please help me with this and label which is the general journal, general ledger and financial statements. thank you
Accounting Cycle Project Davis Uniform Corporation operates a store that sells uniforms. The following are the transactions that occurred during the first quarter of operation. Jan. 1 to Mar. 31,2021. Jan. 1 Davis issues 20,000 shares of Si par value common stock with an issuing price of SIO per share Jan. 2 Purchased furniture and fixtures from Acme Furniture for $14,400 cash Jan. 4 Purchased S1,600 of office supplies for cash. Jan. 15 Paid S36,000 in advance for one year's rent on the Store building. The rent begins with Jan 15. The company counts January for half a month. Jan. 31 Paid salaries to employees for the first month, $3,600 Feb. 1 Purchased $62,400 of uniforms inventory on account from the Birdwell Uniforms Manufacturing Company Feb 1 Borrowed 566,000 from a local bank and signed two notes. The first note of $21,000 requires payment of principal in six months with annual interest rate at 4% The second note of $45.000 requires the payment of principal in two years and annual interest payment with annual interest rate at 5% Feb. 6 Sold uniforms On account to St Jude's School for $7.200. Cost of the uniforms sold is $4,800 Feb. 9 Paid Birdwell Uniforms Manufacturing Company $50,000 for the purchase on Feb. 1. Feb 20 Sold uniforms to a chemical factory for 579,200 cash. Cost of the uniforms sold is S47,520 Feb. 23 Purchased $10,000 of uniforms inventory on account from the Birdwell Uniforms Manufacturing Company Feb. 28 Paid salaries to employees for the month of February, $4,200 Mar. 1 Sold uniforms to the football team of Robert Lee High School, and accepted a $12,000, three-month, note receivable with annual interest rate at 5%. Cost of the uniforms sold is 59,600 Mar. 1 Subleased a portion of the building to a jewelry store Received $3,000 in advance for three months' rent beginning on Mar. I. Mar. 3 Some uniforms were returned by the chemical factory which made a purchase on Feb. 20. The selling price and cost of the returned uniforms is $7.200 and 4,320, respectively. Cash of S7,200 is refunded to the customer Mar. 23 Paid Birdwell Uniforms Manufacturing Company $14,400 for the purchases in Feb. Mar 25 Recived 55.800 cash from St. Jude's School Mar 30 The corporation announced and paid its shareholders cash dividends of S2,500. Requirements: 1. Analyze the transactions and record journal entries in General Journal 2. Open accounts in General Ledger and post from the General Journal to the general ledger accounts. 3. Record adjusting entries in General Journal and post to the general ledger accounts. Additional information: At the end of March, 5900 of supplies remained. The furniture and fixtures have a uscful life of six years and will be worthless at the end of their useful life. Salaries for the month of March are 54,600, and will be paid in April The company's management estimated that of the S1,400 remaining on account from St. Jude's School, $200 would be uncollectable Income tax rate applied to the company is 21%. 4. For Davis Uniform Corporation as of Mar 31, 2021. prepare the financial statements including Income Statement (multiple-step with EPS section), Classified Balance Sheet and Statement of Stockholders' Equity. Statement of Cash Flows is not required 5. Prepare closing entries to close the temporary accounts and post to the general ledger accounts. Please note: You are required to use Excel to complete this project including the uses of functions for calculations). Please use the Excel template for Accounting Cycle Project posted on Canvas An electronic copy of your Accounting Cycle Project must be submitted through Canvas as an attached file Please refer to Page 3-10 of the textbook for the format of General Journal Page 3-13 of the textbook for the format of T- accounts in General Ledger Page 4-8 of the textbook for the format of a multiple-step Income Statement Page 4-24 of the textbook for the format of Statement of Stockholders' Equity and you need to add one column for Additional Paid-in Capital Page 5-15 and 5-16 of the textbook for the format of Balance Sheet
