Neep help with adjusting entries and adjusting trial balance ACCT B202 Spring 2020 Page 1 of 3 ACCOUNTING CYCLE PROBLEM Worth 60 points toward your final grade Journal entries due March 6 Completed Problem DUE March 20 start of class In grading this, I will be looking for whether you approached the problem appropriately (check figures are provided so you will know if you are on the right track) and if you followed directions You will only obtain the maximum points IF you get the correct answers, since after all, you have check figures And managers want the correct numbers to base decisions on I will also check to see if your worksheet, journal, ledger and financial statements hang together (l e , have the same amounts on each, and that the financial statements articulate) This problem will take some time, so start early so that if you run into problems, you can got help You will regret it if you wait until the night before it is due You should be able to earn ALL the available points on this project On February 28, 2020, Wolfpack Inc, had account balances in their general ledger, as shown on the attached page of T accounts During the month of March (based on March 2020 calendar on page 3), Wolfpack engaged in the following transactions Mar 2 Received $6 400 cash from customers as payment on account 3 Put $3,000 down on new equipment with a cost of $15,000 The remainder was borrowed from the bank at 8 , with the principal and interest to be paid a year from now The new equipment should last 7 years and have a $500 salvage value 5 Paid for renewal of a business liability insurance policy for three years, $5,400, term started on March 1 9 Recorded fees earned on account of $13,000 11 Wolfpack received $5,000 cash for services performed Payday employees are paid a total of $3,200 every two weeks for 8 hours per day, 5 days per week Cut off for payroll is the Friday before payday This means that some of the work employees are being paid for is for work performed in February (HINT Look in the General Ledger) so this payday is for the two weeks ending March 6 16 Purchased supplies on account, $4,000 AOCT 3202 Spring 2020 Page 2 of 3 18 Received a $7 000 check from Kettle Corp for services to be performed in April 20 Paid $600 to Google Ad Services for 60 days of daily ad placement starting March 23 23 Paid for 75 of the balance in Accounts Payable as of 3 23 25 Received $8,000 payment from customers on account 28 The board declared and paid a dividend of $2,500 27 Payday for the two weeks ending March 20 30 Paid rent for April The rent is going up April 1 to $1,000 per month 31 Paid $450 utility bill for March Step by step through the accounting cycle a Write journal entries for each transaction listed above on the journal entry paper posted on Bb or notebook paper This is your General Journal Those are due by MARCH 6 in class Make a copy to hand in so you have a copy to work from This is worth part of the final grade We will go over this in class so you can finish the problem with correct amounts b Post each transaction to the ledger, checking of each entry as you enter it into the lodger c After you post all entries, then strike a balance in each account Each one should have its normal balance You should find the CASH balance to be $12 575 d Prepare an unadjusted trial balance on the worksheet provided to test DR CR (follow model in Chapter 3 (page 3 30 through 3 32 in e textbook on WileyPlus or on reserve in the library ) recording only the DR or CR balances for each account If DR CR, find your errors You may do this on Excel, using the spreadsheet posted on Bb e Prepare adjusting entries in the General Journal at the end of February Note that the actual month of March 2020 is the basis for this problem (posted below) ROUND TO NEAREST DOLLAR Be sure to SHOW CALCULATIONS for these Record depreciation for the month The pre existing equipment had a 5 year life and no salvage value Supplies on hand at the end of February total $2,800 The balance in Uneamed Fees on March 31 should relate to Kettle Corp e only ACCT B202 Spring 2020 Page 3 of 3 Record accrued salaries as of March 31 Record the expiration of one month of insurance Accrue interest on the note payable Adjust for expired rent 8) Adjust for advertising Services received 1 Post adjusting entries to the General Ledger Strike new balances in the accounts in the GL g Prepare an Adjusted Trial Balance and test to see if DR CR If not, find your errors h Prepare three financial statements using the information in the adjusted trial balance, as shown on pages 4 22 through 4 24 Income Statement, Statement of Retained Earnings, and Balance Sheet in GOOD FORM, which means the header needs to be included) L Now write all necessary closing entries in your General Journal and post them to the General Ledger Finally prepare a Post Closing Trial Balance (see pages 4 27 through 4 29) to test the accuracy of the journaling posting of the closing entries An example of a PCTB is in Ilustration 4 34 (Step 9 Prepare a Post Closing Trial Balance) k Staple the project together in the following order 1 Trial balances 2 General Ledger 3 General Journal 4 Income Statement, Statement of Retained Earnings, Balance Sheet 5 Post closing Trial Balance I f you hand it in late, I will deduct points from your final score 5 for each 24 hour period you wait to hand it in, and that includes the weekend March 2020 0 1 2 ACCT B202 Spring 2020 Page 1 of 3 ACCOUNTING CYCLE PROBLEM Worth 60 points toward your final grade Journal entries due March 6 Completed Problem DUE March 20 start of class In grading this, I will be looking for whether you approached the problem appropriately (check figures are provided so you will know if you are on the right track) and if you followed directions You will only obtain the maximum points IF you get the correct answers, since after all, you have check figures And managers want the correct numbers to base decisions on I will also check to see if your worksheet, journal, ledger and financial statements hang together (l e , have the same amounts on each, and that the financial statements articulate) This problem will take some time, so start early so that if you run into problems, you can got help You will regret it if you wait until the night before it is due You should be able to earn ALL the available points on this project On February 28, 2020, Wolfpack Inc, had account balances in their general ledger, as shown on the attached page of T accounts During the month of March (based on March 2020 calendar on page 3), Wolfpack engaged in the following transactions Mar 2 Received $6 400 cash from customers as payment on account 3 Put $3,000 down on new equipment with a cost of $15,000 The remainder was borrowed from the bank at 8 , with the principal and interest to be paid a year from now The new equipment should last 7 years and have a $500 salvage value 5 Paid for renewal of a business liability insurance policy for three years, $5,400, term started on March 1 9 Recorded fees earned on account of $13,000 11 Wolfpack received $5,000 cash for services performed Payday employees are paid a total of $3,200 every two weeks for 8 hours per day, 5 days per week Cut off for payroll is the Friday before payday This means that some of the work employees are being paid for is for work performed in February (HINT Look in the General Ledger) so this payday is for the two weeks ending March 6 16 Purchased supplies on account, $4,000 AOCT 3202 Spring 2020 Page 2 of 3 18 Received a $7 000 check from Kettle Corp for services to be performed in April 20 Paid $600 to Google Ad Services for 60 days of daily ad placement starting March 23 23 Paid for 75 of the balance in Accounts Payable as of 3 23 25 Received $8,000 payment from customers on account 28 The board declared and paid a dividend of $2,500 27 Payday for the two weeks ending March 20 30 Paid rent for April The rent is going up April 1 to $1,000 per month 31 Paid $450 utility bill for March Step by step through the accounting cycle a Write journal entries for each transaction listed above on the journal entry paper posted on Bb or notebook paper This is your General Journal Those are due by MARCH 6 in class Make a copy to hand in so you have a copy to work from This is worth part of the final grade We will go over this in class so you can finish the problem with correct amounts b Post each transaction to the ledger, checking of each entry as you enter it into the lodger c After you post all entries, then strike a balance in each account Each one should have its normal balance You should find the CASH balance to be $12 575 d Prepare an unadjusted trial balance on the worksheet provided to test DR CR (follow model in Chapter 3 (page 3 30 through 3 32 in e textbook on WileyPlus or on reserve in the library ) recording only the DR or CR balances for each account If DR CR, find your errors You may do this on Excel, using the spreadsheet posted on Bb e Prepare adjusting entries in the General Journal at the end of February Note that the actual month of March 2020 is the basis for this problem (posted below) ROUND TO NEAREST DOLLAR Be sure to SHOW CALCULATIONS for these Record depreciation for the month The pre existing equipment had a 5 year life and no salvage value Supplies on hand at the end of February total $2,800 The balance in Uneamed Fees on March 31 should relate to Kettle Corp e only ACCT B202 Spring 2020 Page 3 of 3 Record accrued salaries as of March 31 Record the expiration of one month of insurance Accrue interest on the note payable Adjust for expired rent 8) Adjust for advertising Services received 1 Post adjusting entries to the General Ledger Strike new balances in the accounts in the GL g Prepare an Adjusted Trial Balance and test to see if DR CR If not, find your errors h Prepare three financial statements using the information in the adjusted trial balance, as shown on pages 4 22 through 4 24 Income Statement, Statement of Retained Earnings, and Balance Sheet in GOOD FORM, which means the header needs to be included) L Now write all necessary closing entries in your General Journal and post them to the General Ledger Finally prepare a Post Closing Trial Balance (see pages 4 27 through 4 29) to test the accuracy of the journaling posting of the closing entries An example of a PCTB is in Ilustration 4 34 (Step 9 Prepare a Post Closing Trial Balance) k Staple the project together in the following order 1 Trial balances 2 General Ledger 3 General Journal 4 Income Statement, Statement of Retained Earnings, Balance Sheet 5 Post closing Trial Balance I f you hand it in late, I will deduct points from your final score 5 for each 24 hour period you wait to hand it in, and that includes the weekend March 2020 0 1 2

Question

Neep help with adjusting entries and adjusting trial balance ACCT B202   Spring 2020   Page 1 of 3 ACCOUNTING CYCLE PROBLEM Worth 60 points toward your final grade Journal entries due March 6 Completed Problem DUE March 20 start of class In grading this, I will be looking for whether you approached the problem appropriately (check figures are provided so you will know if you are on the right track) and if you followed directions You will only obtain the maximum points IF you get the correct answers, since after all, you have check figures  And managers want the correct numbers to base decisions on  I will also check to see if your worksheet, journal, ledger and financial statements hang together (l e , have the same amounts on each, and that the financial statements articulate)  This problem will take some time, so start early so that if you run into problems, you can got help  You will regret it if you wait until the night before it is due  You should be able to earn ALL the available points on this project  On February 28, 2020, Wolfpack Inc, had account balances in their general ledger, as shown on the attached page of T accounts During the month of March (based on March 2020 calendar on page 3), Wolfpack engaged in the following transactions  Mar 2 Received $6 400 cash from customers as payment on account  3 Put $3,000 down on new equipment with a cost of $15,000  The remainder was borrowed from the bank at 8 , with the principal and interest to be paid a year from now  The new equipment should last 7 years and have a $500 salvage value  5 Paid for renewal of a business liability insurance policy for three years, $5,400, term started on March 1  9 Recorded fees earned on account of $13,000  11 Wolfpack received $5,000 cash for services performed  Payday employees are paid a total of $3,200 every two weeks for 8 hours per day, 5 days per week  Cut off for payroll is the Friday before payday  This means that some of the work employees are being paid for is for work performed in February  (HINT  Look in the General Ledger) so this payday is for the two weeks ending March 6  16 Purchased supplies on account, $4,000  AOCT 3202   Spring 2020   Page 2 of 3 18 Received a $7 000 check from Kettle Corp  for services to be performed in   April 20 Paid $600 to Google Ad Services for 60 days of daily ad placement starting March 23 23 Paid for 75  of the balance in Accounts Payable as of 3 23  25 Received $8,000 payment from customers on account  28 The board declared and paid a dividend of $2,500  27 Payday for the two weeks ending March 20  30 Paid rent for April  The rent is going up April 1 to $1,000 per month 31 Paid $450 utility bill for March Step by step through the accounting cycle  a  Write journal entries for each transaction listed above on the journal entry paper posted on Bb or notebook paper  This is your General Journal  Those are due by MARCH 6 in class  Make a copy to hand in so you have a copy to work from  This is worth part of the final grade  We will go over this in class so you can finish the problem with correct amounts  b  Post each transaction to the ledger, checking of each entry as you enter it into the lodger  c  After you post all entries, then strike a balance in each account  Each one should have its normal balance  You should find the CASH balance to be $12 575 d  Prepare an unadjusted trial balance on the worksheet provided to test DR   CR (follow model in Chapter 3 (page 3 30 through 3 32 in e textbook on WileyPlus or on reserve in the library ) recording only the DR or CR balances for each account  If DR CR, find your errors  You may do this on Excel, using the spreadsheet posted on Bb  e  Prepare adjusting entries in the General Journal at the end of February  Note that the actual month of March 2020 is the basis for this problem (posted below)  ROUND TO NEAREST DOLLAR  Be sure to SHOW CALCULATIONS for these  Record depreciation for the month  The pre existing equipment had a 5 year life and no salvage value  Supplies on hand at the end of February total $2,800  The balance in Uneamed Fees on March 31 should relate to Kettle Corp  e only  ACCT B202   Spring 2020   Page 3 of 3 Record accrued salaries as of March 31  Record the expiration of one month of insurance  Accrue interest on the note payable    Adjust for expired rent 8) Adjust for advertising Services received 1  Post adjusting entries to the General Ledger  Strike new balances in the accounts in the GL g  Prepare an Adjusted Trial Balance and test to see if DR   CR  If not, find your errors  h  Prepare three financial statements using the information in the adjusted trial balance, as shown on pages 4 22 through 4 24    Income Statement, Statement of Retained Earnings, and Balance Sheet in GOOD FORM, which means the header needs to be included) L Now write all necessary closing entries in your General Journal and post them to the General Ledger Finally prepare a Post Closing Trial Balance (see pages 4 27 through 4 29) to test the accuracy of the journaling posting of the closing entries  An example of a PCTB is in Ilustration 4 34 (Step 9  Prepare a Post Closing Trial Balance) k Staple the project together in the following order  1  Trial balances 2 General Ledger 3  General Journal 4  Income Statement, Statement of Retained Earnings, Balance Sheet 5  Post closing Trial Balance I f you hand it in late, I will deduct points from your final score  5  for each 24  hour period you wait to hand it in, and that includes the weekend  March 2020 0 1 2 ACCT B202   Spring 2020   Page 1 of 3 ACCOUNTING CYCLE PROBLEM Worth 60 points toward your final grade Journal entries due March 6 Completed Problem DUE March 20 start of class In grading this, I will be looking for whether you approached the problem appropriately (check figures are provided so you will know if you are on the right track) and if you followed directions You will only obtain the maximum points IF you get the correct answers, since after all, you have check figures  And managers want the correct numbers to base decisions on  I will also check to see if your worksheet, journal, ledger and financial statements hang together (l e , have the same amounts on each, and that the financial statements articulate)  This problem will take some time, so start early so that if you run into problems, you can got help  You will regret it if you wait until the night before it is due  You should be able to earn ALL the available points on this project  On February 28, 2020, Wolfpack Inc, had account balances in their general ledger, as shown on the attached page of T accounts During the month of March (based on March 2020 calendar on page 3), Wolfpack engaged in the following transactions  Mar 2 Received $6 400 cash from customers as payment on account  3 Put $3,000 down on new equipment with a cost of $15,000  The remainder was borrowed from the bank at 8 , with the principal and interest to be paid a year from now  The new equipment should last 7 years and have a $500 salvage value  5 Paid for renewal of a business liability insurance policy for three years, $5,400, term started on March 1  9 Recorded fees earned on account of $13,000  11 Wolfpack received $5,000 cash for services performed  Payday employees are paid a total of $3,200 every two weeks for 8 hours per day, 5 days per week  Cut off for payroll is the Friday before payday  This means that some of the work employees are being paid for is for work performed in February  (HINT  Look in the General Ledger) so this payday is for the two weeks ending March 6  16 Purchased supplies on account, $4,000  AOCT 3202   Spring 2020   Page 2 of 3 18 Received a $7 000 check from Kettle Corp  for services to be performed in   April 20 Paid $600 to Google Ad Services for 60 days of daily ad placement starting March 23 23 Paid for 75  of the balance in Accounts Payable as of 3 23  25 Received $8,000 payment from customers on account  28 The board declared and paid a dividend of $2,500  27 Payday for the two weeks ending March 20  30 Paid rent for April  The rent is going up April 1 to $1,000 per month 31 Paid $450 utility bill for March Step by step through the accounting cycle  a  Write journal entries for each transaction listed above on the journal entry paper posted on Bb or notebook paper  This is your General Journal  Those are due by MARCH 6 in class  Make a copy to hand in so you have a copy to work from  This is worth part of the final grade  We will go over this in class so you can finish the problem with correct amounts  b  Post each transaction to the ledger, checking of each entry as you enter it into the lodger  c  After you post all entries, then strike a balance in each account  Each one should have its normal balance  You should find the CASH balance to be $12 575 d  Prepare an unadjusted trial balance on the worksheet provided to test DR   CR (follow model in Chapter 3 (page 3 30 through 3 32 in e textbook on WileyPlus or on reserve in the library ) recording only the DR or CR balances for each account  If DR CR, find your errors  You may do this on Excel, using the spreadsheet posted on Bb  e  Prepare adjusting entries in the General Journal at the end of February  Note that the actual month of March 2020 is the basis for this problem (posted below)  ROUND TO NEAREST DOLLAR  Be sure to SHOW CALCULATIONS for these  Record depreciation for the month  The pre existing equipment had a 5 year life and no salvage value  Supplies on hand at the end of February total $2,800  The balance in Uneamed Fees on March 31 should relate to Kettle Corp  e only  ACCT B202   Spring 2020   Page 3 of 3 Record accrued salaries as of March 31  Record the expiration of one month of insurance  Accrue interest on the note payable    Adjust for expired rent 8) Adjust for advertising Services received 1  Post adjusting entries to the General Ledger  Strike new balances in the accounts in the GL g  Prepare an Adjusted Trial Balance and test to see if DR   CR  If not, find your errors  h  Prepare three financial statements using the information in the adjusted trial balance, as shown on pages 4 22 through 4 24    Income Statement, Statement of Retained Earnings, and Balance Sheet in GOOD FORM, which means the header needs to be included) L Now write all necessary closing entries in your General Journal and post them to the General Ledger Finally prepare a Post Closing Trial Balance (see pages 4 27 through 4 29) to test the accuracy of the journaling posting of the closing entries  An example of a PCTB is in Ilustration 4 34 (Step 9  Prepare a Post Closing Trial Balance) k Staple the project together in the following order  1  Trial balances 2 General Ledger 3  General Journal 4  Income Statement, Statement of Retained Earnings, Balance Sheet 5  Post closing Trial Balance I f you hand it in late, I will deduct points from your final score  5  for each 24  hour period you wait to hand it in, and that includes the weekend  March 2020 0 1 2

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Neep help with adjusting entries and adjusting trial balance ACCT B202 / Spring 2020 / Page 1 of 3 ACCOUNTING CYCLE PROBLEM Worth 60 points

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