Please I need helping solving/ answering these entries for the accounting cycle, thank You.

PRINCIPLES OF ACCOUNTING I ACCT 1010 ACCOUNTING CYCLE PROJECT One project is assigned this semester. This project is a long, comprehensive problem meant to reinforce and solidify your grasp of the accounting cycle. The Accounting Cycle Project is to be completed by hand using hard copy working papers. The purpose of this requirement is that students generally have a greater comprehension of the complete accounting cycle by processing the steps by hand. Preparation: Complete the required steps for the project preparing your work in pencil using the hard copy working papers included in this document. Your work should be neat and legible. Refer to Analyzing & Processing Transactions on page 51 in your textbook for the Formatting Rules for Journals (Lesson 2) when preparing your journal entries. You may omit explanations in the journal. Refer to Trial Balance & Financial Statements (Lesson 3) pages 99-100 in your textbook for an example of how to format the financial statements. Submitting Your Project: Online students may scan and upload the project (starting with the general journal on page 5) to the Assignments menu drop-box Due Date: June 23, 2020 Grade Impact & Academic Integrity: This homework project will be worth 5% of your overall course grade. No project grades will be dropped-- failure to submit a homework project will result in a grade of -- for this assessment. Submitting work copied from another source is a violation of the Academic Dishonesty Policy and will result in a grade of - 0- for the project. Grading Criteria: This project will be graded on a 100-point scale based on completeness, accuracy, and neatness as shown in the grading details below. Grading Details: Item Points Journal Entries 20 points (1 point for each correct account) Adjusting Entries 17 points (1 point for each correct account; 1 point for each correct amount calculation) Closing Entries 10 points (2 points for each entry; 2 points for correct amounts) Ledger Acct Balances 12 points (1/2 point for each correct balance) Unadjusted Trial Balance 3 points for preparation Adjusted Trial Balance 3 points for preparation Income Statement 10 points Statement of Owner's Equity 5 points Balance Sheet 10 points Post-Closing Trial Bala 3 points for preparation Neatness and format 7 points Total Possible Points 100 Page 1 of 15 Project Data: Taylor Scott owns and operates a consulting firm called Scott Consulting. The business began operating in October 2019. Transactions for October and November 2019 have been recorded in the general journal and posted in the general ledger. Scott Consulting had the following transactions in December 2019. Dec 2Purchased $2,200 of computer supplies on credit from Graham Office Products 3 Completed a project for Olympus Corporation and received 56,425 cash. 4 Paid cash to employee for five days of work at the rate of $176 per day 10 Provided $1,985 of consulting services to Nelson Company on account. 14 Notified by True Engineering Co. that Scott Consulting's bid of $6,750 on a proposed project has been accepted. True paid a $1,200 cash advance to Scott Consulting. 15 Paid $1,130 cash to Global Mall for Scott Consulting's share of mail advertising costs. 20 Paid $250 cash for minor repairs to the company's computer 28 Received $500 cash from Nelson Company on Its receivable. 29 Reimbursed T. Scott 587 for business automobile mileage 31 T. Scott withdrew $1,200 cash from the company for personal use. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months of operations: a. The December 31 inventory count of computer supplies shows $2,290 still available. b. One of the four months' prepaid rent has expired. Two months have expired since the 12-month insurance premium was paid in advance. d. As of December 31, the only employee of Scott Consulting had not been paid for four days of work $176 per day . The computer equipment, acquired for $9,000 on October 1, is expected to have a three-year life with no salvage value. t. The office equipment, acquired for $30,000 on October 1, is expected to have a five-year life with no salvage value Page 2 of 15 Required: 1. Journalize the December transactions for Scott Consulting. You may omit explanations for the journal entries. Skip a line between each journal entry - see the journal entries for October - November as a formatting example. 2. Post the December transactions to the appropriate accounts in the ledger. 3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance. Check figure: $110,451. Consult your instructor if your trial balance does not balance before proceeding with the project. 4. Journalize the adjusting entries to reflect items a through f above. 5. Post the adjusting entries to the appropriate accounts in the ledger. 6. Prepare an adjusted trial balance as of December 31, 2019. Check figure: $113,405. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project. 7. Prepare the three basic financial statements in good form. See your accounting text for a good example of financial statement formatting. 8. Prepare an income statement for the three months ended December 31, 2019. 9. Prepare a statement of owner's equity for the three months ended December 31, 2019. 10. Prepare a balance sheet as of December 31, 2019. 11. Journalize and post the necessary closing entries for Scott Consulting. 12. Prepare a post-closing trial balance as of December 31, 2019. Page 3 of 15 Below are the journal entries recorded by Scott Consulting for October and November 2019. NOTE: These are for your information only; you do not need to do anything with these entries. 1 GENERAL JOURNAL ACCOUNT PAGE DEBIT DATE POST REF CREDIT 2019 Oct 1 Cash Office Equipment Computer Equipment T. Scott, Capital 101 163 167 301 45,000 30,000 9,000 84,000 1 Prepaid Insurance 2,220 128 101 Cash 2,220 3,300 2 Prepaid Rent Cash 131 101 3,300 2,545 9 Computer Supplies Accounts Payable 126 201 2,545 4,800 16 Accounts Receivable Consulting Revenue 106 403 4,800 875 31 Wages Expense Cash 623 101 875 Nov 320 2 Mileage Expense Cash 676 101 320 5 2,545 Accounts Payable Cash 201 101 2,545 8 4,800 Cash Accounts Receivable 101 106 4,800 4,633 14 Cash Consulting Revenue 101 403 4,633 106 5,208 23 Accounts Receivable Consulting Revenue 5,208 2,000 30 T. Scott, Withdrawals Cash 302 101 2,000 Page 4 of 15 Name: Homework Project 1 - Working Papers General Journal for Requirements 1, 4 & 11 GENERAL JOURNAL DATE ACCOUNT 2 PAGE CREDIT POST REF DEBIT 2019 Dec December Transactions (20 points) Page 5 of 15 3 GENERAL JOURNAL ACCOUNT PAGE CREDIT DATE DEBIT POST REF 2019 Dec Adjusting Entries (17 points) Closing Entries (10 points) Ledger for Requirements 2, 5, & 11 Note: Ledger includes all entries from the first two months of operations for Scott Consulting. Continue by posting the December transactions. Page 6 of 15 12 points Cash Explanation PR Date Oct. Debit 45,000 J1 J1 J1 J1 Acct. No. 101 Credit Balance 45,000 2,220 42,780 3,300 39,480 875 38,605 320 38,285 2,545 35,740 40,540 45,173 2,000 43,173 1 1 2 31 2 5 8 14 30 Nov. J1 J1 J1 4,800 4,633 J1 J1 Date Oct. Nov. 16 Accounts Receivable Explanation PR Debit J1 4,800 J1 J1 5,208 Acct. No. 106 Credit Balance 4,800 4,800 0 5,208 23 Computer Supplies Explanation PR J1 Date Oct. Credit Debit 2,545 Acct. No. 126 Balance 2,545 9 Prepaid Insurance Explanation PR J1 Date Oct. Credit Debit 2,220 Acct. No. 128 Balance 2,220 1 Ledger (Continued) Date Explanation Prepaid Rent Acct. No. 131 PR Debit Credit Balance Page 7 of 15 Oct. 2 J1 3,300 3,300 Date Oct. Office Equipment Explanation PR J1 Debit 30,000 Acct. No. 163 Credit Balance 30,000 1 Acct. No. 164 Accumulated Depreciation Office Equipment Explanation PR Debit Date Credit Balance Computer Equipment Explanation PR Debit J1 9,000 Date Oct. Credit Acct. No. 167 Balance 9,000 1 Accumulated Depreciation-Computer Equipment Acct. No. 168 Explanation PR Debit Credit Balance Date Acct. No. 201 Debit Date Oct. Nov. Accounts Payable Explanation PR J1 J1 Credit 2,545 9 5 Balance 2,545 0 2,545 Wages Payable PR Acct. No. 210 Balance Date Explanation Debit Credit Unearned Consulting Revenue Explanation PR Debit Acct. No. 236 Balance Date Credit Ledger (Continued) T. Scott, Capital Acct. No. 301 Page 8 of 15 Date Oct. Explanation Debit PR J1 Credit 84,000 Balance 84,000 1 T. Scott, Withdrawals Explanation PR J1 Date Nov. Credit Debit 2,000 Acct. No. 302 Balance 2,000 30 Date Oct. Nov. 16 14 23 Consulting Revenue Explanation PR Debit J1 J1 J1 Acct. No. 403 Credit Balance 4,800 4,800 4,633 9,433 5,208 14,641 Depreciation Expense-Office Equipment Explanation PR Debit Acct. No. 612 Credit Balance Date Date Depreciation Expense-Computer Equipment Acct. No. 613 Explanation PR Debit Credit Balance Wages Expense Date Explanation Oct. 31 Acct. No. 623 PR J1 Credit Debit 875 Balance 875 Ledger (Continued) Insurance Expense Acct. No. 637 Page 9 of 15 Date Explanation PR Debit Credit Balance Rent Expense PR Acct. No. 640 Balance Date Explanation Debit Credit Computer Supplies Expense Explanation PR Debit Acct. No. 652 Balance Date Credit Advertising Expense Explanation PR Debit Acct. No. 655 Balance Date Credit Mileage Expense Explanation PR J1 Date Nov. Credit Debit 320 Acct. No. 676 Balance 320 2 Repairs Expense-Computer Explanation PR Debit Acct. No. 684 Balance Date Credit Income Summary Explanation PR Acct. No. 901 Balance Date Debit Credit Working Paper for Requirement 3 3 points Scott Consulting Trial Balance Page 10 of 15 December 31, 2019 DEBIT CREDIT Working Paper for Requirement 6 3 points Scott Consulting Page 11 of 15 Adjusted Trial Balance December 31, 2019 DEBIT CREDIT Working Papers for Requirements 6, 7 & 8 (continued) Scott Consulting Balance Sheet (10 points) December 31, 2019 Page 13 of 15