i just need this pls help
4. Financial Statements
- (Multi-step) Income statement (do not forget the EPS disclosure)
- Statement of Retained Earnings
- (Classified) Balance Sheet (remember all disclosures)
- Cash Flow - prepare a direct method (remember that GAAP requires a reconciliation when the direct method is used)
5. General Journal
e. Prepare closing journal entries
6. Ledger - T accounts
- Show Beg adjusted balance from #2
- Post the closing activity with Journal entry reference
- Show ending closing balances
7. Trial Balance
a. Prepare a Post-Closing trial balance
\begin{tabular}{|c|c|c|c|} \hline & \multirow{2}{*}{\multicolumn{2}{|c|}{ For the period ended 12/31/x1}} & \multirow[b]{3}{*}{ Credit } \\ \hline & & & \\ \hline & Account & Debit & \\ \hline 5 & Cash & 272,300 & \\ \hline 7 & Account Recelvable & 12,000 & \\ \hline 8 & Inventory & 51,300 & \\ \hline 3 & Supplies & 5,200 & \\ \hline & Prepaid Insurance & 18.000 & \\ \hline 1 & Prepaid Rent & 14,400 & \\ \hline 2 & Marketable Securities & 23,000 & \\ \hline 3 & Equipment & 84,800 & \\ \hline & Land & 80,000 & \\ \hline & Land-Held & 15,000 & \\ \hline & Patent & 8,000 & \\ \hline 7 & Account Payable & & 90,700 \\ \hline & Utilities Payable & & 3,400 \\ \hline & Unearned Revenue & & 12,000 \\ \hline 0 & Note Payable & & 90,000 \\ \hline & Common Stock & & 375,000 \\ \hline 2 & Dividends & 10,000 & \\ \hline 3 & Service Revenue & & 89,000 \\ \hline 4 & Dividend Income & & 2,200 \\ \hline 5 & Cost of Goods Sold & 53,700 & \\ \hline 6 & Salary Expense & 9.800 & \\ \hline 7 & Utilities Expense & 3,400 & \\ \hline 8 & Loss on Sale & 1.400 & \\ \hline & & & \\ \hline 0 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{\begin{tabular}{l} 27 \\ 28 \end{tabular}} & \multicolumn{4}{|c|}{ Land 170} & \multicolumn{4}{|c|}{ Land-Held } & \multicolumn{4}{|c|}{ Patent 180} \\ \hline & Beg & 0 & & & Beg & 0 & & & Beg & 0 & & \\ \hline 29 & 31-May & 80,000 & & & 31-May & 15,000 & & & 7-Apr & 8,000 & & \\ \hline \multicolumn{13}{|l|}{30} \\ \hline \multicolumn{13}{|l|}{31} \\ \hline \multicolumn{13}{|l|}{32} \\ \hline 33 & & 80,000 & & & & 15,000 & & & & 8,000 & & \\ \hline \multicolumn{13}{|l|}{34} \\ \hline 35 & \multicolumn{4}{|c|}{ Interest Receivable 190} & \multicolumn{4}{|c|}{ Account Payable 200} & \multicolumn{4}{|c|}{ Salary Payable 220} \\ \hline 36 & Beg & 0 & & & & & Beg & 0 & & & Beg & 0 \\ \hline 37 & & & & & 27-Nov & 19,500 & 28-Apr & 5,200 & & & & \\ \hline 38 & & & & & & & 10-May & 105,000 & & & & \\ \hline \multicolumn{13}{|l|}{39} \\ \hline \multicolumn{13}{|l|}{40} \\ \hline 41 & & & & & & & & 90,700 & & & & \\ \hline \multicolumn{13}{|l|}{42} \\ \hline 43 & \multicolumn{4}{|c|}{ Utilities Payable 230} & \multicolumn{4}{|c|}{ Unearned Revenue 240} & \multicolumn{4}{|c|}{ Note Payable 250} \\ \hline 44 & & & Beg & 0 & & & Beg & 0 & & & Beg & 0 \\ \hline 45 & & & 8-Nov & 3,400 & & & 9-Aug & 12,000 & & & 1-May & 90,000 \\ \hline \multicolumn{13}{|l|}{46} \\ \hline \multicolumn{13}{|l|}{47} \\ \hline 48 & & & & 3,400 & & & & 12,000 & & & & 90,000 \\ \hline 49 & \multicolumn{4}{|c|}{ Tax Payable 260} & \multicolumn{4}{|c|}{ Interest Payable 270} & \multicolumn{4}{|c|}{ Common Stock 300} \\ \hline 50 & & & Beg & 0 & & & Beg & 0 & & & Beg & 0 \\ \hline 51 & & & & & & & & & & & 20-Mar & 375,000 \\ \hline 52 & & & & & & & & & & & & \\ \hline 53 & & & & & & & & & & & & \\ \hline 54 & & & & & & & & & & & & 375,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline 84 & 8-Nov & Utility Expense & 5% & 3,400 & \\ \hline 85 & & Utilities Payable & 2m & & 3,400 \\ \hline 86 & & (Received a utility bill and paid on account) & & & \\ \hline \multicolumn{6}{|l|}{87} \\ \hline 88 & 27-Nov & Account Payable & & 19,500 & \\ \hline 89 & & Cash & Ma & & 19,500 \\ \hline 90 & & (Paid amount owed for supplies) & & & \\ \hline \multicolumn{6}{|l|}{91} \\ \hline 92 & 15-Dec & Dividends & m & 10,000 & \\ \hline 93 & & Cash & mh & & 10,000 \\ \hline 94 & & (Paid dividend to shareholders) & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline 55 & \multicolumn{4}{|c|}{ Retained Earnings 310} & \multicolumn{4}{|c|}{ Dividends 320} & & & & \\ \hline 56 & & & Beg & 0 & Beg & 0 & & & & & & \\ \hline 57 & & & & & 15-Dec: & 10,000 & & & & & & \\ \hline 58 & & & & & & & & & & & & \\ \hline 59 & & & & & & & & & & & & \\ \hline 60 & & & & & & 10,000 & & & & & & \\ \hline 61 & \multicolumn{4}{|c|}{ Service Revenue 400} & \multicolumn{4}{|c|}{ Dividend Income 410} & \multicolumn{4}{|c|}{ Gain on Sale } \\ \hline 62 & & & Beg & 0 & & & Beg & 0 & & & Beg & 0 \\ \hline 63 & & & 26-Jun & 15,000 & & & 19-0ct & 2,200 & & & & \\ \hline 64 & & & 7.Jul & 56,000 & & & & & & & & \\ \hline 65 & & & 17-Aug & 18,000 & & & & & & & & \\ \hline \multicolumn{13}{|l|}{66} \\ \hline 67 & & & & 89,000 & & & & 2,200 & & & & \\ \hline 68 & & & & & & & & & & & & \\ \hline 69 & \multicolumn{3}{|c|}{ Cost of Goods Sold } & 500 & \multicolumn{4}{|c|}{ Salary Expense 510} & \multicolumn{3}{|c|}{ Rent Expense } & 515 \\ \hline 70 & Beg & 0 & & & Beg & 0 & & & Beg & 0 & & \\ \hline 71 & 26-ivin & 7,600 & & & 26-seil & 9,800 & & & & & & \\ \hline 72 & 7.sul & 36,400 & & & & & & & & & & \\ \hline 73 & 27.Aug & 9,700 & & & & & & & & & & \\ \hline 74 & & 53,700 & & & & 9,800 & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline 77 & \multicolumn{3}{|c|}{ Utilities Expense 520} & \multicolumn{3}{|c|}{ Depreciation Expense 530} & \multicolumn{3}{|c|}{ Insurance Expense 540} \\ \hline 78 & Beg & 0 & & Beg & 0 & & Beg & 0 & \\ \hline 79 & 8-Nov & 3,400 & & & & & & & \\ \hline \multicolumn{10}{|l|}{80} \\ \hline \multicolumn{10}{|l|}{81} \\ \hline 82 & & 3,400 & & & & & & & \\ \hline 83 & \multicolumn{3}{|c|}{ Supply Expense 550} & \multicolumn{3}{|c|}{ Tax Expense 560} & \multicolumn{3}{|c|}{ Loss on Sale 590} \\ \hline 84 & Beg & 0 & & Beg & 0 & & Beg & 0 & \\ \hline 85 & & & & & & & 29-Sep & 1,400 & \\ \hline \multicolumn{10}{|l|}{86} \\ \hline \multicolumn{10}{|l|}{87} \\ \hline 88 & & & & & & & & 1,400 & \\ \hline 89 & \multicolumn{3}{|c|}{ Inerest Expense 570} & & & & & & \\ \hline 90 & Beg & 0 & & & & & & & \\ \hline 91 & & & & & & & & & \\ \hline 92 & & & & & & & & & \\ \hline 93 & & & & & & & & & \\ \hline 94 & & & & & & & & & \\ \hline \end{tabular} 2. Ledger-T accounts a. Show beg. Unadjusted balance from part 1 b. Post adjusting activity - with Journal entry reference add on to unadjusted balance (this is your beginning) c. Show adjusted ending balance in ledger account 3. Trial Balance a. Prepare and Adjusted Trial Balance 4. Financial Statements a. (Multi-step) Income statement (do not forget the EPS disclosure) b. Statement of Retained Earnings c. (Classified) Balance Sheet (remember all disclosures) d. Cash Flow - prepare a direct method (remember that GAAP requires a reconciliation when the direct method is used) 5. General Journal e. Prepare closing journal entries 6. Ledger T accounts a. Show Beg adjusted balance from #2 b. Post the closing activity with Journal entry reference c. Show ending closing balances 7. Trial Balance a. Prepare a Post-Closing trial balance Remember to use proper formatting for everything you do! Financial statements should be GAAP format and look professional (and printer ready). Assume you are making this for a client. \begin{tabular}{|c|c|c|c|c|c|} \hline 41 & 7-Jul & Cash & & 56,000 & \\ \hline 42 & & Service Revenue & 400 & & 56,000 \\ \hline 43 & & (Customer bought game systems) & & & \\ \hline 44 & & Cost of Goods Sold & 500 & 36,400 & \\ \hline 45 & & Inventory & & & 36,400 \\ \hline 46 & & (Inventory had a cost of that amount) & & & \\ \hline \multicolumn{6}{|l|}{47} \\ \hline 48 & 26Jul & Salaries Expense & & 9,800 & \\ \hline 49 & & Cash & M & & 9,800 \\ \hline 50 & & (Paid employees their wages) & & & \\ \hline \multicolumn{6}{|l|}{51} \\ \hline 52 & 9-Aug & Cash & m & 12,000 & \\ \hline 53 & & Unearned Revenue & 24Q & & 12,000 \\ \hline 54 & & (Money held for a service but wasn't promised) & & & \\ \hline \multicolumn{6}{|l|}{55} \\ \hline 56 & 17-Aug & Account Receivable & & 18,000 & \\ \hline 57. & & Service Revenue & & & 18,000 \\ \hline 58 & & (Customer made purchase on account) & & & \\ \hline 59 & 17-Aug & Cost of Goods Sold & 500 & 9,700 & \\ \hline 60 & & Inventory & 20 & & 9,700 \\ \hline 61 & & (Inventory had a cost of that amount) & & & \\ \hline \multicolumn{6}{|l|}{62} \\ \hline 63 & 10-Sep & Marketable Securities & 150 & 23,000 & \\ \hline 64 & & Cash & me & & 23,000 \\ \hline 65 & & (Invested excess cash in securities) & & & \\ \hline \multicolumn{6}{|l|}{66} \\ \hline 67 & 21-Sep & Cash & m & 12,000 & \\ \hline 68 & & Account Receivable & & & 12,000 \\ \hline 69 & & (Collected money from customer who oved money on a previous p & & & \\ \hline \multicolumn{6}{|l|}{70} \\ \hline 71 & 29-Sep & Cash & m & 3,800 & \\ \hline 72 & & Loss on Sale & 590 & 1,400 & \\ \hline 73 & & Equipment & & & 5,200 \\ \hline 74 & & (Sold equipment for less than its worth) & & & \\ \hline \multicolumn{6}{|l|}{75} \\ \hline 76 & 1-0ct & Prepaid Rent & 40 & 14,400 & \\ \hline 77 & & Cash & $20 & & 14,400 \\ \hline 78 & & (Paid one years of rent) & & & \\ \hline \multicolumn{6}{|l|}{79} \\ \hline 80 & 19-Oct & Cash & mo & 2,200 & \\ \hline 81 & & Dividend Income & & & 2,200 \\ \hline 82 & & (Received dividend check) & & & \\ \hline \end{tabular} Accounting Cycle Project Part 2 - Complete the cycle and Prepare Financials statements Zeta-Z Video Game Supplies has identified the following accounts as needed to be adjusted. Complete the necessary adjusting entries: a) Salaries earned but not paid for the period $5,500. b) Record accrued dividend income on investments of $1,500. c) Depreciation expense for the period. The equipment has a useful life of 15 years \& the salvage value is estimated to be zero. (Hint - you have a partial year) d) Determine the amount of Insurance that has expired. e) Supplies on hand $1,700. f) Found the parts needed to repair the game systems brought in on August 9th. As of December 31st, half were complete and given to the customer - Zeta is working on finishing the rest of the systems. g) Record the amount of expired rent. h) Record accrued Interest expense of on Note Payable for the equipment purchased on May 1st. i) Once all the adjustments are complete the company will need to calculate net income. Then you will calculate tax expense and recorded it (the offset is a tax payable). The company has an income tax rate of 25%. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ GENERAL JOURNAL } \\ \hline Date & Description (account titles) & Ref. & Debit & Credit \\ \hline \multirow[t]{3}{*}{ 20-Mar } & Cash & 100 & 375,000 & \\ \hline & Common stock & 300 & & 375.000 \\ \hline & (1ssued 250,000 shares at $1.50 per share) & & & \\ \hline \multirow[t]{3}{*}{ 7-Apr } & Patent & & 8,000 & \\ \hline & Cash & mo & & 8,000 \\ \hline & (Unique game chair patent costs 8,000 ) & & & \\ \hline \multirow[t]{3}{*}{ 28-Apr } & Supplies & & 5,200 & \\ \hline & Accounts Payable & 220 & & 5,200 \\ \hline & (Purchased two years of office supplies on account) & & & \\ \hline \multirow[t]{3}{*}{ 1-May } & Equipment & 800 & 90,000 & \\ \hline & Note Payable & 250 & & 90,000 \\ \hline & (Note payable due in 5 years Annual payment of 18,000 ne. & & & \\ \hline \multirow[t]{3}{*}{ 10-May } & Inventory & tan & 105,000 & \\ \hline & Accounts Payable & 2200 & & 105,000 \\ \hline & (Bought games for inventory on account and used FIFO m & & & \\ \hline \multirow[t]{4}{*}{ 31-May } & Land & tv & 80,000 & \\ \hline & Land (Held) & 1m & 15,000 & \\ \hline & Cash & 200 & & 95,000 \\ \hline & (The land is being held to build a lot in the future) & & & \\ \hline \multirow[t]{3}{*}{ 1-Jun } & Prepaid Insurance & 100 & 18,000 & \\ \hline & Cash & ma & & 18,000 \\ \hline & (Purchased two years of insurance) & & & \\ \hline \multirow[t]{4}{*}{ 26-Jun } & Cash & ma & 9,000 & \\ \hline & Account Receivable & 7w & 6,000 & \\ \hline & Service Revenue & 4QO & & 15,000 \\ \hline & (Bought the games in cash and the rest on an account) & & & \\ \hline \multirow[t]{3}{*}{ 26-Jun } & Cost of Goods Sold & 500 & 7,600 & \\ \hline & Inventory & $O & & 7,600 \\ \hline & (Inventory had a cost of that amount) & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline & \multirow{2}{*}{\multicolumn{2}{|c|}{ For the period ended 12/31/x1}} & \multirow[b]{3}{*}{ Credit } \\ \hline & & & \\ \hline & Account & Debit & \\ \hline 5 & Cash & 272,300 & \\ \hline 7 & Account Recelvable & 12,000 & \\ \hline 8 & Inventory & 51,300 & \\ \hline 3 & Supplies & 5,200 & \\ \hline & Prepaid Insurance & 18.000 & \\ \hline 1 & Prepaid Rent & 14,400 & \\ \hline 2 & Marketable Securities & 23,000 & \\ \hline 3 & Equipment & 84,800 & \\ \hline & Land & 80,000 & \\ \hline & Land-Held & 15,000 & \\ \hline & Patent & 8,000 & \\ \hline 7 & Account Payable & & 90,700 \\ \hline & Utilities Payable & & 3,400 \\ \hline & Unearned Revenue & & 12,000 \\ \hline 0 & Note Payable & & 90,000 \\ \hline & Common Stock & & 375,000 \\ \hline 2 & Dividends & 10,000 & \\ \hline 3 & Service Revenue & & 89,000 \\ \hline 4 & Dividend Income & & 2,200 \\ \hline 5 & Cost of Goods Sold & 53,700 & \\ \hline 6 & Salary Expense & 9.800 & \\ \hline 7 & Utilities Expense & 3,400 & \\ \hline 8 & Loss on Sale & 1.400 & \\ \hline & & & \\ \hline 0 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{\begin{tabular}{l} 27 \\ 28 \end{tabular}} & \multicolumn{4}{|c|}{ Land 170} & \multicolumn{4}{|c|}{ Land-Held } & \multicolumn{4}{|c|}{ Patent 180} \\ \hline & Beg & 0 & & & Beg & 0 & & & Beg & 0 & & \\ \hline 29 & 31-May & 80,000 & & & 31-May & 15,000 & & & 7-Apr & 8,000 & & \\ \hline \multicolumn{13}{|l|}{30} \\ \hline \multicolumn{13}{|l|}{31} \\ \hline \multicolumn{13}{|l|}{32} \\ \hline 33 & & 80,000 & & & & 15,000 & & & & 8,000 & & \\ \hline \multicolumn{13}{|l|}{34} \\ \hline 35 & \multicolumn{4}{|c|}{ Interest Receivable 190} & \multicolumn{4}{|c|}{ Account Payable 200} & \multicolumn{4}{|c|}{ Salary Payable 220} \\ \hline 36 & Beg & 0 & & & & & Beg & 0 & & & Beg & 0 \\ \hline 37 & & & & & 27-Nov & 19,500 & 28-Apr & 5,200 & & & & \\ \hline 38 & & & & & & & 10-May & 105,000 & & & & \\ \hline \multicolumn{13}{|l|}{39} \\ \hline \multicolumn{13}{|l|}{40} \\ \hline 41 & & & & & & & & 90,700 & & & & \\ \hline \multicolumn{13}{|l|}{42} \\ \hline 43 & \multicolumn{4}{|c|}{ Utilities Payable 230} & \multicolumn{4}{|c|}{ Unearned Revenue 240} & \multicolumn{4}{|c|}{ Note Payable 250} \\ \hline 44 & & & Beg & 0 & & & Beg & 0 & & & Beg & 0 \\ \hline 45 & & & 8-Nov & 3,400 & & & 9-Aug & 12,000 & & & 1-May & 90,000 \\ \hline \multicolumn{13}{|l|}{46} \\ \hline \multicolumn{13}{|l|}{47} \\ \hline 48 & & & & 3,400 & & & & 12,000 & & & & 90,000 \\ \hline 49 & \multicolumn{4}{|c|}{ Tax Payable 260} & \multicolumn{4}{|c|}{ Interest Payable 270} & \multicolumn{4}{|c|}{ Common Stock 300} \\ \hline 50 & & & Beg & 0 & & & Beg & 0 & & & Beg & 0 \\ \hline 51 & & & & & & & & & & & 20-Mar & 375,000 \\ \hline 52 & & & & & & & & & & & & \\ \hline 53 & & & & & & & & & & & & \\ \hline 54 & & & & & & & & & & & & 375,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline 84 & 8-Nov & Utility Expense & 5% & 3,400 & \\ \hline 85 & & Utilities Payable & 2m & & 3,400 \\ \hline 86 & & (Received a utility bill and paid on account) & & & \\ \hline \multicolumn{6}{|l|}{87} \\ \hline 88 & 27-Nov & Account Payable & & 19,500 & \\ \hline 89 & & Cash & Ma & & 19,500 \\ \hline 90 & & (Paid amount owed for supplies) & & & \\ \hline \multicolumn{6}{|l|}{91} \\ \hline 92 & 15-Dec & Dividends & m & 10,000 & \\ \hline 93 & & Cash & mh & & 10,000 \\ \hline 94 & & (Paid dividend to shareholders) & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline 55 & \multicolumn{4}{|c|}{ Retained Earnings 310} & \multicolumn{4}{|c|}{ Dividends 320} & & & & \\ \hline 56 & & & Beg & 0 & Beg & 0 & & & & & & \\ \hline 57 & & & & & 15-Dec: & 10,000 & & & & & & \\ \hline 58 & & & & & & & & & & & & \\ \hline 59 & & & & & & & & & & & & \\ \hline 60 & & & & & & 10,000 & & & & & & \\ \hline 61 & \multicolumn{4}{|c|}{ Service Revenue 400} & \multicolumn{4}{|c|}{ Dividend Income 410} & \multicolumn{4}{|c|}{ Gain on Sale } \\ \hline 62 & & & Beg & 0 & & & Beg & 0 & & & Beg & 0 \\ \hline 63 & & & 26-Jun & 15,000 & & & 19-0ct & 2,200 & & & & \\ \hline 64 & & & 7.Jul & 56,000 & & & & & & & & \\ \hline 65 & & & 17-Aug & 18,000 & & & & & & & & \\ \hline \multicolumn{13}{|l|}{66} \\ \hline 67 & & & & 89,000 & & & & 2,200 & & & & \\ \hline 68 & & & & & & & & & & & & \\ \hline 69 & \multicolumn{3}{|c|}{ Cost of Goods Sold } & 500 & \multicolumn{4}{|c|}{ Salary Expense 510} & \multicolumn{3}{|c|}{ Rent Expense } & 515 \\ \hline 70 & Beg & 0 & & & Beg & 0 & & & Beg & 0 & & \\ \hline 71 & 26-ivin & 7,600 & & & 26-seil & 9,800 & & & & & & \\ \hline 72 & 7.sul & 36,400 & & & & & & & & & & \\ \hline 73 & 27.Aug & 9,700 & & & & & & & & & & \\ \hline 74 & & 53,700 & & & & 9,800 & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline 77 & \multicolumn{3}{|c|}{ Utilities Expense 520} & \multicolumn{3}{|c|}{ Depreciation Expense 530} & \multicolumn{3}{|c|}{ Insurance Expense 540} \\ \hline 78 & Beg & 0 & & Beg & 0 & & Beg & 0 & \\ \hline 79 & 8-Nov & 3,400 & & & & & & & \\ \hline \multicolumn{10}{|l|}{80} \\ \hline \multicolumn{10}{|l|}{81} \\ \hline 82 & & 3,400 & & & & & & & \\ \hline 83 & \multicolumn{3}{|c|}{ Supply Expense 550} & \multicolumn{3}{|c|}{ Tax Expense 560} & \multicolumn{3}{|c|}{ Loss on Sale 590} \\ \hline 84 & Beg & 0 & & Beg & 0 & & Beg & 0 & \\ \hline 85 & & & & & & & 29-Sep & 1,400 & \\ \hline \multicolumn{10}{|l|}{86} \\ \hline \multicolumn{10}{|l|}{87} \\ \hline 88 & & & & & & & & 1,400 & \\ \hline 89 & \multicolumn{3}{|c|}{ Inerest Expense 570} & & & & & & \\ \hline 90 & Beg & 0 & & & & & & & \\ \hline 91 & & & & & & & & & \\ \hline 92 & & & & & & & & & \\ \hline 93 & & & & & & & & & \\ \hline 94 & & & & & & & & & \\ \hline \end{tabular} 2. Ledger-T accounts a. Show beg. Unadjusted balance from part 1 b. Post adjusting activity - with Journal entry reference add on to unadjusted balance (this is your beginning) c. Show adjusted ending balance in ledger account 3. Trial Balance a. Prepare and Adjusted Trial Balance 4. Financial Statements a. (Multi-step) Income statement (do not forget the EPS disclosure) b. Statement of Retained Earnings c. (Classified) Balance Sheet (remember all disclosures) d. Cash Flow - prepare a direct method (remember that GAAP requires a reconciliation when the direct method is used) 5. General Journal e. Prepare closing journal entries 6. Ledger T accounts a. Show Beg adjusted balance from #2 b. Post the closing activity with Journal entry reference c. Show ending closing balances 7. Trial Balance a. Prepare a Post-Closing trial balance Remember to use proper formatting for everything you do! Financial statements should be GAAP format and look professional (and printer ready). Assume you are making this for a client. \begin{tabular}{|c|c|c|c|c|c|} \hline 41 & 7-Jul & Cash & & 56,000 & \\ \hline 42 & & Service Revenue & 400 & & 56,000 \\ \hline 43 & & (Customer bought game systems) & & & \\ \hline 44 & & Cost of Goods Sold & 500 & 36,400 & \\ \hline 45 & & Inventory & & & 36,400 \\ \hline 46 & & (Inventory had a cost of that amount) & & & \\ \hline \multicolumn{6}{|l|}{47} \\ \hline 48 & 26Jul & Salaries Expense & & 9,800 & \\ \hline 49 & & Cash & M & & 9,800 \\ \hline 50 & & (Paid employees their wages) & & & \\ \hline \multicolumn{6}{|l|}{51} \\ \hline 52 & 9-Aug & Cash & m & 12,000 & \\ \hline 53 & & Unearned Revenue & 24Q & & 12,000 \\ \hline 54 & & (Money held for a service but wasn't promised) & & & \\ \hline \multicolumn{6}{|l|}{55} \\ \hline 56 & 17-Aug & Account Receivable & & 18,000 & \\ \hline 57. & & Service Revenue & & & 18,000 \\ \hline 58 & & (Customer made purchase on account) & & & \\ \hline 59 & 17-Aug & Cost of Goods Sold & 500 & 9,700 & \\ \hline 60 & & Inventory & 20 & & 9,700 \\ \hline 61 & & (Inventory had a cost of that amount) & & & \\ \hline \multicolumn{6}{|l|}{62} \\ \hline 63 & 10-Sep & Marketable Securities & 150 & 23,000 & \\ \hline 64 & & Cash & me & & 23,000 \\ \hline 65 & & (Invested excess cash in securities) & & & \\ \hline \multicolumn{6}{|l|}{66} \\ \hline 67 & 21-Sep & Cash & m & 12,000 & \\ \hline 68 & & Account Receivable & & & 12,000 \\ \hline 69 & & (Collected money from customer who oved money on a previous p & & & \\ \hline \multicolumn{6}{|l|}{70} \\ \hline 71 & 29-Sep & Cash & m & 3,800 & \\ \hline 72 & & Loss on Sale & 590 & 1,400 & \\ \hline 73 & & Equipment & & & 5,200 \\ \hline 74 & & (Sold equipment for less than its worth) & & & \\ \hline \multicolumn{6}{|l|}{75} \\ \hline 76 & 1-0ct & Prepaid Rent & 40 & 14,400 & \\ \hline 77 & & Cash & $20 & & 14,400 \\ \hline 78 & & (Paid one years of rent) & & & \\ \hline \multicolumn{6}{|l|}{79} \\ \hline 80 & 19-Oct & Cash & mo & 2,200 & \\ \hline 81 & & Dividend Income & & & 2,200 \\ \hline 82 & & (Received dividend check) & & & \\ \hline \end{tabular} Accounting Cycle Project Part 2 - Complete the cycle and Prepare Financials statements Zeta-Z Video Game Supplies has identified the following accounts as needed to be adjusted. Complete the necessary adjusting entries: a) Salaries earned but not paid for the period $5,500. b) Record accrued dividend income on investments of $1,500. c) Depreciation expense for the period. The equipment has a useful life of 15 years \& the salvage value is estimated to be zero. (Hint - you have a partial year) d) Determine the amount of Insurance that has expired. e) Supplies on hand $1,700. f) Found the parts needed to repair the game systems brought in on August 9th. As of December 31st, half were complete and given to the customer - Zeta is working on finishing the rest of the systems. g) Record the amount of expired rent. h) Record accrued Interest expense of on Note Payable for the equipment purchased on May 1st. i) Once all the adjustments are complete the company will need to calculate net income. Then you will calculate tax expense and recorded it (the offset is a tax payable). The company has an income tax rate of 25%. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ GENERAL JOURNAL } \\ \hline Date & Description (account titles) & Ref. & Debit & Credit \\ \hline \multirow[t]{3}{*}{ 20-Mar } & Cash & 100 & 375,000 & \\ \hline & Common stock & 300 & & 375.000 \\ \hline & (1ssued 250,000 shares at $1.50 per share) & & & \\ \hline \multirow[t]{3}{*}{ 7-Apr } & Patent & & 8,000 & \\ \hline & Cash & mo & & 8,000 \\ \hline & (Unique game chair patent costs 8,000 ) & & & \\ \hline \multirow[t]{3}{*}{ 28-Apr } & Supplies & & 5,200 & \\ \hline & Accounts Payable & 220 & & 5,200 \\ \hline & (Purchased two years of office supplies on account) & & & \\ \hline \multirow[t]{3}{*}{ 1-May } & Equipment & 800 & 90,000 & \\ \hline & Note Payable & 250 & & 90,000 \\ \hline & (Note payable due in 5 years Annual payment of 18,000 ne. & & & \\ \hline \multirow[t]{3}{*}{ 10-May } & Inventory & tan & 105,000 & \\ \hline & Accounts Payable & 2200 & & 105,000 \\ \hline & (Bought games for inventory on account and used FIFO m & & & \\ \hline \multirow[t]{4}{*}{ 31-May } & Land & tv & 80,000 & \\ \hline & Land (Held) & 1m & 15,000 & \\ \hline & Cash & 200 & & 95,000 \\ \hline & (The land is being held to build a lot in the future) & & & \\ \hline \multirow[t]{3}{*}{ 1-Jun } & Prepaid Insurance & 100 & 18,000 & \\ \hline & Cash & ma & & 18,000 \\ \hline & (Purchased two years of insurance) & & & \\ \hline \multirow[t]{4}{*}{ 26-Jun } & Cash & ma & 9,000 & \\ \hline & Account Receivable & 7w & 6,000 & \\ \hline & Service Revenue & 4QO & & 15,000 \\ \hline & (Bought the games in cash and the rest on an account) & & & \\ \hline \multirow[t]{3}{*}{ 26-Jun } & Cost of Goods Sold & 500 & 7,600 & \\ \hline & Inventory & $O & & 7,600 \\ \hline & (Inventory had a cost of that amount) & & & \\ \hline \end{tabular}
