Mainly need the journal entries and adjusted trial balance but you're welcome to answer more.

The goal of this graded project is to create the following

financial statements for Ice Cream Systems (ICS):

Balance sheet

Income statement

Post-closing trial balance

The financial statements must be created in one Word document

(.doc or .docx file). Alternatively, an Excel workbook may be

used (.xls or .xlsx file). A Rich Text Format (.rtf file) may be

used by Mac users. The Word, Excel, or Rich Text Format

file will be uploaded for grading.

The following financial statements are provided for ICS:

1. Chart of Accounts

2. Post-Closing Trial Balance

3. Schedule of Accounts Receivable

4. Schedule of Accounts Payable

5. Schedule of Employer Payroll Taxes Allocation

6. Format for the Income Statement

7. Format for the Balance Sheet

8. Job Cost Record

Chart of Accounts

Assets (10001999)

Account Number Account Title

1100 Cash

1200 Accounts Receivable

1300 Direct Materials

1350 Indirect Materials and Factory Supplies

1400 Work in Process

1500 Finished Goods

1600 Prepaid Advertising

1650 Prepaid Insurance

1700 Office Supplies

1800 Factory Equipment

1800.1 Accumulated DepreciationFactory Equipment

1850 Office Equipment

1850.1 Accumulated DepreciationOffice Equipment

Liabilities (20002999)

2100 Accounts Payable

2200 Salaries Payable

2300 Federal Withholding Tax (FWT) Payable

2325 FICA Tax Payable

2350 FUTA Tax Payable

2375 SUTA Tax Payable

2500 Unearned Revenue

Owners Equity (30003999)

3100 Common Stock ($10 Par)

3150 Paid-In Capital in Excess of ParCommon Stock

3700 Retained Earnings

3900 Income Summary

Revenues (40004999)

4100 Sales

4200 Sales Discounts

Expenses (50005999)

5100 Cost of Goods Sold

5150 Factory Overhead

5200 Sales Salaries Expense

5225 Officers Salaries Expense

5250 Office Salaries Expense

5300 Rent Expense

5350 Advertising Expense

5400 Utilities Expense

5450 Office Supplies Expense

5500 Postage Expense

5550 Telephone Expense

5575 Insurance Expense

5600 Depreciation Expense

5700 Payroll Tax Expense

5800 Bad Debt Expense

5900 Miscellaneous Expense

Trial Balance

January 1, 20

ACCOUNT NO. DESCRIPTION DEBIT CREDIT

1100 Cash $117,964.23

1200 Accounts Receivable 51,484.00

1300 Direct Materials 64,350.00

1350 Indirect Materials &

Factory Supplies

18,772.00

1400 Work in Process 142,695.00

1500 Finished Goods 27,696.00

1600 Prepaid Advertising

1650 Prepaid Insurance

1700 Office Supplies 342.25

1800 Factory Equipment 246,857.00

1800.1 Accumulated Depreciation

Factory Equipment 99,653.35

1850 Office Equipment 38,567.00

1850.1 Accumulated Depreciation

Office Equipment 18,845.66

2100 Accounts Payable 9,814.00

2200 Salaries Payable

2300 FWT Payable 1,613.11

2325 FICA Tax Payable 822.68

2350 FUTA Tax Payable 1,032.39

2375 SUTA Tax Payable 1,871.20

2500 Unearned Revenue

3100 Common Stock ($10 Par) 350,000.00

3150 Paid-In Capital in Excess of

ParCommon

32,500.00

3700 Retained Earnings 192,575.09

TOTALS $708,727.48 $708,727.48

ICE CREAM SYSTEMS

Schedule of Accounts Receivable

January 1, 20

Name Balance

Horsfield Happy Ice Cream $17,345.00

Messina Missions 9,458.00

Ashman Alcove Designs 24,681.00

Day Dreamers Ice Cream 0.00

Total Accounts Receivable $51,484.00

ICE CREAM SYSTEMS

Schedule of Accounts Payable

January 1, 20

Name Balance

O-Ring Enterprises $6,941.00

Smith Synthetics 0.00

Rockaway Metal 2,873.00

OfficeMax 0.00

Total Accounts Payable $9,814.00

ICE CREAM SYSTEMS

Schedule of Employer Payroll Tax Allocation

January 31, 20

Employer Payroll Taxes

Job Wages

FWT

(15%)

FICA

(7.65%)

FUTA

(0.8%)

SUTA

(1.45%)

Total

Employer

Taxes

Net

Pay

Direct

Labor

Totals

Sales

Salaries

Officers

Salaries

Office

Salaries

JOB COST RECORD

Job Number: Date Promised:

Customer Name: Date Started:

Job Description: Date Completed:

Date

Materials

(Direct & Indirect) Labor Factory Overhead

Estimate Actual Estimate Actual Date Estimate Actual

PROJECT INSTRUCTIONS

Set up the General Ledger accounts, Accounts Receivable,

and Accounts Payable accounts. Use the following blank

forms (make as many copies as necessary). Insert the

beginning balances from the Trial Balance and

Schedules of Accounts Receivable and Payable

DATE- ITEM-POST REF-DEBIT-CREDIT-BALANCE-DEBIT-CREDIT

Journalize the following entries for the month of

January in the General Journal. Use the following blank

forms (make as many copies as necessary). When using

the Work in Process account, be sure to post to the

appropriate Job Cost Record

DATE -ACCOUNTS-POSTREF.-Dr- Cr

Narrative of Transactions

January 2Paid Mass Media $4,200.00 for prepaid advertising in local newspapers for the

next 12 months.

January 2Paid Pierce Properties $2,750.00 for January rent. Of this amount, 25% is for office

facilities and 75% is for factory facilities.

January 2Paid Owens Insurance $6,000.00 for prepaid insurance for the first quarter of the year.

January 3Received a check from Horsfield Happy Ice Cream as partial payment on account in

the amount of $5,000.00.

January 3Paid Rockaway Metal the balance of $2,873.00 on account.

Narrative of Transactions

January 2Paid Mass Media $4,200.00 for prepaid advertising in local newspapers for the

next 12 months.

January 2Paid Pierce Properties $2,750.00 for January rent. Of this amount, 25% is for office

facilities and 75% is for factory facilities.

January 2Paid Owens Insurance $6,000.00 for prepaid insurance for the first quarter of the year.

January 3Received a check from Horsfield Happy Ice Cream as partial payment on account in

the amount of $5,000.00.

January 3Paid Rockaway Metal the balance of $2,873.00 on account.

January 10Receive a check from Horsfield Happy Ice Cream as partial payment on account in

the amount of $5,000.00.

January 10Receive a phone bill in the amount of $1,402.22 from Unique Telephone Systems

on account.

January 15Paid Liberty Bank $2,535.79 for December payroll taxes payable for the amounts of

FWT Payable, $1,613.11; FICA Tax Payable, $822.68.

January 15Assign Job 76 to Cold Refrigeration for the purchase of a refrigeration system. The start date will be January 16th. The completion date will be no later than February 28^th. The estimated direct material is $9,175.00. The estimated indirect material is $1,860.00. The estimated

direct labor is $15,600.00. The contract amount is $45,800.00.A deposit of $10,000.00 was provided by Cold Refrigeration in signing the contract. The deposit is unearned revenue. Half of the

contract will be billed upon 50% completion with the deposit applied against that billing with the remaining amount due immediately. A quarter of the contract will be billed upon 75% completion

of the contract with the amount due immediately. The remaining amount of the contract is to be billed when the job is 100% complete and is payable within 30 days of the billing.

January 16Purchased $4,441.00 of factory supplies from Johnston Equipment paid in cash.

January 16Purchased $2,965.00 of direct materials from Smith Synthetics on account.

January 16Purchased $427.50 of office supplies from OfficeMax on account.

January 19Apply from direct materials requisition $2,800.00 of direct materials. Apply from indirect materials requisition $325.00 of indirect materials. Apply from time cards s $7,950.00 of direct labor to Job 74 completing the job.Applied factory overhead is based on 25% of direct labor cost. Transfer the completed job to the COGS account from Direct Material and Indirect Material and Factory Overhead accounts. When making the journal entry for applying direct labor debit COGS for the gross pay and credit FWT Payable and FICA Tax Payable for the appropriate amounts with the net pay going to Salaries Payable.

January 20. Paid the electric bill from Susquehanna Electric in the amount of $2,356.21 for the month of December. Allocate 30% to Factory Overhead

January 20Paid the FUTA Tax Payable for the previous year.

January 20Paid the SUTA Tax Payable for the previous year.

January 23Ashman Alcove Designs paid the balance on account.

January 27Paid O-Ring Enterprises the balance owed on account.

January 27Paid post office $300.00 cash for postage added to postage meter

January 28Apply from direct materials requisition $4,600.00 of direct materials. Apply from indirect materials requisition $950.00 of indirect materials. Apply $8,000.00 (from time cards) of direct labor and factory overhead to Job 76 irect materials. Apply $8,000.00 (from time cards) of direct labor and factory overhead to Job 76, completing 50% of the job. Factory overhead is based on 25% of direct labor cost. Transfer the partially completed job from Direct Material and Indirect Material to WIP. When making the journal entry for applying direct labor, debit WIP for the gross

pay and credit FWT Payable and FICA Tax Payable for the appropriate amounts with the net pay going to Salaries Payable. Set up the accounts receivable and bill Cold Refrigeration for 50% of

the contract on account, applying the initial $10,000.00 deposit against the billing.

January 29Received a check from Cold Refrigeration in the amount of $9,976.25 on account.

January 31Received the following data for the monthly payroll:

Direct labor (already recorded) $19,600.00

Sales commission 5,132.50

Officers salaries 5,000.00

Office salaries 1,920.00

Record the monthly payroll. Direct labor payroll has already been recorded, as it was incurred in January. Debit other salary expense accounts for the appropriate amounts; credit FWT Payable for 15% of gross pay; credit FICA Tax Payable for 7.65% of gross pay; and credit Salaries Payable for the net pay. Record the payroll taxes imposed on the employer for all personnel for the month of January. (Prepare the Schedule of Employer Payroll Taxes Allocation using the appropriate tax rates.)

January 31Received a check from Messina Missions for the balance on account

January 31Received a check from Horsfield Happy Ice Cream for the remaining balance on account.

January 31Paid all employee wages earned in January.

3. Post the general journal entries to the General Ledger,

the Accounts Receivable Ledger, and the Accounts Payable

Ledger. Use the Post Ref. column to ensure that each line

item of the journal entries is posted correctly to each

general ledger account. Posting from the journal to the

ledger is nothing more than rearranging the information;

however, focus and concentrate because its easy to make

a mistake.

4. Calculate the balances in the general ledger accounts. Use

an Excel spreadsheet or a printing calculator to run the

numbers several times. Dont use a hand-held calculator,

as its far too easy to make a mistake using it.

5. Prepare the Schedules of Accounts Receivable and

Accounts Payable.

6. Prepare an Unadjusted Trial Balance using the balances

from the general ledger accounts.

ACCOUNT DEBIT CREDIT

7. Journalize the following adjusting entries in the

general journal.

Adjusting Entries

January 31Expense Prepaid Advertising for the month of January.

January 31Expense Prepaid Insurance for the month of January.

January 31Office supplies physical inventory as of January 31 is $276.21.

January 31Depreciation for the month of January for Factory Equipment is $2,987.12.

Depreciation for Office Equipment is $266.99.

January 31Close out Factory Overhead of $190.24 to Cost of Goods Sold.

8. Post the adjusting journal entries to their respective

ledger accounts, and calculate new balances for

those accounts.

9. Prepare an Adjusted Trial Balance using the balances

from the general ledger accounts. Use the blank form

provided in step six.

10. Prepare an Income Statement following the formats

shown in the Example Company Statements using

the following blank form as a worksheet:

11. Journalize and post the closing journal entries in the

general journal.

Jan. 31Prepare closing entries to close revenue and

expense accounts to Income Summary, and transfer the

net income to Retained Earnings.

12. Post the closing journal entries to the respective ledger

accounts, and calculate new balances for those

accounts.

13. Prepare a Post-Closing Trial Balance using the balances

from the general ledger accounts. Use the blank form

that was provided in step six.

14. From the Post-Closing Trial Balance, create the Balance

Sheet following the formats shown in the Example

Company Statements using the following blank form as

a worksheet: