March 1 Issued check #1397 for office rent for the current month. (Debit rent expense) AMOUNT: $3,620 2 Performed services for customer on account. AMOUNT: $12,000 3 Received net amount of cash on account from customer in full settlement of the account receivable from last month. AMOUNT: $11,200 4 Purchased supplies on account. AMOUNT: $2,200 5 Performed services for customer and was paid cash. AMOUNT: $8,800 6 Issued check #1398 to purchase computer equipment for cash. AMOUNT: $4,200 9 Issued check #1399 to pay vendor for the supplies purchased on the 4th of the month. AMOUNT: $2,200 11 Performed services for customer on account. AMOUNT: $6,200 12 Received net amount of cash on account from customer in full settlement of the account receivable from the 2nd of the month. AMOUNT: $12,000 16 Issued check #1400 to pay salaries. AMOUNT: $5,400 23 Performed services for customer on account. AMOUNT: $7,700 28 Purchased advertising account. AMOUNT: $900 31 Received net amount of cash on account from customer in full settlement of the account receivable from the 11th of the month. Amount was deposted into the bank account too late to be recorded by the bank until tomorrow. CR DR $23,600 11,200 800 THE POST CLOSING TRIAL BALANCE FROM LAST MONTH WAS: ACCT # ACCOUNT NAME 1001 CASH 1010 ACCOUNTS RECEIVABLE 1020 ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS 1030 NOTES RECEIVABLE 1040 SUPPLIES 1510 COMPUTER EQUIPMENT 1520 ACCUMULATED DEPRECIATION 2010 ACCOUNTS PAYABLE 2020 SALARY PAYABLE 3990 OWNER'S CAPITAL 4,600 2,800 34,600 $21,600 0 0 54,400 TOTAL $76,800 $76,800 THE CHART OF ACCOUNTS ALSO INCLUDES THE FOLLOWING ACCOUNTS: ACCT # ACCOUNT NAME 3980 4010 4020 6010 6020 6030 6040 6060 6070 6080 OWNER'S WITHDRAWAL FEE REVENUE INTEREST INCOME SALARY EXPENSE RENT EXPENSE SUPPLIES EXPENSE ADVERTISING EXPENSE DEPRECIATION EXPENSE BAD DEBT EXPENSE MISCELLANEOUS EXPENSE Step 1 2 This is the recommended sequence for completing the assignment. Open the accounts using the balances from the prior month in the general ledger (G/L). For this process you only need to enter the date; the word "Bal" in the Item column; and the dollar amount in the far right Debit or Credit columns of the G/L. (Don't use pennies in this project. Keep all amounts at even dollars.) Enter the monthly transactions into the General Journal Page 7. Enter all transactions before posting. The posting reference column should be left blank at this stage. Post the monthly transactions to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 7 in the posting reference column of the G/L. After all transactions are posted, calculate the total balance in each G/L account. This is the unadusted balance. Copy the unadjusted balance from each G/L account into the Unadjusted Columns of the worksheet. The Debits and Credits should be in balance. If not, you need to go back and correct the error. Enter the adjusting entries into the Adjustment Columns of the worksheet. Be sure to include cross references. Complete the worksheet. 4 5 6 7 8 Prepare the three financial statements. (The Balance Sheet should be a CLASSIFIED one.) Classifired means you need to separate Current Assets from depreciable assets. Enter the adjusting entries into the General Journal Page 8. Enter all transactions before posting. The posting reference column should be left blank at this stage. Use the end of month as the Journal Entry (JE) date. 9 10 11 Post the adjusting entries to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 8 in the posting reference column of the G/L. After all adjusting entries are posted, calculate the total balance in each G/L account. This is the adusted balance. Enter the closing entries into the General Journal Page 9. Enter all transactions before posting. The posting reference column should be left blank at this stage. Use the end of month as the Journal Entry (JE) date. You can get the balance amounts from the worksheet or from the adjusted G/L. Post the closing entries to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 9 in the posting reference column of the G/L. 12 12 Post the closing entries to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 9 in the posting reference column of the G/L. After all closing entries are posted, calculate the total balance in each G/L account. This is the post closing balance. All revenue, expense and draw accounts should be zero. 13 14 Copy the post closing balance from each G/L account into a Post Closing Trial Balance (T/B). The Debits and Credits should be in balance. If not, you need to go back and correct the error. There should not be any revenue, expense, or draw accounts in this T/B. Fill out the Cover Sheet with the control numbers in your assignment. Make a pdf copy of your Google Sheet and upload it to the Canvas Assigment se on before the Due Date. Google Sheet intact an Google so that the instructor can review it. 15 eave you Here are some check figures to check your final work. If you agree with these check numbers it is an important confirmation, although it is not guarantee that everything is correct. Worksheet: Unadjusted T/B DR & CR Totals $112,400 (these are the two leftmost columns) Net Income from Income Statement $15,996 Ending Cash Balance from Balance Sheet $45,055 Total Assets from Balance Sheet $67,296 Post Close T/B DR & CR Totals $93,555 Page 4 Bank Balance at Beginning of Month $23,600 Plus Deposits March March March 3 5 12 11,200 8,800 12,000 Credit Memo's: Collection of Notes Receivable Collection of Interest on Notes Receivable Total increases in account 4,600 100 36,700 Minus Checks cleared Check Number: 1397 Check Number: 1398 Check Number: 1399 (3,620) (4,200) (2,200) Debit Memo's: Monthly Bank Fee Charges Total decreases in account (25) (10,045) Bank Balance at End of Month $50,255 March 1 Issued check #1397 for office rent for the current month. (Debit rent expense) AMOUNT: $3,620 2 Performed services for customer on account. AMOUNT: $12,000 3 Received net amount of cash on account from customer in full settlement of the account receivable from last month. AMOUNT: $11,200 4 Purchased supplies on account. AMOUNT: $2,200 5 Performed services for customer and was paid cash. AMOUNT: $8,800 6 Issued check #1398 to purchase computer equipment for cash. AMOUNT: $4,200 9 Issued check #1399 to pay vendor for the supplies purchased on the 4th of the month. AMOUNT: $2,200 11 Performed services for customer on account. AMOUNT: $6,200 12 Received net amount of cash on account from customer in full settlement of the account receivable from the 2nd of the month. AMOUNT: $12,000 16 Issued check #1400 to pay salaries. AMOUNT: $5,400 23 Performed services for customer on account. AMOUNT: $7,700 28 Purchased advertising account. AMOUNT: $900 31 Received net amount of cash on account from customer in full settlement of the account receivable from the 11th of the month. Amount was deposted into the bank account too late to be recorded by the bank until tomorrow. CR DR $23,600 11,200 800 THE POST CLOSING TRIAL BALANCE FROM LAST MONTH WAS: ACCT # ACCOUNT NAME 1001 CASH 1010 ACCOUNTS RECEIVABLE 1020 ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS 1030 NOTES RECEIVABLE 1040 SUPPLIES 1510 COMPUTER EQUIPMENT 1520 ACCUMULATED DEPRECIATION 2010 ACCOUNTS PAYABLE 2020 SALARY PAYABLE 3990 OWNER'S CAPITAL 4,600 2,800 34,600 $21,600 0 0 54,400 TOTAL $76,800 $76,800 THE CHART OF ACCOUNTS ALSO INCLUDES THE FOLLOWING ACCOUNTS: ACCT # ACCOUNT NAME 3980 4010 4020 6010 6020 6030 6040 6060 6070 6080 OWNER'S WITHDRAWAL FEE REVENUE INTEREST INCOME SALARY EXPENSE RENT EXPENSE SUPPLIES EXPENSE ADVERTISING EXPENSE DEPRECIATION EXPENSE BAD DEBT EXPENSE MISCELLANEOUS EXPENSE Step 1 2 This is the recommended sequence for completing the assignment. Open the accounts using the balances from the prior month in the general ledger (G/L). For this process you only need to enter the date; the word "Bal" in the Item column; and the dollar amount in the far right Debit or Credit columns of the G/L. (Don't use pennies in this project. Keep all amounts at even dollars.) Enter the monthly transactions into the General Journal Page 7. Enter all transactions before posting. The posting reference column should be left blank at this stage. Post the monthly transactions to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 7 in the posting reference column of the G/L. After all transactions are posted, calculate the total balance in each G/L account. This is the unadusted balance. Copy the unadjusted balance from each G/L account into the Unadjusted Columns of the worksheet. The Debits and Credits should be in balance. If not, you need to go back and correct the error. Enter the adjusting entries into the Adjustment Columns of the worksheet. Be sure to include cross references. Complete the worksheet. 4 5 6 7 8 Prepare the three financial statements. (The Balance Sheet should be a CLASSIFIED one.) Classifired means you need to separate Current Assets from depreciable assets. Enter the adjusting entries into the General Journal Page 8. Enter all transactions before posting. The posting reference column should be left blank at this stage. Use the end of month as the Journal Entry (JE) date. 9 10 11 Post the adjusting entries to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 8 in the posting reference column of the G/L. After all adjusting entries are posted, calculate the total balance in each G/L account. This is the adusted balance. Enter the closing entries into the General Journal Page 9. Enter all transactions before posting. The posting reference column should be left blank at this stage. Use the end of month as the Journal Entry (JE) date. You can get the balance amounts from the worksheet or from the adjusted G/L. Post the closing entries to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 9 in the posting reference column of the G/L. 12 12 Post the closing entries to the General Ledger (G/L). Record the G/L account number in the journal posting reference column as you post each item. Also record the page number 9 in the posting reference column of the G/L. After all closing entries are posted, calculate the total balance in each G/L account. This is the post closing balance. All revenue, expense and draw accounts should be zero. 13 14 Copy the post closing balance from each G/L account into a Post Closing Trial Balance (T/B). The Debits and Credits should be in balance. If not, you need to go back and correct the error. There should not be any revenue, expense, or draw accounts in this T/B. Fill out the Cover Sheet with the control numbers in your assignment. Make a pdf copy of your Google Sheet and upload it to the Canvas Assigment se on before the Due Date. Google Sheet intact an Google so that the instructor can review it. 15 eave you Here are some check figures to check your final work. If you agree with these check numbers it is an important confirmation, although it is not guarantee that everything is correct. Worksheet: Unadjusted T/B DR & CR Totals $112,400 (these are the two leftmost columns) Net Income from Income Statement $15,996 Ending Cash Balance from Balance Sheet $45,055 Total Assets from Balance Sheet $67,296 Post Close T/B DR & CR Totals $93,555 Page 4 Bank Balance at Beginning of Month $23,600 Plus Deposits March March March 3 5 12 11,200 8,800 12,000 Credit Memo's: Collection of Notes Receivable Collection of Interest on Notes Receivable Total increases in account 4,600 100 36,700 Minus Checks cleared Check Number: 1397 Check Number: 1398 Check Number: 1399 (3,620) (4,200) (2,200) Debit Memo's: Monthly Bank Fee Charges Total decreases in account (25) (10,045) Bank Balance at End of Month $50,255