MGMT 210 Course Project - Howard's Flight Radio Management Corporation (HFRM). Financial Accounting.General Ledger is below. Don't know how to format it.

Course Project Overview The Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook There are eight worksheets in the workbook you will need to complete. A list of March transactions - A Chart of Accounts reference sheet A Grading Rubric to help explain what is expected. Each worksheet has the Check Figures embedded as a comment. Scenario You've just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Heyward put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements MGMT210: Course Project Requirement Requirement Description Worksheel Name 1 - Journal Envies Prepare the jow no Entras n the Genera Tooma! Post Journal-cles to the General ledger SON 2 12. General Ledger 3 Prestre Talbionce 3. Balonce 4 Preording to 4- Art SOLO 5 Post Astro Lines to the General Ledger 2 Genada ledger 6 Pepco oni ed Toid Blonde $ - Acusted TB ON 7 Posts Francal Statements Father Sicterseras 8 Prepare the closing Entries Entries 7.louing Entries 9 Pos Closing nome General Leer 2-10 10 Proporto Postiosta Telance Post Sining roonaci 11 Domain Rotos Ratic 12 note Pos 12 wool Rollos Guidelines Menu Project Instructions March Transactions Chart of Accounts 1- Journal Entries 2- General Ledger 3 - Trial March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 March 1 March 3 Paid the premium on a l-year insurance policy, $2,400. Paid the current month's rent expense, $1,900. Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 March 10 March 11 March 18 March 20 March 31 March 31 Morch 31 Purchased repair supplies from Gory Company on credit. $650. Paid telephone bill for March, $340. Cash flight management system (FMS) repair revenue for the first third of March. $1,650. Mode payment to Gary Company, $400. Cash FMS repoir revenue for the second third of March. $2.450. Cash FMS repair revenue for the last third of March, $1 250. Paid the current month's electice bill, $250. Declared and paid cash dividend of $1,000. Chart of Accounts LIGE malce 117 Dedit Debit Prepddinsurance Repar sucolles ReparEquipment Accum Dep-Repar Equipment Review chapter 90 a more inlammationen in Chonor kedoum Creat Accounts Powode name Ta Page Credt Stocholders Eglity 311 312 Credi Common Stock Retared Earings Dividenas Credi Revenue Bicycle Repar Revenue Creat Expenses 511 Deoil Deb 513 514 Store Rent Bpense Telephone Expense Insurance B pense Rear Suodies rense Deo expense - Repor sulament income pense Beac Bapers Det! General Journal Account Number From Chart or Accounts lab ccount to from Cholo Accounts lo Dane ammon Skech 1 or Prepaid inwurance Slow Romanse To Cash 1.900 Repair Equipment Ta Cash To Acoounts Payable 1,000 B Mar Repair Supplies To Acounts Payable 650 TO MO Telephone To Cash Cash Bicycle Repar Ravenue 18-Mar Accounts Payable dio Dash 220 War Casa To Bicycle Repair Ravenue 2.450 To Bicycle Repair Revenue 3 Mar 52 Electre Expense To can 250 var Danas REQUIREMENT #3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance March 31 Account Balance Account Number 20.000 22.00 144 Cash DCD UNT Common Stock Prepaid Insurance Store Kent Expenses Repair Equipment Accounts Payable Repair Supplies Telephone Bicycle Repair Ravenue Electric Expenses 199 312 411 1.00 BO MODE 30W Requirement Prepare adjusting entries using the following information in the General Joumal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed, General Journal Accounting Promo 699 ale om REQUIREMENT #6: Prepare an Adjusted Tral Balance in the space below. Howard's Flight Radio Management Corporation Adjusted Trial Balance March 37 Balance 3 Account # Number 15 17 18 22 24 25 27 31 32 36 37 38 40 H G Requirement 7: Prepare the financial statements for Howard's Fight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Eaming, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. $ Alght Radio Management Corporation Income Statement For the Month Ending March 31 Howard's Flight Radfo Management Corporation Balance Sheef March 31 FS Repar Revenue Yotal Revenue Howard's Fight Radio Management Corporation Statement of Retained Earnings For the Month Ending Merch 31 Retained Earnings, March 1 Add. Net Income Subtotal Less Dividends Retained Earnings, March 31 Assets Cast Prepold Insurance Repair Supples Repal Equipment Less: Accum. Depo Total Assets Store Rent Expense phone Expense urance Expense Repor supplies B reciation Exp ome taxes boerse Bechild Expense Total Expenses Habites and Stockholders' Equity Habitles: Accounts Payable Income Taxes Payable Total Liabilities Net indome Stockholders Equity Comman Stock Retained Earnings Total Stockholders' Equity Total Llabies & Stockholders Equity Requirement #8: Prepare the closing entries at March 31 n the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending bolances. Just add to the adjusted balances already listed. General Journal Acount Number from Cher of Accounts faib Deb re Course Project Overview The Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook There are eight worksheets in the workbook you will need to complete. A list of March transactions - A Chart of Accounts reference sheet A Grading Rubric to help explain what is expected. Each worksheet has the Check Figures embedded as a comment. Scenario You've just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Heyward put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements MGMT210: Course Project Requirement Requirement Description Worksheel Name 1 - Journal Envies Prepare the jow no Entras n the Genera Tooma! Post Journal-cles to the General ledger SON 2 12. General Ledger 3 Prestre Talbionce 3. Balonce 4 Preording to 4- Art SOLO 5 Post Astro Lines to the General Ledger 2 Genada ledger 6 Pepco oni ed Toid Blonde $ - Acusted TB ON 7 Posts Francal Statements Father Sicterseras 8 Prepare the closing Entries Entries 7.louing Entries 9 Pos Closing nome General Leer 2-10 10 Proporto Postiosta Telance Post Sining roonaci 11 Domain Rotos Ratic 12 note Pos 12 wool Rollos Guidelines Menu Project Instructions March Transactions Chart of Accounts 1- Journal Entries 2- General Ledger 3 - Trial March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 March 1 March 3 Paid the premium on a l-year insurance policy, $2,400. Paid the current month's rent expense, $1,900. Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 March 10 March 11 March 18 March 20 March 31 March 31 Morch 31 Purchased repair supplies from Gory Company on credit. $650. Paid telephone bill for March, $340. Cash flight management system (FMS) repair revenue for the first third of March. $1,650. Mode payment to Gary Company, $400. Cash FMS repoir revenue for the second third of March. $2.450. Cash FMS repair revenue for the last third of March, $1 250. Paid the current month's electice bill, $250. Declared and paid cash dividend of $1,000. Chart of Accounts LIGE malce 117 Dedit Debit Prepddinsurance Repar sucolles ReparEquipment Accum Dep-Repar Equipment Review chapter 90 a more inlammationen in Chonor kedoum Creat Accounts Powode name Ta Page Credt Stocholders Eglity 311 312 Credi Common Stock Retared Earings Dividenas Credi Revenue Bicycle Repar Revenue Creat Expenses 511 Deoil Deb 513 514 Store Rent Bpense Telephone Expense Insurance B pense Rear Suodies rense Deo expense - Repor sulament income pense Beac Bapers Det! General Journal Account Number From Chart or Accounts lab ccount to from Cholo Accounts lo Dane ammon Skech 1 or Prepaid inwurance Slow Romanse To Cash 1.900 Repair Equipment Ta Cash To Acoounts Payable 1,000 B Mar Repair Supplies To Acounts Payable 650 TO MO Telephone To Cash Cash Bicycle Repar Ravenue 18-Mar Accounts Payable dio Dash 220 War Casa To Bicycle Repair Ravenue 2.450 To Bicycle Repair Revenue 3 Mar 52 Electre Expense To can 250 var Danas REQUIREMENT #3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance March 31 Account Balance Account Number 20.000 22.00 144 Cash DCD UNT Common Stock Prepaid Insurance Store Kent Expenses Repair Equipment Accounts Payable Repair Supplies Telephone Bicycle Repair Ravenue Electric Expenses 199 312 411 1.00 BO MODE 30W Requirement Prepare adjusting entries using the following information in the General Joumal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed, General Journal Accounting Promo 699 ale om REQUIREMENT #6: Prepare an Adjusted Tral Balance in the space below. Howard's Flight Radio Management Corporation Adjusted Trial Balance March 37 Balance 3 Account # Number 15 17 18 22 24 25 27 31 32 36 37 38 40 H G Requirement 7: Prepare the financial statements for Howard's Fight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Eaming, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. $ Alght Radio Management Corporation Income Statement For the Month Ending March 31 Howard's Flight Radfo Management Corporation Balance Sheef March 31 FS Repar Revenue Yotal Revenue Howard's Fight Radio Management Corporation Statement of Retained Earnings For the Month Ending Merch 31 Retained Earnings, March 1 Add. Net Income Subtotal Less Dividends Retained Earnings, March 31 Assets Cast Prepold Insurance Repair Supples Repal Equipment Less: Accum. Depo Total Assets Store Rent Expense phone Expense urance Expense Repor supplies B reciation Exp ome taxes boerse Bechild Expense Total Expenses Habites and Stockholders' Equity Habitles: Accounts Payable Income Taxes Payable Total Liabilities Net indome Stockholders Equity Comman Stock Retained Earnings Total Stockholders' Equity Total Llabies & Stockholders Equity Requirement #8: Prepare the closing entries at March 31 n the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending bolances. Just add to the adjusted balances already listed. General Journal Acount Number from Cher of Accounts faib Deb re