Journalize each transaction in the General Journal(pages 37 and 39)

You DO NOT need a description line for each journal entry.

Remember to SKIP a row between each journal entry.

DO NOT create an entry for the May 25th transaction (It does not provide enough information).

Step 2: Post each journal entry in the T accounts you created

Step 3: Post each journal entry to the General Ledger Accounts (pages 45, 47, and 49)

Step 4: Prepare an Unadjusted Trial Balance (page 55)

Make sure you use the balances in the General Ledger Accounts to get the balances for the UTB

Step 5: Journalize each adjusting entry in the General Journal titled "Adjusting Entries"(page 41)

The adjustments are for May only (for example, the depreciation adjustment is for May only)

To complete tax entry you need to know your "Income from Operations" which is $7,850. (The rate amount is $7,850 X 40%)

Step 6: Post the Adjusting Journal Entries to the T Accounts you created

Step 7: Post the Adjusting Entries to the General Ledger Accounts (pages 45, 47, and 49)

Step 8: Prepare an Adjusted Trial Balance (page 57)

Make sure you use the balances in the General Ledger Accounts to get the balances for the ATB

Step 9: Prepare the Income Statement, Statement of Stockholder's Equity, and Balance Sheet

Make sure you enter a header on each Statement (Company Name, Statement Name, and Period the report is for.

Make sure you use your totals form the Adjusted Trial Balance and Ledger Balances to prepare your statements!

Step 10: Journalize the Closing Entries required to close out the temporary accounts (pages 43)

Step 11: Post the closing entries to the T Accounts you created

Step 12: Post the closing entries to the General Ledger Accounts (pages 45, 47, and 49)

Once you close the temporary accounts there should be a zero balance in all revenue and expense accounts.

Step 13: Prepare the Post Closing Trial Balance.

Adjusted at 21-A Payahe 22- Ana 23- newned Reven Taman Stock 32-Retained Earnings 33-Dividends 41-Revenues SI-INS CASE 3: Sassafras Sis, Inc come the en pool design firm based in On Handed on the following fact he ZOOL ingetres for the month of May in the General and med 535.000 c hange Sufer 12 month insurance policy Purchased supplies 52,000 to 17 S catore 20 from deg iverpool ... Received $1.000 a reminder one 22 Maceived cash from customer rework ved SL.000 cash from somer paying down 23 Sumedecend Marketing an d burgos 30 Bord of w as declared and paid ched 51000 ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS 2 out to Generated 3 Promenad Balance Record Austing Emerson Journal Page 1 Tatry Tree 31 Supplies on hand at month $250 Periodic inventory espere 31 Ocuperat Depreciate the line s Estimated Experie 11 Recording ance performantchod Deferred Explohen este Earned $300 of newed Revenge Deed Revenue Customer Prepaid you 31 te hours des work on long term contract, $100 per hour Acorvet Reverse JI Record tapenie Tax rate 404 Accrued Expense 5 Post Awaiting Entries to the General Ledger G) 6 Produce the Atted Trd Balance Produce an income Statement. Read Lang State Balance Record on ournal Page 4 the closing of temporary count directly to Retained Earnings 10 Pest to General Ledger GL) 11 Preduce the Post Cloung Talante CASE 3: Sassafras Sis, Inc CASE 3. Sassafras Sis, Inc PRESSE EESWEEEEEEE CASE 3 Sassafras Sis. Inc 1 Accounts Recen 13- Supplies 1. Preparare sottoponen General Jornal 3: Sassafras Sis, Inc Unadjusted Trial Balance Debit Credit 11-Cash 12-Accounts Receivable 13-Supplies 14-Prepaid Insurance 15-Office liquipment 16-Accum. Depreciation-Onlice Eq. 21-Accounts Payable 22-Accruals 23-neamed Revenue 31-Common Stock 32-Retained Farings 33-Dividends 41-Revenues ST-Expenses CASE 3: Sassafras Sis, Inc Balance Sheet TOTAL ASSETS LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY TOTAL SHAREHOLDER'S EQUITY TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY CASE 3: Sassafras Sis. Inc Case Study 3 Statement of Stockholders' Equity Common Stock Retained Earnings Total Beginning Balances Issued Stock Net income Dividends Ending Balances Sassafras Sis, Inc General Ledger Debit Credit Debit Credit 1. Dividends Balance Dute Debit Credit Debit Credi 41 - Revenues Balance Date Debit Credit Debit Credit 51 - Expenses Balance Dahi Ref Credit Credit Debit CASE 3: Sassafras Sis, Inc Sassafras Sis, Ine General Ledger 16 - Aerum. Depreciation Office Eq 21 - Accounts Payable Balance PRAP.. 22 - Accruals 23. lncarnal Revenue Balance Credit I Debit Credit 31 - Common Stock Balance Itcm Debit Credit Debit Credit CASE 3: Sassafras Sis, Inc Nasafras Sis, Inc General Ledger 13 - Supplies Balance fffffffffffffffffffffff Debit Credit Balance Rer Debit Credit Debat CASE 3: Sassafras Sis, Inc FEEE Adjusted Trul Hannce 12- A unts Review 1 -Prade 15-0 ke liquipment 16-Acum procitl Office 21- A unts Payable 22-Achs 21-Linearnod Reverne 31-Commons Naack 32-Retained aming 33-Dividends 41-Revenues 31-F prises Post Closing Trial Balance 11-Cash 12- Accounts Receivable 13-Supplies 14-Prepaid Insurance 15-Office Equipment 16-Accun. Depreciation Office liq 21- Accounts Payable 22-Accruals 23.Lineamed Revenue 31-Common Stock 32-Retained lamings 33-Dividends 41-Revenues 51-Expenses uurimi ERRE CASE 3: Sassafras Sis. Inc Sassafras Sis, Inc Chart of Accounts Income Statement Accounts 4 Revenue 41 Revenues Debit Debit Crede 5 Expenses 51 Expenses Debit Debit redit C Balance Sheet Accounts 1 Assets 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid insurance 15 Office Equipment 16 Accum. Depreciation Office Eq 2 Labs 21 Accounts Payable 22 Actualitawes payable) 23 Uncannede 3 Stockholders' Equity 31 Common Stock 32 Retained wings 33 Dividends Credit Credit Credit Debar Sanfras Sis, Inc is a pool design firm based in Ozone, Florida. Based on the following fact pattern complete the entire accounting cycle case study for May 2000 Record the following entries for the month of May in the General Journal (GJ) pages and 12 1 invested 525.000 ch a nce for Common Stock 1 Pecah $1200 for 12 monthsance policy 3 Paid cash for various expenses 53,000 5 Purchased supplies 52,000 on account 10 Paid cash for office equipment $3.600 17 Paid $1.000 cash to creditor 20 Revenue from designing several pools $12,000. Received $7.000 cash, remainder on account 22 Received $900 cash from customer for future work 24 Received $1,000 cash from customer paying down account 25 Social media exceed 5000 Marketing anticipates a sales bump of $1 per like 30 Board of Directors declared and paid chuidend $1,000 EXCLUDE THE DESCRIPTION ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS 2 Post to General Ledger (L) 3 Produce the Unadjusted Trial Balance 4 Record Adjusting Entries on Journal Page 3 Entry Type May 31 Supplies on hand a month and $250 Periodic Inventory expense 31 Office Equipment Depreciates stariht line over 3 years Estimated Expense 31 Record insurance expense for month and Deferred Expense (You Prepaid an expense) 31 Earned $300 of Uneaned Revenue Deferred Revenue Customer Prepaid you 31 Five hours design work on long term contract, 5100 per hour Acord Revenue 31 Record expense Tax rate 60% Acord Expense 5 Post Adjusting Entries to the General Ledger GL) 6 Produce the Adjusted Trial Balance 7 Produce an income Statement, Retained in Statement and Balance Sheet 8 Record on Journal Page 4 the closing of all temporary accounts directly into Retained Earnings 10 Post to General Ledger (L) 11 Produce the Post Closing Trial Balance General Journal Page: 1 Date Description Ref Debit Credit General Journal Page: 2 Extra page if needed Date Description: Debit Credit Page: 3 General Journal ADJUSTING ENTRIES Date Description: Debit Credit General Journal CLOSING ENTRIES Page: Page: 14 4 Date Description: Rel. Debit Credit CASE 3: Sassafras Sis, Inc TTT | | | TTT TTT Sassafras Sis, Inc General Ledger 11 - Cash Balance Post Ref. Item Debit Credit Debit 12 - Accounts Receivable Balance Date Item Ref. Debit Credit Debit Credit 13 - Supplies Balance Date Ref. Debit Credit Debit Credit 14 - Prepaid Insurance Balance Post Ref. Item Debit Credit Debit CASE 3: Sassafras Sis, Inc Sassafras Sis, Inc General Ledger 15 - Office Equipment Balance Post Ref. Item Debit Credit Debit Credit 16 - Aceum. Depreciation Office Eq. Post Balance Item Rer Debit Credit Debit 21 - Accounts Payable Balance Date Ref. Debit Credit Credit Dehit 22 - Accruals Post Balance Item Rec Debit Credit Debit Credit 23 - Unearned Revenue Post Balance Date Item Ref. Debit Credit Debit Credit 31 - Common Stock Balance Post Ref. Debit Credit Debit Credit CASE 3: Sassafras Sis, Inc Income Statement Revenues Less: Operating Expenses Income from Operations Less: Tax Expense Net Income Retained Earnings Statement Beginning Retained Earnings Add: Net Income Less: Net Loss (if no net income) Less: Dividends Ending Retained Earnings CASE 3: Sassafras Sis, Inc Case Study 3 Statement of Stockholders' Equity Common Stock Retained Earnings Total Beginning Balances Issued Stock Net income Dividends Ending Balances Balance Sheet ASSETS TOTAL ASSETS LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY TOTAL SHAREHOLDER'S EQUITY TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Unadjusted Trial Balance Dehis Credit 11-Cash 12- Accounts Receivable 13-Supplies 14-Prepaid Insurance 15-Office Equipment 16-Accum. Depreciation Office Eq. 21-Accounts Payable 22-Accruals 23-Unearned Revenue 31-Common Stock 32-Retained Ramings 33-Dividends 41-Revenues SI-Expenses Adjusted at 21-A Payahe 22- Ana 23- newned Reven Taman Stock 32-Retained Earnings 33-Dividends 41-Revenues SI-INS CASE 3: Sassafras Sis, Inc come the en pool design firm based in On Handed on the following fact he ZOOL ingetres for the month of May in the General and med 535.000 c hange Sufer 12 month insurance policy Purchased supplies 52,000 to 17 S catore 20 from deg iverpool ... Received $1.000 a reminder one 22 Maceived cash from customer rework ved SL.000 cash from somer paying down 23 Sumedecend Marketing an d burgos 30 Bord of w as declared and paid ched 51000 ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS 2 out to Generated 3 Promenad Balance Record Austing Emerson Journal Page 1 Tatry Tree 31 Supplies on hand at month $250 Periodic inventory espere 31 Ocuperat Depreciate the line s Estimated Experie 11 Recording ance performantchod Deferred Explohen este Earned $300 of newed Revenge Deed Revenue Customer Prepaid you 31 te hours des work on long term contract, $100 per hour Acorvet Reverse JI Record tapenie Tax rate 404 Accrued Expense 5 Post Awaiting Entries to the General Ledger G) 6 Produce the Atted Trd Balance Produce an income Statement. Read Lang State Balance Record on ournal Page 4 the closing of temporary count directly to Retained Earnings 10 Pest to General Ledger GL) 11 Preduce the Post Cloung Talante CASE 3: Sassafras Sis, Inc CASE 3. Sassafras Sis, Inc PRESSE EESWEEEEEEE CASE 3 Sassafras Sis. Inc 1 Accounts Recen 13- Supplies 1. Preparare sottoponen General Jornal 3: Sassafras Sis, Inc Unadjusted Trial Balance Debit Credit 11-Cash 12-Accounts Receivable 13-Supplies 14-Prepaid Insurance 15-Office liquipment 16-Accum. Depreciation-Onlice Eq. 21-Accounts Payable 22-Accruals 23-neamed Revenue 31-Common Stock 32-Retained Farings 33-Dividends 41-Revenues ST-Expenses CASE 3: Sassafras Sis, Inc Balance Sheet TOTAL ASSETS LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY TOTAL SHAREHOLDER'S EQUITY TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY CASE 3: Sassafras Sis. Inc Case Study 3 Statement of Stockholders' Equity Common Stock Retained Earnings Total Beginning Balances Issued Stock Net income Dividends Ending Balances Sassafras Sis, Inc General Ledger Debit Credit Debit Credit 1. Dividends Balance Dute Debit Credit Debit Credi 41 - Revenues Balance Date Debit Credit Debit Credit 51 - Expenses Balance Dahi Ref Credit Credit Debit CASE 3: Sassafras Sis, Inc Sassafras Sis, Ine General Ledger 16 - Aerum. Depreciation Office Eq 21 - Accounts Payable Balance PRAP.. 22 - Accruals 23. lncarnal Revenue Balance Credit I Debit Credit 31 - Common Stock Balance Itcm Debit Credit Debit Credit CASE 3: Sassafras Sis, Inc Nasafras Sis, Inc General Ledger 13 - Supplies Balance fffffffffffffffffffffff Debit Credit Balance Rer Debit Credit Debat CASE 3: Sassafras Sis, Inc FEEE Adjusted Trul Hannce 12- A unts Review 1 -Prade 15-0 ke liquipment 16-Acum procitl Office 21- A unts Payable 22-Achs 21-Linearnod Reverne 31-Commons Naack 32-Retained aming 33-Dividends 41-Revenues 31-F prises Post Closing Trial Balance 11-Cash 12- Accounts Receivable 13-Supplies 14-Prepaid Insurance 15-Office Equipment 16-Accun. Depreciation Office liq 21- Accounts Payable 22-Accruals 23.Lineamed Revenue 31-Common Stock 32-Retained lamings 33-Dividends 41-Revenues 51-Expenses uurimi ERRE CASE 3: Sassafras Sis. Inc Sassafras Sis, Inc Chart of Accounts Income Statement Accounts 4 Revenue 41 Revenues Debit Debit Crede 5 Expenses 51 Expenses Debit Debit redit C Balance Sheet Accounts 1 Assets 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid insurance 15 Office Equipment 16 Accum. Depreciation Office Eq 2 Labs 21 Accounts Payable 22 Actualitawes payable) 23 Uncannede 3 Stockholders' Equity 31 Common Stock 32 Retained wings 33 Dividends Credit Credit Credit Debar Sanfras Sis, Inc is a pool design firm based in Ozone, Florida. Based on the following fact pattern complete the entire accounting cycle case study for May 2000 Record the following entries for the month of May in the General Journal (GJ) pages and 12 1 invested 525.000 ch a nce for Common Stock 1 Pecah $1200 for 12 monthsance policy 3 Paid cash for various expenses 53,000 5 Purchased supplies 52,000 on account 10 Paid cash for office equipment $3.600 17 Paid $1.000 cash to creditor 20 Revenue from designing several pools $12,000. Received $7.000 cash, remainder on account 22 Received $900 cash from customer for future work 24 Received $1,000 cash from customer paying down account 25 Social media exceed 5000 Marketing anticipates a sales bump of $1 per like 30 Board of Directors declared and paid chuidend $1,000 EXCLUDE THE DESCRIPTION ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS 2 Post to General Ledger (L) 3 Produce the Unadjusted Trial Balance 4 Record Adjusting Entries on Journal Page 3 Entry Type May 31 Supplies on hand a month and $250 Periodic Inventory expense 31 Office Equipment Depreciates stariht line over 3 years Estimated Expense 31 Record insurance expense for month and Deferred Expense (You Prepaid an expense) 31 Earned $300 of Uneaned Revenue Deferred Revenue Customer Prepaid you 31 Five hours design work on long term contract, 5100 per hour Acord Revenue 31 Record expense Tax rate 60% Acord Expense 5 Post Adjusting Entries to the General Ledger GL) 6 Produce the Adjusted Trial Balance 7 Produce an income Statement, Retained in Statement and Balance Sheet 8 Record on Journal Page 4 the closing of all temporary accounts directly into Retained Earnings 10 Post to General Ledger (L) 11 Produce the Post Closing Trial Balance General Journal Page: 1 Date Description Ref Debit Credit General Journal Page: 2 Extra page if needed Date Description: Debit Credit Page: 3 General Journal ADJUSTING ENTRIES Date Description: Debit Credit General Journal CLOSING ENTRIES Page: Page: 14 4 Date Description: Rel. Debit Credit CASE 3: Sassafras Sis, Inc TTT | | | TTT TTT Sassafras Sis, Inc General Ledger 11 - Cash Balance Post Ref. Item Debit Credit Debit 12 - Accounts Receivable Balance Date Item Ref. Debit Credit Debit Credit 13 - Supplies Balance Date Ref. Debit Credit Debit Credit 14 - Prepaid Insurance Balance Post Ref. Item Debit Credit Debit CASE 3: Sassafras Sis, Inc Sassafras Sis, Inc General Ledger 15 - Office Equipment Balance Post Ref. Item Debit Credit Debit Credit 16 - Aceum. Depreciation Office Eq. Post Balance Item Rer Debit Credit Debit 21 - Accounts Payable Balance Date Ref. Debit Credit Credit Dehit 22 - Accruals Post Balance Item Rec Debit Credit Debit Credit 23 - Unearned Revenue Post Balance Date Item Ref. Debit Credit Debit Credit 31 - Common Stock Balance Post Ref. Debit Credit Debit Credit CASE 3: Sassafras Sis, Inc Income Statement Revenues Less: Operating Expenses Income from Operations Less: Tax Expense Net Income Retained Earnings Statement Beginning Retained Earnings Add: Net Income Less: Net Loss (if no net income) Less: Dividends Ending Retained Earnings CASE 3: Sassafras Sis, Inc Case Study 3 Statement of Stockholders' Equity Common Stock Retained Earnings Total Beginning Balances Issued Stock Net income Dividends Ending Balances Balance Sheet ASSETS TOTAL ASSETS LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY TOTAL SHAREHOLDER'S EQUITY TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Unadjusted Trial Balance Dehis Credit 11-Cash 12- Accounts Receivable 13-Supplies 14-Prepaid Insurance 15-Office Equipment 16-Accum. Depreciation Office Eq. 21-Accounts Payable 22-Accruals 23-Unearned Revenue 31-Common Stock 32-Retained Ramings 33-Dividends 41-Revenues SI-Expenses