting activities. You will do your trial balance to check your work. Once your trial balance has balanced, you are now to create the three financial statements for the month. You will complete, in good form, an Income Statement, Retained Earnings Statement, and Balance Sheet. Page 1 of 14 3300 words DX Text Predictions: On Accessibility: Investigate " Focus + 1009% 78 F a 1:46 AM Mostly clear 9/22/2022W AutoSave Off ACCT205 - Portfolio Project Directions and Rubrics . Saved to this PC - Search (Alt+Q) A on.duquene.miarlynn O X File Home Insert Draw Design Layout References Mailings Review View Help Comments Share Book Antiqua 12 ~ A" A Aa* A Paste E Normal No Spacing Heading 1 B IU~ab X2 X' A LA Editing Dictate Sensitivity Editor Reuse Files Undo Clipboard Font Paragraph Styles Voice Sensitivity Editor | Reuse Files Using the information from your classification, you now have figured out which accounts you will need. Using the information listed below, put the transactions in pro forma by doing the required journal entries and general ledger posting. Remember to compute account balances as you post. Excel templates are provided in blackboard. NOTE: You will determine the COGS amounts in week 3, make sure to put the entries in without the amounts. ACCT205 - Portfolio Project Directions and Rubric Date Transaction July 1 Owner invested $100,000 cash into the business. July 2 Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value. July 5 Purchased 20 coats at $50 each terms 2/10, n/30. Page 2 of 14 3300 words DX Text Predictions: On Accessibility: Investigate D Focus + 100% 78'F 1:46 AM a Mostly clear 9/22/2022W AutoSave Off ACCT205 - Portfolio Project Directions and Rubrics . Saved to this PC - Search (Alt+Q) A on.duquene.miarlynn O X File Home Insert Draw Design Layout References Mailings Review View Help Comments Share Book Antiqua 12 ~ A" A Aa A O Paste E Normal No Spacing Heading 1 B I U~ ab x x A LA Editing Dictate Sensitivity Editor Reuse Files Undo Clipboard Font Paragraph Styles Voice Sensitivity Editor | Reuse Files ACCT205 - Portfolio Project Directions and Rubric Date Transaction July 1 Owner invested $100,000 cash into the business. July 2 Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value. July 5 Purchased 20 coats at $50 each terms 2/10, n/30. July 9 Paid $200 for the shipping of the coats on July 5th. July 11 Purchased another 10 coats at $60 each term 2/10, n/30. July 15 Paid the rent of $2000. July 15 Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You will compute that amount in the next step of the project. July 16 Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. July 22 Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. July 24 Bob returned 1 coat that was damaged and we gave hin credit on his account. Could not be restocked. July 26 Bob paid his bill within the discount period. July 31 Paid electric bill $100. Page 3 of 14 3300 words DX Text Predictions: On Accessibility: Investigate [ Focus + 100% 78'F a 1:46 AM W Mostly clear 9/22/2022