Please help!! I would really appreciate if I could get all sections answered

hampton ACCOUNTING SERVICE INC Dear Newbie, Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger, complete a trial balance, and prepare financial statements. Transactions will include day to day operations, adjusting entries, dividends and closing entries. All of the work will be completed in the provided Excel workbook (make sure you save the file on to your computer) Company Information Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides accounting services and sells accounting software. To date the company has issued 20,000 shares of common stock, which are still outstanding The issued shares were sold at $10 per share. A building and furnishings were purchased at the start of the year. The cost of the building was 5140,000 and the cost of the furnishings was $30,000. The depreciation will be recorded annually. The estimated useful life of the building is 20 years with a residual value of $10,000. The company uses the Straight line method to depreciate the building. The estimated useful life of the furnishings is 5 years with a residual value of $2,500. The company uses the Double Declining Balance method to depreciate furnishings. The current inventory consists of 30 units of software at a cost of $140.00 each. Inventory is costed using LIFO and the perpetual inventory system. The company uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net credit revenue will be uncollectible, adjusted monthly. Employees are paid $2.500 salary twice a month, on the 16" for the first half of the month and on the 2nd of the following month for the last half of the month. Ignore income tax calculations Project Requirements 1. Opening balances. The opening balances for select accounts are provided in the appropriate ledger accounts. 2. Record the following transactions in the journal and post to the ledger: 12/02/20-Purchased 10 Units of Software on Account for $1,300 12/02/20-Paid employees Salaries owed 12/02/20- Provided Accounting Service on Account, $3,200 12/05/20 Purchased Computer Equipment on Account, $4,800 Note: The equipment has an estimated useful life of 4 years, residual value of $50 and uses the DDB method. 12/08/20-Purchased Supplies for $800 cash 12/10/20 Received $3,000 payment on account 12/11/20- Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory. Know how to use LIFO. (Hint: The company sold 15 units from its inventory 30@5140-10@$130.) 12/11/20-Made payment on Account, $1,000 12/12/20- Purchased 20 units of Inventory on Account, $2,400 12/14/20-Received a bil for Advertising and paid it, $250 12/15/20-Provided Accounting service for Cash, 58,000 12/16/20-Paid employees salary for Dec. 1-15 12/17/20- Provided Accounting Service on Account $6,000 12/19/20- Sold 10 units of inventory on Account, $3,000 Note: Similar to the sale on 12/11. You should have been keeping track of the cost of the inventory for each purchase and each sale using LIFO. 12/22/20- Received $2,500 payment on Account 12/23/20-Made payment on Account, $2,500 12/24/20- Received and paid monthly Utility bills, $850 12/27/20- Received $2,000 cash in advance for accounting services 12/29/20- Provided Accounting Service for Cash, 55,000 12/30/20-issued 1,000 shares of Common Stock at $15 per share 12/31/20-Declared dividends of $1.50 to outstanding shareholders as of 12/31/20. 3. Prepare a trial balance to verify that total debits equal total credits 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the lediger. Instead, post them directly as adjustments to the trial balance. 12/31/20-Employees salary for Dec. 16-31 12/31/20 Depreciation on Building, use SL method (calculate for entire year) 12/31/20 Depreciation on Furnishings, use DDB method (calculate for entire year) 12/31/20 Depreciation on Computer Equipment, use DDB method (calculate for one month) 12/31/20-Supplies on hand equal $1,625 12/31/20-Inventory count shows 33 units, some damaged units were disposed of during the month 12/31/20-$500 of advance payment was earned in December 12/31/20- Uncollectible Account expense for December (know how to use the Percent of Sales method.) 5. Prepare an Adjusted trial balance to verify debits equal credits at the end of the month 6. Prepare the 3 main financial statements for the year ending December 31, 2020. I hope that's clear. If you have any questions, feel free to contact me. Sincerely, gada Julio Antoni Senior Accountant Hampton Accounting Services Inc. H 3 NOTE: The table will be shaded blue when you have the correct balance. NOTE: Do not post adjusting entries here. You should post these directly on the "Trial Balance sheet 5 6 100 Cash 110 - Accounts Receivable Open Bal 339,349.00 Open Bal 10,000.00 3 S s 0 1 2 Bal $ 339,349.00 Bal $ 10,000.00 Chart of Accounts Journal Ledger Trial Balance Income Stmt Stmt of RE Balance Sheet Instructor Interface D Bal $ 10,000.00 120 - Supplies 2,000.00 Open Bal s Bal $ 2,000.00 B 20 21 Bal $ 339,349.00 22 23 115 - Allowance for Uncollect Acct 24 Open Bal $ 900.00 25 26 27 28 29 Bal s 900.00 30 31 130 - Inventory 32 Open Bal $ 4,200.00 33 34 35 36 37 Bal $ 4,200.00 38 39 151 - Accum Depre Building 40 Open Bal Chart of Accounts Journal Ledger 150 - Building $ 140,000.00 Open Bal Bal $ 140,000.00 Open Bal $ Income Stmt Stmt of RE 155 - Furnishings 30,000.00 Balance Sheet Instructor interface TrialBalance C7 - A F B 4,200.00 G $ 140,000.00 $ Bal 151 - Accum Depre Building 155 - Furnishings 30,000.00 Open Bal s Bal $ 30,000.00 A 37 Bal 38 39 40 Open Bal 41 42 43 44 45 Bal 46 47 48 Open Bal 49 50 51 S2 53 Bal 54 55 56 Open Bal 57 156 - Accum Depre Furnishings 160 - Office Equipment Open Bal S Bal $ 161 - Accum Depre Office Equip 200-A/P $ Open Bal 1,000.00 Chart of Accounts Journal Ledger TrialBalance Income Stmt Stmt of RE Balance Sheet Instructor Interface Ready C7 Bal $ Open Bal 200-A/P $ 1,000.00 Bal A B D 52 53 Bal $ 54 55 161 - Accum Depre Office Equip 56 Open Bal 57 58 59 60 61 62 Bal S 63 64 210- Unearned Ser. Rev. 65 Open Bal 66 67 68 69 70 Bal $ 71 72 220- Dividends Payable Chart of Accounts Journal Ledger TrialBalance Heady $ 1,000.00 Open Bal 215. Salary Payable $ 2,500.00 Bal $ 2,500.00 300- Stock, Common Income Stmt Stmt of RE Balance Sheet Instructor Interface Bal $ 2,500.00 Open Bal 300- Stock, Common S 20,000.00 Bal $ 20,000.00 70 Bal $ 71 72 220-Dividends Payable 73 Open Bal 74 75 76 77 78 Bal 79 80 81 305- Additional Paid In Capital 82 Open Bal $ 433,115.00 83 84 85 86 87 Bal $ 433,115.00 88 89 400 - Service Revenue Chart of Accounts Journal Ledger 310- Retained Earnings $ 40,000.00 Open Bal Bal $ 40,000.00 410 - Sales Revenue TrialBalance Income Stmt Stmt of RE Balance Sheet Instructor Interface F G H Bal $ 40,000.00 Open Bal 410 - Sales Revenue $ 16,500.00 Bal $ 16,500.00 B 36 37 Bal $ 433,115.00 38 39 400 - Service Revenue 0 Open Bal $ 102,500.00 21 2 3 14 5 Bal $ 102,500.00 6 7 500 - Advertising Expense 8 Open Bal s 7,589.00 9 00 01 02 3 Bal s 7,589.00 54 5 520 - Repairs & Maint Expense 36 Open Bal S 10,567.00 Chart of Accounts Journal Ledger 510 - Depreciation Expense Open Bal Bal $ Open Bal $ Income Stint Stmt of RE 530 - Supplies Expense 3,560.00 Balance Sheet Instructor interface TrialBalance nadu B D E F G H $ 7,589.00 Bal 520 - Repairs & Maint Expense $ 10,567.00 530 - Supplies Expense 3,560.00 Open Bal $ A 102 103 Bal 104 105 106 Open Bal 107 108 109 110 111 Bal 112 113 114 Open Bal 115 116 $ 10,567.00 Bal $ 3,560.00 540 - Uncollectible Accts Expense S 900.00 550 - Utilities Expense 5,650.00 Open Bal $ 717 118 119 Bal S 900.00 Bal $ 5,650.00 120 121 560 - Cost of Goods Sold 122 Open Bal $ 7,700.00 Chart of Accounts Journal Ledger Open Bal $ Income Stmt Stmt of RE 570 - Salary Expense 55,000.00 Balance Sheet Instructor Interface TrialBalance Ready B D E F G H 116 117 118 119 Bal 120 $ 900.00 Bal S 5,650.00 121 122 Open Bal 560 - Cost of Goods Sold 7,700.00 $ 570 - Salary Expense 55,000.00 Open Bal $ 123 24 125 126 127 Bal S 7,700.00 Bal $ 55,000.00 128 29 30 31 32 33 34 35 36 TrialBalance Chart of Accounts Journal Ledger Income Stmt Stmt of RE Balance Sheet Instructor Interface D HAMPTON ACCOUNTING SERVICE INC. 2 Trial Balance Do not copy and paste a cell or it will cause errors. If you get an error message REF) due to a pasted cell close the file without saving or 4 Unadjusted Trial Balance Debit Credit Adjustments Credit Debit Adjusted Total Balance Debit Credit 6 Cash 2 Accounts Receivable B Allowance for Unc, Accounts 9 Supplies 10 Inventory 11 Building 12. Accumulated Depreciation Building 13 Furnishing 14 Accumulated Depreciation Furnishings 15 Office Equipment 16 Accumulated Depreciation Off Equip 17 Accounts Payable TB Unearned Service Revenue 19 Salary Payable 20 Dividends Payable Chatol Arcount Journal Ledger Trial Balance come simt Balance Sheet Instructor interface Fond Select That 27 D A Supplies 10 Inventory 11 Building 12 Accumulated Depredation Building 11 Furnishing 14 Accumulated Depreciation - Furnishings 15 Office Equipment 16 Accumulated Depreciation of Equip 17 Accounts Payable 18 Uneared Service Revenue 19 Salary Payable 20 Dividends Payable 21 Stock, Common 22 Additonal Paid in Capital 23 Retained Earnings 24 Service Revenue 25 Sales Revenue 26 Advertising Expense 27 Depreciation Expense 28 Repairs & Maintenance Expense 29 Supplies Capens Chart of Accounts Journal Ledger Trance Income Stw Son ORE Blanches Intructor interface 57 f D 19 Salary Payable 20 Dividends Payable 21 Stock, Common 22 Additonal Paid in Capital 23 Retained Earnings 24 Service Revenue 25 Sales Revenue 26 Advertising Expense 27 Depreciation Expense 28 Repairs & Maintenance Expense 29 Supplies Expense 30 Uncollectible Accounts Expense 31 Utilities Expense 32 Cost of Goods Sold 33 Salary Expense 34 Total 35 $ S $ $ Project rarements pustite 36 32 Jou Chart of Accounts Ledge TrialBalance Income St Stof Balance Shert Irutructor interface Number c9 =+C7-C8 G H 1 $ A B D 1 HAMPTON ACCOUNTING SERVICE INC. 2 Income Statement 3 For the Year Ending December 31, 2021 4 5 Service Revenue 6 Sales Revenue 7 Net Revenue $ 8 Cost of Goods Sold 9 Gross Profit 10 Operating Expenses 11 Advertising Expense 12 Depreciation Expense 13 Repairs & Maintenance 14 Supplies Expense 15 Uncollectible Accts Expense 16 Utilities Expense 17 Salary Expense 18 Total Operating Expense 19 Net Income $ 20 Chart of Accounts Journal Ledger TrialBalance Income Stmt Ready Stmt of RE Balance Sheet Insti E11 F K A B C D E 1 HAMPTON ACCOUNTING SERVICE INC. 2 Statement of Retained Earnings 3 For the Year Ending December 31, 2021 4 S Retained Earnings, January 1 6 Add: Net Income 7 $ 8 Less: Dividends S 9 Retained Earnings, December 31 $ 10 11 12 13 14 15 16 17 18 19 20 Chart of Accounts Journal Ledger TrialBalance Income Stmt Ready Stmt of RE Balance Sheet Instructor Interface