Just the trial balance, income statement, stmt of RE and balance sheet needed. thank you.
Paragraph Styles Dear Newbie Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. 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 Accessibility Investigate Focus 35F 3 Paragraph Styles 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 16th for the first half of the month and on the 2nd of the following month for the last half of the month. Ignore income tax calculations. Project Requirements 1. Opening balances. The opening balances for select accounts are provided in the appropriate ledger accounts. 2. 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/xx- Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 12/05/xx- 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. 2011 non ci can 5 Paragraph Styles 12/08/xx- Purchased Supplies for $800 cash 12/10/xx- Received $3,000 payment on account 12/11/xx-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 12/17/xx-Provided Accounting Service on Account $6,000 12/19/xx-Sold 10 units of Inventory on Account, $3,000 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/22/xx-Received $2,500 payment on Account 12/23/xx-Made payment on Account, $2,500 12/24/xx-Received and paid monthly Utility bills, $850 12/27/xx-Received $2,000 cash in advance for accounting services 12/29/xx- Provided Accounting Service for Cash, $5,000 12/30/xX- Issued 1,000 shares of Common Stock at $15 per share 12/31/XX- Declared dividends of $1.50 to outstanding shareholders as of 12/31/xx. Note: Be sure to debit retained earnings and credit dividends payable. 3. Prepare a trial balance to verify that total debits equal total credits. 4. Record the following adjustments in the journal and in the trial balance, DO NOT post the sibility: Investigate Focus 35F Accounting Cycle Project Directions - Word References Mailings Review View Help A A E 1 Normal No Spac... Heading 1 Heading 2 Title Paragraph Styles 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx-Employees salary for Dec. 16-31 12/31/xx-Depreciation on Building, use SL method (calculate for entire year) 12/31/xx-Depreciation on Furnishings, use DDB method (calculate for entire year) nuinmont urn De method traculate for one month 1/2 Donnistinn Card Adjustments Credit Adjusted Trial Balance" Debit Debit Creda D Unadjusted Trial Balance Debit Credit 6 Cash Incorrect amount 7 Accounts Receivable Allowance for Une Accounts Supplies 10 Inventory 11 Building 12 Accumulated Depreciation Building 13 Furnishing 14. Accumulated Depreciation Furnishing 15 omice Equipment 16. Accumulated Depreciation of Equip 17 Accounts Payable 15 Uneared Service Revenu 19 Salary Payable 20. Dividends Payable 21 Stock Common 22 Additonal Paldin Capital Chaltor Acc Journal de Talance income Sum of Once the Interneta 35" Type here to search G 15 Unearned Service Revenue 19 Salary Payable 20. Dividends Payable 21 Stock, Common 22 Additonal Paid in Capital 23 Retained Earnines 24 Service Revenue 25 Sales Revenue 26 Advertising Expense 27 Depreciation Expense 28 Repair & Maintenance Expense 29 Supplies Expense 30 Uncollectible Accounts Expense 31 Utilities Expense 32 Cost of Goods Sold 33 Salary Expense Total as 5 111,734,00 5 5 5 rajem Cart of Accounts Journal de Trabalance income simt Stunt of Blanche Instructor inac Type here to search 35" LE-201 Account Cyrke roste Home Insert Page Layout Formu dhi - ===> WP Put 08 w Clip BS - $ 2 Income Statement 3 For the Year Ending December 31, 2021 4 5 Service Revue 6 5 Revenue 7 Net Revenue Cont of Goods Sold Gross Profit 10 Operating Expenses 11 Advertente 12 Depreciation Expen 13 Kepales & Maintenance 14 Supplies Expense 15 Uncollectible Acts Expense 16 stupne 17 Salary Expense 13 Total Operating Espense 19 Net Income 30 Custor Account 5 $ Income Stomt 5 Type here to see O 2 2 3 3 4 4 E 5 LO Tad Q W E R R . OSCH LA S D GI ASH USA 201 Accounting Cycle de File Home hoe Lyout fomu Date View Developer C 3 BTV - ABC Oy G HAMPTON ACCOUNTING SERVICE INC. Statement of Retained Earnings For the Year Ending December 1, 2011 bained in any Add: Net Income 5 Dividende Retained Earnings, December 10 11 14 16 17 TE CA There are O E $ 2 4 5 6 E Q W E R. . T S D E G G D S A 6 December 31,2021 7 8 Assets 9 Current 10 11 12 13 14 15 16 Long Term 17 18 19 20 21 22 23 24 Total Assets Cash Accounts Receivable Less: Allowance for Unc. Accounts (enter here) (enter here) Total Current Assets S Center here) Center here] lenter here) Center here) enter here) Center here) Total Long term Assets $ $ $ S Chart of Accounts Journal Ledger Trial Balance Income stmt Stmt of RE Balance Sheet Instructor Interface Ready to Type here to search O 3) 1 Yts. Toto Stock th 1 2 3 5 6 7 7 3 8 W E R 02 . Y S D F G H 3 K N x V 00 N M M al x > fx B D E F G H Bal $ 100 - Cash 578,435.00 110 - Accounts Receivable 9,757.00 Open Bal $ 578,435.00 Bal 9,757.00 115 - Allowance for Uncollect Acct Chart of Accounts Journal Ledger 120 - Supplies Balance Sheet Instructor Interface TrialBalance Income Stmt Stmt of RE A B c D E F G Bal S 578,435.00 Bal $ 9,757.00 115 - Allowance for Uncollect Acct S 1,572.00 120 - Supplies 2,000.00 Open Bal Open Bal S Bal Bal S 2,000.00 $ 1,572.00 0 130 - Inventory 4,200.00 150 - Building $ 140,000.00 Open Bal S Open Bal Bal 4,200.00 Bal $ 140,000.00 Income Stmt Stmt of RE Balance Sheet Chart of Accounts Journal Ledger TrialBalance Instructor Interface eady 151 - Accum Depre Building 155 - Furnishings 30,000.00 Ppen Bal Open Bal $ Bal $ Bal $ 30,000.00 156 - Accum Depre Furnishings 160 - Office Equipment 4,800.00 Open Bal Open Bal S Bal Bal S 4,800.00 00 B D F H 161 - Accum Depre Office Equip al 200 - A/P S Open Bal 757.00 $ Bal $ 757.00 210- Unearned Ser. Rev. al Open Bal 215 - Salary Payable $ 2,500.00 S Bal S 2,500.00 220- Dividends Payable 300- Stock, Common A D E F B C 220- Dividends Payable G H 300- Stock, Common $ 20,000.00 ben Bal Open Bal Bal $ 20,000.00 305- Additional Paid in Capital $ 672,201.00 310- Retained Earnings $ 40,000.00 pen Bal Open Bal al S 672,201.00 Bal 40,000.00 Open Bal 400 - Service Revenue $ 102,500.00 Chart of Accounts Journal Ledger Open Bal Income Stmt Stmt of RE 410 - Sales Revenue $ 16,500.00 Balance Sheet Instructor Interface TrialBalance B D E F G H 400 - Service Revenue $ 102,500.00 410 - Sales Revenue $ 16,500.00 Open Bal $ 102,500.00 Bal $ 16,500.00 500 - Advertising Expense 7,589.00 510 - Depreciation Expense 31 $ Open Bal $ 7,589.00 Bal $ al 520 - Repairs & Maint Expense 10,567.00 Chart of Accounts Journal Ledger TrialBalance Open Bal $ Income Stmt Stmt of RE 530 - Supplies Expense 3,560.00 Balance Sheet Instructor Interfa Type here to search o BH 540 - Uncollectible Accts Expense S 1572.00 550 - Utilities Expense 4,723.00 pen Bal Open Bals $ Pal S 1,572.00 Bal 4,723.00 560 - Cost of Goods Sold 7,700.00 570 - Salary Expense 55,927.00 Open Bal $ Open Bal $ Bal Bal S S 7,700.00 Chart of Accounts 55,927.00 Balance Sheet Journal Ledger TrialBalance Income Stmt Stmt of RE Instructor interface By Paragraph Styles Dear Newbie Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. 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 Accessibility Investigate Focus 35F 3 Paragraph Styles 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 16th for the first half of the month and on the 2nd of the following month for the last half of the month. Ignore income tax calculations. Project Requirements 1. Opening balances. The opening balances for select accounts are provided in the appropriate ledger accounts. 2. 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/xx- Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 12/05/xx- 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. 2011 non ci can 5 Paragraph Styles 12/08/xx- Purchased Supplies for $800 cash 12/10/xx- Received $3,000 payment on account 12/11/xx-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 12/17/xx-Provided Accounting Service on Account $6,000 12/19/xx-Sold 10 units of Inventory on Account, $3,000 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/22/xx-Received $2,500 payment on Account 12/23/xx-Made payment on Account, $2,500 12/24/xx-Received and paid monthly Utility bills, $850 12/27/xx-Received $2,000 cash in advance for accounting services 12/29/xx- Provided Accounting Service for Cash, $5,000 12/30/xX- Issued 1,000 shares of Common Stock at $15 per share 12/31/XX- Declared dividends of $1.50 to outstanding shareholders as of 12/31/xx. Note: Be sure to debit retained earnings and credit dividends payable. 3. Prepare a trial balance to verify that total debits equal total credits. 4. Record the following adjustments in the journal and in the trial balance, DO NOT post the sibility: Investigate Focus 35F Accounting Cycle Project Directions - Word References Mailings Review View Help A A E 1 Normal No Spac... Heading 1 Heading 2 Title Paragraph Styles 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx-Employees salary for Dec. 16-31 12/31/xx-Depreciation on Building, use SL method (calculate for entire year) 12/31/xx-Depreciation on Furnishings, use DDB method (calculate for entire year) nuinmont urn De method traculate for one month 1/2 Donnistinn Card Adjustments Credit Adjusted Trial Balance" Debit Debit Creda D Unadjusted Trial Balance Debit Credit 6 Cash Incorrect amount 7 Accounts Receivable Allowance for Une Accounts Supplies 10 Inventory 11 Building 12 Accumulated Depreciation Building 13 Furnishing 14. Accumulated Depreciation Furnishing 15 omice Equipment 16. Accumulated Depreciation of Equip 17 Accounts Payable 15 Uneared Service Revenu 19 Salary Payable 20. Dividends Payable 21 Stock Common 22 Additonal Paldin Capital Chaltor Acc Journal de Talance income Sum of Once the Interneta 35" Type here to search G 15 Unearned Service Revenue 19 Salary Payable 20. Dividends Payable 21 Stock, Common 22 Additonal Paid in Capital 23 Retained Earnines 24 Service Revenue 25 Sales Revenue 26 Advertising Expense 27 Depreciation Expense 28 Repair & Maintenance Expense 29 Supplies Expense 30 Uncollectible Accounts Expense 31 Utilities Expense 32 Cost of Goods Sold 33 Salary Expense Total as 5 111,734,00 5 5 5 rajem Cart of Accounts Journal de Trabalance income simt Stunt of Blanche Instructor inac Type here to search 35" LE-201 Account Cyrke roste Home Insert Page Layout Formu dhi - ===> WP Put 08 w Clip BS - $ 2 Income Statement 3 For the Year Ending December 31, 2021 4 5 Service Revue 6 5 Revenue 7 Net Revenue Cont of Goods Sold Gross Profit 10 Operating Expenses 11 Advertente 12 Depreciation Expen 13 Kepales & Maintenance 14 Supplies Expense 15 Uncollectible Acts Expense 16 stupne 17 Salary Expense 13 Total Operating Espense 19 Net Income 30 Custor Account 5 $ Income Stomt 5 Type here to see O 2 2 3 3 4 4 E 5 LO Tad Q W E R R . OSCH LA S D GI ASH USA 201 Accounting Cycle de File Home hoe Lyout fomu Date View Developer C 3 BTV - ABC Oy G HAMPTON ACCOUNTING SERVICE INC. Statement of Retained Earnings For the Year Ending December 1, 2011 bained in any Add: Net Income 5 Dividende Retained Earnings, December 10 11 14 16 17 TE CA There are O E $ 2 4 5 6 E Q W E R. . T S D E G G D S A 6 December 31,2021 7 8 Assets 9 Current 10 11 12 13 14 15 16 Long Term 17 18 19 20 21 22 23 24 Total Assets Cash Accounts Receivable Less: Allowance for Unc. Accounts (enter here) (enter here) Total Current Assets S Center here) Center here] lenter here) Center here) enter here) Center here) Total Long term Assets $ $ $ S Chart of Accounts Journal Ledger Trial Balance Income stmt Stmt of RE Balance Sheet Instructor Interface Ready to Type here to search O 3) 1 Yts. Toto Stock th 1 2 3 5 6 7 7 3 8 W E R 02 . Y S D F G H 3 K N x V 00 N M M al x > fx B D E F G H Bal $ 100 - Cash 578,435.00 110 - Accounts Receivable 9,757.00 Open Bal $ 578,435.00 Bal 9,757.00 115 - Allowance for Uncollect Acct Chart of Accounts Journal Ledger 120 - Supplies Balance Sheet Instructor Interface TrialBalance Income Stmt Stmt of RE A B c D E F G Bal S 578,435.00 Bal $ 9,757.00 115 - Allowance for Uncollect Acct S 1,572.00 120 - Supplies 2,000.00 Open Bal Open Bal S Bal Bal S 2,000.00 $ 1,572.00 0 130 - Inventory 4,200.00 150 - Building $ 140,000.00 Open Bal S Open Bal Bal 4,200.00 Bal $ 140,000.00 Income Stmt Stmt of RE Balance Sheet Chart of Accounts Journal Ledger TrialBalance Instructor Interface eady 151 - Accum Depre Building 155 - Furnishings 30,000.00 Ppen Bal Open Bal $ Bal $ Bal $ 30,000.00 156 - Accum Depre Furnishings 160 - Office Equipment 4,800.00 Open Bal Open Bal S Bal Bal S 4,800.00 00 B D F H 161 - Accum Depre Office Equip al 200 - A/P S Open Bal 757.00 $ Bal $ 757.00 210- Unearned Ser. Rev. al Open Bal 215 - Salary Payable $ 2,500.00 S Bal S 2,500.00 220- Dividends Payable 300- Stock, Common A D E F B C 220- Dividends Payable G H 300- Stock, Common $ 20,000.00 ben Bal Open Bal Bal $ 20,000.00 305- Additional Paid in Capital $ 672,201.00 310- Retained Earnings $ 40,000.00 pen Bal Open Bal al S 672,201.00 Bal 40,000.00 Open Bal 400 - Service Revenue $ 102,500.00 Chart of Accounts Journal Ledger Open Bal Income Stmt Stmt of RE 410 - Sales Revenue $ 16,500.00 Balance Sheet Instructor Interface TrialBalance B D E F G H 400 - Service Revenue $ 102,500.00 410 - Sales Revenue $ 16,500.00 Open Bal $ 102,500.00 Bal $ 16,500.00 500 - Advertising Expense 7,589.00 510 - Depreciation Expense 31 $ Open Bal $ 7,589.00 Bal $ al 520 - Repairs & Maint Expense 10,567.00 Chart of Accounts Journal Ledger TrialBalance Open Bal $ Income Stmt Stmt of RE 530 - Supplies Expense 3,560.00 Balance Sheet Instructor Interfa Type here to search o BH 540 - Uncollectible Accts Expense S 1572.00 550 - Utilities Expense 4,723.00 pen Bal Open Bals $ Pal S 1,572.00 Bal 4,723.00 560 - Cost of Goods Sold 7,700.00 570 - Salary Expense 55,927.00 Open Bal $ Open Bal $ Bal Bal S S 7,700.00 Chart of Accounts 55,927.00 Balance Sheet Journal Ledger TrialBalance Income Stmt Stmt of RE Instructor interface By
