Assets 101 Cash Eli's Consulting Services Chart of Accounts 111 Accounts Receivable 121 Supplies 134 Prepaid Insurance 137 Prepaid Rent 141 Equipment 142 Accumulated Depreciation- Equipment Liabilities 202 Accounts Payable Owner's Equity 301 Trayton Eli. Capital 302 Trayton Eli. Drawing 309 Income Summary Revenue 401 Fees Income Expenses 511 Salaries Expense 514 Utilities Expense 517 Supplies Expense 520 Rent Expense 523 Depreciation Expense- Equipment 526 Advertising Expense 529 Maintenance Expense 532 Telephone Expense 535 Insurance Expense Jan. 2 Purchased supplies for $7,000; issued Check 1015. 2 Purchased a one-year insurance policy for $8,400; issued Check 1016. 7 Sold services for $20,000 in cash and $5,000 on credit during the first week of January. Collected a total of $4,000 on account from credit customers during the first week of Jan Issued Check 1017 for $3,600 to pay for special promotional advertising to new business station during the month. 13 Collected a total of $4.500 on account from credit customers during the second week of 14 Returned supplies that were damaged for a cash refund of $750. 15 20 20 Sold services for $20.700 in cash and $2.300 on credit during the second week of January Purchased supplies for $5,000 from White's, Inc.: received Invoice 2384 payable in 30 da Sold services for $12,500 in cash and $3.500 on credit during the third week of January. Collected a total of $5.600 on account from credit customers during the third week of Jan Issued Check 1018 for $7,065 to pay for maintenance work on the office equipment. 20 21 Issued Check 1019 for $3.600 to pay for special promotional advertising to new businesse newspaper. 23 Received the monthly telephone bill for $1.025 and paid it with Check 1020. 12 12 22 23 Received the monthly telephone bill for $1,025 and paid it with Check 1020. 26 Collected a total of $1,600 on account from credit customers during the fourth week of January. 27 Issued Check 1021 for $3,000 to Office Plus as payment on account for Invoice 2223. 28 Sent Check 1022 for $2,675 in payment of the monthly bill for utilities. 29 Sold services for $19,000 in cash and $2,750 on credit during the fourth week of January. 31 Issued Checks 1023-1027 for $32,800 to pay the monthly salaries of the regular employees and t time workers. Issued Check 1028 for $12,000 for personal use. Issued Check 1029 for $4.150 to pay for maintenance services for the month. Purchased additional equipment for $15.000 from Contemporary Equipment Company: issued Che $10,000 and bought the rest on credit. The equipment has a five-year life and no salvage value. Sold services for $7.600 in cash and $1.620 on credit on January 31. 31 31 31 31 The forms you need have been set up in Excel and are labeled along the bottom left of the scree in the sheet tabs. You will need to customize your worksheet by giving your group a unique nam and entering the group name in cell B1 of each sheet. Follow the directions carefully to comple the project. You will then perform the following operations in the order given. Please read and follow the directions carefully. 1. Record the transactions in the journal Use tab "Gen Journal" to record the journal entries listed on page 193 of the textbook. Use the accounts given on page 192, do not add any additional accounts. Record the journal entries on tab "Gen Journal" in the order given. You do not need to include explanations for the entries. Skip a line between journal entries. Do not do the adjusting entries yet. 2. Post the journal entries to the T-Accts Post your journal entries to the T-Accounts in the Excel file on tab "T-Accts". The amounts already in the T-Accounts are the beginning balances and should be included in your balances. You do not need to enter the date or journal page number of the transaction in Excel. Start at the top of each side of the T-accounts as the journal entries require, do not skip lines in the T- accounts. Do not add any new accounts, all the accounts you need have already been set up. The account balance will update with each posting. Do not do the adjustments yet! 3. Prepare a Trial Balance Click on the Trial Balance tab and enter the accounts and ending balances from the T-accounts. The total of your Trial Balance should be $234,320. If it does not, make any necessary corrections before you proceed. 4. Record the Adjusting Entries in the Journal and post to the T-Accts Record the adjusting entries on the "Gen Journal" tab after the journal entries you recorded in step #1. The adjusting entries are found on page 192 (5 a-d). Skip a line after the last entry and write "Adjusting Entries" in the middle of the account column then journalize the adjusting entries. You do not need an explanation, but skip a line between entries. All the adjusting entries should be dated January 31. Post the adjusting entries to the T-Accounts. You do not need to enter the page number or date in the T-Accounts. Use the same set of T-accounts that you used in Step #2, the adjusting entries are to adjust those T-account balances. 5. Prepare an Adjusted Trial Balance Click on the Adjusted Trial Balance tab and enter the accounts and ending balances from the T- accounts, after you have posted your adjusting entries. The total of your Adjusted Trial Balance should be $234,503. If it does not, make any necessary corrections before you proceed. 6. Prepare the Financial Statements Click on the Financials tab in Excel and complete the financial statements using the information from the Adjusted Trial Balance. The accounts and amounts should only be entered in the outlined cells. The totals should update as you enter the amounts. Check Figures: Net Income $28,122.00; Total Assets $155,289.00. 7. Prepare the Closing Entries and post to the T-Accts Record the closing entries in the journal after the adjusting entries you recorded in step #4. Skip a line after the last adjusting entry and write "Closing Entries" in the middle of the account column then journalize the closing entries. Make sure you prepare the entries in the correct orde as we learned in class. You do not need an explanation, but skip a line between entries. All the closing entries should be dated January 31. Post the closing entries to the T-Accounts. You do not need to enter the page number or date in the T-Accounts. Use the same set of T-accounts tha you used in Step #2 & 4, the closing entries are to close those T-account balances. 8. Prepare a Post-Closing Trial Balance Click the Post-Closing TB tab in Excel. Complete the post closing trial balance with the balances from the T-Accounts. Points will be assigned based on the following: RUBRIC General Journal (3) T-Accts (3) Trial Balance (4) Adj Trial Balance (3) Financials (BS 3, IS 3, RE 3) Post Closing (3) TOTAL: 25 pts.