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INSTRUCTIONS AND TRANSACTIONS FOR THE CHAPTER 3 BIG PROJECT WORTH 100 POINTS

NOTE: YOU MUST USE THE PROJECT WORKPAPERS (EXCEL FILE) PROVIDED IN D2L CONTENT / CHAPTER 3 FOLDER. NO OTHER FILES WILL BE ACCEPTED.

On January 1, 2021 Susie Curl opened her own salon business named Curl, Up and Dye. The following transactions occurred during the companys first month of operations:

Jan 1 To get the business started, Susie invested $10,000 cash, computer equipment worth $5,000, and other Salon Supplies worth $5,000 exchange for Common Stock in her new company.

2 Purchased a building for $120,000 by taking out a loan through the local bank.

3 Purchased $200 of additional Salon Supplies for cash.

5 Paid $1,200 cash for a one-year insurance policy. Coverage began immediately.

14 Paid $600 cash for wages to each of two employees Getty Up and Red Dye.

24 Collected $6,000 cash for services provided to customers in January.

26 To help with cash flow, Susie took out an additional loan from the local bank for $10,000, which she received in Cash.

28 Paid another $600 cash each for wages to Getty and Red.

29 Paid $150 for internet service in cash.

30 Paid $150 cash to repair the companys computer after Getty spilled hair dye on the laptop.

The companys chart of accounts included the following:

101 Cash 405 Service Fee Revenue

106 Accounts Receivable 612 Depreciation Expense Computer Equip.

124 Salon Supplies 622 Wage Expense

128 Prepaid Insurance 637 Insurance Expense

167 Computer Equipment 640 Rent Expense

168 Accum. Depr. Computer Equip

190 Building 650 Salon Supply Expense

684 Repairs Expense

209 Wages Payable 688 Internet Service Expense

212 Interest Payable 690 Interest Expense

220 Notes Payable 901 Retained Earnings

301 Common Stock

Required

1. Prepare journal entries to record the transactions for January and post them to the general ledger accounts. The company records prepaid and unearned items in balance sheet accounts. The journal pages in the workpapers are pre-numbered. and the general ledger accounts are set up for you in the workpapers as well. Be sure to use the appropriate general ledger number in the post reference column in the general journal. Make sure to prepare journal entries in proper format and include transaction descriptions.

2. Post journal entries to the General Ledger pre-numberd accounts provided in the workpapers.

3. Prepare an unadjusted trial balance as of 1/31/2021.

4. Use the following information to journalize and post adjusting entries for the month:

a. One months insurance coverage has expired.

b. There are $4,000 of Salon Supplies on hand (unused) at the end of the month.

c. Depreciation on the computer equipment is $500.

d. The employees earned a total of $600 of unpaid and unrecorded wages.

e. The company earned $12,000 of fees for services provided in January, not yet been billed.

f. Record monthly interest on bank loans of $3,000, which will not be paid until February 2019..

5. Post your adjusting entries on the General Ledger and calculate new balances. Complete an Adjusted Trial Balance.

6. Prepare the income statement and statement of Retained Earnings.

7. Prepare a CLASSIFIED balance sheet at 1/31/2021. See your text for proper format.

8. Prepare journal entries to close the temporary accounts and then post these entries to the General Ledger.

9. Prepare a post-closing trial balance.