0 Project Requirements 1. Opening balances- The opening balances for select accounts are provided in the appropriate ledger accounts. 2. Record the following transactions in the journal and post to the ledger: D O 12/02/xx- Purchased 10 Units of Software on Account for $1,300 D 12/02/xx- Paid employees Salaries owed 0 12/02/xx- Provided Accounting Service on Account, $3,200 D 12/05/xx- Purchased Computer Equipment on Account, $4,800 Note: The equipment has an estimated useful life of 4 years, residual value of $50 and uses the DDB method. O 12/08/xx- Purchased Supplies for $800 cash O 12/10/xx- Received $3,000 payment on account 12/11/xx-Sold 15 units of Inventory on Account, $4,500 D D O O Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides accounting services and sells accounting software. D To date the company has issued 20,000 shares of common stock, which are still outstanding. The issued shares were sold at $10 per share. A building and furnishings were purchased at the start of the year. The cost of the building was $140,000 and the cost of the furnishings was $30,000. The depreciation will be recorded annually. The estimated useful life of the building is 20 years with a residual value of $10,000. The company uses the Straight line method to depreciate the building. The estimated useful life of the furnishings is 5 years with a residual value of $2,500. The company uses the Double Declining Balance method to depreciate furnishings. The current inventory consists of 30 units of software at a cost of $140.00 each. Inventory is costed using LIFO and the perpetual inventory system. The company uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net credit revenue will be uncollectible, adjusted monthly. Employees are paid $2,500 salary twice a month, on the 16th for the first half of the month and on the 2nd of the following month for the last half of the month. Ignore income tax calculations. O 12/16/xx- Paid employees salary for Dec. 1-15 12/17/xx- Provided Accounting Service on Account, $6,000 12/19/xx- Sold 10 units of Inventory on Account, $3,000 O Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 0 12/22/xx- Received $2,500 payment on Account 12/23/xx- Made payment on Account, $2,500 12/24/xx- Received and paid monthly Utility bills, $850 12/27/xx- Received $2,000 cash in advance for accounting services 12/29/xx- Provided Accounting Service for Cash, $5,000 12/30/xx- Issued 1,000 shares of Common Stock at $15 per share 12/31/xx- Declared dividends of $1.50 to outstanding shareholders as of 12/31/xx. Note: Be sure to debit retained earnings and credit dividends payable. O Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx- Purchased 20 units of Inventory on Account, $2,400 12/14/xx- Received a bill for Advertising and paid it, $250 12/15/xx- Provided Accounting service for Cash, $8,000 HAMPTON ACCOUNTING SERVICE INC. Ledger NOTE: The table will be shaded blue when you have the correct balance. NOTE: Do not post adjusting entries here. You should post these directly on the "Trial Balance" sheet Open Bal Bal Open Bal Bal Bal Open Bal S Open Bal Bal Open Bal Bal 100 - Cash $ 111,583.00 $ 111,583.00 115 - Allowance for Uncollect Acct $ 1,070.00 0 130-Inventory 4,200.00 $ 4,200.00 151 - Accum Depre Building $ 1,070.00 156 - Accum Depre Fumishings $ Open Bal Bal Open Bal Bal Open Bal Bal Open Bal Bal Open Bal Bal $ $ $ $ $ 110 Accounts Receivable $ 10,545.00 $ 10,545.00 120 - Supplies 2,000.00 $ 140,000.00 2,000.00 $ 140,000.00 150 - Building 155 - Fumishings 30,000.00 30,000.00 160 - Office Equipment 4,800.00 $ 4,800.00 pen Bal I en Bal I Den Bal I Den Bal I Den Bal I Den Bal $ I $ 161 - Accum Depre Office Equip $ 210- Uneamed Ser. Rev. $ 220- Dividends Payable 305- Additional Paid In Capital 7,589.00 $ 205,349.00 $ 205,349.00 400-Service Revenue $ 102,500.00 $ 102,500.00 500 - Advertising Expense 7,589.00 Open Bal Bal Open Bal Bal Open Bal Bal Open Bal Bal Open Bal Bal Open Bal Bal $ 200-A/P $ $ $ 215 - Salary Payable 1,545.00 $ 1,545.00 300- Stock, Common $ 2,500.00 $ 20,000.00 2,500.00 $ 310- Retained Earings $ 20,000.00 40,000.00 40,000.00 410 Sales Revenue $ 16,500.00 16,500.00 510 - Depreciation Expense Excel File Edit View Insert Format Tools Data Data Window Window Help AutoSave OFF SU Home Insert Draw Page Layout K131 25 330 331 232 3324 331 336 135 117 035 330 320 ALL 312 115 STA 317 328 329 3 120 321 322 Spr 128 134 Paste 125 125 127 3 120 129 300 341 142 144 154 135 135 237 130 327 340 381 187 145 344 347 342 344 141 147 155 154 Is X [B Ap ; L - PASAU 23 M 153 x fix 1598340 165000 S 5 10000 S 1.000.00 BI -Cock 7.300.00 Chart of Accounts Page 1 of 2 Dal Cpm Cal Journal Formulas A A 2 G I Spart 525000 10-tal per 5 424710 55x42.00 aro-say SHIETIE 5 $5.000.00 - 12/31/xx-$500 of advance payment was earned in December Data Ledger 661 words Qx English (United States) NEW Review View TrialBalance BUS-A 201 Accounting Cycle Project 22 Wrap Text w Merge & Center v 0 Income Stmt ULOGG HO Stmt of RE % 9 Balance Shoot O gali 100% )) U.S. Fri Jul 19 12:07 PM Cameron QE Q- Search Sheet Conditional Format Cell Formatting as Table Styles UW Instructor Interface + Insert v Delete Format Focus E & M 28. 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