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Need help on accounting project. Check figures are provided in red to ensure you're on the right track. I have somehow entered a number incorrect
Need help on accounting project. Check figures are provided in red to ensure you're on the right track. I have somehow entered a number incorrect and can't find where, so my totals aren't matching the check figures. Please help!
Need help on accounting project. Check figures are provided in red to ensure you're on the right track. I have somehow entered a number incorrect and can't find where, so my totals aren't matching the check figures. Please help!
Comprehensive Project Information: All work must be completed using this excel spreadsheet. For dates-use the current year when preparing all financial statements The project is valued at 120 points. 27 will come from postings to the T-Accounts (Click on T-Accounts at the bottom of this sheet)and 15 will come from correct technical usage of Excel software application i.e. linking accounts, sum totals, etc.)See more information on expectations in the Excel Notes section below. Checkfigures are provided for 5 key items to help ensure you are on the correct track REQUIREMENTS Part 1. Record the adjusting entries for items A -G below AND post them to the T-accounts on sheet 2 Part 2. Prepare an Adjusted Trial Balance for Gatsby, Inc. using the Unadjusted Trial Balance and the adjusting entries (or the Adjusted T-Accounts). Adjusted TB check figure $930,050. Part 3. Prepare financial statements for Gatsby, Inc. in thefollowing order: Income Statement for the year ended 12/31/XX. Check figure: Net Income equals $78,200 Statement of Retained Earnings for the year ended 12/31/XX Check figure: RE 12/31/xxequals $165,750 Balance Sheet for 12/31/xx. Check figure: Total Assets equal $553,250 Part 4. Record closing journal entries AND post them to the T-accounts on sheet 2 Part 5. Prepare a Post-Closing Trial Balance using the updated Taccounts. Check figure: Debits equal $583,250 EXCEL NOTES Notice the T-accounts beginning balances are linked to the first sheet "trial balance."Please "link your numbers when posting to the T-accounts for practice and convenience. This also reduces thelikelihood oferrors. Please take advantage of Excel by using formulas to calculate/sum groups of numbers (i.e. "Total Liabilities and Stockholders' Equity"). DO NOT force any cells to match check figures given. Any adjustments in the T-Accounts or financial statements not supported by legitimate adjusting or closing entries will be considered financial statement misrepresentation sufficient to result in a failing grade
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