I have updated the excel sheet T accounts with the beginning balances for part 2-3. I have also added the T accounts 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/E statement Net Income. You will need to input 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 your balance sheet

You want to get the Green Yes to confirm that your Balance Sheet Balance. Plugged numbers result is more stiff point deductions.

At the bottom of your T account worksheet I have included a check and balance for you: These are the totals from the beginning balances posted to the T accounts from the ending totals of part #1

As you post transactions for parts 2 and 3 into your T 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 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 while building inventory. Orca Company - Chapter 3 - Orca Company closes its financials MONTHLY; in other words, as the accountant for Orca Company, you need to perform closing entries for the company's temporary accounts at the end of each month.

Student Name: Student ID Number: Section #: General Note: The purpose of this semester-long Accounting Cycle Project assignment is to help you engage with the course content and gain a greater understanding of how different accounting transactions get translated into the 4 basic Financial Statements during the accounting cycle. 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 Due Dates for assignments (25 points each) - February 11th 25 points - April 1st 50 points Part 2 & 3 - April 27th 25 points ** It is a student's responsibility to ensure they have all required transactions Do NOT email for transactions ** ** No excuses will be accepted related to missed entries Submissions after the due date will incur a 5% penalty for each day submitted after the official due date up to a 35% penalty. Your journal entries must be handwritten. Typed journal entries submissions will cause your submission to be rejected for grading purposes unless an WSU Access Center approved accommodation has been forwarded ** ** Note the examples in this workbook do NOT need to be printed and submitted. **

Please print this page and hand-write the journal entries * ALL STUDENT ENTRIES MUST BE HANDWRITTEN TO RECEIVE CREDIT * Trans Date Debit Accounts Credit Accounts Debit Amounts Credit Amounts Trans Date Debit Accounts Credit Accounts Debit Amounts Credit Amounts

Balance Sheet Assets Cash Supplies Inventory 13,100 2,000 10,000 13,100 0 2,000 0 10,000 0 13,100 2,000 10,000 Pre-Paid Rent Equipment Building 500 3,000 495,000 500 0 3,000 495,000 500 3,000 495,000 Accounts Receivable Pre-Paid Insturance LT Investment 1 8,000 12,000 30,000 8,000 0 12,000 0 30,000 0 8,000 12,000 30,000 Allowance for Uncolllectible Notes Receivable 0 0 0 0 0 0 Liabilities Note Payable Accounts Payable Salaries Payable 485,000 0 485,000 0 0 0 0 485,000 0 0 Interest Payable Deferred Revenue Salaries Payable 25 2,000 0 25 0 2,000 0 0 25 2,000 0 Utilities Payable 0 0 0 Equity Common Stock Dividends 75,000 75,000 0 0 75,000 0 Income Statement Revenues Service Revenue Sales Sales Discount 38,500 0 38,500 0 0 0 0 38,500 0 0 Dividend Revenue Sales Returns 0 0 0 0 0 0 0 Expenses Salaries Expense Utilities Expense Supplies Expense 20,000 1,750 250 20,000 0 1,750 0 250 0 20,000 1,750 250 Rent Expense Interest Expense Service Fee Expense 500 25 500 0 25 0 0 0 500 25 0 Advertising Expense Cost of Goods Sold 4,400 4,400 0 0 0 0 0 4,400 0 0 Insurance Expense Bad Debt Expense 0 0 0 0 0 0 0 0 0 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 = o to balance Stock 75,000 Revenue 38,500 Expense 26,925 Net Income 11,575 Dividends 0 Ending R/E 11,575

Orca Company Orca Company Orca Company Income Statement Balance Sheet Statement of Stockholders' Equity For Period Ended April 30th For Period Ending April 30th For Period Ending April 30th Sales Revenue Current Assets Common Stock Retained Earnings Total Equity Sales Revenue - Cash - Beginning Balance - - - (Sales Discounts) - Accounts Receivable - Issuance of Common Stock - - - (Sales Return) - Less: (Allowance for Uncollecitible Accounts) - Net Income - - - Net Sales - Inventory - Dividends - - - Cost of Goods Sold Supplies - Ending Balance - - - (Cost of Goods Sold) - Pre-Paid Rent - Gross Profit - Note Receivable - Prepaid Insurance - Operating Revenues Total Current Assets - Service Revenue - Long-Term Assets - Investment - - Equipment - Total Operating Revenue - Buildings - Operating Expenses (Accumulated Depreciation) (Salaries Expense) - Total Assets - (Supplies Expense) - Current Liabilities (Rent Expense) - Accounts Payable - (Advertising Expense) - Salaries Payable - (Utilities Expense) - Deferred Revenue - (Insurance Expense) - Interest Payable - (Bad Debt Expense) - Total Current Liabilities - (Service Fee Expense) - Long-Term Liabilities Total Operating Expenses - Long-Term Notes Payable - Income/(Loss) from Operations - Bond Payable - Total Long-Term Liabilities - Interest, Gains or Losses Total Liabilities - Interest Revenue - Stockholder's Equity (Interest Expense) - Common Stock - Dividend Revenue - Retained Earnings - (Loss) - Total Stockholder's Equity - Income before Taxes - Total Liabilities & Stockholder's Equity - (Income Tax Expense - 20%) - Net Income/(Loss) -