help on set D.
ACC111 Accounting Principles Accounting Cycle Practice Set Practice Set D (Final Submission) 12. Prepare the Closing Entries on General Journal Page 3. Using the T-Accounts, calculate the balance in the Income Summary and Capital Accounts. 13. Post the Closing Entries to the General Ledger (use Account #600 for Income Summary) and calculate the new general ledger balances. When you post your entries to the general ledger, use J3 to indicate General Journal page 3 in the ref column. 14. Prepare a post-closing trial balance. This assignment is graded for accuracy. Submit your assignment by attaching your excel worksheet to the Practice Set assignment in Canvas. Check Figures: Step 5 - Trial Balance $6,325 Step 7 - Adjusted Trial Balance $9,325 Step 10 - Worksheet: Calculate Net Income $5,275 Step 11 - Statement of Owner's Equity: G. Spencer, Capital August 31, 2019 $7,475 Practice Set Part E: The Steps in the Accounting Cycle Correlate the steps in the Accounting Cycle with each assignment number. On the line to the left of each step. indicate the assignment # that correlates with that step. There may be more than 1 number on a line. You will find the step on the last page of the worksheets. Practice Set Part A: 1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600 2. Record the journal entries for the August transactions using General Journal Page 1. Make sure that you include explanations. 3. Post the entries to the general ledger. When you post your entries to the general ledger, use J1 to indicate General Journal page 1 in the ref column 4. Calculate the balances in the general ledger accounts. 5. Prepare the Unadjusted Trial Balance Columns in the worksheet by adding all the accounts from the general ledger. Make sure you properly complete the heading: After completing the Unadjusted Trial Balance in Step 5, compare the balance you calculated with the check figure for the Unadjusted Trial Balance in the Instructions. Do not move on until your trial balance agrees Supoestion Pages 28 to 2.12 in your textbook contains step by step instructions on how to journalize transactions and post them to the general ledger and pages 4-2 to 4-10 contain instructions on how to complete the worksheet. This assignment is graded for completion and the correct answers will be posted after the due date. Submit your assignment by attaching your excel worksheet to the Practice Set Part 1 assignment in Canvas Practice Set Part B: 6. Prepare the following adjustments in the worksheet a. During August, Gloria performed services for clients which were not billed for $2,750 b. During the last 2 weeks of August, the cleaning staff worked 20 hours but will not be paid until September. Her hourly rate is $12.50 per hour. Accrue only the wages. C. At the end of the month $25 in office supplies were remaining 7. Prepare the Adjusted Trial Balance Columns in the worksheet After completing the Adjusted Trial Balance in Step 7, compare the balance you calculated with the check figure for the Adjusted Trial Balance in the Instructions. Do not move on until your adjusted trial balance agrees. Suggestion: Pages 4-2 through 4-10 in your textbook contain instructions on how to complete the workshoot. 8. Prepare the adjusting journal entries on the tab General Journal Page 2 for the adjustments prepared in 9. Post the adjusting entries to the General Ledger and calculate the new general ledger balances. When you post your entries to the general ledger, use J2 to indicate General Journal page 2 in the ref column. This assionment is graded for completion and the correct answers will be posted after the due date. Submit your assignment by attaching your excel worksheet to the Practice Set Part 2 assignment in Canvas Practice Set Part C: 10. Prepare the Income Statement and Balance Sheet Columns in the worksheet Check the Net Income you calculated in Step 9 against the check figures in the Instructions before proceeding Do not move on until your Net Income agrees. Suggestion Pages 4-2 through 4-10 in your textbook contain instructions on how to complete the worksheet. 11. Prepare the income Statement, Statement of Owner's Equity and Balance Sheet. Make sure you properly complete the heading for each statement Check the Capital balance you calculated in the Statement of Owner's Equity (and Balance Sheet, it should be the same) in Step 111 against the check figures in the Instructions before proceeding. Do not move on until your Capital balance agrees. This assignment is graded for completion and the correct answers will be posted after the due date. Submit your assignment by attaching your excel worksheet to the Practice Set Part 3 assignment in Canvas Practice Set Instructions Page 2 ACC111 Accounting Principles Accounting Cycle Practice Set The intention of this Practice Set is to review all the steps in the accounting cycle. The steps are below. 1. Transactions occur and are recorded in the appropriate journal 8. Prepare the past closing trial balance 2 Post the transactions from the journal to the general ledger 7. Prepare closing entries and post to the general ledger The Steps in the Accounting Cycle 3. Prepare the unadjusted trial 6. Prepare the financial Statements from the adjusted trial balance. 4. Prepare adjusting journal entries and post to the general 5. Prepare the adjusted trial balance. 102 Practice Set: Gloria Spencer owns a company called Gloria's Cleaning Service, which specializes in cleaning homes. You have been hired by Gloria as her bookkeeper. After talking to Gloria, you prepare her chart of accounts: Gloria's Cleaning Service Chart of Accounts Account Account Name 101 Cash Accounts Receivable Supplies 201 Accounts Payable Wages Payable G. Spencer, Capital 302 G. Spencer, Drawing Service Revenue Rent Expense Wages Expense 503 Supplies Expense 202 301 401 501 502 Date The first month of business for Gloria's Cleaning Service is August 2019, and the transactions for the month are: Transaction 8/01/2019 Gloria opened the bank account and deposited $3,000 for her capital contribution. 8/05/2019 Gloria paid $225 for rent. B/16/2019 Gloria paid her cleaning staff wages of $200 (you may disregard the payroll taxes). 8/15/2019 Gloria deposited $3,250 which had been collected when Gloria performed cleaning services. 8/22/2019 Gloria received a bill of $75 for cleaning supplies which will be paid next month. 8/31/2019 Gloria withdrew $800 for her personal use. Practice Set Instructions Page 1
