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Accounting Cycle Project Part 2 - Complete the cycle and Prepare Financial statements Zeta Video Game Supplies has identified the following accounts as needed to be adjusted. Complete the necessary adjusting entries: a) Salaries earned but not paid for the period $5,500. b) Record accrued Interest income on investments of $1,500. c) Depreciation expense for the period. The equipment has a useful life of 20 years & the salvage value is estimated to be zero. (Hint - you have a partial year) d) Determine the amount of Insurance that has expired. e) Supplies on hand - $1,700 f) Found the parts needed to repair the game systems brought in on August 9, As of December 31", half were complete and given to the customer - Zeta is working on finishing the rest of the systems. B) Record the amount of expired rent. h) Record accrued Interest expense of on Note Payable for the equipment purchased on May 14 1) Once all the adjustments are complete the company will need to calculate net income. Then you will calculate tax expense and recorded it (the offset is a tax payable). The company has an income tax rate of 25%. Part 2 - Instruction Instruction: You will prepare the following in excel 1. General Journal a. Prepare adjusted journal entries 2. Ledger -T accounts a. Show beg. Unadjusted balance from part 1 b. Post adjusting activity - with Journal entry reference add on to unadjusted balance (this is your beginning) c Show adjusted ending balance in ledger account 3. Trial Balance a. Prepare and Adjusted Trial Balance 4. Financial Statements a. (Multi-step) Income statement (do not forget the EPS disclosure) b. Statement of Retained Earnings c (Classified) Balance Sheet (remember all disclosures) d Cash Flow - prepare a direct method (remember that GAAP requires a reconciliation when the direct method is used) 5. General Journal e. Prepare closing journal entries 6. Ledger -T accounts a. Show Beg adjusted balance from #2 b. Post the closing activity with Journal entry reference c. Show ending closing balances 7. Trial Balance a. Prepare a Post-Closing trial balance Remember to use proper formatting for everything you do! Financial statements should be GAAP format and look professional (and printer ready). Assume you are making this for a client. 120 Account Receivable 110 0 11,000 6,000 14,000 Inventory 0 85.000 3,200 22,400 4.700 Cash 100 0 30 675,000 5.000 9,000 y 115,000 45,000 12,000 8,000 10.500 215 6,000 112.000 2,000 18,000 NO 1,200 3,500 8,000 562,200 19,000 19,700 125 be Supplies 0 3.200 Prepaid Insurance 130 0 12.000 Prepaid Rent 140 o - 18.000 150 160 Marketable Securities 0 Equipment 0 Accum. Dep165 o 12,000 70,000 3.000 67,000 170 180 be Land 0 30,000 be Land - Held o 85.000 Patent 0 5,000 Interest Receivable 190 0 Salary Payable 220 Account Payable 200 0 3,500 3,200 85,000 84,700 Utilities Payable 230 Note Payable 250 D 2.100 Unearned Revenue 240 D 8.000 70.000 Tax Payable 260 Interest Payable 270 Common Stock 300 0 675.000 Retained Earnings 310 0 Dividends 320 0 8,000 Interest Receive 100 Account Payable 200 Salary Rayable 220 2.500 3.200 25.000 56700 uultes Payable 2.30 Untamed Havenue 240 0 Not avabile 250 2.100 3.000 70.000 Tax Payabile 260 Interest Payable 210 Common S 200 o 0 675,000 Related Earning 380 0 Dividends 320 0 8,000 Service/Sales Revenue 400 Dividend become 430 Gain or Sale 450 1200 20.000 45.000 14.000 79.000 Salary pene 510 Rent Eugenie 515 Cost of Goods Sold 500 a 8,200 22.400 4.700 10.500 35,100 Utilities Expense 520 0 2.100 Depreciation pense 530 Insurance Espen 540 Supply pense 550 0 Tas pense 56 Losse Sale 500 1.000 Inerest Expense 570 Credit Debit 562.200 19.000 49.700 3.200 12.000 18,000 12.000 67,000 30,000 85,000 5,000 84.700 Zeta Video Game Supplies Unadjusted Trial Balance For the period ended 12/31/x1 Account 100 Cash 110 Accounts Receivable 120 Inventory 125 Supplies 130 Prepaid Insurance 140 Prepaid Rent 150 Marketable Securities 160 Equipment 165 Accumulated Depreciation 170 Land 175 Land - held for Investment 180 Patent 190 Interest Receivable 200 Account Payable 220 Salaries Payable 230 Utilities Payable 240 Unearned Revenue 250 Note Payable 260 Tax Payable 270 Interest Payable 300 Common Stock 310 Retained Earnings 320 Dividends 400 Service Revenue 410 Dividend Income 450 Gain on Sale 500 Cost of Goods Sold 510 Salary Expense 515 Rent Expense 520 utilities Expense 530 Depreciation Expense 540 Insurance Expense 550 Supplies Expense 560 Tax Expense 570 Interest Expense 590 Loss on Sales 2.100 8.000 70,000 675,000 8,000 79,000 1,200 35,300 10,500 2,100 1.000 920,000 920,000 GENERAL JOURNAL Ref. Debit Credit Date 1. Mar Description account titles) No Entry needed - 5 million - $1 par shares authorized 675,000 20-Mar Cash Common Stock (issued 450,000 shares at $1.50) 100 300 675,000 7-Apr 5,000 Patent Cash (Patent for game chair) JRD 100 5,000 3,200 28-Apr Supplies Accounts Payable (Purchased supplies) 125 200 3,200 70,000 1-May Equipment Note Payable purchased equipment - S/L depreciation method) 160 250 70,000 85,000 10-May Inventory Account Payable purchased inventory - FIFO method/ perpetual system) 220 200 85,000 170 30.000 85.000 175 31-May Land Land-held Cash purchase two parcels of land) 300 115,000 1.Jun 1.30 12,000 Prepaid Insurance Cash purchased two year insurance policy) 100 12.000 26-Jun 100 9.000 11,000 110 400 20.000 Cash Account Receivable Service or Sales Revenue Cost of Goods Sold Inventory (Sold Inventory) 8,200 500 120 8,200 7-Jul 45,000 400 45,000 Cash Service or Sales Revenue Cost of Goods Sold Inventory (Sold Inventory 500 22,400 120 22,400 26-Jul 500 10.500 Salary Expense Cash 10,500 26-Jul 10,500 Salary Expense Cash so 100 10.500 GENERAL JOURNAL Date Ret Debit Description escovint titles) (paid employees) 9-Aug 8,000 Cash Unearned Revenue customer paid for product in advance) 300 240 3.000 17.Aug 210 14,000 14.000 Account Receivable Service or Sales Revenue Cost of Goods Sold Inventory provided services) 50 4,700 1. 4,700 10-Sep 12.000 Marketable Securities Cash (purchase securities - intent to hold) 170 100 12,000 6,000 21-Sep Cash Account Receivable treceived payment from customer 6.000 29-Sep 2.000 1.000 Cash Loss on Sale Equipment (Sold equipment) 590 170 3,000 1-Oct 18.000 Prepaid Rent Cash lipaid one year of rent in advance) 18.000 19-Oct 1,200 Cash Dividend Income freceived interest from investment) 210 1.200 8-Nov 2.100 Utilities Expense Utilities Payable treceived bill to be paid) 280 2.100 200 3.500 27-Nov Account Payable Cash lipaid supply bil) 3.500 15-Dec LO 8,000 Dividends Cash (paid dividends) 8.000