Please help me with this project, I have already started! I appreciate all your responses thank you so much.
a-z computer service computer repair company journal entries, adjusting journal entries closing trial balance ect
A-Z COMPUTER SERVICES CHART OF ACCOUNTS REVENUE 411 - Income from Services ASSETS 101 - Cash 103 - Accounts Receivable 113 - Supplies 115 - Computer Software 117 - Office Equipment 118 - Accumulated Depreciation (Office Equipment) 120 - Electric Sign 121 - Accumulated Depreciation (Electric Sign) EXPENSES 511 - Advertising Expense 512 - Rent Expense 513 - Supplies Expense 514 - Utilities Expense 515 - Wages Expense 516 - Miscellaneous Expense 517 - Depreciation Expense (Office Equipment) 518 - Depreciation Expense (Electric Sign) LIABILITIES 201 - Accounts Payable OWNER'S EQUITY 311 - (insert your name here), Capital 312-insert your name here), Drawing 330 - Income Summary The following lists all transactions A-Z COMPUTER SERVICES made during June 2020: June 1 You deposited $105,500 cash in a bank account in the name of the business. 3 Bought office equipment from XYZ Office Mart for cash, $1,350, Ck. #1000, Invoice #2375. 5 Bought computer software from Flash Computer Center, $1,200, putting $600 down and putting the balance on account, Ck. #1001, Invoice #245. 6 Paid current month's rent, $1,600, Ck. #1002. 7 Performed services for cash, $8,500. 10 Bought an electric sign from Bright Light Signs, $1,450, putting $650 down, and placing the balance on account, Ck. #1003, Inv. #7162. 12 Received a bill from The Times Review for advertising, $550, Inv. TR198. 13 Bought supplies on account from XYZ Office Mart, $1,500, Inv. #2425. 15 Received and paid the electric bill, $550, Ck. #1004. 20 Paid on account to The Times Review, $550, Ck. #1005, Inv. #TR198. 21 Performed services on account, $2,400, full amount due in 60 days 25 Paid sales clerk's wages, $1,250, Ck. #1006. You invested your personal computer (Office Equipment) in the business with a fair market value of $1,800. 29 You withdrew cash for personal use, $1600, Ck. #1007. 30 Received and paid the bill for the city business license, $250, Ck. #1008, (Miscellaneous Expense). 27 2. PROJECT INSTUCTIONS A. Journalize the transactions for the month of June, 2020, beginning on page J 1. i. Be sure and list the Debit Account(s) first; Credit Account(s) next. Be sure and write a brief explanation / description for each transaction. B. Write the name of the owner (your name) on the Capital and Drawing accounts in the General Ledger C. Based on the General Journal entries you make based on the below Transactions, Post the Journal Entries (1/Es) to the general ledger accounts. Be sure and use the Post Reference #s for each posting D. Prepare the Trial Balance section of the Worksheet within the "Worksheet" tab E. Prepare the General Journal (GJ) Adjustments section of the worksheet base on the following information Compute and record the adjustment for supplies used during the month. An inventory showed supplies on hand of $570. i. ii. Record the adjustment for depreciation of Office Equipment of $200 for the month. iii. Record the adjustment for depreciation of Electric Sign of $250 for the month. F. Complete the Worksheet within the "Worksheet" tab G. Prepare the Income Statement for the month, Statement of Owner's Equity, and a Balance Sheet, which are found in the "Financial Statement" tab H. Journalize and post the Adjusting and Closing entries. (About half students forget, and it is worth about 25% of grade) I. Prepare a Post-Closing Trial Balance. J. Complete the "Audit Report" document that you downloaded from the Canvas Modules section, and submit the following completed files in Canvas under the i. "Project Workbook - A-Z Company Computer Repair" ii. "Audit Report - Project" YOUR NAME HERE: Richard Rekdal - ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS PAGE J1 - GENERAL JOURNAL Date of Transaction Account Title (Include Brief Transaction Explanation / Description) Post- Reference # (PR) DEBIT (Dr.) CREDIT (Cr.) 2020 Month Day June 1 Cash 311 105,500 June Richard Rekdal Captial 105,500 June You deposited $105,500 cash in a bank account in the name of the business. June 3 Cash 117 1,350 June 1,350 Office Equipment Bought office equipment from XYZ Office Mart for cash, $1,350, Ck. #1000, Invoice #2375. June June 5 Computer Software 115 1,200 June Cash Account Payable 600 June Accounts Payable June Bought computer software from Flash Computer Center, $1,200, putting $600 down and putting to June 6 Cash 512 1,600 June Rent Expense 1,600 June Paid current month's rent, $1,600, Ck. #1002. June 7 Cash 411 8,500 June Service Income 8,500 June June 10 120 June Performed services for cash, $8,500. Electric Sign 1,450 Cash Account Payable Accounts Payable Bought an electric sign from Bright Light Signs, $1,450, putting $650 down, and placing the balance 650 June 800 June June 12 Advertising Expense 511 550 June 550 Accounts Payable Received a bill from The Times Review for advertising, $550, Inv. TR198. June June Cash 550 June Received and paid the electric bill, $550, Ck. #1004. June 20 Accounts Payable 201 550 June Cash 550 Paid on account to The Times Review, $550, Ck. #1005, Inv. #TR198. June June 21 Accounts Recievable 103 2,400 June Service revenue 2,400 June Performed services on account, $2,400, full amount due in 60 days June 25 Wage expenses 515 1,250 June Cash 1,250 Paid sales clerk's wages, $1,250, Ck. #1006. June June June ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS PAGE J2 - GENERAL JOURNAL Date of Transaction Account Title (Include Brief Transaction Explanation / Description) Post- Reference # (PR#) DEBIT (Dr.) CREDIT (Cr.) 2020 Month Day June 27 office equipment 117 1,800 June 1,800 Richard Capital You invested your personal computer (Office Equipment) in the business with a fair market value of $1,800. June June 29 Richard Drawing 312 1,600 June Cash 1,600 June You withdrew cash for personal use, $1600, Ck. #1007. Miscellaneous epense June 30 516 250 June Cash 250 June Received and paid the bill for the city business license, $250, Ck. #1008, (Miscellaneous Expense). ACCT 101 - COURSE PROJECT ACCT NAME: YOUR NAME, CAPITAL ACCOUNT NUMBER: 311 Balance 2020 A-Z COMPUTER REPAIRS GENERAL LEDGER (GL) Explanation Post Ref. Debit Credit Debit Credit Month Day For correct formatting standards, please read the following. Please see pages 102-105 of our textbook for General Ledger posting instructions. ACCOUNT NAME: CASH ACCOUNT NUMBER: 101 Balance ACCT NAME: Your Name, Drawing 2020 Explanation Post Ref. Debit Credit Debit Credit 2020 ACCOUNT NUMBER: 312 Balance Debit Credit Debit Credit Explanation Post Ref. Month June J1 105,500 105,500 Month Day Day 1 3 5 6 7 10 1,350 600 ACCOUNT NAME: INCOME SUMMARY | 2020 ACCOUNT NUMBER: 330 Balance Debit Credit Debit Credit Explanation Post Ref. Month Day 15 20 21 25 29 30 ACCOUNT NAME: INCOME (REVENUE) FROM SERVICES ACCOUNT NAME: ACCOUNTS RECEIVALBE ACCOUNT NUMBER: 103 2020 ACCOUNT NUMBER: 411 Balance Debit Credit Debit Credit Balance Explanation Post Ref. 2020 Explanation Post Ref. Debit Credit Month Debit Credit Day Month Day ACCOUNT NAME: SUPPLIES ACCOUNT NUMBER: 113 ACCT NAME: ADVERTISING EXPENSE Balance 2020 2020 ACCOUNT NUMBER: 511 Balance Debit Credit Debit Credit Explanation Post Ref. Debit Credit Post Ref. Explanation Debit Credit Month Day Month Day ACCT NAME: RENT EXPENSE 2019 ACCOUNT NUMBER: 512 Balance Debit Credit Debit Credit ACCT NAME: COMP. SOFTWARE ACCOUNT NUMBER: 115 Explanation Post Ref. Balance Month Day 2020 Explanation Post Ref. Debit Credit Debit Credit Month Day ACCOUNT NAME: SUPPLIES EXPENSE ACCOUNT NUMBER: 513 Balance Credit CCT NAME: OFFICE EQUIPMENT ACCOUNT NUMBER: 117 Month Day Debit Balance 2020 Explanation Post Ref. Debit Credit Debit Credit Month Day ACCOUNT NAME: UTILITIES EXPENSE ACCOUNT NUMBER: 514 Balance 2020 Explanation Post Ref. Debit Credit Debit Credit ACCOUNT NAME: ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) ACCOUNT NUMBER: 118 Month Day Balance 2020 Explanation Post Ref. Debit Credit Debit Credit Month Day ACCOUNT NAME: WAGES EXPENSE 2020 ACCOUNT NUMBER: 515 Balance Debit Credit Debit Credit Explanation Post Ref. CCOUNT NAME: ELECTRIC SIGN ACCOUNT NUMBER: 120 Month Day Balance 2020 Explanation Post Ref. Debit Credit Debit Credit Month Day ACCOUNT NAME: MISCELLANEOUS EXPENSE FROM SERVICES 2020 ACCOUNT NUMBER: 516 Balance Debit Credit Debit Credit Explanation Post Ref. Month Day CCT NAME: ACCUMULATED DEPRECIATION (ELECTRIC SIGN) ACCOUNT NUMBER: 121 Balance 2020 Explanation Post Ref Debit Credit Debit Credit Month Day ACCT NAME: DEPRECIATION EXPENSE, OFFICE EQUIPMENT 2020 ACCOUNT NUMBER: 517 Balance Debit Credit Debit Credit Explanation Post Ref. Month Day CCT NAME: ACCOUNTS PAYABLE ACCOUNT NUMBER: 201 2020 Balance Explanation Post Ref Debit Credit Debit Credit Month Day ACCT NAME: DEPRECIATION EXPENSE (ELECTRIC SIGN) 2020 ACCOUNT NUMBER: 518 Balance Debit Credit Debit Credit Explanation Post Ref. Month Day A-Z COMPUTER REPAIRS - WORKSHEET For the month ending June 30, 2020 ACCOUNT NAME TRIAL BALANCE DEBIT CREDIT ADJUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT INCOME STATEMENT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT 4 7 7 . 9 10 Cash Supplies Computer software office Equipment Accumulated Depriciation equipment) electric sign Accumulated Depriciation(sign) Account payable Richard Capital Richards Drawing Fees Income advertising expense rent expense supplies expense Utilities expense wages expense miscelanious expense depriciation expense (equipment) depriciation expense (Sign) 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 1 19 19 20 20 21 21 22 22 totals income or loss) totals 2. For a step-by-step Worksheet tutorial please see pages 139-145 of our textbook. 24 25 27 21 ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS PAGE 33 - GENERAL JOURNAL - ADJUSTING JOURNAL ENTRIES Date of Transaction 2020 Account Title (Include Brief Transaction Explanation / Description) Post- Reference DEBIT (Dr.) CREDIT (Cr.) (PRM) Month Day June June June June June June June June June June June June June June June June June June June June June June June June June June ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS PAGE J4 - GENERAL JOURNAL - CLOSING JOURNAL ENTRIES Date of Transaction 2020 Month Day Account Title (Include Brief Transaction Explanation / Description) Post- Reference (PRU) DEBIT (Dr.) CREDIT (Cr.) June June June June June June June June June June June June June June June June June June June June June June June June June June June Credit A-Z COMPUTER SERVICES POST-CLOSING TRIAL BALANCE June 30 2020 Account Name Debit Cash Supplies Computer Software Office Equipment Accumulated Depriciation((Equipment) Accumulated Depriciation(Sign) Electric Sign Account Payable Richard Rekdal Capital TOTALS A-Z COMPUTER SERVICES CHART OF ACCOUNTS REVENUE 411 - Income from Services ASSETS 101 - Cash 103 - Accounts Receivable 113 - Supplies 115 - Computer Software 117 - Office Equipment 118 - Accumulated Depreciation (Office Equipment) 120 - Electric Sign 121 - Accumulated Depreciation (Electric Sign) EXPENSES 511 - Advertising Expense 512 - Rent Expense 513 - Supplies Expense 514 - Utilities Expense 515 - Wages Expense 516 - Miscellaneous Expense 517 - Depreciation Expense (Office Equipment) 518 - Depreciation Expense (Electric Sign) LIABILITIES 201 - Accounts Payable OWNER'S EQUITY 311 - (insert your name here), Capital 312-insert your name here), Drawing 330 - Income Summary The following lists all transactions A-Z COMPUTER SERVICES made during June 2020: June 1 You deposited $105,500 cash in a bank account in the name of the business. 3 Bought office equipment from XYZ Office Mart for cash, $1,350, Ck. #1000, Invoice #2375. 5 Bought computer software from Flash Computer Center, $1,200, putting $600 down and putting the balance on account, Ck. #1001, Invoice #245. 6 Paid current month's rent, $1,600, Ck. #1002. 7 Performed services for cash, $8,500. 10 Bought an electric sign from Bright Light Signs, $1,450, putting $650 down, and placing the balance on account, Ck. #1003, Inv. #7162. 12 Received a bill from The Times Review for advertising, $550, Inv. TR198. 13 Bought supplies on account from XYZ Office Mart, $1,500, Inv. #2425. 15 Received and paid the electric bill, $550, Ck. #1004. 20 Paid on account to The Times Review, $550, Ck. #1005, Inv. #TR198. 21 Performed services on account, $2,400, full amount due in 60 days 25 Paid sales clerk's wages, $1,250, Ck. #1006. You invested your personal computer (Office Equipment) in the business with a fair market value of $1,800. 29 You withdrew cash for personal use, $1600, Ck. #1007. 30 Received and paid the bill for the city business license, $250, Ck. #1008, (Miscellaneous Expense). 27 2. PROJECT INSTUCTIONS A. Journalize the transactions for the month of June, 2020, beginning on page J 1. i. Be sure and list the Debit Account(s) first; Credit Account(s) next. Be sure and write a brief explanation / description for each transaction. B. Write the name of the owner (your name) on the Capital and Drawing accounts in the General Ledger C. Based on the General Journal entries you make based on the below Transactions, Post the Journal Entries (1/Es) to the general ledger accounts. Be sure and use the Post Reference #s for each posting D. Prepare the Trial Balance section of the Worksheet within the "Worksheet" tab E. Prepare the General Journal (GJ) Adjustments section of the worksheet base on the following information Compute and record the adjustment for supplies used during the month. An inventory showed supplies on hand of $570. i. ii. Record the adjustment for depreciation of Office Equipment of $200 for the month. iii. Record the adjustment for depreciation of Electric Sign of $250 for the month. F. Complete the Worksheet within the "Worksheet" tab G. Prepare the Income Statement for the month, Statement of Owner's Equity, and a Balance Sheet, which are found in the "Financial Statement" tab H. Journalize and post the Adjusting and Closing entries. (About half students forget, and it is worth about 25% of grade) I. Prepare a Post-Closing Trial Balance. J. Complete the "Audit Report" document that you downloaded from the Canvas Modules section, and submit the following completed files in Canvas under the i. "Project Workbook - A-Z Company Computer Repair" ii. "Audit Report - Project" YOUR NAME HERE: Richard Rekdal - ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS PAGE J1 - GENERAL JOURNAL Date of Transaction Account Title (Include Brief Transaction Explanation / Description) Post- Reference # (PR) DEBIT (Dr.) CREDIT (Cr.) 2020 Month Day June 1 Cash 311 105,500 June Richard Rekdal Captial 105,500 June You deposited $105,500 cash in a bank account in the name of the business. June 3 Cash 117 1,350 June 1,350 Office Equipment Bought office equipment from XYZ Office Mart for cash, $1,350, Ck. #1000, Invoice #2375. June June 5 Computer Software 115 1,200 June Cash Account Payable 600 June Accounts Payable June Bought computer software from Flash Computer Center, $1,200, putting $600 down and putting to June 6 Cash 512 1,600 June Rent Expense 1,600 June Paid current month's rent, $1,600, Ck. #1002. June 7 Cash 411 8,500 June Service Income 8,500 June June 10 120 June Performed services for cash, $8,500. Electric Sign 1,450 Cash Account Payable Accounts Payable Bought an electric sign from Bright Light Signs, $1,450, putting $650 down, and placing the balance 650 June 800 June June 12 Advertising Expense 511 550 June 550 Accounts Payable Received a bill from The Times Review for advertising, $550, Inv. TR198. June June Cash 550 June Received and paid the electric bill, $550, Ck. #1004. June 20 Accounts Payable 201 550 June Cash 550 Paid on account to The Times Review, $550, Ck. #1005, Inv. #TR198. June June 21 Accounts Recievable 103 2,400 June Service revenue 2,400 June Performed services on account, $2,400, full amount due in 60 days June 25 Wage expenses 515 1,250 June Cash 1,250 Paid sales clerk's wages, $1,250, Ck. #1006. June June June ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS PAGE J2 - GENERAL JOURNAL Date of Transaction Account Title (Include Brief Transaction Explanation / Description) Post- Reference # (PR#) DEBIT (Dr.) CREDIT (Cr.) 2020 Month Day June 27 office equipment 117 1,800 June 1,800 Richard Capital You invested your personal computer (Office Equipment) in the business with a fair market value of $1,800. June June 29 Richard Drawing 312 1,600 June Cash 1,600 June You withdrew cash for personal use, $1600, Ck. #1007. Miscellaneous epense June 30 516 250 June Cash 250 June Received and paid the bill for the city business license, $250, Ck. #1008, (Miscellaneous Expense). ACCT 101 - COURSE PROJECT ACCT NAME: YOUR NAME, CAPITAL ACCOUNT NUMBER: 311 Balance 2020 A-Z COMPUTER REPAIRS GENERAL LEDGER (GL) Explanation Post Ref. Debit Credit Debit Credit Month Day For correct formatting standards, please read the following. Please see pages 102-105 of our textbook for General Ledger posting instructions. ACCOUNT NAME: CASH ACCOUNT NUMBER: 101 Balance ACCT NAME: Your Name, Drawing 2020 Explanation Post Ref. Debit Credit Debit Credit 2020 ACCOUNT NUMBER: 312 Balance Debit Credit Debit Credit Explanation Post Ref. Month June J1 105,500 105,500 Month Day Day 1 3 5 6 7 10 1,350 600 ACCOUNT NAME: INCOME SUMMARY | 2020 ACCOUNT NUMBER: 330 Balance Debit Credit Debit Credit Explanation Post Ref. Month Day 15 20 21 25 29 30 ACCOUNT NAME: INCOME (REVENUE) FROM SERVICES ACCOUNT NAME: ACCOUNTS RECEIVALBE ACCOUNT NUMBER: 103 2020 ACCOUNT NUMBER: 411 Balance Debit Credit Debit Credit Balance Explanation Post Ref. 2020 Explanation Post Ref. Debit Credit Month Debit Credit Day Month Day ACCOUNT NAME: SUPPLIES ACCOUNT NUMBER: 113 ACCT NAME: ADVERTISING EXPENSE Balance 2020 2020 ACCOUNT NUMBER: 511 Balance Debit Credit Debit Credit Explanation Post Ref. Debit Credit Post Ref. Explanation Debit Credit Month Day Month Day ACCT NAME: RENT EXPENSE 2019 ACCOUNT NUMBER: 512 Balance Debit Credit Debit Credit ACCT NAME: COMP. SOFTWARE ACCOUNT NUMBER: 115 Explanation Post Ref. Balance Month Day 2020 Explanation Post Ref. Debit Credit Debit Credit Month Day ACCOUNT NAME: SUPPLIES EXPENSE ACCOUNT NUMBER: 513 Balance Credit CCT NAME: OFFICE EQUIPMENT ACCOUNT NUMBER: 117 Month Day Debit Balance 2020 Explanation Post Ref. Debit Credit Debit Credit Month Day ACCOUNT NAME: UTILITIES EXPENSE ACCOUNT NUMBER: 514 Balance 2020 Explanation Post Ref. Debit Credit Debit Credit ACCOUNT NAME: ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT) ACCOUNT NUMBER: 118 Month Day Balance 2020 Explanation Post Ref. Debit Credit Debit Credit Month Day ACCOUNT NAME: WAGES EXPENSE 2020 ACCOUNT NUMBER: 515 Balance Debit Credit Debit Credit Explanation Post Ref. CCOUNT NAME: ELECTRIC SIGN ACCOUNT NUMBER: 120 Month Day Balance 2020 Explanation Post Ref. Debit Credit Debit Credit Month Day ACCOUNT NAME: MISCELLANEOUS EXPENSE FROM SERVICES 2020 ACCOUNT NUMBER: 516 Balance Debit Credit Debit Credit Explanation Post Ref. Month Day CCT NAME: ACCUMULATED DEPRECIATION (ELECTRIC SIGN) ACCOUNT NUMBER: 121 Balance 2020 Explanation Post Ref Debit Credit Debit Credit Month Day ACCT NAME: DEPRECIATION EXPENSE, OFFICE EQUIPMENT 2020 ACCOUNT NUMBER: 517 Balance Debit Credit Debit Credit Explanation Post Ref. Month Day CCT NAME: ACCOUNTS PAYABLE ACCOUNT NUMBER: 201 2020 Balance Explanation Post Ref Debit Credit Debit Credit Month Day ACCT NAME: DEPRECIATION EXPENSE (ELECTRIC SIGN) 2020 ACCOUNT NUMBER: 518 Balance Debit Credit Debit Credit Explanation Post Ref. Month Day A-Z COMPUTER REPAIRS - WORKSHEET For the month ending June 30, 2020 ACCOUNT NAME TRIAL BALANCE DEBIT CREDIT ADJUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT INCOME STATEMENT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT 4 7 7 . 9 10 Cash Supplies Computer software office Equipment Accumulated Depriciation equipment) electric sign Accumulated Depriciation(sign) Account payable Richard Capital Richards Drawing Fees Income advertising expense rent expense supplies expense Utilities expense wages expense miscelanious expense depriciation expense (equipment) depriciation expense (Sign) 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 1 19 19 20 20 21 21 22 22 totals income or loss) totals 2. For a step-by-step Worksheet tutorial please see pages 139-145 of our textbook. 24 25 27 21 ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS PAGE 33 - GENERAL JOURNAL - ADJUSTING JOURNAL ENTRIES Date of Transaction 2020 Account Title (Include Brief Transaction Explanation / Description) Post- Reference DEBIT (Dr.) CREDIT (Cr.) (PRM) Month Day June June June June June June June June June June June June June June June June June June June June June June June June June June ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS PAGE J4 - GENERAL JOURNAL - CLOSING JOURNAL ENTRIES Date of Transaction 2020 Month Day Account Title (Include Brief Transaction Explanation / Description) Post- Reference (PRU) DEBIT (Dr.) CREDIT (Cr.) June June June June June June June June June June June June June June June June June June June June June June June June June June June Credit A-Z COMPUTER SERVICES POST-CLOSING TRIAL BALANCE June 30 2020 Account Name Debit Cash Supplies Computer Software Office Equipment Accumulated Depriciation((Equipment) Accumulated Depriciation(Sign) Electric Sign Account Payable Richard Rekdal Capital TOTALS
