Question
Instructions : Previously I posted this question, but parts of the problem were not addressed. Please note I already have access to the copy/pasted incomplete
Instructions: Previously I posted this question, but parts of the problem were not addressed. Please note I already have access to the copy/pasted incomplete answer. Please read below on the specifics of what I'm needing help with. I have completed parts of the assignment and am pasting those semi-completed files here. Please look to see if I'm doing it correctly.
1. Using the chart of accounts provided, and the Excel template provided with this assignment, record the adjustments in the Worksheet, calculate the adjusted trial balance and complete the worksheet. I'm looking for assistance with the WORKSHEET. Thank you.
2. Prepare the Income Statement, Statement of Owners Capital and Balance Sheet for Bills Lawn Care for May, 2014. I'm looking for assistance with the INCOME STATEMENT and STATEMENT OF OWNER'S CAPITAL.
Bills Lawn Care Module 2 Mini Practice Problem Bill has asked you to prepare financial statements for his first month of operation. The following information relates to the month of May, 2014. (Round all calculations to the nearest whole dollar) 1. On May 2, Bill signed a 1 year, 6% note for $3,500 associated with the purchase of a used truck for the business. The interest will be due with the principle of the note. 2. On May 2, Bill purchased a used truck for $7,000 to use for the lawn care business. He estimates a trade-in value of $500 at the end of the estimated five-year life of the truck. 3. On May 5, Bill purchased a lawn mower for $300 and an aerator for $500. He estimates $0 salvage value for both pieces of equipment and an estimated two-year life for both. 4. On May 6, Bill writes a $600 check for a six month insurance policy that expires October 31, 2014.
CHART OF ACCOUNTS:
EXCEL WORKSHEET TEMPLATE:
EXCEL FILES PARTIALLY COMPLETE:
INCOME STATEMENT:
OWNER'S EQUITY STATEMENT:
BALANCE SHEET:
GENERAL JOURNAL:
POST CLOSING TRIAL BALANCE:
GENERAL JOURNAL:
Bill's Lawn Care Chart of Accounts Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation E Accounts Payable Notes Payable Interest Payable Owner's Capital Account Number Classification ASSETS 101 110 120 130 150 155 201 220 225 301 LIABILITIES OWNER'S EQUITY 305 310 401 620 630 640 650 660 670 680 Owner's Drawings Inc ome Summa Lawn Service Revenue Supplies Expense Fuel Expense Rep Advertising Expense nsurance Expense Depreciation Expense Interest Expense REVENUES EXPENSES air and Maintenance Expense
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