I have updated the excel sheet T accounts with the beginning balances for part 2-3. I have also added the Taccou for the accounts added in parts 2-3 and the included the added accounts in your financial statement worksheets. Your Net Income from you income statement will auto post to the S/Estatement Net Income. You will need to inp the common stock balance in the S/E statement. Your total stock and Retained Earnings balances in your Stockholders' Equity Statement will automatically post to ye balance sheet You want to get the Green Yes to confirm that your Balance Sheet Balance. Plugged numbers result is more stiff poi deductions. At the bottom of your account worksheet I have included a check and balance for you: These are the totals from t beginning balances posted to the Taccounts from the ending totals of part #1 As you post transactions for parts 2 and 3 into your accounts check after each journal entry that: Debits Totals - Credit Totals That you expanded accounting equation balances out to zero Check Debits Total 600,525 Credits Total 600,525 Assets Total 573,600 Liabilities Total 487,025 0 A-L-S-R+E=0? Must = 0 to balance You must balance the expanded accounting equation so after posting a journal check to see this is a 0. meaning it balances. Stock 75,000 The calculation is Assets -Liabilities - Stock - Revenue + Expenses+ Dividends 0. Revenue 38,500 Expense 26,925 Net Income 11.575 Dividends Act n 0 Ending R/E 11,575 Orca Company - Chapters 1 & 2 - Orca Company operates as a corporation which plans to utilize common stock to help finance operations along with debt from creditors. - Orca Company utilizes both services and sales to generate revenue. Initially, Orca Company plans to provides services wile building inventory. Orca Company - Chapter 3 - Orca Company closes its financials MONTHLY; in other words, as the accountan for Orca Company, you need to perform closing entries for the company's tempora accounts at the end of each month. Instructions: 1 Review all examples provided within this workbook 2 Transactions will be provided in class 3 Transactions are also provided post-lecture under Accounting Cycle Project assignment in Canvas 4 Review transactions and then record the correct journal entry for each transaction 5 You will submit the assignment in a slim folder you supply containing the following 4 items: 6 This instructions page with your Name, Student ID & Section #entered at the top of the page 7 The journal entries completed BY HAND on the General Journal worksheet (2) 8 T-Accounts can be completed in the excel workbook and included in submitted folder (3) 9 Financial Statements are updated in the excel workbook (4) and printed for submission 10 Journal entries are submitted 4 times throughout the semester IN-CLASS or office hours by the due date 11 You must ensure entries are legible and neatly written for appropriate grading 12 Accounts may be added to financial statements by students as necessary (Tab 4) 13 Students should ensure all transactions are rolled into financial statements Trans Date Debit Accounts Credit Accounts Debit Amount Credit Amounts Trans Date Debit Accounts Credit Accounts Debit Amounts Credit A I Balance Sheet Assets Cash 13,100 Supplies 2,000 Inventory 10,000 0 0 0 13,100 13,100 2,000 2,000 10,000 10,000 Pre-Paid Rent 500 Equipment 3,000 Building 495,000 0 500 500 3,000 3,000 495,000 495,000 Accounts Receivable 8,000 Pre-Paid Insturance 12,000 LT Investment 1 30,000 0 0 0 8,000 8,000 12,000 12,000 30,000 30,000 Allowance for Uncollectible Notes Receivable 0 0 olo olo Liabilities Note Payable Accounts Payable Salaries Payable 485,000 0 0 0 0 485,000 485,000 0 0 Interest Payable Salaries Payable Deferred Revenue 2,000 25 0 0 0 25 25 2,000 2,000 0 0 Utilities Payable 0 0 0 Equity Dividends Common Stock 75,000 0 0 75,000 75,000 olo Income Statement Revenues Service Revenue Sales Sales Discount 38,500 0 0 0 0 38,500 38,500 0 0 Dividend Revenue Sales Returns 0 0 olo 0 Expenses Salaries Expense 20,000 Utilities Expense 1,750 Supplies Expense 250 0 0 20,000 20,000 1,750 1,750 250 250 Service Fee Expense Rent Expense 500 Interest Expense 25 0 0 500 500 25 25 0 0 Advertising Expense 4,400 Cost of Goods Sold 0 0 0 4,400 4,400 olo 0 0 Insurance Expense Bad Debt Expense 0 O 0 o 0 0 0 0 A-LS-R+E-02 Must-o to balance Check Debits Total Credits Total Assets Total Uabilities Total Stock Revenue Expense Net Income Dividends 600,525 600,525 573,600 487,025 75,000 38,500 26,925 11,575 0 Ending RVE 11,575 Orca Company Income Statement For Period Ended April 30th Sales Revenue Sales Revenue (Sales Discount) (Sales Return) Net Sales Cost of Goods Sold (Cost of God Grou Prote ting Reces Service Revue Total Operating Desting (Sales Expo (Supplies Expense) (Rep) Advertising Experie) ( Utes Esp (Expense) (Bad Debtop) Service Feeps) Total Operating pee Income) from Operation Orea Company Balance Sheet For Period Ending April 30th Current Amps Cish Accounts Receivable Les (Allowance for collectible Accounta) Inventory Supplies Pre-Paid Rent Note Receivable Prepaid Insurance Total Current Arts Long Term Assets Invest Equipment Building (Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Salaries Payable Deferred Revenue Interest Payable Total Current Liabilities Long-Term Liabilities Long Term Notes Payable Bond Payable Total Long-Term Liabilities Total Liabilities Stockholder's Equity Common Stock Retained aming Total Stockholder's Equity Total Liabilities & Stockholder's Equity Imer Balles Interest Revenue Interexpose Dividendeve (L) Income before (Income Tax Expense -20%) Netlocum Amets Liabilities - Equity! Yes Orca Company Statement of Stockholders' Equity For Period Ending April 30th Common Stock Retained Earnings Total Equity Beginning Balance Issuance of Common Stock Net Income Dividends Ending Balance I have updated the excel sheet T accounts with the beginning balances for part 2-3. I have also added the Taccou for the accounts added in parts 2-3 and the included the added accounts in your financial statement worksheets. Your Net Income from you income statement will auto post to the S/Estatement Net Income. You will need to inp the common stock balance in the S/E statement. Your total stock and Retained Earnings balances in your Stockholders' Equity Statement will automatically post to ye balance sheet You want to get the Green Yes to confirm that your Balance Sheet Balance. Plugged numbers result is more stiff poi deductions. At the bottom of your account worksheet I have included a check and balance for you: These are the totals from t beginning balances posted to the Taccounts from the ending totals of part #1 As you post transactions for parts 2 and 3 into your accounts check after each journal entry that: Debits Totals - Credit Totals That you expanded accounting equation balances out to zero Check Debits Total 600,525 Credits Total 600,525 Assets Total 573,600 Liabilities Total 487,025 0 A-L-S-R+E=0? Must = 0 to balance You must balance the expanded accounting equation so after posting a journal check to see this is a 0. meaning it balances. Stock 75,000 The calculation is Assets -Liabilities - Stock - Revenue + Expenses+ Dividends 0. Revenue 38,500 Expense 26,925 Net Income 11.575 Dividends Act n 0 Ending R/E 11,575 Orca Company - Chapters 1 & 2 - Orca Company operates as a corporation which plans to utilize common stock to help finance operations along with debt from creditors. - Orca Company utilizes both services and sales to generate revenue. Initially, Orca Company plans to provides services wile building inventory. Orca Company - Chapter 3 - Orca Company closes its financials MONTHLY; in other words, as the accountan for Orca Company, you need to perform closing entries for the company's tempora accounts at the end of each month. Instructions: 1 Review all examples provided within this workbook 2 Transactions will be provided in class 3 Transactions are also provided post-lecture under Accounting Cycle Project assignment in Canvas 4 Review transactions and then record the correct journal entry for each transaction 5 You will submit the assignment in a slim folder you supply containing the following 4 items: 6 This instructions page with your Name, Student ID & Section #entered at the top of the page 7 The journal entries completed BY HAND on the General Journal worksheet (2) 8 T-Accounts can be completed in the excel workbook and included in submitted folder (3) 9 Financial Statements are updated in the excel workbook (4) and printed for submission 10 Journal entries are submitted 4 times throughout the semester IN-CLASS or office hours by the due date 11 You must ensure entries are legible and neatly written for appropriate grading 12 Accounts may be added to financial statements by students as necessary (Tab 4) 13 Students should ensure all transactions are rolled into financial statements Trans Date Debit Accounts Credit Accounts Debit Amount Credit Amounts Trans Date Debit Accounts Credit Accounts Debit Amounts Credit A I Balance Sheet Assets Cash 13,100 Supplies 2,000 Inventory 10,000 0 0 0 13,100 13,100 2,000 2,000 10,000 10,000 Pre-Paid Rent 500 Equipment 3,000 Building 495,000 0 500 500 3,000 3,000 495,000 495,000 Accounts Receivable 8,000 Pre-Paid Insturance 12,000 LT Investment 1 30,000 0 0 0 8,000 8,000 12,000 12,000 30,000 30,000 Allowance for Uncollectible Notes Receivable 0 0 olo olo Liabilities Note Payable Accounts Payable Salaries Payable 485,000 0 0 0 0 485,000 485,000 0 0 Interest Payable Salaries Payable Deferred Revenue 2,000 25 0 0 0 25 25 2,000 2,000 0 0 Utilities Payable 0 0 0 Equity Dividends Common Stock 75,000 0 0 75,000 75,000 olo Income Statement Revenues Service Revenue Sales Sales Discount 38,500 0 0 0 0 38,500 38,500 0 0 Dividend Revenue Sales Returns 0 0 olo 0 Expenses Salaries Expense 20,000 Utilities Expense 1,750 Supplies Expense 250 0 0 20,000 20,000 1,750 1,750 250 250 Service Fee Expense Rent Expense 500 Interest Expense 25 0 0 500 500 25 25 0 0 Advertising Expense 4,400 Cost of Goods Sold 0 0 0 4,400 4,400 olo 0 0 Insurance Expense Bad Debt Expense 0 O 0 o 0 0 0 0 A-LS-R+E-02 Must-o to balance Check Debits Total Credits Total Assets Total Uabilities Total Stock Revenue Expense Net Income Dividends 600,525 600,525 573,600 487,025 75,000 38,500 26,925 11,575 0 Ending RVE 11,575 Orca Company Income Statement For Period Ended April 30th Sales Revenue Sales Revenue (Sales Discount) (Sales Return) Net Sales Cost of Goods Sold (Cost of God Grou Prote ting Reces Service Revue Total Operating Desting (Sales Expo (Supplies Expense) (Rep) Advertising Experie) ( Utes Esp (Expense) (Bad Debtop) Service Feeps) Total Operating pee Income) from Operation Orea Company Balance Sheet For Period Ending April 30th Current Amps Cish Accounts Receivable Les (Allowance for collectible Accounta) Inventory Supplies Pre-Paid Rent Note Receivable Prepaid Insurance Total Current Arts Long Term Assets Invest Equipment Building (Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Salaries Payable Deferred Revenue Interest Payable Total Current Liabilities Long-Term Liabilities Long Term Notes Payable Bond Payable Total Long-Term Liabilities Total Liabilities Stockholder's Equity Common Stock Retained aming Total Stockholder's Equity Total Liabilities & Stockholder's Equity Imer Balles Interest Revenue Interexpose Dividendeve (L) Income before (Income Tax Expense -20%) Netlocum Amets Liabilities - Equity! Yes Orca Company Statement of Stockholders' Equity For Period Ending April 30th Common Stock Retained Earnings Total Equity Beginning Balance Issuance of Common Stock Net Income Dividends Ending Balance
