I need help with this assignment. I'm confused on what information to add on the ledgers and journals.

PRINCIPLES OF ACCOUNTING I ACCT 1010 HOMEWORK PROJECT One homework project is assigned this semester. This assignment is a long, comprehensive problem meant to reinforce and solidify your grasp of the accounting cycle. The Homework Project is to be completed by hand using hard copy working papers. The purpose of this requirement is that students generally have a greater comprehension of the complete accounting cycle by processing the steps by hand. Preparation: Complete the required steps for the project preparing your work in pencil using the hard copy working papers included in this document. Your work should be neat and legible. Refer to the handout on Formatting Rules for Journals (Lesson 2) when preparing your journal entries. You may omit explanations in the journal. Refer to pages 112-113 in your textbook for an example of how to format the financial statements. Submitting Your Project: On ground students will submit the project in class on the due date. Online students will submit the project in hard copy by mailing it to the following address. Projects submitted by mail must be postmarked by the project due date. Laurie Swanson Business Technologies Department Nashville State Community College 120 White Bridge Road Nashville, TN 37209 Due Date: By end of extension Grade Impact & Academic Integrity: This homework project will be worth 5% of your overall course grade. No project grades will be dropped--failure to submit a homework project will result in a grade of -0- for this assessment. Submitting work copied from another source is a violation of the Academic Dishonesty Policy and will result in a grade of -0- for the project. Grading Criteria: This project will be graded on a 100 point scale based on completeness, accuracy, and neatness as shown in the grading details below. Grading Details: Item Journal Entries Adjusting Entries Closing Entries Ledger Acct Balances Unadjusted Trial Balance Adjusted Trial Balance Income Statement Statement of Owner's Equity Balance Sheet Post-Closing Trial Balance Neatness and format Total Possible Points Points 20 points (1 point for each correct account) 17 points (1 point for each correct account; 1 point for each correct amount calculation) 10 points (2 points for each entry; 2 points for correct amounts) 12 points (1/2 point for each correct balance) 3 points for preparation 3 points for preparation 10 points 5 points 10 points 3 points for preparation 7 points 100 Page 1 of 15 Project Data: Callie Jamison owns and operates a consulting firm called Jamison Consulting. The business began operating in October 2016. Transactions for October and November 2016 have been recorded and posted. Jamison Consulting had the following transactions in December 2016. Dec 2Provided $3,950 consulting services to Gomez Company on account. 3Paid $1,025 cash to Hillside Mall for Jamison Consulting's share of mall advertising costs. 4Paid $400 cash for minor repairs to the company's computer. 10Purchased $1,100 of computer supplies on credit from Harris Office Products. 14Paid cash to employee for six days of work at the rate of $125 per day. 15Notified by Alex's Engineering Co. that Jamison Consulting's' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Jamison Consulting. 20Completed a project for Lyn Corporation and received $5,625 cash. 28Received $3,000 cash from Gomez Co. on its receivable. 29Reimbursed C. Jamison $193 for business automobile mileage. 31C. Jamison withdrew $1,500 cash from the company for personal use. Page 2 of 15 The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months of operations: a. The December 31 inventory count of computer supplies shows $320 still available. b. Three of the four months' prepaid rent has expired. c. Three months have expired since the 12-month insurance premium was paid in advance. d. As of December 31, the only employee of Jamison Consulting had not been paid for four days of work at $125 per day. e. The computer system, acquired for $8,000 on October 1, is expected to have a fouryear life with no salvage value. f. The office equipment, acquired for $20,000 on October 1, is expected to have a fiveyear life with no salvage value. Required: 1. Journalize the December transactions for Jamison Consulting. You may omit explanations for the journal entries. Skip a line between each journal entry - see the journal entries for October - November as a formatting example. 2. Post the December transactions to the appropriate accounts in the ledger. 3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance. Check figure: $99,816. Consult your instructor if your trial balance does not balance before proceeding with the project. 4. Journalize the adjusting entries to reflect items a through f above. 5. Post the adjusting entries to the appropriate accounts in the ledger. 6. Prepare an adjusted trial balance as of December 31, 2016. Check figure: $101,816. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project. 7. Prepare the three basic financial statements in good form. See pages 120-121 of your accounting text for a good example of financial statement formatting. a. Prepare an income statement for the three months ended December 31, 2016. b. Prepare a statement of owner's equity for the three months ended December 31, 2016. c. Prepare a balance sheet as of December 31, 2016. 8. Journalize and post the necessary closing entries for Jamison Consulting. 9. Prepare a post-closing trial balance as of December 31, 2016. Page 3 of 15 Below are the journal entries recorded by Jamison Consulting for October and November 2016. NOTE: These are for your information only; you do not need to do anything with these entries. GENERAL JOURNAL DATE 2016 Oct ACCOUNT 1 CREDIT 101 163 167 301 45,000 20,000 8,000 Prepaid Insurance Cash 128 101 2,220 Prepaid Rent Cash 131 101 3,300 Computer Supplies Accounts Payable 126 201 2,545 16 Accounts Receivable Computer Services Revenue 106 403 4,800 31 Wages Expense Cash 623 101 875 2 Mileage Expense Cash 676 101 320 Accounts Payable Cash 201 101 2,545 Cash Accounts Receivable 101 106 4,800 14 Cash Computer Services Revenue 101 403 4,633 23 Accounts Receivable Computer Services Revenue 106 5,208 30 C. Jamison, Withdrawals Cash 302 101 2 9 Nov DEBIT Cash Office Equipment Computer Equipment C. Jamison, Capital 1 5 8 Page 4 of 15 1 PAGE POST REF 73,000 2,220 3,300 2,545 4,800 875 320 2,545 4,800 4,633 5,208 2,000 2,000 Homework Project 1 - Working Papers Name:_______ ____________ General Journal for Requirements 1, 4 & 10 GENERAL JOURNAL DATE 2016 Dec ACCOUNT December Transactions (20 points) Page 5 of 15 PAGE POST REF DEBIT CREDIT 2 GENERAL JOURNAL DATE 2016 Dec ACCOUNT Adjusting Entries (17 points) Closing Entries (10 points) Page 6 of 15 PAGE POST REF DEBIT CREDIT 3 Ledger for Requirements 2, 5, & 10 Note: Ledger includes all entries from the first two months of operations for Jamison Consulting. Continue by posting the December transactions. 12 points Cash Date Oct. Nov. Date Oct. Nov. Date Oct. Date Oct. Explanation 1 1 2 31 2 5 8 14 30 PR J1 J1 J1 J1 J1 J1 J1 J1 J1 Debit 45,000 4,800 4,633 Acct. No. 101 Credit Balance 45,000 2,220 42,780 3,300 39,480 875 38,605 320 38,285 2,545 35,740 40,540 45,173 2,000 43,173 Accounts Receivable Explanation PR Debit J1 4,800 J1 J1 5,208 Acct. No. 106 Credit Balance 4,800 4,800 0 5,208 9 Computer Supplies Explanation PR J1 Debit 2,545 Acct. No. 126 Credit Balance 2,545 1 Prepaid Insurance Explanation PR J1 Debit 2,220 Acct. No. 128 Credit Balance 2,220 16 8 23 Ledger (Continued) Page 7 of 15 Date Oct. Date Oct. 2 Prepaid Rent Explanation PR J1 1 Office Equipment Explanation PR J1 Debit 3,300 Acct. No. 131 Credit Balance 3,300 Debit 20,000 Acct. No. 163 Credit Balance 20,000 Acct. No. 164 Date Date Oct. Date Accumulated DepreciationOffice Equipment Explanation PR Debit Credit 1 Computer Equipment Explanation PR Debit J1 8,000 Balance Acct. No. 167 Credit Balance 8,000 Accumulated DepreciationComputer Equipment Acct. No. 168 Explanation PR Debit Credit Balance Acct. No. 201 Date Oct. Nov. 9 5 Accounts Payable Explanation PR Debit J1 J1 2,545 Wages Payable PR Credit 2,545 Balance 2,545 0 Date Explanation Debit Acct. No. 210 Credit Balance Date Unearned Consulting Revenue Explanation PR Debit Acct. No. 236 Credit Balance Page 8 of 15 Ledger (Continued) Date Oct. Date Nov. Date Oct. Nov. C. Jamison, Capital Explanation PR Debit J1 Acct. No. 301 Credit Balance 73,000 73,000 30 C. Jamison, Withdrawals Explanation PR Debit J1 2,000 Acct. No. 302 Credit Balance 2,000 16 14 23 Consulting Revenue Explanation PR Debit J1 J1 J1 Acct. No. 403 Credit Balance 4,800 4,800 4,633 9,433 5,208 14,641 1 Date Depreciation ExpenseOffice Equipment Acct. No. 612 Explanation PR Debit Credit Balance Date Depreciation ExpenseComputer Equipment Acct. No. 613 Explanation PR Debit Credit Balance Date Oct. 31 Wages Expense Explanation PR J1 Page 9 of 15 Debit 875 Acct. No. 623 Credit Balance 875 Ledger (Continued) Insurance Expense Explanation PR Debit Date Date Explanation Debit Acct. No. 640 Credit Balance Date Computer Supplies Expense Explanation PR Debit Acct. No. 652 Credit Balance Date Advertising Expense Explanation PR Debit Acct. No. 655 Credit Balance Date Nov. Mileage Expense Explanation PR J1 Acct. No. 676 Credit Balance 320 2 Rent Expense PR Acct. No. 637 Credit Balance Debit 320 Date Repairs ExpenseComputer Explanation PR Debit Acct. No. 684 Credit Balance Date Income Summary Explanation PR Acct. No. 901 Credit Balance Debit Page 10 of 15 Working Paper for Requirement 3 3 points Jamison Consulting Trial Balance December 31, 2016 DEBIT Page 11 of 15 CREDIT Working Paper for Requirement 6 3 points Jamison Consulting Adjusted Trial Balance December 31, 2016 DEBIT Page 12 of 15 CREDIT Working Papers for Requirements 7, 8 & 9 Jamison Consulting Income Statement (10 points) For Three Months Ended December 31, 2016 Jamison Consulting Statement of Owner's Equity (5 points) For Three Months Ended December 31, 2016 Page 13 of 15 Working Papers for Requirements 6, 7 & 8 (continued) Jamison Consulting Balance Sheet (10 points) December 31, 2016 Page 14 of 15 Working Papers for Requirement 10 Jamison Consulting Post-Closing Trial Balance December 31, 2016 DEBIT Page 15 of 15 CREDIT