Fall 2014 (Maximum 25 points) ACT205 ACTSON'S ACCOUNTING SERVICE Accounting Cycle Project Assignment All work is to be done on paper and handwritten. Each student will turn in the assignment with his/her name and CSU ID in the top right corner of each page. All trial balances and financial statements should have proper headings and dates. Assignment is due no later than the end of your class period on Thursday, Dec. 4. You may turn in the assignment early, during any class period. Create T-accounts as needed. Post beginning balances given in the problem. Post (3 points) journal entries and adjustments toT-accounts. Calculate total for h T-account. (ONE 1)T-account for each account, used throughout the entire problem Create an Adjusted Trial Balance. (2 points) (See Page 127 of the textbook for an example.) Create a multi-step Income Statement. Ignore Income Tax Expense (we will not 5 points) calculate income tax for this proble Here are hints for the proper format: Sales Revenue COGS Gross Profit Operating Expenses (list each operating expense on a separate line) Net Income from Operations Other Expenses Losses Net Income (See Page 266 of the textbook for an example.) Create a Statement of Stockholder's Equity. The only change is to Retained Earnings (5 points) (increase by the amount of net income (See Page 12, Illustration 1-6 for an example.) Create a classified Balance Sheet. A classified balance sheet lists current and long- 5 points) term assets and liabilities. (See Page 129 of the textbook for an example.) Record closing journal entries. Post to T-accounts. (3 points) (See Page 132, Illustration 3-15 for an example of closing entries.) Create a Post-Closing Trial Balance. (2 points) (See Page 135 for an example.)