PLEASE PROVIDE JOURNAL ENTRIES, TRIAL BALANCE, INCOME STATEMENT, AND BALANCE SHEET. THANK YOU :)
Page of 3 - ZOOM the textbook and the professor. 1. CREATE JOURNAL ENTRIES FOR THE August 2021 TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS a. On August 1, $350 of office supplies were purchased on credit; the terms of the invoice were net 30. All of the supplies were used during the month of August (hint: expense immediately). b. On August 1, a computer laptop was purchased on credit totaling $2,675. The estimated useful life of the computer is three (3) years and is expected to have no salvage value. The invoice terms were 2/10, net 30. c. On August 2, a 24- month liability insurance policy was purchased to cover Sunflower Designs. The full cost of the policy, $1,920, was paid in cash on the same date. d. On August 4, payroll checks were issued for the wages payable balance. e. On August 5, Sunflower Designs purchased $4,500 worth of inventory items for resale. These items were purchased on credit and the invoice term is 2/10, net 30. f. On August 9, a check was issued to pay for the inventory purchased on August 5. g. On August 10, Sunflower Designs paid for the office supplies purchased on credit on August 1. h. On August 12, Sunflower Designs completed and delivered an interior design layout to a customer for $8,500. The customer had paid for the services in advance in a previous month, and Sunflower Designs had appropriately recorded the deposit. i. On August 14, Sunflower Designs completed, delivered, and billed an interior design layout for $16,475 to a new customer. The terms of the invoice were 2/10, net 30. j. On August 14, Sunflower Designs paid $1,300 in wages to a temporary employee in cash. On the same date, the company remitted payroll taxes of $340, previously accrued, to the appropriate government entities, k. On August 18, Sunflower Designs received a refund of $35 from their office supply vendor for items that were returned on the August 1 purchase. I. On August 20, a customer paid the balance due for an interior design layout. The invoice for these services was sent to the customer on July 20, 2019. The contract price was $14,000. Last edit: 5/22/20 Page 1 of 3 Page of 3 - ZOOM 3. CREATE ADJUSTING JOURNAL ENTRIES FOR AUGUST 31, 2021: p. Record the depreciation for the laptop purchased on August 1. q. Record the August 2021 depreciation for all computers & software owned before the August 1 purchase. These items are being depreciated over 3 years using the straight-line method with no salvage value. r. Record the August 2021 depreciation for the furniture & fixtures. These items are being depreciated over 7 years using the straight-line method with no salvage value. 5. Record the adjusting entry for August's rent. Sunflower Designs paid $6,600 in advance for 6 months' rent on June 1, 2021. previous months' adjusting entries were made as required. t. Record the adjusting entry for the consumption of prepaid insurance for the month of August. The preexisting policy has 36-months remaining as of August 1, and recall that the new policy provides coverage for 24-months. The previous months' adjusting entries were made as required. u. Record the amount due to employees for time worked during August, but not paid. The amount earned by the employees was $2,800. The payroll taxes should be accrued at 20% of the wages and the entry should be made, payment for these taxes will occur in December. 4. CREATE THE ADJUSTED TRIAL BALANCE. 5. CREATE THE AUGUST 31, 2021 INCOME STATEMENT. The amount for each account must be linked from the ending balances in the Trial Balance All sub-totals and totals must be accurately calculated using Excel formulas, 6. CREATE THE AUGUST 31, 2021 BALANCE SHEET. The amount for each account must be linked from the ending balances in the Trial Balance. All sub-totals and totals must be accurately calculated using Excel formulas. Last edit: 5/22/20 Page 2 of 3 Page of 3 - ZOOM Note: The chal Dalance may include decimals, but the financial statements should not show decimals. GRADING RUBRIC 1. JOURNAL ENTRIES/ADJUSTING JOURNAL ENTRIES (25%) a. All required journal entry items are present and correctly formatted. b. Journal entries are accurate and balance. 2. TRIAL BALANCE/ADJUSTMENTS/ADJUSTED TRIAL BALANCE (25%) a. All journal entries are properly reflected on the trial balance. b. All closing entries are properly reflected in the adjustments. c. The adjusted trial balance reflects the entries from the trial balance and the adjustments. d. A formula is used to determine all of the ending debit/credit balances. e. The debits and credits are balanced for each of the 3 sections, 3. INCOME STATEMENT (25%) a. All totals are linked from the ending balance amounts on the Trial Balance b. All sub-totals and totals are accurately calculated (using Excel formulas). C. Ensure that $ signs are used correctly. d. Ensure that statement heading is correct. 4. BALANCE SHEET (25%) a. All totals are linked from the ending balance amounts on the Trial Balance. b. All sub-totals and totals are accurately calculated (using Excel formulas). c. Ensure that $ signs are used correctly. d. Ensure that statement heading is correct. AutoSaver A 22 OF ... ACCT 211 ILP 2 Template - Fall 2021 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Calibrl (body) v 11 v P A Accounting V LI v 2. Insert DX Delete F th Paste BIU 1 * AY A = = - - $ %> y Conditional Format Cell Formatting as Table Styles Sart & Filter Farmatu Find & Select Sensitivity Analyze Data Show ToolPak Y L7 + x fx B A c F K M M N 0 P R R 5 5 T u u August 1, 2021 Beginning Balances Transactions from journal Entries a through o.) Dobit Credit H August 31, 2021 Unadjusted Trip Balmce Debit Credit Adjusting Journal Entries Entriesp-through u. Dobit Crexit Adjusted/Ending Trial Balance Debit Credit Credit Dabit 74,325.00 14,000.00 6,000.00 G 3,600.00 4,400.00 - 5,400.00 2,700.00 9,240.00 1.980.00 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 30 1,500.00 490.00 2,450.00 8.500.00 Act Description 1000 Cash 1010 Accounts Receivable 1020 Inventory 1030 Prepaid Insurance 1040 Prepaid Rent 1100 Building 1110 Computers & Software 1115 Accumulated Dep Coma 1120 Furniture & Fixtures 1125 Accumulated Depr&r 1130 Land 1140 Machinery & Equipment 1150 Accumulated Dep M&E 2000 Accounts Payable 2010 Payroll Tax Payable 2015 Wages Paysble 2020 Sales Tax Payable 2030 Ureamed Revenue 2040 Line of Credit 2050 Notes Payable 3000 Peters, .. Capital 3010 Peters, M. Capital 3050 Retained Earnings SOCO Designing Revenue 5010 Furnisting Sales 5020 Cast of Gaec sold GOCO Vendor Compensation 5010 Contract Labor Expense 5020 Materials Expense 6030 Supplies Expense 5040 Wages Experise 5050 Depreciation Expensa GOGO Insurance Expense 5070 Office Rent Expense 5080 Office Supplies Expensa GOSO Payroll Tax Expense $100 Postage Expense 5110 Small Tools Expense 1.250.00 1,250,00 96.845.00 - 32 33 34 35 36 37 38 3S 40 41 42 43 116,965.00 116.965.00 Journal Entries Trial Balance (2) Trial Balance Income Statement Balance Sheet + Ready S: 3 DP + 100%
