I am BEGGING for help with this project. I am completely lost. If anyone can help me I would greatly appreciate it.
hampton ACCOUNTING SERVICE INC Dear Newbie, Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger, complete a trial balance, and prepare financial statements. Transactions will include day to day operations, adjusting entries, dividends and closing entries. All of the work will be completed in the provided Excel workbook (make sure you save the file on to your computer!) Company Information 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. 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 in 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. 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: 12/02/xx-Purchased 10 Units of Software on Account for $1,300 12/02/xx- Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 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. 12/08/xx- Purchased Supplies for $800 cash 12/10/xx-Received $3,000 payment on account 12/11/xx-Sold 15 units of Inventory on Account, $4,500 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 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 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 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. 3. Prepare a trial balance to verify that total debits equal total credits 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx- Employees salary for Dec. 16-31 12/31/xx- Depreciation on Building, use SL method (calculate for entire year) 12/31/xx- Depreciation on Furnishings, use DDB method (calculate for entire year) 12/31/xx- Depreciation on Computer Equipment, use DDB method (calculate for one month) 12/31/xx- Supplies on hand equal $1,625 12/31/xx- Inventory count shows 33 units, some damaged units were disposed of during the month 12/31/xx- $500 of advance payment was earned in December 12/31/xx- Uncollectible Account expense for December 5. Prepare an Adjusted trial balance to verify debits equal credits at the end of the month 6. Prepare the 3 main financial statements for the year ending December 31, 20xx. hampton ACCOUNTING SERVICE INC Dear Newbie, Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger, complete a trial balance, and prepare financial statements. Transactions will include day to day operations, adjusting entries, dividends and closing entries. All of the work will be completed in the provided Excel workbook (make sure you save the file on to your computer!) Company Information 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. 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 in 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. 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: 12/02/xx-Purchased 10 Units of Software on Account for $1,300 12/02/xx- Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 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. 12/08/xx- Purchased Supplies for $800 cash 12/10/xx-Received $3,000 payment on account 12/11/xx-Sold 15 units of Inventory on Account, $4,500 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 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 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 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. 3. Prepare a trial balance to verify that total debits equal total credits 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx- Employees salary for Dec. 16-31 12/31/xx- Depreciation on Building, use SL method (calculate for entire year) 12/31/xx- Depreciation on Furnishings, use DDB method (calculate for entire year) 12/31/xx- Depreciation on Computer Equipment, use DDB method (calculate for one month) 12/31/xx- Supplies on hand equal $1,625 12/31/xx- Inventory count shows 33 units, some damaged units were disposed of during the month 12/31/xx- $500 of advance payment was earned in December 12/31/xx- Uncollectible Account expense for December 5. Prepare an Adjusted trial balance to verify debits equal credits at the end of the month 6. Prepare the 3 main financial statements for the year ending December 31, 20xx
