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Acet 2400 Project 1 - Accounting Cycle Name: This assignment is due at the beginning of class on Tue Oct. 1... late submissions (even within the class period on the due date) will be assessed a late penalty. This project is worth 30 points Note: This cover page must be printed with the rest of the packet and submitted as the first page of the completed project. Print your name (legibly) on this cover sheet. Zachary, Inc. began business operations on January 1, 2018. Zachary's annual reporting period ends December 31. Some events have already occurred and have been recorded; these are reflected in the beginning balances shown on the basic accounting equation grid. Analyse the following additional events during 2018 and complete the requirements on the following pages. Events: a) Paid an accounts payable balance of $6,000. b) Purchased $4,300 supplies on account for future use. c) Collected accounts receivable, $12,000. d) Customer paid $4,800 in advance for future services. e) Purchased $17,000 of equipment for use in the business, signed a promissory note to pay the supplier in 6 months. f) Earned $95,000 in service revenues for 2018, collecting $40,000 in cash and the rest on credit. 8) On July 1, paid $24,000 to rent a building for the rest of 2018 and the first half of 2019. h) Declared and paid a $20,000 cash dividend. Data for adjusting entries: i) During December, Zachary provided $5,000 in service on account that was not recorded earlier, 1) Zachary provided $4,000 in service that had been prepaid in transaction (d). k) Wages of $8,400 earned by employees since the December 24 payroll were not yet paid. 1) Determined after a year-end count that $11,000 of supplies had been used during the year. m) Accrued $2,800 interest on an outstanding loan (promissory note). n) Building rental expenses for the year, paid in transaction (), had not yet been recorded. o) Depreciation for the year on the equipment was $6,200. p) Income tax for the year was $9,000. It will be paid in 2019. You may discuss the assignment with other students but you must do your own work and complete your own project. Print your answers legibly-any item we cannot read, will receive zero points. Page 1 of 13 Acct 2400 Accounts Receivable Prepaid Supplies (on hands Acrum Equipe Accounts Payable Beginning 81.500 15.000 0 14,600 44,000 (5.500 8.000 0 24,000 70,000 47,600 (0) 0 (0) Oper (6,000) (6.000) 4300 - 4300 12.000) N/A 12000 4000 Page 2 of 13 journal entries, use the appropriate expense account names from the Unadjusted Trial Balance. Note: Only one column is provided for Expenses in this grid due to limited space. When you prepare the 1) Record events a)- h) in the basic accounting equation grid provided below. Project 1 - Accounting Cycle Oper|40,000/55000 & IN 24000 Fin 20,000) Unadjusted 2.,200 58.00 24000 Check | 268,700 DC 5500) - 30,100 4200 4 0.70,000 47,000,000 - 268,700 Acct 2400 Project 1 - Accounting Cycle 2) Record events a) - h) in journal entries in the spaces provided below. Note: Only one column was provided for Expenses in the grid due, but in the journal entries, you must use the appropriate expense account names from the Unadjusted Trial Balance Event a) Pald an accounts payable balance of $6,000. Basic Acct El Account Names Debits Credits Impacts - Accounts Payable 6,000 A- Cash 6,000 completed as an example Credits Event b) Purchased $4,300 supplies on account for future use. Basic Acct Eq Account Names Debits Impacts At Supplies 1,300 Accounts Payable 4.300 Account Names Debits Credits Event c) Collected accounts receivable, $12,000. Basic Acct EQ Account Names Impacts At Cash A Accounts Receivable 12,000 Credits Event d) Customer paid $4,800 in advance for future services. Basic Acct Eq Account Names Debits At Cash 4800 Unearned Revenue Impacts 4.800 Event e) Purchased $17,000 of equipment for use in the business, signed a promissory note to pay the supplier in 6 months. Basic Acct Eq Account Names Debits Credits Impacts At Equipment 17,000 - Notes Payable 17.000 Page 3 of 13 Acct 2400 Project 1 - Accounting Cycle usmod Event f) Earned $95,000 in service revenues for 2018, collecting $40,000 in cash and the rest on credit. Basic Acct a Account Names Debits Credits Impacts 40.000 A+ Accounts Receivable 55.000 Service Revenue Event g) On July 1, paid $24,000 to rent a building for the rest of 2018 and the first half of 2019. Basic Acct Ea Account Names Debits Credits Impacts Prepaid Services 24,000 Accounts Payable 24.10 Event h) Declared and paid a $20,000 cash dividend. Basic Acet El Impacts Account Names Debits E- Pividends 120.000 Credits (20.000 Page 4 of 13 Acct 2400 Project 1 - Accounting Cycle 13) Prepare an Unadjusted Trial Balance ZACHARY, INC. Unadjusted Trial Balance As of December 31, 2018 Credit Debit 138,300 2.6,000 12,000 24,000 18,400 GC,000 COOC Cash Accounts Receivable Prepaid Expenses Supplies (on hand) Equipment Accumulated Depreciation (Equipment) Accounts Payable Unearned Revenue Notes Payable Contributed Capital Retained Earnings Dividends Declared Service Revenue Depreciation Expense Interest Expense Rent Expenses Supplies Expenses Wage Expense Income Tax Expense 5.500 36,300 4,800 41.000 70 000 47,600 20.000 95.000 Total Page 5 of 13 Acct 2400 Project 1 - Accounting Cycle 4) Record items i). p) in the basic accounting equation grid provided below. Note: Only one column is provided for Expenses in this grid due to limited space. When you prepare the journal entries, use the appropriate expense account names from the Unadjusted Trial Balance Common =? Closing Period End Check Page 6 of 13 Acct 2400 Project 1 - Accounting Cycle 5) Record items i) - p) in journal entries in the spaces provided below. Note: Only one column was provided for Expenses in the grid due, but in the journal entries, you must use the appropriate expense account names from the Unadjusted Trial Balance Itemi) During December, Zachary provided $5,000 in service on account that was not recorded earlier. Account Names Credits Impacts Basic Acct EQ Debits Item]) Zachary provided $4,000 in service that had been prepaid in transaction (d). Basic Acct EQ Account Names Debits Credits Impacts Item k) Wages of $8,400 earned by employees since the December 24 payroll were not yet paid. Basic Acct Eq Account Names Debits Credits Impacts Item 1) Determined after a year-end count that $11,000 of supplies had been used during the year. Basic Acct Eq Account Names Debits Credits Impacts Item m) Accrued $2,800 interest on an outstanding loan (promissory note). Basic Acct Eq Account Names Debits Credits Impacts Page 7 of 13 Acct 2400 Project 1 - Accounting Cycle Item n) Building rental expenses for the year, paid in transaction (e), had not yet been recorded. Basic Acct Eq Account Names Debits Credits Impacts Itemo) Depreciation for the year on the equipment was $6,200. Basic Acct Eq Account Names Debits Impacts Credits Item p) Income tax for the year was $9,000. It will be paid in 2019. Basic Acct Eq Debits Account Names Impacts Credits Page 8 of 13 Acct 2400 Project 1 - Accounting Cycle 6) Prepare an Adjusted Trial Balance. ZACHARY, INC. Adjusted Trial Balance As of December 31, 2018 Debit Credit Cash Accounts Receivable Prepaid Expenses Supplies (on hand) Equipment Accumulated Depreciation (Equipment) Accounts Payable Unearned Revenue Notes Payable Contributed Capital Retained Earnings Dividends Declared Service Revenue Depreciation Expense Interest Expense Rent Expenses Supplies Expenses Wage Expense Income Tax Expense Total Page 9 of 13 Acct 2400 Project 1 - Accounting Cycle 7) Prepare a set of annual financial statements. Zachary, Inc. 2018 Income Statement For the Year Ended: Sales Revenue Less: Supplies Expense Insurance Expense Depreciation Expense Interest Expense Other Expenses NET INCOME 2018 Statement of Changes in Stockholders' Equity For the Year Ended: Beginning Common Stock Plus: Common stock issued Ending common stock Beginning retained earnings Plus: Net income (loss) Less: Dividends declared Ending retained earnings TOTAL STOCKHOLDER'S EQUITY Page 10 of 13 Acct 2400 Project 1 - Accounting Cycle Zachary. Inc. 2018 Balance Sheet As of the Last Day of: Assets Cash Accounts Receivable Prepaid Services Supplies (on hand) Equipment, net TOTAL ASSETS Liabilities Accounts Payable Unearned Revenue Notes Payable Total Liabilities Equity Common Stock Retained Earnings Total Equity TOTAL LIABILITIES AND EQUITY Page 11 of 13 Acct 2400 Project 1 - Accounting Cycle 2018 Zachary, Inc. Statements of Cash Flows For the Year Ended: Cash flows from operating activities Cash collected from customers Cash paid to suppliers of operating services & goods Net cash flow from operating activities Cash flow from investing activities Cash collected from selling long-term assets Cash paid to purchase long-term assets Net cash flow from investing activities Cash flows from financing activities Cash inflows from borrowing Cash payments to repay debt Cash inflows from issuing stock Cash payments of dividends Net cash flows from financing activities Net change in cash Beginning cash balance Ending Cash Balance Page 12 of 13 Acct 2400 Project 1 - Accounting Cycle 8) Prepare the appropriate closing journal entries. BAE Impacts Account Names Debits Credits Page 13 of 13 Acet 2400 Project 1 - Accounting Cycle Name: This assignment is due at the beginning of class on Tue Oct. 1... late submissions (even within the class period on the due date) will be assessed a late penalty. This project is worth 30 points Note: This cover page must be printed with the rest of the packet and submitted as the first page of the completed project. Print your name (legibly) on this cover sheet. Zachary, Inc. began business operations on January 1, 2018. Zachary's annual reporting period ends December 31. Some events have already occurred and have been recorded; these are reflected in the beginning balances shown on the basic accounting equation grid. Analyse the following additional events during 2018 and complete the requirements on the following pages. Events: a) Paid an accounts payable balance of $6,000. b) Purchased $4,300 supplies on account for future use. c) Collected accounts receivable, $12,000. d) Customer paid $4,800 in advance for future services. e) Purchased $17,000 of equipment for use in the business, signed a promissory note to pay the supplier in 6 months. f) Earned $95,000 in service revenues for 2018, collecting $40,000 in cash and the rest on credit. 8) On July 1, paid $24,000 to rent a building for the rest of 2018 and the first half of 2019. h) Declared and paid a $20,000 cash dividend. Data for adjusting entries: i) During December, Zachary provided $5,000 in service on account that was not recorded earlier, 1) Zachary provided $4,000 in service that had been prepaid in transaction (d). k) Wages of $8,400 earned by employees since the December 24 payroll were not yet paid. 1) Determined after a year-end count that $11,000 of supplies had been used during the year. m) Accrued $2,800 interest on an outstanding loan (promissory note). n) Building rental expenses for the year, paid in transaction (), had not yet been recorded. o) Depreciation for the year on the equipment was $6,200. p) Income tax for the year was $9,000. It will be paid in 2019. You may discuss the assignment with other students but you must do your own work and complete your own project. Print your answers legibly-any item we cannot read, will receive zero points. Page 1 of 13 Acct 2400 Accounts Receivable Prepaid Supplies (on hands Acrum Equipe Accounts Payable Beginning 81.500 15.000 0 14,600 44,000 (5.500 8.000 0 24,000 70,000 47,600 (0) 0 (0) Oper (6,000) (6.000) 4300 - 4300 12.000) N/A 12000 4000 Page 2 of 13 journal entries, use the appropriate expense account names from the Unadjusted Trial Balance. Note: Only one column is provided for Expenses in this grid due to limited space. When you prepare the 1) Record events a)- h) in the basic accounting equation grid provided below. Project 1 - Accounting Cycle Oper|40,000/55000 & IN 24000 Fin 20,000) Unadjusted 2.,200 58.00 24000 Check | 268,700 DC 5500) - 30,100 4200 4 0.70,000 47,000,000 - 268,700 Acct 2400 Project 1 - Accounting Cycle 2) Record events a) - h) in journal entries in the spaces provided below. Note: Only one column was provided for Expenses in the grid due, but in the journal entries, you must use the appropriate expense account names from the Unadjusted Trial Balance Event a) Pald an accounts payable balance of $6,000. Basic Acct El Account Names Debits Credits Impacts - Accounts Payable 6,000 A- Cash 6,000 completed as an example Credits Event b) Purchased $4,300 supplies on account for future use. Basic Acct Eq Account Names Debits Impacts At Supplies 1,300 Accounts Payable 4.300 Account Names Debits Credits Event c) Collected accounts receivable, $12,000. Basic Acct EQ Account Names Impacts At Cash A Accounts Receivable 12,000 Credits Event d) Customer paid $4,800 in advance for future services. Basic Acct Eq Account Names Debits At Cash 4800 Unearned Revenue Impacts 4.800 Event e) Purchased $17,000 of equipment for use in the business, signed a promissory note to pay the supplier in 6 months. Basic Acct Eq Account Names Debits Credits Impacts At Equipment 17,000 - Notes Payable 17.000 Page 3 of 13 Acct 2400 Project 1 - Accounting Cycle usmod Event f) Earned $95,000 in service revenues for 2018, collecting $40,000 in cash and the rest on credit. Basic Acct a Account Names Debits Credits Impacts 40.000 A+ Accounts Receivable 55.000 Service Revenue Event g) On July 1, paid $24,000 to rent a building for the rest of 2018 and the first half of 2019. Basic Acct Ea Account Names Debits Credits Impacts Prepaid Services 24,000 Accounts Payable 24.10 Event h) Declared and paid a $20,000 cash dividend. Basic Acet El Impacts Account Names Debits E- Pividends 120.000 Credits (20.000 Page 4 of 13 Acct 2400 Project 1 - Accounting Cycle 13) Prepare an Unadjusted Trial Balance ZACHARY, INC. Unadjusted Trial Balance As of December 31, 2018 Credit Debit 138,300 2.6,000 12,000 24,000 18,400 GC,000 COOC Cash Accounts Receivable Prepaid Expenses Supplies (on hand) Equipment Accumulated Depreciation (Equipment) Accounts Payable Unearned Revenue Notes Payable Contributed Capital Retained Earnings Dividends Declared Service Revenue Depreciation Expense Interest Expense Rent Expenses Supplies Expenses Wage Expense Income Tax Expense 5.500 36,300 4,800 41.000 70 000 47,600 20.000 95.000 Total Page 5 of 13 Acct 2400 Project 1 - Accounting Cycle 4) Record items i). p) in the basic accounting equation grid provided below. Note: Only one column is provided for Expenses in this grid due to limited space. When you prepare the journal entries, use the appropriate expense account names from the Unadjusted Trial Balance Common =? Closing Period End Check Page 6 of 13 Acct 2400 Project 1 - Accounting Cycle 5) Record items i) - p) in journal entries in the spaces provided below. Note: Only one column was provided for Expenses in the grid due, but in the journal entries, you must use the appropriate expense account names from the Unadjusted Trial Balance Itemi) During December, Zachary provided $5,000 in service on account that was not recorded earlier. Account Names Credits Impacts Basic Acct EQ Debits Item]) Zachary provided $4,000 in service that had been prepaid in transaction (d). Basic Acct EQ Account Names Debits Credits Impacts Item k) Wages of $8,400 earned by employees since the December 24 payroll were not yet paid. Basic Acct Eq Account Names Debits Credits Impacts Item 1) Determined after a year-end count that $11,000 of supplies had been used during the year. Basic Acct Eq Account Names Debits Credits Impacts Item m) Accrued $2,800 interest on an outstanding loan (promissory note). Basic Acct Eq Account Names Debits Credits Impacts Page 7 of 13 Acct 2400 Project 1 - Accounting Cycle Item n) Building rental expenses for the year, paid in transaction (e), had not yet been recorded. Basic Acct Eq Account Names Debits Credits Impacts Itemo) Depreciation for the year on the equipment was $6,200. Basic Acct Eq Account Names Debits Impacts Credits Item p) Income tax for the year was $9,000. It will be paid in 2019. Basic Acct Eq Debits Account Names Impacts Credits Page 8 of 13 Acct 2400 Project 1 - Accounting Cycle 6) Prepare an Adjusted Trial Balance. ZACHARY, INC. Adjusted Trial Balance As of December 31, 2018 Debit Credit Cash Accounts Receivable Prepaid Expenses Supplies (on hand) Equipment Accumulated Depreciation (Equipment) Accounts Payable Unearned Revenue Notes Payable Contributed Capital Retained Earnings Dividends Declared Service Revenue Depreciation Expense Interest Expense Rent Expenses Supplies Expenses Wage Expense Income Tax Expense Total Page 9 of 13 Acct 2400 Project 1 - Accounting Cycle 7) Prepare a set of annual financial statements. Zachary, Inc. 2018 Income Statement For the Year Ended: Sales Revenue Less: Supplies Expense Insurance Expense Depreciation Expense Interest Expense Other Expenses NET INCOME 2018 Statement of Changes in Stockholders' Equity For the Year Ended: Beginning Common Stock Plus: Common stock issued Ending common stock Beginning retained earnings Plus: Net income (loss) Less: Dividends declared Ending retained earnings TOTAL STOCKHOLDER'S EQUITY Page 10 of 13 Acct 2400 Project 1 - Accounting Cycle Zachary. Inc. 2018 Balance Sheet As of the Last Day of: Assets Cash Accounts Receivable Prepaid Services Supplies (on hand) Equipment, net TOTAL ASSETS Liabilities Accounts Payable Unearned Revenue Notes Payable Total Liabilities Equity Common Stock Retained Earnings Total Equity TOTAL LIABILITIES AND EQUITY Page 11 of 13 Acct 2400 Project 1 - Accounting Cycle 2018 Zachary, Inc. Statements of Cash Flows For the Year Ended: Cash flows from operating activities Cash collected from customers Cash paid to suppliers of operating services & goods Net cash flow from operating activities Cash flow from investing activities Cash collected from selling long-term assets Cash paid to purchase long-term assets Net cash flow from investing activities Cash flows from financing activities Cash inflows from borrowing Cash payments to repay debt Cash inflows from issuing stock Cash payments of dividends Net cash flows from financing activities Net change in cash Beginning cash balance Ending Cash Balance Page 12 of 13 Acct 2400 Project 1 - Accounting Cycle 8) Prepare the appropriate closing journal entries. BAE Impacts Account Names Debits Credits Page 13 of 13