Part 1 will contain a chart of accounts with opening account balances, list of business transactions, journaling all transactions into the general journal, and updating each account balance. Upon submission, your instructor will indicate which journal entries and/or T-Acct entries are incorrect.

Part 2 will have you correct any mistakes and then complete the project. The remaining parts of the project will include preparing an adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries, and post-closing trial balance.

Dec. 1^st Collected $877 from Franklin from a previous engagement in Oct.

Dec. 2^nd Paid $1,520 on Gustos Inc. invoice from a previously recorded transaction with check #1301.

Dec 3^rd Paid December rent of $2,050 with check #1302.

Dec 4^th Completed additional work for Washington, sent invoice #Y77P for $1,330 due in 1 month.

Dec. 5^th Paid employee from work previously expensed in Nov. with payment due Dec. 5^th using check #1303.

Dec. 8^th Purchased land on a note for $34,714 to be used for future construction of a new office building. Land and Notes payable will have account numbers of 150 and 240, respectively.

Dec. 9^th Paid $1,333 to cover all utilities for the month of Dec using check #1304.

Dec. 10^th - Completed $495 worth of work for a repeat customer who pays cash immediately upon completion.

Dec. 11^th - Collected $921 from Washington from a previous engagement in Nov.

Dec. 12^th Our employee earned two weeks of pay amounting to $1,555 , to be paid Dec. 23^rd. *employee took vacation from Dec. 15^th-Dec. 31^st. No pay will accrue*

Dec. 15^th - Leah Tyler, the owner, withdrew $3,111 for personal use using check #1305.

Dec. 16^th Completed a large job for Franklin for $11,277. Sent invoice #Y78P due Jan. 31^st.

Dec. 22^nd Franklin paid $2,810 to pay off some of his balance due.

Dec. 23^rd Paid our employee for the work expensed Dec. 12^th.

Dec 24^th-Dec. 31^st Owner took off the rest of the year.

Adjustments

1. The equipment was used for the third year.

2. Prepaid insurance was adjusted for Oct-Dec usage.

3. Unearned revenue was updated to show 3 months of work completed.

4. A final count of supplies showed $310 remaining.

Part 1 instructions

1. Open the Excel attachment named Student fill-in template

2. Transfer the opening trial balance amounts to the T-Accts

3. Journal and post to the T-Accts the December and adjusting transactions

4. Total each T-Acct and provide the equation total at the top in the highlighted cells.

Check Figure The cash T-Acct final balance should be $30,034

Part 2 instructions

1. Using the feedback provided from your instructor in the gradebook, update any incorrect items.

2. Prepare the Adjusted trial balance

3. Prepare the Income Statement, Statement of Retained Earnings, and the Balance Sheet.

4. Prepare the Closing journal entries and Post-closing trial balance

Thus resubmissions to Part 1 must be completed by the Module 5 normal due date. For any items still incorrect, use these entries to correct your T-Accts. To help ensure you are on the correct path, Total Assets should equal $79, 557.

The same instructions from Module 3 are recopied below. Scroll down to page 2 for the remaining items to complete. All answers should be submitted in the same Excel template as part 1.

Part 2 contains the following

• Adjusted trial balance
• Income statement
• Statement of owners equity
• Balance sheet
• General journal (for journalizing closing entries)
• Post-closing trial balance

150-Land date \begin{tabular}{|l|l|} dr. & cr. \\ \hline & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & GENERAL JOURNAL & & & p. 1 \\ \hline & "Skip lince between tronesction d & lates & & \\ \hline Date & Transaction & Post.Biff. & Debit & Credit \\ \hline 1-Dec & CASH & 110 & 877 & \\ \hline & Accounts receivable - Franklir & 100 & & 877 \\ \hline 2-Dec & Accounts Payable-Gusto lnc. & 200 & 1520 & \\ \hline & Cash & 100 & & 1520 \\ \hline 3-Dec & Rent Expense & 503 & 2050 & \\ \hline & Cash & 100 & & 2050 \\ \hline 4-Dec & Accounts Reicuable- Washington & 115 & 1330 & \\ \hline & Revenue Earned & 400 & & 1330 \\ \hline 5-Dec & Wages Expense & 500 & 1600 & \\ \hline & Cash & 100 & & 1600 \\ \hline 8-Dec & Land & 150 & 34714 & \\ \hline & Cash & 110 & & 34714 \\ \hline 9-Dec & Utilities Expense & 501 & 1333 & \\ \hline & Cash 200 & 100 & & 1333 \\ \hline & & & & \\ \hline 10-Dec & Cash & 100 & 495 & \\ \hline & Revenue Earned & 400 & & 495 \\ \hline 11-Dec & Cash & 100 & 921 & \\ \hline & Acounts Receivable- Washington & 115 & & 921 \\ \hline 12-Dec & Wage Expennse & 500 & 1555 & \\ \hline & Wages Payable & 210 & & 1555 \\ \hline 15-Dec & Leah Tyler- 'Withdraw & 302 & 3111 & \\ \hline & Cash & 100 & & 3111 \\ \hline 16-Dec & Accounnts Receivable- Franklin & 110 & 11277 & \\ \hline & Revenue Earned & 400 & & 11277 \\ \hline 22-Dec & Cash & 100 & 2810 & \\ \hline & Accounts Receivable- Franklin & 110 & & 2810 \\ \hline 23-Dec & Wages Payable & 210 & 1555 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|l|}{2} \\ \hline \multicolumn{4}{|l|}{3} \\ \hline 4 & ACCOUNT NAME & DEBIT & CREDIT \\ \hline \multicolumn{4}{|l|}{5} \\ \hline \multicolumn{4}{|l|}{6} \\ \hline \multicolumn{4}{|l|}{7} \\ \hline \multicolumn{4}{|l|}{8} \\ \hline \multicolumn{4}{|l|}{9} \\ \hline \multicolumn{4}{|c|}{10} \\ \hline \multicolumn{4}{|c|}{11} \\ \hline \multicolumn{4}{|c|}{12} \\ \hline \multicolumn{4}{|l|}{13} \\ \hline \multicolumn{4}{|c|}{14} \\ \hline \multicolumn{4}{|l|}{15} \\ \hline \multicolumn{4}{|c|}{16} \\ \hline \multicolumn{4}{|c|}{17} \\ \hline \multicolumn{4}{|c|}{18} \\ \hline \multicolumn{4}{|l|}{19} \\ \hline 20 & & & \\ \hline 21 & & & \\ \hline \end{tabular} 150-Land date \begin{tabular}{|l|l|} dr. & cr. \\ \hline & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & GENERAL JOURNAL & & & p. 1 \\ \hline & "Skip lince between tronesction d & lates & & \\ \hline Date & Transaction & Post.Biff. & Debit & Credit \\ \hline 1-Dec & CASH & 110 & 877 & \\ \hline & Accounts receivable - Franklir & 100 & & 877 \\ \hline 2-Dec & Accounts Payable-Gusto lnc. & 200 & 1520 & \\ \hline & Cash & 100 & & 1520 \\ \hline 3-Dec & Rent Expense & 503 & 2050 & \\ \hline & Cash & 100 & & 2050 \\ \hline 4-Dec & Accounts Reicuable- Washington & 115 & 1330 & \\ \hline & Revenue Earned & 400 & & 1330 \\ \hline 5-Dec & Wages Expense & 500 & 1600 & \\ \hline & Cash & 100 & & 1600 \\ \hline 8-Dec & Land & 150 & 34714 & \\ \hline & Cash & 110 & & 34714 \\ \hline 9-Dec & Utilities Expense & 501 & 1333 & \\ \hline & Cash 200 & 100 & & 1333 \\ \hline & & & & \\ \hline 10-Dec & Cash & 100 & 495 & \\ \hline & Revenue Earned & 400 & & 495 \\ \hline 11-Dec & Cash & 100 & 921 & \\ \hline & Acounts Receivable- Washington & 115 & & 921 \\ \hline 12-Dec & Wage Expennse & 500 & 1555 & \\ \hline & Wages Payable & 210 & & 1555 \\ \hline 15-Dec & Leah Tyler- 'Withdraw & 302 & 3111 & \\ \hline & Cash & 100 & & 3111 \\ \hline 16-Dec & Accounnts Receivable- Franklin & 110 & 11277 & \\ \hline & Revenue Earned & 400 & & 11277 \\ \hline 22-Dec & Cash & 100 & 2810 & \\ \hline & Accounts Receivable- Franklin & 110 & & 2810 \\ \hline 23-Dec & Wages Payable & 210 & 1555 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|l|}{2} \\ \hline \multicolumn{4}{|l|}{3} \\ \hline 4 & ACCOUNT NAME & DEBIT & CREDIT \\ \hline \multicolumn{4}{|l|}{5} \\ \hline \multicolumn{4}{|l|}{6} \\ \hline \multicolumn{4}{|l|}{7} \\ \hline \multicolumn{4}{|l|}{8} \\ \hline \multicolumn{4}{|l|}{9} \\ \hline \multicolumn{4}{|c|}{10} \\ \hline \multicolumn{4}{|c|}{11} \\ \hline \multicolumn{4}{|c|}{12} \\ \hline \multicolumn{4}{|l|}{13} \\ \hline \multicolumn{4}{|c|}{14} \\ \hline \multicolumn{4}{|l|}{15} \\ \hline \multicolumn{4}{|c|}{16} \\ \hline \multicolumn{4}{|c|}{17} \\ \hline \multicolumn{4}{|c|}{18} \\ \hline \multicolumn{4}{|l|}{19} \\ \hline 20 & & & \\ \hline 21 & & & \\ \hline \end{tabular}