I have this project to do in my accounting class. I having been trying hard to get it done, but I am totally lost. I just need help getting started with the concept of it all. I want to be able to do it, I just am not able to take the information from the book and apply it to this project. Any help would be amazing!

Course Project #1 Overview The Accounting Cycle Project consists of 10 Requirements for you to complete. The Accounting Cycle Project is due at the end of Week 4. All of the information you need to complete the Course Project is located in this Workbook. . There are eight worksheets in the workbook you will need to complete. - A list of January transactions - A Chart of Accounts reference sheet - A Grading Rubric to help explain what is expected. Each worksheet has the Check Figures embedded as a comment. Before You Begin: Review chapters 3 and 4 [including appendices) Print the Chart of Accounts and January Transactions worksheets for your reference. You will need to refer to both throughout the project. Review the Grading Criterio. SAVE your work frequently in this workbook. Scenario Moonlight Bay Inn is incorporated on January 2, 2017, by its three owners, each of whom contributes $20,000 in cash in exchange for shares of stock in the business. In addition to the sale of stock, the following transactions are entered into during the month of January (See January Transactions Tab) Requirements Requirement Task Description Use this worksheet Part A Prepare the Journal Entries in the General Journal Entries Journal 2 Post Journal Entries to the General Ledger General Ledger 3 Prepare a Trial Balance Trial Balance Part 8 4 Prepare the Adjusting Entries Adjusting Entries 5 Post Adjusting Entries to the General Ledger General Ledger 6 Prepare an Adjusted Trial Balance Adjusted T8 Prepare the Financial Statements Financial Statements 8 Prepare the Closing Entries Closing Entries 9 Post Closing Entries to the General Ledger General Ledger 10 Prepare the Post Closing Trial Balance Post Closing TB Guidelines UN Menu Project Instructions January Transactions Chart of Accounts Journal Entries General Ledger During its first month of operation, Moonlight Bay Inn completed the following transactions. Date Jan. 2 Jan. 2 January Transactions Transaction Description Began business by each of the three owners contributing $20,000 in cash each in exchange for shares of stock in the business A Victorian inn is purchased for $50,000 in cash. An appraisal performed on this date indicates that the land is worth $15,000, and the remaining balance of the purchase price is attributable to the house. The owners estimate that the house will have an estimated useful life of 25 years and an estimated salvage value of $5,000. A two-year, 12%, $30,000 promissory note was signed at Second State Bank. Interest and principal will be repaid on the maturity date of January 3, 2019. New furniture for the inn is purchased at a cost of $15,000 in cash. The furniture has an estimated useful life of ten years and no salvage value. Jan. 3 Jan. 4 Jan. 5 Jan. 6 A 24-month property insurance policy is purchased for $6,000 in cash. An advertisement for the inn is placed in the local newspaper. Moonlight Bay pays $450 cash for the ad, which will run in the paper throughout January Cleaning supplies are purchased on account for $950. The bill is payable within 30 days. Wages of $4,230 for the first half of the month are paid in Jan. 7 Jan. 15 cash. Jan. 16 A guest mails the business $980 in cash as a deposit for a Project Instructions January Transactions Sheet2 Sheet3 Jan. 4 New furniture for the inn is purchased at a cost of $15,000 in cash. The furniture has an estimated useful life of ten years and no salvage value. Jan. 5 Jan. 6 Jan.7 Jan. 15 A 24-month property insurance policy is purchased for $6,000 in cash. An advertisement for the inn is placed in the local newspaper. Moonlight Bay pays $450 cash for the ad, which will run in the paper throughout January. Cleaning supplies are purchased on account for $950. The bill is payable within 30 days. Wages of $4,230 for the first half of the month are paid in cash. A guest mails the business $980 in cash as a deposit for a room to be rented for two weeks. The guest plans to stay at the inn during the last week of January and the first week of February Cash receipts from rentals of rooms for the month amount to $8,300. Cash receipts from operation of the restaurant for the month amount to $6,600. Each stockholder is paid $200 in cash dividends. Jan. 16 Jan. 31 Jan. 31 Jan. 31 Project Instructions January Transactions Sheet2 Sheet3 Chart of Accounts Account Number Account Title Normal Balance Account Type Assets 111 117 119 144 145 146 147 148 Cash Prepaid Insurance Cleaning Supplies Furniture Accum Dep - Furniture House Accum Dep-House Land Debit Debit Debit Debit Credit Debit Credit Debit Review the section on Chart of Accounts in Chapter 3: Module 1 Liabilities 212 213 214 215 216 217 218 Accounts Payable Notes Payable Wages Payable Utilities Payable Rent Received in Advance Interest Payable Income Tax Payable Credit Credit Credit Credit Credit Credit Credit Stockholders Equity 311 312 313 Retained Earnings Capital Stock Dividends Credit Credit Debit Revenue 411 Revenue - Rental of Rooms Project Instructions January Transactions Credit Chart of Accounts Journal Entries 214 215 216 217 218 Wages Payable Utilities Payable Rent Received in Advance Interest Payable Income Tax Payable Credit Credit Credit Credit Credit Stockholders Equity 311 312 313 Retained Earnings Capital Stock Dividends Credit Credit Debit Revenue 411 412 Revenue - Rental of Rooms Revenue - Restaurant Credit Credit Expenses 511 512 513 514 515 516 517 518 Advertising Expense Wages Expense Insurance Expense Supplies Expense Utilities Expense Depreciation Expense Interest Expense Income Tax Expense Debit Debit Debit Debit Debit Debit Debit Debit Other 999 Income Summary Credit Project Instructions January Transactions Chart of Accounts File Home Insert Page Layout Formulas Data Review View Help 3 Share Comments G24 X 4 A D F G - H J K L M N O REQUIREMENT #1: Prepare journal entries to record the January transactions in the General Journal below. Remember that Debits must equal Credits-All of your 1 Journal Entries should balance.(Omit explanations) Credit Debit 60,000 60,000 15,000 35,000 For Account Names use accounts as listed on the Chart of Accounts tab. 50,000 30,000 30,000 15,000 15,000 2 3 Date 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. 6,000 General Journal Description (Account Name) 2-Jan Cash common stock 2-Jan Land Building Cash 3-Jan Cash 12% 2 year notes payable 4-Jan Furniture cash 5-Jan Prepaid Insurance Cash 6-Jan Advertising Expenses Cash 7-Jan Supplies Accounts Payable 15-Jan Wages Expenses Cash 16-Jan Cash Unearned Rent Revenue 31-Jan Cash Services Revenue 31-Jan Dividend Expenses Cash Menu Project Instructions January Transactions 6,000 450 450 950 950 4,320 4,320 980 980 6,600 6,600 600 600 Journal Entries Chart of Accounts General Ledger Trial Balance Adjusting Entries Adjusted TB Financial St + @ + 100% REQUIREMENT #2: Post the January journal entries to the following T-Accounts and compute ending balances. Cash (111) Accounts Payable (212) Revenue - Rental of Rooms (411) Notes Payable (213) Revenue - Restaurant (412) Wages Payable (214) Advertising Expense (511) Prepaid Insurance (117) Utilities Payable (215) Wages Expense (512) Cleaning Supplies (119) Rent Received in Advance (216) Insurance Expense (513) Furniture (144) Interest Payable (217) Accum. Depr.-Furniture (145) Supplies Expense (514) Income Tax Payable (218) House (146) Utilities Expense (515) Retained Earnings (311) Accum. Depr.-House (147) DepreciationExpense (516) Capital Stock (312) Land (148) Interest Expense (517) Dividends (313) Interest Payable (217) Accum. Depr.-Furniture (145) Supplies Expense (514) Income Tax Payable (218) House (146) Utilities Expense (515) Retained Earnings (311) Accum. Depr.-House (147) DepreciationExpense (516) Capital Stock (312) Land (148) Interest Expense (517) Dividends (313) Income Taxes Expense (518) 71 72 73 74 75 76 77 78 Income Summary (999) 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 07 1 Chart of Accounts Journal Entries General Ledger Trial Balance Adjusting Entries Adjusted TB Financial Statements Closing Ento Select destination and press ENTER or choose Paste B40 A B D E F G H J REQUIREMENT #3: Prepare a trial balance for Janurary in the space below. Moonlight Bay Inn Trial Balance January 31 Account Balance Title Debit Credit 2 3 Only enter accounts that have a balance. Account # List accounts in order of Account Number 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Chart of Accounts Journal Entries H.. General Ledger Trial Balance Adjusting Entries Adjusted TB Financial Statements B5 f A B E F G - J K Click here to go to the General Ledger worksheet to complete Requirement #5. D Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) Depreciation of the house b) Depreciation of the furniture c) Interest on the promissory note d) Recognition of the expired portion of the insurance e) Recognition of a portion of the guest's deposit f) Wages earned during the second half of January amount to $5,120 and will be paid on February 3. g) Cleaning supplies on hand on January 31 amount to $230. h) A gas and electric bill that is received from the city amounts to $740 and is payable by February 5. i) Income taxes are to be accrued at a rate of 30% of income before taxes. 1 Requirement #5: Post the adjusting entries on Janurary 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. (Omit explanations) 2 3 General Journal Description (Account Name) Debit Credit 4 Date 5 6 7 8 9 10 11 Area to Show Work: ($35,000 - $5,000)/300 months = $100/month 15,000/120 months = $125/month $30,000 ~ 12% x 1/12 = $300/month $6,000/24 months = $250/month $980/2 weeks = $490/week $5,120 for second half of month Financial Statements Closing Entries Post Closing Trial Balance 3 Chart of Accounts Journal Entries General Ledger Trial Balance Adjusting Entries Adjusted TB + 100% B5 fx B D E F G H - J K General Journal Description (Account Name) Debit Credit 3 4 Date 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Area to Show Work: ($35,000 - $5,000)/300 months = $100/month 15,000/120 months = $125/month $30,000 x 12%