I just signed up for this Course Hero thinking that this Accounting problem would have the answers. But it is all blank and i need this solved asap. Please help if you can. I feel like i just wasted money on this site.... Thanks

PRACTICAL ACCOUNTING DIRECTIONS FOR FINAL PROJECT WINTER 2015 DUE ON FRIDAY, MARCH 20 On the Transaction for June 15 regarding wages to employees, please refer to the information in the first table on page 3 of this document. Also, on the transaction for wages on June 29, please refer to the information in the second table on page 3 of this document. Follow the 12 steps listed on page 4 of this handout. THE COMPLETION DATE FOR THIS PROJECT IS FRIDAY, MARCH 20. THIS PROJECT MUST BE SUBMITTED TO THE INSTRUCTOR BY THAT DATE ELECTRONICALLY OR PAPER. THE FINAL TEST IS BASED UPON THIS PROJECT, AND IT MUST BE TAKEN ON FRIDAY, MARCH 20. CHART OF ACCOUNTS Assets 511 512 Revenue Income from Services Concessions Income Expenses Sailboat Rental Expense Wages Expense 513 Advertising Expense 514 Utilities Expense 515 516 Interest Expense Insurance Expense R. Cury, Capital 517 312 R. Cury, Drawing 518 313 Income Summary 519 Depreciation Expense, Pool Structure Depreciation Expense, Fan System Depreciation Expense, Sailboats Payroll Tax Expense Miscellaneous Expense 111 112 113 114 121 Cash Petty Cash Accounts Receivable Prepaid Insurance Land 221 222 223 224 225 125 Pool Structure 226 126 Accumulated Depreciation, Pool Structure Fan System Accumulated Depreciation, Fan Sailboats 227 311 Accumulated Depreciation, Sailboats 127 128 129 130 228 Liabilities Accounts Payable Wages Payable Employees FIT Payable FICA Tax Payable Employees Medical Insurance Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Mortgage Payable Owner's Equity 411 412 520 523 June 1 1 2 3 3 3 3 3 3 5 5 8 9 14 15 16 16 16 16 19 20 22 22 23 24 29 30 30 30 30 30 30 30 30 30 30 30 Cury deposited $95,000 in a bank for the purpose of buying Wind In Your Sails, a business offering the use of small sailboats to the public at a large indoor pool with a fan system that provides wind. Establish Petty Cash with a balance of $100. Ck. #1001 Bought Wind In Your Sales in its entirety for a total price of $216,100. The assets include sailboats, $25,800; fan system, $13,300; pool structure, $140,000; and land, $37,000. Paid $60,000 down and signed a mortgage note for the remainder. Ck. #1002 Received and paid bill for newspaper advertising, $350. Ck. 1003 Received and paid bill for a one-year premium for insurance, $12,000. Ck. 1004 Bought additional boats from Louis Manufacturing Co. for $7,200, paying $3,200 down, with the remainder due in 30 days. Ck. #1005 Signed a contract with a vending machine service to lease space for vending machines. The rental income agreed upon is 10 percent of the sales generated from the machines, with the estimated total rental income payable in advance. Received the estimated cash payment for June, $150. Received bill from Quick Printing for promotional handouts, $540 Signed a contract for leasing sailboats from K. Einstein Boat Co. and paid rental fee for June, $700. Ck. #1006 Owner took $30 from the Petty Cash box. Petty Cash Voucher #1 Paid cash for miscellaneous expenses, $104. Ck. #1007 Received $2,855 in cash as income for the use of the boats. Bought an addition for the fan system on account from Stark Pool Supply, $745. Bought flowers for the front desk for $25. Petty Cash Voucher #2 Paid wages to employees for the period ended June 14, SEE TABLE. Cks. # 1008-1010 Paid on account for promotional handouts already recorded on June 3, $540. Ck. #1011 Cury withdrew cash for personal use, $2,500. Ck. #1012 Bought additional sails from Canvas Products, Inc., $850; payment due in 30 days. Received $6,850 in cash as income for the use of the boats. Paid cash for miscellaneous expenses, $40. Ck. #1013 Paid cash to Louis Manufacturing Co. as part payment on account, $1,300. Ck. 1014 Bought postage stamps for $22.20. Petty Cash Voucher #3 Received $8,260 in cash for the use of the boats. Received a reduction in the outstanding bill from Louis Manufacturing Co. for a boat received in damaged condition, $380. Received and paid telephone bill, $324. Ck. #1015 Paid wages for period June 15 through 28, SEE TABLE. Cks. #1016-1018 Paid cash to Stark Pool Supply to apply on account, $475. Ck. 1019 Received and paid electric bill, $345. Ck. 1020 Paid cash as an installment payment on the mortgage, $1,848. Of this amount, $497 represents a reduction in the principal and the remainder is interest. Ck. 1021 Received and paid the water bill, $590. Ck. 1022 Bought additional boats from Riddle and Son for $5,320, paying $1,550 down, with the remainder due in 30 days. Ck. 1023 Cury withdrew cash for personal use, $1,800. Ck. 1024 Received $5,902 in cash as income for the use of the boats. Sales from vending machines for the month amounted to $1,780. Ten percent of $1,780 equals $178. Because you have already recorded $150 as concessions income, list the additional $28 revenue earned from the vending machine operator. (Cash was not received.) Record the petty cash voucher information in the Petty Cash Record. Journalize the entry to replenish Petty Cash. Ck. 1025. Reconcile the bank statement. Journalize and post any entries associated with this. On June 15, record the following payroll information in a payroll register. Then record the three payroll journal entries and post to the appropriate accounts. Compute the gross earnings, deductions, and net pay for the following three employees. Since this is for two weeks, no overtime was earned. Annie Anderson Gross Pay is 65 hours @ $21.00/hr Federal Income Tax Withheld is $202.00 Social Security tax withheld at 6.2% of taxable earnings Medicare tax withheld at 1.45% of taxable earnings Medical insurance withheld is $40 on the first pay period of the month Net Pay BInhear B. Fore Gross Pay is 60 hours @ $19.50/hr Federal Income Tax Withheld is $150.00 Social Security tax withheld at 6.2% of taxable earnings Medicare tax withheld at 1.45% of taxable earnings Medical insurance withheld is $40 on the first pay period of the month Net Pay Your Name Gross Pay is 65 hours @ $21.00/hr Federal Income Tax Withheld is $202.00 Social Security tax withheld at 6.2% of taxable earnings Medicare tax withheld at 1.45% of taxable earnings Medical insurance withheld is $40 on the first pay period of the month Net Pay Using the tax rates from class, compute the payroll taxes on the employer for FICA Tax, State Unemployment Tax, and Federal Unemployment Tax and record it in your journal. Pay the three employees their net earnings taking the money from the Cash account. On June 29, record the following payroll information in a payroll register. Then record the three payroll journal entries and post to the appropriate accounts. Annie Anderson Gross Pay is 75 hours @ $21.00/hr Federal Income Tax Withheld is $196.00 Social Security tax withheld at 6.2% of taxable earnings Medicare tax withheld at 1.45% of taxable earnings Medical insurance -none is withheld for the second half of the month. Net Pay BInhear B. Fore Gross Pay is 75 hours @ $19.50/hr Federal Income Tax Withheld is $159.00 Social Security tax withheld at 6.2% of taxable earnings Medicare tax withheld at 1.45% of taxable earnings Medical insurance -none is withheld for the second half of the month. Net Pay Your Name Gross Pay is 79 hours @ $24.50/hr Federal Income Tax Withheld is $202.00 Social Security tax withheld at 6.2% of taxable earnings Medicare tax withheld at 1.45% of taxable earnings Medical insurance -none is withheld for the second half of the month. Net Pay INSTRUCTIONS FOR BANK RECONCILIATION The deposit on June 30th was not recorded on the bank statement. All checks written on the 29th and 30th were not yet received by the bank at the time of the statement being issued. The bank charged us $20 for bank service charges. The ending bank statement balance is $29,009.35. The ending cash balance before reconciliation is $24,210.59. STEPS REQUIRED TO COMPLETE THE PROJECT 1 Journalize the transactions, starting on page 1 of the general journal. Reconcile the bank statement. 2 Post the transactions to the ledger accounts. 3 Do the bank reconciliation and journalize any required entries. 4 Prepare a trial balance in the first two columns of the worksheet 5 Complete the worksheet. Data for the adjustments are as follows: a. Insurance expired during the month, $1,000. b. Depreciation of pool structure for the month, $715. c. Depreciation of fan system for the month, $260. d. Depreciation of sailboats for the month, $900. e. Wages accrued at June 30, $810. 6 Journalize adjusting entries. 7 Post adjusting entries to the ledger accounts. 8 Prepare the income statement. 9 Prepare the statement of owner's equity. 10 Prepare the balance sheet. 11 Journalize closing entries. 12 Post the closing entries to the ledger accounts. 13 Prepare a post-closing trial balance. Accounting Cycle Review Problem B Name: For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. 1. & 5. GENERAL JOURNAL Date Description 20-June 1 Invested cash in business. 2 Bought Wind in Your Sails. 3 Paid bill for newspaper advertising. 3 Paid one-year premium for insurance. 3 Bought additional boats from Louis Manufacturing Co. 3 Received payment for rental space for vending machines. 3 Promotional handouts from Post. Ref. Page Debit 1 Credit Quick Printing. GENERAL JOURNAL Date Description 20-June 3 Leased sailboats from K. Einstein Boat Co. 5 Paid miscellaneous expenses. 8 Received cash for services rendered. 9 Bought an addition to fan system on account from Stark Pool Supply. 15 Paid wages for period June 1-June 14. 16 Paid Quick Printing on account. 16 Withdrawal for personal use. 16 Bought sails on account from Canvas Products, Inc. 16 Post. Ref. Page 2 Debit Credit Received cash for services rendered. Date GENERAL JOURNAL Post. Description Ref. 20-June 19 Paid miscellaneous expenses. 20 Made partial payment to Louis. Manufacturing Co. 22 Received cash for services rendered. 23 Received allowance from Louis Manufacturing Co. for damaged boat. 24 Received and paid telephone bill. 29 Paid wages for period June 15-June 28. 30 Paid Stark Pool Supply on account. 30 Received and paid electric bill. 30 Page 3 Debit Credit Paid installment on mortgage. Date GENERAL JOURNAL Post. Description Ref. 20-June 30 Received and paid water bill. 30 Bought additional boats from Riddle and Son. 30 Withdrawal for personal use. 30 Received cash for services rendered. 30 Additional revenue from concessions. Adjusting Entries 30 30 30 30 30 Page 4 Debit Credit 10. Date 20-June 30 30 30 30 GENERAL JOURNAL Post. Description Ref. Closing Entries Page 5 Debit Credit correct answer. Accounting Cycle Review Problem B Name: For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. Enter as per the transactions. 2. 6. & 11. GENERAL LEDGER Account Date Cash Account No. Item Post. Ref. Balance Debit Credit Debit 20-June Account Date Accounts Receivable Item Account No. Post. Ref. Balance Debit Credit Debit Date Item Post. Ref. Debit Credit Debit 20-June Account Prepaid Insurance Date Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Land Account No. Item Post. Ref. Balance Debit Credit Debit 20-June Account Date Pool Structure Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Accumulated Depreciation, Pool Structure Item Post. Ref. Account No. Balance Debit Credit Debit 20-June Account Date Fan System Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Accumulated Depreciation, Fan System Date Item Post. Ref. Account No. Balance Debit Credit Debit 20-June Account Date Sailboats Account No. Item Post. Ref. Balance Debit Credit Debit 20-June Account Date Accumulated Depreciation, Sailboats Item Post. Ref. Account No. Balance Debit Credit Debit 20-June Account Date 20-June Accounts Payable Item Account No. Post. Ref. Balance Debit Credit Debit Account Date Wages Payable Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Mortgage Payable Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date R. Cury, Capital Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date R. Cury, Drawing Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Income Summary Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Income from Services Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Concessions Income Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Sailboat Rental Expense Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date 20-June Wages Expense Item Account No. Post. Ref. Balance Debit Credit Debit Account Date Advertising Expense Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Utilities Expense Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date Interest Expense Item Account No. Post. Ref. Balance Debit Credit Debit 20-June Account Date 20-June Insurance Expense Item Account No. Post. Ref. Balance Debit Credit Debit Account Date Depreciation Expense, Pool Structure Item Post. Ref. Account No. Balance Debit Credit Debit 20-June Account Date Depreciation Expense, Fan System Item Post. Ref. Account No. Balance Debit Credit Debit 20-June Account Date Depreciation Expense, Sailboats Item Post. Ref. Account No. Balance Debit Credit Debit 20-June Account Date 20-June Miscellaneous Expense Item Account No. Post. Ref. Balance Debit Credit Debit orrect answer. 111 Balance Credit 112 Balance Credit Credit 114 Balance Credit 121 Balance Credit 125 Balance Credit 126 Balance Credit 127 Balance Credit 128 Balance Credit 129 Balance Credit 130 Balance Credit 221 Balance Credit 222 Balance Credit 223 Balance Credit 311 Balance Credit 312 Balance Credit 313 Balance Credit 411 Balance Credit 412 Balance Credit 511 Balance Credit 512 Balance Credit 513 Balance Credit 514 Balance Credit 515 Balance Credit 516 Balance Credit 517 Balance Credit 518 Balance Credit 519 Balance Credit 522 Balance Credit Accounting Cycle Review Problem B Name: For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. Identifying letter will not be graded. 3. & 4. Wind in Your Sails Work Sheet For the Month Ended June 3 Account Name Cash Accounts Receivable Prepaid Insurance Land Pool Structure Fan System Sailboats Accounts Payable Mortgage Payable R. Cury, Capital R. Cury, Drawing Income from Services Concessions Income Sailboat Rental Expense Wages Expense Advertising Expense Utilities Expense Interest Expense Miscellaneous Expense Net Income (Loss) Trial Balance Debit Credit Adjustments Debit Credit 7. Wind in Your Sails Income Statement For the Month Ended June 30, 20-Revenues: Total Revenue Expenses: Total Expenses Net Income (Loss) 8. Wind in Your Sails Statement of Owner's Equity For the Month Ended June 30, 20-- Subtotal 9. Wind in Your Sails Balance Sheet June 30, 20-- Assets Total Assets Liabilities Total Liabilities Owner's Equity Total Liabilities and Owner's Equity 12. Wind in Your Sails Post-Closing Trial Balance June 30, 20-Debits Total Credits ncorrect answer. Wind in Your Sails Work Sheet For the Month Ended June 30, 20-- Adjustments Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit