I need help with the third part
2:22 PM Sun Nov 7 100% K Group Project 1 Fall 21.doc Accounting Principles Group Project Fall 2021 Directions: Lacey Robbins, the owner of Robbins Consulting, has assigned your group the task of preparing all necessary accounting work for the company. Before beginning your work, all group members must decide on the role that each member will take. The available roles are as follows: Staff Accountant (1-2) - Responsibilities include entering all transactions into the journal and posting all entries to the ledger. Note: ALL MEMBERS are responsible for working on entries. Staff accountants are the data entry experts Senior Accountant (1) - Responsibilities include preparing all necessary trial balances and financial statements from the completed ledger of the staff accountants. Chief Financial Officer (1) - Responsibilities include checking all work of the staff and senior accountants for accuracy and packaging the report to be turned into me, the CEO. Note: Formatting and content errors will affect the entire group, but will also affect the participation grade of the CFO, as this is his/her main responsibility Part 1 Lacey Robbins completed the following transactions during December: Dec 2 Invested $30,000 to start a consulting practice titled Robbins Consulting. 2 Paid $4,800 for a 2-year insurance policy. 3 Paid cash for a computer, $3,200. It is expected to remain in service for five years, and have a $200 salvage value at the end of its useful life. 4 Purchased office furniture on account, $3,600. The furniture should last for five years. 5 Purchased supplies on account, $400. 9 Performed consulting service for a client on account, $2,400. 12 Paid utility expense, $200. 18 Performed service for a client and received cash of $700. 22 Received $3,000 in advance for client service to be performed evenly over the next 30 days. 22 Hired a secretary to be paid $4,500 on the 20" day of each month. The secretary begins work immediately. 26 Paid $300 on account. Collected $700 on account. 30 The owner withdrew $1,750 for personal use. 31 Paid monthly office rent, S1,250 . 28 Required 1) Prepare journal entries for the above transactions in the journal of Robbins Consulting. 2) Post the journal entries to the ledger. 3) Prepare a trial balance on December 31, 2021. Part II Robbins gathers the following information for adjusting entries on December 31: a) Accrued service revenue, $600. b) Eamed 1/3 of the service revenue collected in advance on December 22. c) Supplies on hand, S100. d) Both the computer and the furniture need to be depreciated for a full month. e) Record the secretary's salary since being hired; she has now worked 1/3 of the month. f) Record expiration of prepaid insurance. Required 1) Prepare adjusting entries for the above transactions. 2) Post these entries to the ledger. 3) Prepare an adjusted trial balance, an income statement, a statement of owner's equity, and a balance sheet as of/ on December 31, 2021, 4) Prepare closing entries at December 31, 2021 and post to the ledger. 5) Prepare a post-closing trial balance on December 31, 2021. 6) Write a letter to the CEO explaining the current financial position of the company. Part III lumat 2:22 PM Sun Nov 7 100% k Group Project 1 Fall 21.doc Part 11 Robbins gathers the following information for adjusting entries on December 31: a) Accrued service revenue, $800. b) Earned 1/3 of the service revenue collected in advance on December 22. c) Supplies on hand, S100. d) Both the computer and the furniture need to be depreciated for a full month. e) Record the secretary's salary since being hired; she has now worked 1/3 of the month. f) Record expiration of prepaid insurance. Required 1) Prepare adjusting entries for the above transactions. 2) Post these entries to the ledger. 3) Prepare an adjusted trial balance, an income statement, a statement of owner's equity, and a balance sheet as of/ on December 31, 2021. 4) Prepare closing entries at December 31, 2021 and post to the ledger. 5) Prepare a post-closing trial balance on December 31, 2021. 6) Write a letter to the CEO explaining the current financial position of the company. Part III Lacey Robbins decided to expand her business and begin selling accounting software, as well as , providing consulting services. During January, Robbins Consulting completed these transactions: Jan 2 2 7 15 18 19 20 21 24 Completed a consulting engagement and received cash of $5,200 Prepaid three months'office rent, $4,500 Purchased software inventory on account, $4,200, plus freight in, $100. Withdrew $2,500 for personal use. Sold software on account, $2,100 (cost $1,200), term n/30 Consulted with a client for a fee of $700 on account, Paid the secretary's salary for the month. Paid on account, $3,000. Paid utilities, $375 Sold software for cash, $800 (cost $600). Recorded these adjusting entries: a) Accrued salary expense (1/3 of the month). b) Depreciation of computer and furniture c) Expiration of prepaid rent d) Expiration of prepaid insurance. e) Physical count of inventory, $2,300 f) Earned the remaining revenue from December 22. g) Robbins estimates that 3% of inventory sold will be returned. 28 31 Required 1) Prepare journal entries for the above transactions and post these entries to the ledger. 2) Prepare adjusting entries on January 31 and post to the ledger, 3) Prepare an adjusted trial balance a multi-step income statement, a statement of owner's equity, and a classified balance sheet as of/ on January 31, 2022. 4) Prepare closing entries at January 31, 2022 and post to the ledger. 5) Prepare a post-closing trial balance on January 31, 2022 6) Write a letter to the CEO explaining the financial position of the company. Group Member Evaluation Write the name of each group member in a separate column. For each group member indicate the degree to which you with each statement on the left using a scale of 1-4 (1-strongly disagree, 2-disagree, 3-agree, 4-strongly agree). Total the numbers in each column YOUR NAME: Evaluation Criteria J. Due Group member Group membercroup member example s punctual in attending scheduled group sessions + + Contributo meaningfully to mp discussions +
