Follow the below instructions to complete the accounting cycle and prepare financial statements for

Dakota, Inc. for month ended January 31, 2018. This project must be completed using the Microsoft Excel file

"Dakota Inc. Accounting Cycle" provided to you in Canvas under "Assignments".

Due Date:

The project must be submitted through Canvas by

11:59pm on Sunday, September 27

.

Instructions:

1. Download the "Dakota Inc. Accounting Cycle" Excel file from Canvas and save it to your hard-drive or other

device. This will be your working file that you will complete the project with and eventually submit back to

Canvas as your completed assignment.

2. You must complete Dakota, Inc.'s accounting process for the month of January by completing the steps

below.

These steps should be done without entering any hard-keyed numbers

. Excel links and the use of

math-based formulas should be used in place of doing calculations outside of Excel and typing in the

appropriate number. The only number allowed to be physically typed is "12" since several entries will need

to calculate a monthly amount.

Let Excel do the calculations for you!

Complete the accounting cycle steps

in the following order:

a.

name in box 1B of the "Dakota" worksheet.

b. Link the beginning account balances into the T-Accounts provided in the "T-Accts" tab from the

information provided in the "Dakota" tab.

c.

Record the January transactions from the "Dakota" tab as journal entries in the "Journal Entries"

tab. Notice the accounts are provided and must be chosen from a drop-down box.

d. Post the ordinary journal entries to the appropriate T-Accounts.

e. Record the adjusting journal entries from the "Dakota" tab for the month of January in the "Journal

Entries" tab. Note, to record these under the heading for "Adjusting Journal Entries". Again, the

accounts are provided and must be chosen from a drop-down box.

f.

Post the adjusting journal entries to the appropriate T-Accounts.

g.

Prepare Income Statement, Statement of Owner Equity, and a Balance Sheet for the month of

January in the "Financial Statements" tab.

i. You will notice the "Financial Statements" tab is a blank, default worksheet. The financial

statements you are to prepare for the month of January should be formatted with

appropriate statement headings and bodies. There are various examples in your book;

pages 207 - 208 are nice examples.

You will be graded on your ability to use the formatting

functions in Excel as well as your ability to link in the account amounts from the other tabs

to build these financial statements.

3. Once you have completed all the steps, upload your final Excel file to Canvas for submission. For

instructions on how to submit an assignment through Canvas go to

https://community.canvaslms.com/docs/DOC-9539-421241972

Please Note:

-

Here are some check figures that should be helpful:

o

Net Income: $53,750

o

Total Assets on Balance Sheet: $907,600

-

This is an individual project! You may receive help from me or get assistance from the Accounting Lab (MH

203); however, working with other students on this project is prohibited. Any evidence that students have

worked together will be grounds for a grade of zero on this project.

NAME:Dakota, Inc.On January 1, 2018, Dakota, Inc.,had the following account balances in its general ledger.Allaccounts have a "normal" type of balance, i.e., a debit or credit balance, depending on the type of account.Cash$255,000Accounts Receivable160,000Supplies60,000Prepaid Insurance0Equipment550,000Accumulated Depreciation320,000Accounts Payable80,000Interest Payable0Utilities Payable0Unearned Revenue60,000Notes Payable0Owner Capital565,000Withdrawals0Service Revenue0Rent Expense0Salaries Expense0Insurance Expense0Supplies Expense0Utilities Expense0Depreciation Expense0Interest Expense0January Transactions:AmountJanuary 1Borrowed on a 18-month, 4% note.All principal and interest due at maturity.$195,000January 2Purchased equipment on account.25,000January 4Paid cash for January rent of the building.2,250January 5Received cash from customers in payment of accounts receivable.64,000January 9Paid cash for a one-year insurance policy that covers the period fromJanuary 1, 2018 through December 31, 2018.31,200January 11Purchased supplies with cash.10,000January 15Received cash for services provided to customers during January.76,000January 18Paid creditors on accounts payable.48,000January 28Billed customers for services provided during January.105,250January 29Received January utility bill to be paid in February8,200January 31Owner withdrew cash.20,000January 31Paid January salaries.115,000Adjusting Entries:The following information is available when preparing adjusting entries at month-end:1.One month's insurance has been used2.An inventory on January 31 showed supplies remaining were valued at:$63,0003.Equipment is depreciated at a monthly rate of:$3,8004.Unearned revenue was earned in the amount of$12,0005.One month's Interest must be accrued on the loan; annual rate is:4%