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    "meta_title": "[Solved] Hi I need help for my homework. Instructi | SolutionInn",
    "meta_description": "Answer of - Hi I need help for my homework. Instructions Using the instructions and information located in the Microsoft Word docu | SolutionInn",
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    "question_title_h1": "Hi I need help for my homework. Instructions Using the instructions and information located in the Microsoft Word document named M2MPP2, complete the required tasks",
    "question_title": "Hi I need help for my homework. Instructions Using the instructions and",
    "question_title_for_js_snippet": "Hi I need help for my homework  Instructions Using the instructions and information located in the Microsoft Word document named M2MPP2, complete the required tasks in the Microsoft Excel template named M2MPP2  Name the completed file as  ACC121 LastNameFirstInitial M2MPP2 Bill's Lawn Care Mini Practice Part 2 Bill has asked you to prepare financial statements for his first month of operation  The following information relates to the month of May, 2014  (Round all calculations to the nearest whole dollar) 1  On May 2, Bill signed a 1 year, 6  note for $3,500 associated with the purchase of a used truck for the business  The interest will be due with the principle of the note  2  On May 2, Bill purchased a used truck for $7,000 to use for the lawn care business  He estimates a trade in value of $500 at the end of the estimated five year life of the truck  3  On May 5, Bill purchased a lawn mower for $300 and an aerator for $500  He estimates $0 salvage value for both pieces of equipment and an estimated two year life for both  4  On May 6, Bill writes a $600 check for a six month insurance policy that expires October 31, 2014  Instructions  1  Using the chart of accounts provided below, and the Excel template provided with this assignment, record the adjustments in the Worksheet, calculate the adjusted trial balance and complete the worksheet  2  Prepare the Income Statement, Statement of Owner's Capital and Balance Sheet for Bill's Lawn Care for May, 2014 3  Prepare journal entries, in good form, to record the May adjusting entries  Explanations are optional  Start with Page 3 of the General Journal for the adjusting entries  4  Post the journal entries to general ledger accounts  There are already transactions in the ledger for the month, you are adding to those transactions  5  Prepare and post the closing entries for May, 2014  Start with Page 4 of the General Journal for the closing entries 6  Prepare a post closing trial balance as of May 31, 2014, for Bill's Lawn Care  BILL'S LAWN CARE CHART OF ACCOUNTS ASSETS 101 Cash 110 Accounts Receivable 120 130 150 155 Supplies Prepaid Insurance Equipment Accumulated Depreciation   Equipment LIABILITIES 201 Accounts Payable 220 Notes Payable 225 Interest Payable OWNER'S EQUITY 301 Owner's Capital 305 Owner's Drawings 310 Income Summary REVENUES 401 Lawn Service Revenue EXPENSES 620 Supplies Expense 630 Fuel Expense 640 Repair and Maintenance Expense 650 Advertising Expense 660 Insurance Expense 670 Depreciation Expense 680 Interest Expense WORKSHEET Account Name CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE EQUIPMENT ACCUMULATED DEPRECIATION   EQUIPMENT ACCOUNTS PAYABLE NOTES PAYABLE INTEREST PAYABLE OWNER'S CAPITAL OWNER'S DRAWING LAWN SERVICE REVENUE SUPPLIES EXPENSE FUEL EXPENSE REPAIR AND MAINTENANCE EXPENSE ADVERTISING EXPENSE INSURANCE EXPENSE DEPRECIATION EXPENSE INTEREST EXPENSE INTEREST EXPENSE Totals Net Income Totals Trial Balance Debit Adjustments Credit 15,575 200 600 7,800 3,500 20,000 1,500 2,700 400 75 50 26,200 26,200 Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit INCOME STATEMENT OWNER'S EQUITY STATEMENT BALANCE SHEET GENERAL JOURNAL DATE DESCRIPTION GENERAL JOURNAL DATE DESCRIPTION Page POST  REF  DEBIT CREDIT Page POST  REF  DEBIT CREDIT GENERAL LEDGER ACCOUNT Cash DATE ACCOUNT NO  DESCRIPTION 2014 MAY 1 2 3 6 8 16 23 26 30 31 31 31 ACCOUNT DESCRIPTION DESCRIPTION ACCOUNT DATE ACCOUNT DATE 2014 MAY 2 3,500 800 600 50 500 700 75 800 500 400 1,500 REF  DEBIT CREDIT 20,000 16,500 15,700 15,100 15,050 15,550 16,250 16,175 16,975 17,475 17,075 15,575 110 BALANCE Debit 100 400 200 Credit 100 500 700 200 500 POST REF  DEBIT CREDIT Prepaid Insurance DESCRIPTION 120 BALANCE Debit Credit ACCOUNT NO  POST REF  J1 DEBIT CREDIT 130 BALANCE Debit 600 Credit 600 Equipment ACCOUNT NO  DESCRIPTION 2014 MAY 2 3 DATE 20,000 Credit ACCOUNT NO  2014 MAY 6 ACCOUNT Debit Supplies DATE DATE BALANCE CREDIT ACCOUNT NO  POST J1 J1 J2 J2 DATE ACCOUNT DEBIT Accounts Receivable 2014 MAY 16 23 30 31 ACCOUNT REF  J1 J1 J1 J1 J1 J1 J1 J2 J2 J2 J2 J2 DATE ACCOUNT POST 101 POST REF  J1 J1 DEBIT CREDIT 7,000 800 REF  DEBIT CREDIT 155 BALANCE Debit Credit ACCOUNT NO  POST REF  DEBIT CREDIT Notes Payable DESCRIPTION Credit ACCOUNT NO  POST Accounts Payable DESCRIPTION Debit 7,000 7,800 Accumulated Depreciation   Equipment DESCRIPTION 150 BALANCE 201 BALANCE Debit Credit ACCOUNT NO  POST REF  J1 DEBIT CREDIT 3,500 220 BALANCE Debit Credit 3,500 ACCOUNT Interest Payable DATE ACCOUNT DESCRIPTION DESCRIPTION 2014 MAY 1 DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION 2014 MAY 26 BALANCE Debit Credit 301 BALANCE Debit Credit 20,000 20,000 ACCOUNT NO  POST REF  DEBIT CREDIT 1,500 305 BALANCE Debit Credit 1,500 ACCOUNT NO  POST REF  DEBIT CREDIT 310 BALANCE Debit Credit ACCOUNT NO  POST REF  DEBIT CREDIT 401 BALANCE Debit Credit 600 1,100 1,000 Supplies Expense 600 1,700 2,700 ACCOUNT NO  POST REF  DEBIT CREDIT Fuel Expense 620 BALANCE Debit Credit ACCOUNT NO  DESCRIPTION 2014 MAY 31 DATE CREDIT J1 J1 J2 DATE ACCOUNT DEBIT Lawn Service Revenue 2014 MAY 16 23 30 DATE REF  Income Summary DATE ACCOUNT CREDIT 225 ACCOUNT NO  POST J2 DATE ACCOUNT DEBIT Owner's Drawing 2014 MAY 31 ACCOUNT REF  J1 DATE ACCOUNT POST Owner's Capital DATE ACCOUNT ACCOUNT NO  POST REF  J2 DEBIT CREDIT BALANCE Debit 400 Credit 400 Repair and Maintenance Expense DESCRIPTION 630 ACCOUNT NO  POST REF  J2 DEBIT CREDIT 75 640 BALANCE Debit Credit 75 ACCOUNT DATE Advertising Expense DESCRIPTION 2014 MAY 8 ACCOUNT DATE ACCOUNT DATE ACCOUNT DATE ACCOUNT NO  POST REF  DEBIT J1 CREDIT ACCOUNT NO  POST REF  DEBIT CREDIT 660 BALANCE Debit Credit ACCOUNT NO  POST REF  DEBIT CREDIT Interest Expense DESCRIPTION Credit 50 Depreciation Expense DESCRIPTION Debit 50 Insurance Expense DESCRIPTION 650 BALANCE 670 BALANCE Debit Credit ACCOUNT NO  POST REF  DEBIT CREDIT 680 BALANCE Debit Credit POST CLOSING TRIAL BALANCE Debit Credit Credit",
    "question_description": "<p>Hi<\/p><p>I need help for my homework.<\/p>Instructions<ol><li>Using the instructions and information located in the Microsoft Word document named M2MPP2, complete the required tasks in the Microsoft Excel template named M2MPP2.<\/li> <li>Name the completed file as:<strong>ACC121_LastNameFirstInitial_M2MPP2<\/strong><\/li> <\/ol><img src=\"https:\/\/s3.amazonaws.com\/si.experts.images\/answers\/2024\/06\/667e68f435ba5_436667e68f42745f.jpg\" alt=\"image text in transcribed\"> Bill's Lawn Care Mini Practice Part 2 Bill has asked you to prepare financial statements for his first month of operation. The following information relates to the month of May, 2014. (Round all calculations to the nearest whole dollar) 1. On May 2, Bill signed a 1 year, 6% note for $3,500 associated with the purchase of a used truck for the business. The interest will be due with the principle of the note. 2. On May 2, Bill purchased a used truck for $7,000 to use for the lawn care business. He estimates a trade-in value of $500 at the end of the estimated five-year life of the truck. 3. On May 5, Bill purchased a lawn mower for $300 and an aerator for $500. He estimates $0 salvage value for both pieces of equipment and an estimated two-year life for both. 4. On May 6, Bill writes a $600 check for a six month insurance policy that expires October 31, 2014. Instructions: 1. Using the chart of accounts provided below, and the Excel template provided with this assignment, record the adjustments in the Worksheet, calculate the adjusted trial balance and complete the worksheet. 2. Prepare the Income Statement, Statement of Owner's Capital and Balance Sheet for Bill's Lawn Care for May, 2014 3. Prepare journal entries, in good form, to record the May adjusting entries. Explanations are optional. Start with Page 3 of the General Journal for the adjusting entries. 4. Post the journal entries to general ledger accounts. There are already transactions in the ledger for the month, you are adding to those transactions. 5. Prepare and post the closing entries for May, 2014. Start with Page 4 of the General Journal for the closing entries 6. Prepare a post-closing trial balance as of May 31, 2014, for Bill's Lawn Care. BILL'S LAWN CARE CHART OF ACCOUNTS ASSETS 101 Cash 110 Accounts Receivable 120 130 150 155 Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment LIABILITIES 201 Accounts Payable 220 Notes Payable 225 Interest Payable OWNER'S EQUITY 301 Owner's Capital 305 Owner's Drawings 310 Income Summary REVENUES 401 Lawn Service Revenue EXPENSES 620 Supplies Expense 630 Fuel Expense 640 Repair and Maintenance Expense 650 Advertising Expense 660 Insurance Expense 670 Depreciation Expense 680 Interest Expense WORKSHEET Account Name CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE EQUIPMENT ACCUMULATED DEPRECIATION - EQUIPMENT ACCOUNTS PAYABLE NOTES PAYABLE INTEREST PAYABLE OWNER'S CAPITAL OWNER'S DRAWING LAWN SERVICE REVENUE SUPPLIES EXPENSE FUEL EXPENSE REPAIR AND MAINTENANCE EXPENSE ADVERTISING EXPENSE INSURANCE EXPENSE DEPRECIATION EXPENSE INTEREST EXPENSE INTEREST EXPENSE Totals Net Income Totals Trial Balance Debit Adjustments Credit 15,575 200 600 7,800 3,500 20,000 1,500 2,700 400 75 50 26,200 26,200 Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit INCOME STATEMENT OWNER'S EQUITY STATEMENT BALANCE SHEET GENERAL JOURNAL DATE DESCRIPTION GENERAL JOURNAL DATE DESCRIPTION Page POST. REF. DEBIT CREDIT Page POST. REF. DEBIT CREDIT GENERAL LEDGER ACCOUNT Cash DATE ACCOUNT NO. DESCRIPTION 2014 MAY 1 2 3 6 8 16 23 26 30 31 31 31 ACCOUNT DESCRIPTION DESCRIPTION ACCOUNT DATE ACCOUNT DATE 2014 MAY 2 3,500 800 600 50 500 700 75 800 500 400 1,500 REF. DEBIT CREDIT 20,000 16,500 15,700 15,100 15,050 15,550 16,250 16,175 16,975 17,475 17,075 15,575 110 BALANCE Debit 100 400 200 Credit 100 500 700 200 500 POST REF. DEBIT CREDIT Prepaid Insurance DESCRIPTION 120 BALANCE Debit Credit ACCOUNT NO. POST REF. J1 DEBIT CREDIT 130 BALANCE Debit 600 Credit 600 Equipment ACCOUNT NO. DESCRIPTION 2014 MAY 2 3 DATE 20,000 Credit ACCOUNT NO. 2014 MAY 6 ACCOUNT Debit Supplies DATE DATE BALANCE CREDIT ACCOUNT NO. POST J1 J1 J2 J2 DATE ACCOUNT DEBIT Accounts Receivable 2014 MAY 16 23 30 31 ACCOUNT REF. J1 J1 J1 J1 J1 J1 J1 J2 J2 J2 J2 J2 DATE ACCOUNT POST 101 POST REF. J1 J1 DEBIT CREDIT 7,000 800 REF. DEBIT CREDIT 155 BALANCE Debit Credit ACCOUNT NO. POST REF. DEBIT CREDIT Notes Payable DESCRIPTION Credit ACCOUNT NO. POST Accounts Payable DESCRIPTION Debit 7,000 7,800 Accumulated Depreciation - Equipment DESCRIPTION 150 BALANCE 201 BALANCE Debit Credit ACCOUNT NO. POST REF. J1 DEBIT CREDIT 3,500 220 BALANCE Debit Credit 3,500 ACCOUNT Interest Payable DATE ACCOUNT DESCRIPTION DESCRIPTION 2014 MAY 1 DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION 2014 MAY 26 BALANCE Debit Credit 301 BALANCE Debit Credit 20,000 20,000 ACCOUNT NO. POST REF. DEBIT CREDIT 1,500 305 BALANCE Debit Credit 1,500 ACCOUNT NO. POST REF. DEBIT CREDIT 310 BALANCE Debit Credit ACCOUNT NO. POST REF. DEBIT CREDIT 401 BALANCE Debit Credit 600 1,100 1,000 Supplies Expense 600 1,700 2,700 ACCOUNT NO. POST REF. DEBIT CREDIT Fuel Expense 620 BALANCE Debit Credit ACCOUNT NO. DESCRIPTION 2014 MAY 31 DATE CREDIT J1 J1 J2 DATE ACCOUNT DEBIT Lawn Service Revenue 2014 MAY 16 23 30 DATE REF. Income Summary DATE ACCOUNT CREDIT 225 ACCOUNT NO. POST J2 DATE ACCOUNT DEBIT Owner's Drawing 2014 MAY 31 ACCOUNT REF. J1 DATE ACCOUNT POST Owner's Capital DATE ACCOUNT ACCOUNT NO. POST REF. J2 DEBIT CREDIT BALANCE Debit 400 Credit 400 Repair and Maintenance Expense DESCRIPTION 630 ACCOUNT NO. POST REF. J2 DEBIT CREDIT 75 640 BALANCE Debit Credit 75 ACCOUNT DATE Advertising Expense DESCRIPTION 2014 MAY 8 ACCOUNT DATE ACCOUNT DATE ACCOUNT DATE ACCOUNT NO. POST REF. DEBIT J1 CREDIT ACCOUNT NO. POST REF. DEBIT CREDIT 660 BALANCE Debit Credit ACCOUNT NO. POST REF. DEBIT CREDIT Interest Expense DESCRIPTION Credit 50 Depreciation Expense DESCRIPTION Debit 50 Insurance Expense DESCRIPTION 650 BALANCE 670 BALANCE Debit Credit ACCOUNT NO. POST REF. DEBIT CREDIT 680 BALANCE Debit Credit POST CLOSING TRIAL BALANCE Debit Credit Credit",
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    "related_book": {
        "title": "Global Strategy",
        "isbn": "0357512367, 978-0357512364",
        "edition": "5th Edition",
        "authors": "Mike W. Peng",
        "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg",
        "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364",
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        "isbn": "B0CNP3S5BC",
        "uri": "\/textbooks\/proven-strategies-to-successfully-wholesale-your-first-home-unlock-the-secrets-to-profitable-real-estate-wholesaling-and-achieve-your-first-home-sale-with-confidence-1st-edition-979-8868078163-256263",
        "name": "Proven Strategies To Successfully Wholesale Your First Home Unlock The Secrets To Profitable Real Estate Wholesaling And Achieve Your First Home Sale With Confidence",
        "edition": "1st Edition"
    },
    "question_posted": "2024-06-28 03:40:36",
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