I need help with doing this project. I would greatly appreciate it, thank you!

ACC 3010 Project 2 Version 2 Fall 2016 DUE Saturday November 5, 2016 - This project is due on November 5 before 8:00 pm and is to be submitted to the final project 2 submission link on Blackboard. The hours for help with the project will be posted on the class Blackboard site. Your file must be named - "Your name (first and last) your TAs name project 2" so that the TAs can do the initial grading. Your file must generate a preview when submitted so that it can be graded. This project is a continuation of Project 1, JaJoS Consulting Inc. An additional 11 months have passed since Project 1 (we are now at May 31, 2016 the company's yearend). The friends have expanded the shop to include sales of tablets as well as the consulting services activities. The new company name is JaJoS Consulting and Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of tablets in May. You will be recording and posting those entries. Additionally, all monthly adjustments have been made EXCEPT for those related to accounting for bad debts and any inventory and cost of goods sold issues. You will be adding that information. You will then be making the required closing entries and preparing the yearend financial statements for the company. The following is a suggested series of steps for completing the project: 1. Complete the Perpetual Inventory card worksheets to reflect the May purchases and sales under the 3 different Inventory costing methods. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar. 2. Complete the May Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the FIFO costing method and post. 3. Post the May entries to the worksheet columns for the May entries and complete the Trial Balance columns of the Worksheet. 4. Review the aging of accounts receivable included with the project and the current balance in the Allowance Account (see worksheet) to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included with your journal entries. 5. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These should be included on the journal entries sheet. 6. Post the adjusting entries to the worksheet and complete the Adjusted Trial Balance. 7. Prepare the necessary closing entries on the journal entries sheet. 8. Prepare the 3 financial statements for the year ended May 31, 2016 (multi step income statement, classified balance sheet, and statement of retained earnings). Also you must include appropriate dollar signs and appropriate underlines and correct formatting for the statements to receive full credit. 9. Each student must submit an ORIGINALexcel file to the final project 2 assignment link in Blackboard. While students are encouraged to work together, each student must process and format his/her own set of statements. Duplicate submissions (format, not numbers) will result in the students receiving a 0 for the assignment. Just changing the font size or orientation/placement is not really an "original effort". REQUIRED TO BE SUBMITTED - You must submit your excel file which must include all Journal entries, trial balances, the worksheet and the financial statements to the correct assignments link on the class Blackboard site by 8 pm Saturday November 5. Your file must be named - "Your name (first and last) your TAs name project 2" so that the TAs can do the initial grading. Your project must generate a preview to be graded. Submissions will NOT be accepted via email attachment. Submission to other than the correct link on BlackBoard will result in a 5 point deduction. NO LATE SUBMISSIONS WILL BE ACCEPTED. INCENTIVE POINTS INCENTIVE POINTS FOR PROJECT 2 - to earn the incentive points, you must submit your whole excel file to the appropriate assignment link on the class Blackboard site before 8 pm on the date indicated. Your submission must be correct and your file must be named correctly and generate a preview to earn the incentive points. Incentive Point 1 - due October 26 You must submit your completed May Journal entries, AND your completed Inventory Cards for all 3 Inventory costing methods. Incentive Point 2 - due November 2 You must submit your completed Adjusting Journal Entries, your closing entries, and the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns completed. Incentive Point 3 - due November 5 with your final project submission. To earn these 2 incentive points you must have used formulas to complete the majority of your inventory cards, worksheet and your financial statements. To show this, you must copy your inventory cards tab information to the inventory cards formulas tab, copy your worksheet tab information to the worksheet formulas tab and copy your finanacial statements tab to the finacial statements formulas tab. Then in the formulas tabs, you must highlight the entire inventory cards, worksheet or financial statements area and press the "ctrl" key and the "~" key. This will cause the formulas to be displayed instead of the numbers. You must then save the file so the formulas are saved. Inventory Information Inventory on hand at the beginning of May: Units Cost / Total Cost unit Purchase # 1 25 70 $1,750 Purchase # 2 30 80 2,400 55 $4,150 May 2016 transactions related to buying and selling tablet inventory 1-May Sold 40 tablets at $180 each on credit 3-May Purchased 60 tablets at a cost of $95 per tablet on credit 7-May Paid for one half of the tablets purchased on May 3 5-May Sold 50 tablets at $190 each on credit 18-May Received one-half payment from the customer of May 1 20-May Purchased 70 tablets at a cost of $105 per tablet on credit 22-May Received one-half payment from the customer of May 5 24-May Sold 80 tablets at $195 each on credit 28-May Purchased 35 tablets at a cost of $115 per tablet on credit The physical count of tablet inventory on hand at May 31, 2016 shows 45 tablets at a FIFO cost of $4,350. Beginning Inventory Units 25 30 55 Cost / unit 70 80 Cost 1,750 2,400 4,150 LIFO Purchases Date Beg inv Quantity 25 30 Unit Cost 70 80 Cost of Goods Sold Total Cost 1,750 2,400 Quantity Unit Cost Total Cost Inventory on Hand Quantity 25 30 55 Unit Cost Total Cost 70 80 1,750 2,400 4,150 FIFO Purchases Date Beg inv Quantity 25 30 Unit Cost 70 80 Cost of Goods Sold Total Cost 1,750 2,400 Quantity Unit Cost Total Cost Inventory on Hand Quantity 25 30 55 Unit Cost Total Cost 70 80 1,750 2,400 4,150 Weighted Avg Purchases Unit Total Date Beg Inv Quantity 25 30 Cost 70 80 Cost 1,750 2,400 Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity 25 30 55 Cost 70 80 75.45 Cost 1,750 2,400 4,150 May Journal Entries Adjusting Journal Entries Closing Entries JaJoS Consulting and Sales Inc PARTIALLY ADJUSTED TRIAL BALANCE May 31 2016 Part Adj T/B DR CR Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Inventory Prepaid Insurance Land Building Accumulated Depr - Building Computer equipment Accumulated Depr - Comp Equip Office Furniture Accumulated Depr - Office Furniture Accounts Payable $290,750 146,800 $3,895 32,600 4,150 17,200 30,000 110,000 5,670 36,750 1,750 30,900 890 14,560 Interest Payable Utilities Payable Wages Payable Long term Note Payable 3,100 9,954 47,500 90,000 Mortgage Payable Common Stock Retained Earnings Dividends Service Revenue Tablet Sales Revenue Cost of Goods Sold Bad Debt Expense Depreciation Expense - Building Depreciation Expense - Computer Equip Depreciation Expense - Office Furn Interest Expense Insurance Expense Supplies expense 80,000 300,000 125,661 3,000 315,250 222,400 161,800 970 240 170 3300 36,950 62,750 May Jes DR CR DR Trial Balance CR Adj Jes DR Adj T/B CR DR Utilities Expense Wage Expense Subtotals Net Income TOTALS 65,800 186,500 ### ### Adj T/B CR Income Stmt DR CR Stmt of Ret Earn DR CR Balance Sheet DR CR Total Accounts Receivable $ 0-30 - % Uncollectible Estimated Bad Debt $ Number of Days Outstanding 31-60 61-90 5,239 $ 105,950 $ 31,260 $ 15,850 0.015 0.04 0.07 1,589 1,250 1,110 ays Outstanding 91-120 $ 7,250 over 120 $ 6,378 0.09 0.1 653 638 166688 JaJoS Consulting and Sales Inc Multi step Income statement JaJoS Consulting and Sales Inc Statement of Retained Earnings JaJoS Consulting and Sales Inc Classified balance sheet