Management Tools Application - Unit 3 Assignment Continue with the Assignment from Unit 2, using the same Excel Template complete the following steps: 1. Prepare the Adjusting entries A-F. a. Insurance expired during June is $150. b. Supplies on hand on June 30 are $1,020. c. Depreciation of office equipment for June is $500. d. Accrued receptionist salary on June 30 is $120. e. Rent expired during June is $1,500. f. Unearned fees on June 30 are $2,000. 2. Prepare an income statement, a statement of owner's equity, and a balance sheet. 3. Journalize and Post the adjusting entries. 4. Journalize and post the closing entries. (Income Summary is account #33 in the chart of accounts.) 5. Prepare a post-closing trial balance.

Management Tools Assignment # 1 and #2 Due Dates: Assignment #1-Due Unit 2 Assignment #2-Due Unit 3 The Unit 2 Assignment is worth 80 points The Unit 3 Assignment is worth 80 points MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 9 Sheets in the Workbook including this one. All of the Information you need for the Project is located in this Workbook. Requirements Assignment #1 Requirement 1 - Prepare the Journal Entries in the General Journal Requirement 2 - Post Journal Entries to the General Ledger Requirement 3 - Prepare a Trial Balance Sheet in Workbook Jounral Entries General Ledger Trial Balance Assignment #2 Requirement 4 - Prepare the Adjusting Entries Requirement 5 - Post Adjusting Entries to the General Ledger Requirement 6 - Prepare an Adjusted Trial Balance Requirement 7 - Prepare the Financial Statements Requirement 8 - Prepare the Closing Entries Requirement 9 - Post Closing Entries to the General Ledger Requirement 10 - Prepare the Post Closing Trial Balance Adjusting Entries General Ledger Adjusted TB Financial Statements Closing Entries General Ledger Post Closing TB Prepare journal entries to record the June transactions in the General Journal below. Date 1-Jun 1-Jun 2-Jun 4-Jun 5-Jun 6-Jun 10-Jun 12-Jun 12-Jun 14-Jun 17-Jun Description(Account Name) Debit Cash Accounts Receivable Supplies Office Equipment Dustin Larkin, Capital (To record capital of Dustin Larkin.) $10,000.00 $1,500.00 $1,250.00 $7,500.00 Rent Expense Cash (To record payment of rent.) $4,500.00 Insurance Expense Cash (To record payment of insurance.) $1,800.00 Cash Unearned Revenue (To record receipt of unearned revenue.) $3,000.00 Office Equipment Accounts Payable (To record purchase of office equipment.) General Journal Credit $1,800.00 $20,250.00 $4,500.00 $1,800.00 $3,000.00 $1,800.00 Cash Accounts receivable (To record payment received from accounts receivable.) $800.00 Miscellaneous Expense Cash (To record payment for asvertisement.) $120.00 Accounts Payable Cash (To record payment made to accounts payable.) $800.00 Accounts Receivable Fees Earned (To record the services provided and accrued revenue.) Salary Expense Cash (To record salary paid to receptionist.) Cash Fees Earned $800.00 $120.00 $800.00 $2,250.00 $2,250.00 $400.00 $400.00 $3,175.00 $3,175.00 This Sheet will be used for Requirements 2, 5 and 9 GENERAL LEDGER ACCOUNT: CASH YEAR MONTH DAY 2010 June June June June June June June June June June June June June June June June June 1 1 2 4 6 10 12 14 17 18 24 26 27 29 29 30 30 ACCOUNT: ACCOUNT NO. 11 POST. ITEM REF. Dustin Larkin Capital Rent Expense Insurance Expense Unearned Revenue Accounts Receivable Miscellaneous Expense Accounts Payable Salary Expense Fees Earned Supplies Fees Earned Accounts Receivable Salary Expense Miscellaneous Expense Miscellaneous Expense Fees Earned Dustin Larkin, Drawings DEBIT $10,000.00 CREDIT DEBIT $3,000.00 $800.00 $3,175.00 $1,850.00 $1,600.00 $2,050.00 ACCOUNTS RECEIVABLE ACCOUNT NO. 12 POST. DATE 2010 June June June June June June ITEM 1 6 12 20 26 30 ACCOUNT: REF. Dustin Larkin Capital Cash Fees Earned Fees Earned Cash Fees Earned DEBIT CREDIT $1,500.00 $800.00 $2,250.00 $1,100.00 $1,600.00 $1,000.00 SUPPLIES DEBIT ITEM June June ACCOUNT NO. 14 REF. 1 Dustin Larkin Capital 18 Cash ACCOUNT: DEBIT CREDIT PREPAID RENT $1,250.00 $750.00 DEBIT ITEM ACCOUNT: ACCOUNT NO. 15 REF. DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT PREPAID INSURANCE DEBIT ITEM ACCOUNT: OFFICE EQUIPMENT DATE 2010 ITEM REF. DEBIT ACCOUNT: REF. Dustin Larkin Capital Accounts Payable $7,500.00 $1,800.00 DEBIT ACCOUNT NO. 19 POST. ITEM ACCOUNT: REF. DEBIT CREDIT DEBIT CREDIT ACCOUNTS PAYABLE DEBIT June June ITEM REF. 5 Office Equipment 12 Cash DEBIT SALARIES PAYABLE DATE 20-- ITEM $1,800.00 $1,000.00 ACCOUNT NO. 22 POST. REF. DEBIT CREDIT DEBIT CREDIT UNEARNED FEES DEBIT June ITEM 4 ACCOUNT: REF. Cash DEBIT $3,000.00 ACCOUNT NO. 31 POST. June June June June ITEM 1 1 1 1 ACCOUNT: REF. DEBIT Cash Accounts Receivable Supplies Office Equipment CREDIT DEBIT $10,000.00 $11,500.00 $12,750.00 $20,250.00 ACCOUNT NO. 32 POST. June ITEM REF. 30 Cash DEBIT CREDIT $4,500.00 ACCOUNT: ITEM DEBIT ACCOUNT NO. 33 POST. ACCOUNT: REF. DEBIT CREDIT DEBIT CREDIT FEES EARNED DEBIT June June June June June July ITEM 12 17 20 24 30 30 ACCOUNT: REF. Accounts Receivable Cash Accounts Receivable Cash Cash Accounts Receivable DEBIT 2,250.00 5,425.00 6,525.00 8,375.00 10,425.00 11,425.00 ACCOUNT NO. 51 POST. June June ITEM REF. 14 Cash 27 Cash ACCOUNT: DEBIT CREDIT $400.00 $400.00 DEBIT ACCOUNT NO. 52 POST. June ITEM 1 REF. Cash DEBIT CREDIT $4,500.00 ACCOUNT: ITEM DEBIT ACCOUNT NO. 53 POST. ACCOUNT: REF. DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEPRECIATION EXPENSE DEBIT ITEM ACCOUNT: REF. INSURANCE EXPENSE DEBIT June ACCOUNT: ITEM 2 REF. Cash $1,800.00 DEBIT ACCOUNT NO. 59 POST. June June June ITEM 10 Cash 29 Cash 30 Cash REF. BALANCE CREDIT $1,800.00 MISCELLANEOUS EXPENSE DATE 2010 BALANCE CREDIT ACCOUNT NO. 55 POST. DATE 2010 BALANCE CREDIT ACCOUNT NO. 54 POST. DATE 20-- BALANCE CREDIT $4,500.00 SUPPLIES EXPENSE DATE 20-- BALANCE CREDIT $400.00 $800.00 RENT EXPENSE DATE 2010 BALANCE CREDIT 2,250.00 3,175.00 1,100.00 1,850.00 2,050.00 1,000.00 SALARY EXPENSE DATE 2010 BALANCE CREDIT ACCOUNT NO. 41 POST. DATE 2010 BALANCE CREDIT $4,500.00 INCOME SUMMARY DATE 20-- BALANCE CREDIT $10,000.00 $1,500.00 $1,250.00 $7,500.00 DUSTIN LARKIN, DRAWING DATE 2010 BALANCE CREDIT $3,000.00 DUSTIN LARKIN, CAPITAL DATE 2010 BALANCE CREDIT ACCOUNT NO. 23 POST. DATE 2010 BALANCE CREDIT $1,800.00 $800.00 ACCOUNT: ACCOUNT: BALANCE CREDIT ACCOUNT NO. 21 POST. DATE BALANCE CREDIT $7,500.00 $9,300.00 ACCUMULATED DEPRECIATION DATE 20-- BALANCE CREDIT ACCOUNT NO. 18 POST. 1 5 BALANCE CREDIT ACCOUNT NO. 16 POST. DATE 20-- June June BALANCE CREDIT $1,250.00 $2,000.00 POST. DATE 20-- BALANCE CREDIT $1,500.00 $700.00 $2,950.00 $4,050.00 $2,450.00 $3,450.00 POST. DATE 2010 BALANCE CREDIT $10,000.00 $5,500.00 $3,700.00 $6,700.00 $7,500.00 $120.00 $7,380.00 $800.00 $6,580.00 $400.00 $6,180.00 $9,355.00 $750.00 $8,605.00 $10,455.00 $12,055.00 $400.00 $11,655.00 $130.00 $11,525.00 $200.00 $11,325.00 $13,375.00 $4,500.00 $8,875.00 $4,500.00 $1,800.00 DEBIT 120.00 130.00 200.00 CREDIT DEBIT 120.00 250.00 450.00 BALANCE CREDIT REQUIREMENT #3: Prepare a trial balance for June in the space below. Debit 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Dustin Larkin, Capital 32 Dustin Larkin, Drawing 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense Credit 8,875.00 3,450.00 2,000.00 0.00 0.00 9,300.00 0.00 1,000.00 0.00 3,000.00 20,250.00 4,500.00 11,425.00 800.00 4,500.00 1,800.00 450.00 35,675.00 35,675.00 Requirement #4: Date General Journal Description(Account Name) Debit Credit Note: Remember that Debits must equal Credits - All of your Journal Entries should balance. Requirement #6: Prepare an Adjusted Trial Balance in the space below. Debit Credit Requirement #7: Insert rows as needed Income Statement Revenues: Expenses: Total Expenses Net Income Statement of Owners Equity Retained Earnings, October 1 Add: Additional Investment Add: Net Income Subtotal Less: Dividends Retained Earnings, October 31 Balance Sheet Assets: Liabilities: Total Liabilities Stockholders' Equity: Total Stockholders' Equity Total Liabilities & Stockholders' Equity Requirement #8: Prepare the closing entries at June 30 in the General Journal below. Hint: use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Date General Journal Description (Account Name) Debit Credit Requirement #9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed. Requirement #10: Prepare a post-closing trial balance as of October 31 in the space below. Post-Closing Trial Balance