I am so lost on this. I am making a B in this class but I can not seem to get this project completed. Please help.

ACC-120

Project Financial Accounting

This assignment supports the following outcomes:

Prepare journal and ledger entries for a service or merchandising business.

Prepare year-end statements for a service or merchandising business.

Report cost decisions using accounting principles and financial statement analysis.

Evaluate how knowledge, skills, and attitudes learned in this course apply to your chosen career.

Posting References are not required, but will be visible on the answer key to provide examples.

Assignment

Create a set of financial statements based on the accounting information provided by a service or merchandising company. See the project handout for details.

Part 1

1. Record the journal entries for June.

2. Post the June transactions to the general ledger accounts.

3. Prepare a trial balance.

4. In the first tab (Journal), make all the journal entries required during June. Post them into the ledgers on tabs 2 and 3. On the worksheet- tab 4, create the initial trial balance for the end of the month in the first 2 columns. Remember, the total debits and credits on the trial balance must match!

5. Save and submit this for Milestone 1.

Part 2

1. Prepare adjusting entries in a worksheet using the information below:

Paid an extra $480 in wages accrued by the end of June.

Consulting services performed (that will not be billed until July) total $380.

Performed consulting services for which payment had been received in advance that amounted to $1,460.

Depreciation on office equipment for June is $320.

Depreciation on office furniture for June is $200.

An inventory of office supplies shows $200 still on hand as of June 30.

One months prepaid insurance has expired in the amount of $100.

Milestone 1 - One months prepaid rent has expired in the amount of $2,000.

2. Record the closing entries and post them to the ledger accounts.

3. Prepare a post-closing trial balance using the instructions below:

Start by making all suggested changes from your instruction from Milestone 1, if any. Then for the Milestone 2, continue through adjustments and the month end process. First, record the adjusting entries in the General Journal and post them to the General Ledger. In the worksheet, add these adjustments to the adjustment column and "foot across" to create your adjusted trial balance.

Once your adjusted trial balance is in balance, journal your closing entries in the General Journal and post them to the General Ledger. After your closing entries have been completed, you can make your Post Closing Trial Balance (which would then become your beginning balance load for the next accounting period.)

Part 3

1. Your instructor will have given you feedback from Milestone 2. Make any changes required. You are now ready to generate your financial statements. Finish your worksheet to complete your financial statements, then go over to your financial statements tab and complete them in good form. You will now have finished a complete month of the accounting cycle.

2. From the worksheet, prepare an income statement, statement of owners equity, and balance sheet.

The May 31, 20XX, post-closing trial balance for the L&L Accounting Firm appears below.

During June, the firm engaged in the following transactions:

1 Received an investment of cash from J. Long, $8,000.

3 Purchased office equipment with cash, $2,000.

4 Received office equipment transferred to the firm from J. Long, $1,800

7 Purchased extra office supplies with cash, $190

9 Completed bookkeeping services for Elliott Electric Company that amounted to $1,400

10 Paid the receptionist in cash for two weeks wages, $1,600

13 Paid the amount due to Office Depot for the office equipment purchased last month, $750

14 Accepted an advance in cash for services to be done for a new client, $2,200

15 Purchased a copier (office equipment) from Office Depot for $2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over the next six months.

16 Performed consulting services and received a cash fee, $1,650.

17 Received payment on account from Sallys Salon for services performed last month, $3,200.

18 Paid amount due for the telephone bill that was received and recorded at the end of May, $260.

19 Performed consulting services for Sallys Salon and agreed to accept payment next month, $4,600.

20 Performed bookkeeping services for cash, $780.

23 Received and paid the utility bill for June, $340.

24 Paid the secretary for two weeks wages, $1,600.

27 Paid the rent for July in advance, $2,000.

28 Received the telephone bill for June, which is to be paid next month, $220.

30 Paid cash to J. Long as a withdrawal for personal expenses, $1,750.

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