Part 2 of the project picks up where part 1 left off. Use the graded feedback from part 1 and correct any mistakes. To check your work before beginning, I will provide the journal entry answers in the following module 5 item at the beginning of week 6 time frame. 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 $68,150.

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 Part 2 is due by the normal Module 6 deadline.

This project will be completed in two parts. All answers should be submitted in the Excel template also attached to this module. 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 $ 600 from Franklin from a previous engagement in Oct. Dec. 2 nd Paid $ 1,500 on Gustos Inc. invoice from a previously recorded transaction with check #1301. Dec 3 rd Paid December rent of $ 2,300 with check #1302. Dec 4 th Completed additional work for Washington, sent invoice #Y77P for $ 1,300 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 $ 23,000 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 $ 1,400 to cover all utilities for the month of Dec using check #1304. Dec. 10 th - Completed $ 550 worth of work for a repeat customer who pays cash immediately upon completion. Dec. 11 th - Collected $ 800 from Washington from a previous engagement in Nov. Dec. 12 th Our employee earned two weeks of pay amounting to $ 1,700 , 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 $ 3,100 for personal use using check #1305. Dec. 16 th Completed a large job for Franklin for $ 12,000 . Sent invoice #Y78P due Jan. 31 st . Dec. 22 nd Franklin paid $ 1,500 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 $ 300 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 $ 27,950 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