i need help on this accounting homework. i had tried and got it wrong. i have posted the instructions and what the information should go on below with the sheets provided. thank you for the help!
Before you actually look at the problem, there are a couple of things that I want to remind you about from the Midterm Project 9 1. It is extremely important to the organlzation and flow of the data that you do the Instructions in Order. I would definitely suggest that you also complete each one before moving on to the next one. 2. This one is also tied to your success with this project. Just like with the Midterm Project, I am well aware that there are similar problems that are easily found floating around-especially on the intemet. However, I draw your attention to the Key Word-similar Most of the ones that you will find utilize a format and account titles that we have not covered in this course, because they are Not Generally Used in American businesses. These formats and titles are Not Acceptable and points will be lost for using them. You may also find subtle differences in transactions and/or amounts I strangly sug6est that vou aimply ase your Midterm Projoct (but Remember that Excel or PDF are Not Acceptable formats) as your template. Or, if yoo would Se my Firal Teroplate Me, just emall me and I will send it to you. If you have any questions about any of this, please malve sure to get a hold of me. I will happily help you through Rough Draftis) through Friday night (5/5). I would strongiy wuggest that you get a head start on this and do not wait until Friday for Rough Drafts (or Gasp-Sunday) to start it (b) So-tet' Iet started 0 Dakoti Shy opened Clean 4 U, Ine, on March 1, 2023, During March, the following trancactions were completed: May 1 hued s, 000 stares of Clean 4 U. hac. Cominan Stock for $15,000 Exch dare has a 51.50 par 1 Padd 1250 to Elemibend forlusemet and phone service for March 1 Paid $250 to BeamSpeed for internet and phone service for March. 1 Borrowed $8,000 on a 2 year, 7.4% note payable. Paid $9,500 to purchase used floor and window cleaning equipment from a 2 company going out of business ($4,850 was for the floor equipment and $4,650 for the window equipment). Discussions with an insurance agent indicated that providing outside window 3 cleaning services would cost too much to insure. Dakota sold the window cleaning equipment for $4,485 cash. 3 Negotiated insurance coverage at a yearly rate of $12,840. Clean 4U paid $3,210 cash for three months of coverage. 3 Hired 5 employees. Each will be paid $650 per 5 -day work week (MondayFriday). Employees will begin working on Monday, March 6th. 4 Purchased cleaning supplies for $1,050 on account. Paid $3.50 per share to buy 250 shares of Clean 4U, Inc Common Stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock. Received $750 from a customer for 4 weeks of cleaning services to begin on March 13, 2023. 7 Paid $500 on amount owed on cleaning supplies. 13 Paid for employees' wages for the week of March 6-10. 13 Billed customers $6,400 for cleaning services performed for March 6-10. 15 Purchased additional cleaning supplies for $700. 20 Paid employees' wages for the week of March 13-17. 20 Billed customers $5,900 for cleaning services performed the week of March 1317. 21 Collected $4,200 cash from customers billed on March 13. 23 Paid $250 to BeamSpeed for services for April. 27 Paid employees' wages for the week of March 20-24 27 Billed customers $6,100 for cleaning services performed the week of March 2024. 28 Declared and paid a cash dividend of $0.12 per share. 29 Collected $7,250 from customers billed on March 13&27. 29 Paid $550 on amount owed for supplies. Received notice that a customer who was billed $200 for services performed 30 March 10th has filed for bankruptcy. Clean 4U, Inc does not expect to collect any portion of this outstanding receivable. (Clean 4U will follow the GAAP Guidelines for uncollectible accounts.) Instructions: 1. Journalize the March transactions. 2. Post to ledger accounts. (Hint-Calculate Balances to this point (3 ) 3. Prepare a Trial Balance as of March 31, 2023. Adiustment Data: A. Services performed for customers through March 31, 2023, but unbilled and uncollected were $5.950 : B. Clean 4 U used the allowance method to estimate bad debts. Clean 4 U estimates that 3% of its month-end receivables will not be collected. C. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated lite of 5 years, and $500 salvage value. D. Record 1 month of insurance expense. E. An imventory count shows $650 of supplies on hand on March 314. F. Record services performed for the customer who paid in advance on March 7 th G. Acerue for wages owed through March 31 t. H. Accrue interest expense for one month. Instructions: 4. Joumalize the adjusting entries, (Round all amounts to whole dollars) 5. Post the adjusting entries to the ledger accounts. (Hint-Calculate new balances where needed a ) 6. Prepare an Adjusted Trial Balance as of March 31, 2023: 7. Joumalize the closing entries. (Hint-Use your Adjusted Trial Balance for accounts and amounts 9 ) 8. Post the Closing Entries to the ledger accounts. 9. Prepare a Post-Closing Trial Balance on March 31, 2023. Instruction \#s 1,4,&7 Instruction \#s 2,5,&8 \begin{tabular}{|c|l|l|} \hline & Allowance for Doubtful Accounts & \\ \hline & & \\ \hline & & \\ \hline Totals & & \\ \hline Balance & & \\ \hline & Prepaid Insurance & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Totals & & \\ \hline Balance & & \\ \hline & & \\ \hline & Supplies & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Totals & & \\ \hline Balance & & \\ \hline & & \\ \hline & Equipment & \\ \hline \end{tabular} 7/13 \begin{tabular}{|l|l|l|} \hline & Unearned Service Revenue & \\ \hline & & \\ \hline Balance & & \\ \hline & & \\ \hline & Common Stock & \\ \hline & & \\ \hline Balance & & \\ \hline & & \\ \hline & Retained Earnings & \\ \hline & & \\ \hline Balance & & \\ \hline & & \\ \hline & Service Revenue & \\ \hline & & \\ \hline & & \\ \hline Totals & & \\ \hline Balance & & \\ \hline & & \\ \hline & Dividends & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Instruction \#3 Preadjusting Trial Balance Instruction \#6 Adjusted Trial Balance Instruction \#9 Post-Closing Trial Balance XX/XX/2023 Before you actually look at the problem, there are a couple of things that I want to remind you about from the Midterm Project 9 1. It is extremely important to the organlzation and flow of the data that you do the Instructions in Order. I would definitely suggest that you also complete each one before moving on to the next one. 2. This one is also tied to your success with this project. Just like with the Midterm Project, I am well aware that there are similar problems that are easily found floating around-especially on the intemet. However, I draw your attention to the Key Word-similar Most of the ones that you will find utilize a format and account titles that we have not covered in this course, because they are Not Generally Used in American businesses. These formats and titles are Not Acceptable and points will be lost for using them. You may also find subtle differences in transactions and/or amounts I strangly sug6est that vou aimply ase your Midterm Projoct (but Remember that Excel or PDF are Not Acceptable formats) as your template. Or, if yoo would Se my Firal Teroplate Me, just emall me and I will send it to you. If you have any questions about any of this, please malve sure to get a hold of me. I will happily help you through Rough Draftis) through Friday night (5/5). I would strongiy wuggest that you get a head start on this and do not wait until Friday for Rough Drafts (or Gasp-Sunday) to start it (b) So-tet' Iet started 0 Dakoti Shy opened Clean 4 U, Ine, on March 1, 2023, During March, the following trancactions were completed: May 1 hued s, 000 stares of Clean 4 U. hac. Cominan Stock for $15,000 Exch dare has a 51.50 par 1 Padd 1250 to Elemibend forlusemet and phone service for March 1 Paid $250 to BeamSpeed for internet and phone service for March. 1 Borrowed $8,000 on a 2 year, 7.4% note payable. Paid $9,500 to purchase used floor and window cleaning equipment from a 2 company going out of business ($4,850 was for the floor equipment and $4,650 for the window equipment). Discussions with an insurance agent indicated that providing outside window 3 cleaning services would cost too much to insure. Dakota sold the window cleaning equipment for $4,485 cash. 3 Negotiated insurance coverage at a yearly rate of $12,840. Clean 4U paid $3,210 cash for three months of coverage. 3 Hired 5 employees. Each will be paid $650 per 5 -day work week (MondayFriday). Employees will begin working on Monday, March 6th. 4 Purchased cleaning supplies for $1,050 on account. Paid $3.50 per share to buy 250 shares of Clean 4U, Inc Common Stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock. Received $750 from a customer for 4 weeks of cleaning services to begin on March 13, 2023. 7 Paid $500 on amount owed on cleaning supplies. 13 Paid for employees' wages for the week of March 6-10. 13 Billed customers $6,400 for cleaning services performed for March 6-10. 15 Purchased additional cleaning supplies for $700. 20 Paid employees' wages for the week of March 13-17. 20 Billed customers $5,900 for cleaning services performed the week of March 1317. 21 Collected $4,200 cash from customers billed on March 13. 23 Paid $250 to BeamSpeed for services for April. 27 Paid employees' wages for the week of March 20-24 27 Billed customers $6,100 for cleaning services performed the week of March 2024. 28 Declared and paid a cash dividend of $0.12 per share. 29 Collected $7,250 from customers billed on March 13&27. 29 Paid $550 on amount owed for supplies. Received notice that a customer who was billed $200 for services performed 30 March 10th has filed for bankruptcy. Clean 4U, Inc does not expect to collect any portion of this outstanding receivable. (Clean 4U will follow the GAAP Guidelines for uncollectible accounts.) Instructions: 1. Journalize the March transactions. 2. Post to ledger accounts. (Hint-Calculate Balances to this point (3 ) 3. Prepare a Trial Balance as of March 31, 2023. Adiustment Data: A. Services performed for customers through March 31, 2023, but unbilled and uncollected were $5.950 : B. Clean 4 U used the allowance method to estimate bad debts. Clean 4 U estimates that 3% of its month-end receivables will not be collected. C. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated lite of 5 years, and $500 salvage value. D. Record 1 month of insurance expense. E. An imventory count shows $650 of supplies on hand on March 314. F. Record services performed for the customer who paid in advance on March 7 th G. Acerue for wages owed through March 31 t. H. Accrue interest expense for one month. Instructions: 4. Joumalize the adjusting entries, (Round all amounts to whole dollars) 5. Post the adjusting entries to the ledger accounts. (Hint-Calculate new balances where needed a ) 6. Prepare an Adjusted Trial Balance as of March 31, 2023: 7. Joumalize the closing entries. (Hint-Use your Adjusted Trial Balance for accounts and amounts 9 ) 8. Post the Closing Entries to the ledger accounts. 9. Prepare a Post-Closing Trial Balance on March 31, 2023. Instruction \#s 1,4,&7 Instruction \#s 2,5,&8 \begin{tabular}{|c|l|l|} \hline & Allowance for Doubtful Accounts & \\ \hline & & \\ \hline & & \\ \hline Totals & & \\ \hline Balance & & \\ \hline & Prepaid Insurance & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Totals & & \\ \hline Balance & & \\ \hline & & \\ \hline & Supplies & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Totals & & \\ \hline Balance & & \\ \hline & & \\ \hline & Equipment & \\ \hline \end{tabular} 7/13 \begin{tabular}{|l|l|l|} \hline & Unearned Service Revenue & \\ \hline & & \\ \hline Balance & & \\ \hline & & \\ \hline & Common Stock & \\ \hline & & \\ \hline Balance & & \\ \hline & & \\ \hline & Retained Earnings & \\ \hline & & \\ \hline Balance & & \\ \hline & & \\ \hline & Service Revenue & \\ \hline & & \\ \hline & & \\ \hline Totals & & \\ \hline Balance & & \\ \hline & & \\ \hline & Dividends & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Instruction \#3 Preadjusting Trial Balance Instruction \#6 Adjusted Trial Balance Instruction \#9 Post-Closing Trial Balance XX/XX/2023
