Only requirements 1-3
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. 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 Howard 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. Requirement 1 Requirement Description Prepare the Journal Entries in the General Journal Post Journal Entries to the General Ledger Prepare a Trial Balance Worksheet Name 1 - Journal Entries 2. General ledger 3- Trial Balance 2 3 During its first month of operation, HFRM completed the following transactions. 1 2 3 3 4 Date March 1 5 6 7 March 1 March 1 March 3 8 March Transactions Transaction Description 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. Paid the premium on a 1-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. Purchased repair supplies from Gary 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. Made payment to Gary Company, $400. Cash FMS repair 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. March 8 9 10 March 10 March 11 11 12 March 18 March 20 13 14 15 March 31 March 31 March 31 16 17 1 Use the following account descriptions for journal entries. 2 3 Chart of Accounts Account Number Account Title 4 Account Type Assets Normal Balance 5 5 111 117 119 7 Review Chapter 2. p. 90 for more information on the Chart of Accounts Cash Prepaid Insurance Repair Supplies Repair Equipment Accum Dep-Repair Equipment 8 Debit Debit Debit Debit Credit 144 10 145 11 12 Liabilities 13 212 213 Accounts Payable Income Tax Payable Credit Credit 14 15 16 Stockholders Equity 17 18 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit 19 20 21 Revenue 22 411 FMS Repair Revenue Credit 23 24 Expenses 25 26 27 28 511 512 513 514 515 516 517 Store Rent Expense Debit Telephone Expense Debit Insurance Expense Debit Repair Supplies Expense Debit Dep Expense - Repair Equipment Debit Income Tax Expense Debit Electric Expense Debit 29 30 31 D O REQUIREMENT #1: Prepare joumal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits--All of your Journal Entries should balance. General Journal Account Number from Chart of Date Accounts tab count Title from Chart of Accounts Debit Credit Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. 10 11 12 13 14 15 10 17 TA 15 20 22 23 24 25 26 27 28 20 30 -32 34 35 30 37 30 39 40 41 42 43 44 46 46 REQUIREMENT 82: Post the March journal entries to refoong Accounts and compute ending balances This worksheet will be used to complete Requirements 125 and 19. Instructions for is can be found on the Adjusting En Worksheet income for con be found on the Closing Entries Worksheet REQUIREMENT #3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance March 31. Account Balance Title Debit Credit Only enter accounts that have a balance Account Number 8 10 11 12 13 14 15 10 12 18 10 20 21 22 23 24 25 20 27 201 20 30 31 32 33 34 36 30 37 0
