I understand the journal entries. I need help on the trial balance & balance sheet.
For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger, complete a trial balance, and prepare financial statements. Transactions will include day to day operations, adjusting entries, dividends and closing entries. All of the work will be completed in the provided Excel workbook (make sure you save the file on to your computer!) Company Information Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides accounting services and sells accounting software. To date the company has issued 20,000 shares of common stock, which are still outstanding. The issued shares were sold at $10 per share. A building and furnishings were purchased at the start of the year. The cost of the building was $140,000 and the cost of the furnishings was $30,000. The depreciation will be recorded annually. The estimated useful life of the building is 20 years with a residual value of $10,000. The company uses the Straight line method to depreciate the building. The estimated useful life of the furnishings is 5 years with a residual value of $2,500. The company uses the Double Declining Balance method to depreciate furnishings. The current inventory consists of 30 units of software at a cost of $140.00 each. Inventory is costed using LIFO and the perpetual inventory system. The company uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net credit revenue will be uncollectible, adjusted monthly. Employees are paid $2,500 salary twice a month, on the 16h for the first half of the month and on the 2d of the following month for the last half of the month. Ignore income tax calculations Project Requirements Opening balances- The opening balances for select accounts are provided in the appropriate ledger accounts. Record the following transactions in the journal and post to the ledger: 12/02/xx-Purchased 10 Units of Software on Account for $1,300 12/02/x- Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 1. 2. Opening balances- The opening balances for select accounts are 1. provided in the appropriate ledger accounts. 2. Record the following transactions in the journal and post to the ledger: 12/02/x- Purchased 10 Units of Software on Account for $1,300 12/02/ox- Paid employees Salaries owed 12/02/x-Provided Accounting Service on Account, $3,200 12/05/0x- Purchased Computer Equipment on Account, $4,800 Note: The equipment has an estimated useful life of 4 years, residual value of $50 and uses the DDB method. BUS-A 201 Introduction to Financial Accounting Accounting Cycle Project 12/08/xx- Purchased Supplies for $800 cash 12/10/xx- Received $3,000 payment on account 12/11/0x-Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx-Purchased 20 units of Inventory on Account, $2,400 12/14/xx-Received a bill for Advertising and paid it, $250 12/15/xx-Provided Accounting service for Cash, $8,000 12/16/xx- Paid employees salary for Dec. 1-15 e number is going to be modified, it should first appear in the left column (Cc A4 B A BAssets 9Current: Cash 10 Accounts Receivable 1 $ Less: Allowance for Unc. Accounts 12 [enter here (enter here] 13 14 15 Total Current Assets 16 Long- Term: [enter here] 17 18 [enter here] [enter here] S 19 [enter here [enter here] (enter here] Total Long- term Assets 20 21 22 23 24 Total Assets 25 26 Liabilities 27 Current: 28 Accounts Payable 29 (enter here] 30 [enter here] 31 [enter here] 32 33 Stockholders Equity Total Current Liabilities 34 lenter herel Chart of BUS-A 201 Accounting Cycle Project (2) LC- VIEW REVIEW DATA FORMULAS INSERT PAGE LAYOUT HOME FILE fo Hint: If the number is going to be modified, it should first appear in the left column (C X A4 C B A (enter here] 13 [enter here] 14 Total Current Assets 15 16 Long- Term: enter here [enter here] |[enter here] [enter here [enter here] enter here 17 $ 18 19 20 $ 21 22 23 Total Long- term Assets 24 Total Assets 25 26 Liabilities 27 Current: 28 Accounts Payable [enter here [enter here] [enter here) 29 30 31 32 Total Current Liabilities 33 Stockholders Equity 34 [enter here] Additional Paid in Capital Retained Earnings 35 36 37 Total Liabilities & Stockholders Equity 38 K H G Adjusted Trial Balance Debit Adjustments Credit Unadjusted Trial Balance Debit Credit Debit Credit 5 6 Cash 7 Accounts Receivable 8 Allowance for Unc. Accounts 9 Supplies 10 Inventory 11 Building 12 Accumulated Depreciation- Building 13 Furnishing 14 Accumulated Depreciation- Furnishings 15 office Equipment 16 Accumulated Depreciation- Off. Equip. 17 Accounts Payable 18 Unearned Service Revenue 19 Salary Payable 20 Dividends Payable 21 Stock, Common 22 Additonal Paid in Capital 23 Retained Earnings 24 Service Revenue 25 Sales Revenue 26 Advertising Expense 27 Depreciation Expense 28 Repairs&Maintenance Expense 29 Supplies Expense 30 Uncollectible Accounts Expense 31 uptties Expense Chart of Accourts Ledger TrialBalance ncome Journal READ For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger, complete a trial balance, and prepare financial statements. Transactions will include day to day operations, adjusting entries, dividends and closing entries. All of the work will be completed in the provided Excel workbook (make sure you save the file on to your computer!) Company Information Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides accounting services and sells accounting software. To date the company has issued 20,000 shares of common stock, which are still outstanding. The issued shares were sold at $10 per share. A building and furnishings were purchased at the start of the year. The cost of the building was $140,000 and the cost of the furnishings was $30,000. The depreciation will be recorded annually. The estimated useful life of the building is 20 years with a residual value of $10,000. The company uses the Straight line method to depreciate the building. The estimated useful life of the furnishings is 5 years with a residual value of $2,500. The company uses the Double Declining Balance method to depreciate furnishings. The current inventory consists of 30 units of software at a cost of $140.00 each. Inventory is costed using LIFO and the perpetual inventory system. The company uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net credit revenue will be uncollectible, adjusted monthly. Employees are paid $2,500 salary twice a month, on the 16h for the first half of the month and on the 2d of the following month for the last half of the month. Ignore income tax calculations Project Requirements Opening balances- The opening balances for select accounts are provided in the appropriate ledger accounts. Record the following transactions in the journal and post to the ledger: 12/02/xx-Purchased 10 Units of Software on Account for $1,300 12/02/x- Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 1. 2. Opening balances- The opening balances for select accounts are 1. provided in the appropriate ledger accounts. 2. Record the following transactions in the journal and post to the ledger: 12/02/x- Purchased 10 Units of Software on Account for $1,300 12/02/ox- Paid employees Salaries owed 12/02/x-Provided Accounting Service on Account, $3,200 12/05/0x- Purchased Computer Equipment on Account, $4,800 Note: The equipment has an estimated useful life of 4 years, residual value of $50 and uses the DDB method. BUS-A 201 Introduction to Financial Accounting Accounting Cycle Project 12/08/xx- Purchased Supplies for $800 cash 12/10/xx- Received $3,000 payment on account 12/11/0x-Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx-Purchased 20 units of Inventory on Account, $2,400 12/14/xx-Received a bill for Advertising and paid it, $250 12/15/xx-Provided Accounting service for Cash, $8,000 12/16/xx- Paid employees salary for Dec. 1-15 e number is going to be modified, it should first appear in the left column (Cc A4 B A BAssets 9Current: Cash 10 Accounts Receivable 1 $ Less: Allowance for Unc. Accounts 12 [enter here (enter here] 13 14 15 Total Current Assets 16 Long- Term: [enter here] 17 18 [enter here] [enter here] S 19 [enter here [enter here] (enter here] Total Long- term Assets 20 21 22 23 24 Total Assets 25 26 Liabilities 27 Current: 28 Accounts Payable 29 (enter here] 30 [enter here] 31 [enter here] 32 33 Stockholders Equity Total Current Liabilities 34 lenter herel Chart of BUS-A 201 Accounting Cycle Project (2) LC- VIEW REVIEW DATA FORMULAS INSERT PAGE LAYOUT HOME FILE fo Hint: If the number is going to be modified, it should first appear in the left column (C X A4 C B A (enter here] 13 [enter here] 14 Total Current Assets 15 16 Long- Term: enter here [enter here] |[enter here] [enter here [enter here] enter here 17 $ 18 19 20 $ 21 22 23 Total Long- term Assets 24 Total Assets 25 26 Liabilities 27 Current: 28 Accounts Payable [enter here [enter here] [enter here) 29 30 31 32 Total Current Liabilities 33 Stockholders Equity 34 [enter here] Additional Paid in Capital Retained Earnings 35 36 37 Total Liabilities & Stockholders Equity 38 K H G Adjusted Trial Balance Debit Adjustments Credit Unadjusted Trial Balance Debit Credit Debit Credit 5 6 Cash 7 Accounts Receivable 8 Allowance for Unc. Accounts 9 Supplies 10 Inventory 11 Building 12 Accumulated Depreciation- Building 13 Furnishing 14 Accumulated Depreciation- Furnishings 15 office Equipment 16 Accumulated Depreciation- Off. Equip. 17 Accounts Payable 18 Unearned Service Revenue 19 Salary Payable 20 Dividends Payable 21 Stock, Common 22 Additonal Paid in Capital 23 Retained Earnings 24 Service Revenue 25 Sales Revenue 26 Advertising Expense 27 Depreciation Expense 28 Repairs&Maintenance Expense 29 Supplies Expense 30 Uncollectible Accounts Expense 31 uptties Expense Chart of Accourts Ledger TrialBalance ncome Journal READ
