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t INSET PAGE LAYOUT ORMLLAS DATA REEW W ACROBAT you need to edit is sale to stay in Protected Vfnable ldaing ourse Project #1 Overview The Accouniting Cycko Project consats of 10 Requirement at the end of Weok 4. All of the intormation you need to . There are eight worksheets in the workbook you will need to complete. A lnt of January transactiors A Chart of Accounts eeference sheet A Grading Rubric to help explain what is expected Each worksheet has the Check Figures embedded os a comment ts for you to complete. The Accounting Cyclo Project is due complese the Course Project is located in this Workbook Selore You Begin .Review Chapten3 and 4 Including appendices Print the Chart of Accounth and your reference. You wilt need to reer to both throughout the project tevlew the Grading C 1AVE your work tegentyin cenario Moonlight Bay inn s incorporated on January 2. 2017, by its theee owmors each ot whom contrbutes $20.000 in cash in exchange for shares of stock in the business in oddtion to the salke ol stock, the tollowing transoctions are entered int during the month of January: (See January Trodactions Tab Requirements Prepare the Joumal Eniet in he General Jourmal Enhnes Joundl General Guidelines Use the embedded ossatance in the template ond guidonice in your Sextbok contoct yor protessc Assig HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ACROBAT FILE PROTECTED VIEW Be careful-files from the Internet can contain viuses Unless you need to edit it's safer to stay in Protected View fr A Victorian inn is purchased for $50,000 in cash. An appraisal performed on this C6 During its first month of operation, Moonlight Bay Inn completed the following transactions January Transactions Date Transaction Description Jan. 2 Began business by each of the three owners contributing $20,000 in cash each in exchange for shares of stock in the Jan. 2 A Victorian inn is purchased for $50,000 in cash. An appraisal performed on this date indicates that the land is worth $15.000 and the remaining balance of the purchase price is attributable to the house. The owners estimate that the house will have an estimated useful life of 25 years and an estimated salvage value of $5,000 A two-year, 12%, $30,000 promissory note was signed at Second State Bank. Interest and principal will be repaid on the maturity date of January 3, 2019, New furniture for the inn is purchased at a cost of $15.000 in cash. The furniture has an estimated useful life of ten years and no salvage value. Jan. 4 A 24month property insurance policy is purchased for $6,000 in cash. An advertisement for the inn is placed in the local newspaper Moonlight Bay pays $450 cash for the ad, which will run in the paper throughout January Cleaning supplies are purchased on account for $950. The bill is payable within 30 days Wages of $4.230 for the first half of the month are paid in cash. A quest malls the business $980 in cash as a depost for a room to be rented for two weeks. The guest plans to stay at the inn during the last week of January and the first week of February Cash receipts trom rentals of rooms for the month amount to $8,300 Cash receipts from operation of the restaurant for the month amount to $6,600 Jan. 5 Jan. 6 an. Jan. 15 Jan. 16 Jan. 31 Jan. 31 Each stockholder is paid $200 in cash dividends. Assignment HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ACROBAT PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit,it's safer to stay in Protected View. E Use the following account descriptions for journal entries. Chart of Accounts Account Number Account Title Assets Debit Debit Debit Debit Credit Cash Review 117Prepald Insurance 119 on Cha Cleaning Supplies Furniture Accum Dep-Furniture Accour Chapte 145 146 House 147 148 Land Debit Credit Debit Accum Dep-House Liabilities Credit Credit Credit Credit Credit Credit 212 Accounts Payable Notes Payable Wages Payable 213 214 215 Utilities Payable 216 217 218Income Tax Payable Rent Received in Advance Interest Pcyable Credit Stockholders Equity Retained Earnings Capital Stock Dividends Credit Credit 312 313 Debit Revenue Credit Credit Revenue Rental of Rooms Revenue -Restaurant 411 Expenses Debit Debit Debit 511 512 Advertising Expense Wages Expense Insurance Expense Supplies Expense Utilities Expense Depreciation Expense Interest Expens 514 515 Debit Debit 517 518 Debit Other Income Summary Credit Chart of Accounts lournal E HOME ISERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ACROBAT O PROTECTED VIEW Stles from the eret can contain viuses Unless you need to edt. Ks saler to stay in Protete Viw nable td 131 REQUIREMENT #: Prepare kurd entries to record the Janary narrocos n the General lourd below. Remember hat Debits must equ Credits-Al of your lournal Entries should balance(Omit explcanations General Journal Description (Account Nome) Debi Chart of Accounts tab Once you've completed this requirement print your General Journal to complete Requirement $2 on the General ledger worksheet 25 2i 31 1 42 HOME ENT PAGE LAYOUIT FORMLLAS DATA REVEW VEW ACROBAT Has REQUIREMENT 2: Post " Joruoy porral entries to the followrg T-Accorts od correute Accounts Payable (212) This worksheet wia be can be found on the Adjuating Entries the Closing Enties REQUIREMENT #3: Prepare a tral balance for January in thespace below. Moonlight Bay Inn Trial Balance Only enter accounts that have a balance. January 3 Account Account Balance Title List accounts in order of Account 12 13 14 15 16 18 19 20 21 23 25 26 27 29 30 31 32 35 36 eEnable Ediing D29 Requirement #4: Prepare adjusting entries usig the following iformation in the Journal below. Show your calculations! a) Depreclation of the house b) Deprecication of the furniture c) Interest on the promissory note d) Recognition of the expred portion of the insurance e) Recognition of a portion of the guest's deposit t) Wages eamed during the second half of January amount to $$.120 and will be pald on February 3 g) Cleaning supplies on hand on January 31 amount to $230 h) A gas and electric bill that is received from the city amounts to $/40 and s payable by Februcry 5. Click here to po to the General Ledger worksheet to complefe Requirement il Income taxes are to be accrued at a rate of 30% of income before toxns Requirement #5: Post the actsting entries on jonroy 3i below to the Gonera tedow- accounts and compute odusted balances. Just odd to the balances that are areody listed. (Omit explanations) General Journal Debit Credit Description (Account Name) Date Area to Show Work 23 28 REQUIREMENT #6 Prepare an Adjusted Trial Balance in the space below. Moonlight Bay Inn Adjusted Trial Balance January 31 Only enter accounts that have a balance Account ccount Balance Title Debit Credit List accounts in order of Account 20 26 30 32 34 35 36 38 URMOLAS BATA REVIEW VIEW ACROBAT Versionic) Protected Viewl-IE OPROTECTED VIitW Be carehu-Eles from the Internet can contain viuses, Unless you need to edis i's safler to stay in Protected wr M32 Requirement 97: Prepare the financial statements for Moonlight Bay inn as of January 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 Financkal Statement, but is not required tor this project. Moonlight Bay inn Income Statement For the Month Ending January 31 Moonlight Bay inn Stafement of Relained Eorming For the Month Ending Janauary 31 Moonlght Bay Ina Balance Sheet January 31 (enter figures in column I and tolals in column J) 7 (enter figures in column B and totals in column C) 8 Revenues: 9 From rental of rooms 10From restaurant 1 Total keverue Retained Eamings, January l Add: Net Income subtotal Assels: Curent Asset Less Dividends Retained Eamings, October 31D Cleaning Supplies Prepaid insurance Tolal curent assets Property, Plant, and Eup: Land House, net of accum Depr. Funiture net of accum. Depr Total Property. Plant, and Eup. 13 Expenses: 15 Woges 16 l Depreciation Interest 8Inurance 19 Supplies Income Taxes Total Expenses icblies and Slockholders' Equity Llabfles Curent Liabilities Accounts Payable Interest Payable oges Payoble Income Tases Payable Rent received in advance Uttities Payable fotal cument labilties Long-term Debt Notes Payable Totol Ulobilities 22 23 4 Net Income 20 28 29 32 stockholders Equity Capital Stock Retoned Eamings Totol Stockholders Iquity 36 Tolal Liabillities & Stockholders Iquity 40 Requirement #8: Prepare the closing entries at January 31 n the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. (Omit explanations) Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. Click here to go to the General Ledger worksheet to complete Requirement $9 General Journal Description (Account Name) Debit Credit 31-Jan 1-Jan 10 For Instructions on how to prepare closing entries, view this link 16 31-Jan 31-Jan 23 25 26 29 30 36 37 Requirement #10: Prepare a post-closing trial balance as of January 31 in the space below. Moonlight Bay Inn Post-Closing Trial Balance January 31 Account Account Balance Title Only enter accounts that have a baince ist accounts in order of Account 15 16 19 25 28 30 32 35 38 40
