PPlease fill in the blank about general leader
Part 1 - Create a hypothetical service/merchandising company. It must include sales of merchandise along with revenue from performing services. You will determine your company name, services to be provided and the product to be sold. You will be assigned prices. You will include the following on the first page of the project (see template): Corporate name of your choice Service provided and service price Product sold, sales price, and cost of product (Your unique assigned revenue per service hour and per unit of product sold along with the cost of goods sold per unit of product sold is included in your handout) Brief Description of Mission Statement and Corporation's Operations Illustration on How to Post to General Ledger Account Miscellaneous Expense Debit Credit 500 100 1 e Trial Balance Total 400- 200 Adjusted Trial Balance Total 600 600 Post-Closing Balance Insert Debit entries under the Debit Column and Credit entries under the Credit Column starting in the top most cell. White cells are input cells. Grayed cells are the total cells. If the account is a temporary account you will need to post a closing-entry to the account after your financial statements are completed and balanced. In this example, the journal entries related to this account increased the balance by $500; decreased the balance by $100 - for a total trial balance ending balance in the account of $400. Then an adjusting entry increased the balance in the account by $200 for an ending balance on the adjusted trial balance of $600. This was a temporary account (expense) so it needs to be closed into Retained Earnings. The account balance is credited leaving a zero balance in the account after closing entries. Company Name Description of Service Providede Price for Services Provided Customers are charged $91 per hour for services rendered Description of Retail Product Sold Sales Price of Retail Product Customers are charged $65 for each unit purchased Cost of Inventory for Products Purchased Inventory can be purchased for $30 per unit Company Mission Statement Brief Description of Company and Operations Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal. Trans. Date Dec. 1e Dec. 1 Dec. 12 Dec. 12 Description Borrow $128,250 from the local bank and signed a five-year installment note with payments of $2,600 at the end of each month beginning December 31. The annual interest rate is 8%. Current portion of the note payable at year end after December payment = $21,875 Purchase a vehicle necessary for business operations for $7,400 cash. The vehicle has a six-year life with a residual value of $200 Issue 15,000 shares of no-par value common stock for $5 per share to obtain the funds necessary to start your business. Paid $18,000 for one year of insurance in advance. Purchased a building for $50,000. Paid $2,000 in back taxes; $2,000 in realty fees. It has a 25-year useful life with residual value of $6,000. Purchase supplies on account, $5,000. Purchase 300 units of inventory with terms 2/10 net 30. Provide 28 hours of services to customers for cash (calculate using your hourly service rate) no terms specified. Sell 150 units of inventory on account. (Perpetual method = 2 entries) Company pays invoice for inventory purchased on December 3rd within discount terms. (perpetual method) le Dec. 1 Dec. 3 Dec. 3 7e Dec. 6 Dec. 10 Dec. 12 Dec. 15 12e Dec. 20 Sell 50 units of inventory to a customer on account with a sales discount of 4/10, n/30. (Perpetual method=2 entries) The customer who purchased product on December 15th pays the amount due (within discount period). Receive cash in advance for 27 hours of services to be completed in the future. Dec. 23 14 Dec. 25 Dec. 31 - Purchase an additional 250 units of inventory for cash. Sell 200 units of inventory to a customer who signs a 6-month promissory note at 12% interest for the balance due. This note originated end of month so no interest would be accrued. (perpetual method = 2 entries) Pay employee salaries, $5,000. 16 Dec. 31 17e Dec. 31 - 18 Dec. 31 Pay cash dividends to shareholders of $0.05 per share. Vehicle did not meet expectations sold back to dealership for $7,000. (Record depreciation at date of sale and then record sale). Record the $2,600 installment payment on the $128,250 installment note borrowed on December 1st. The annual interest rate is 8%. 19 Dec. 31 Part 3 - General Ledger (LO3-2) - Post the information from the journal entries into the general ledger and calculate balances. Part 4 - Trial Balance (L03-2) - Complete a trial balance from the information in the General Ledger. Part 5 - Adjusting journal Entries - (LO3-3) - Record the following adjusting entries in the General Journal. Adj-1 Dec. 31 The company has $1,200 of supplies left at the end of the month. Adj-2 Dec. 31 Adj-3 Dec. 31 Adj-4 Dec. 31 Adj-5 Dec. 31 Record the portion of the Prepaid Insurance used in December. Record one month of depreciation for the building purchased on December 1st. Employees earned $1,000 in salaries the last week in December that will be paid on January 10th of next year. Record the receipt of a December $500 Freight bill to send product to customer to be paid on January 6th. The company is being sued for $2,000. The company believes is it probable that they will lose and will pay the $2,000 three years from now. By the end of the month, 10 hours of the services that were paid for in advance were provided to customers. Using the percentage-of-receivables method, record the adjustment of uncollectible accounts. It is estimated that 4% of ending accounts receivable will be uncollectible. Income taxes for the year are $520 and will be paid in January. Adj-6 Dec. 31 Adj-7 Dec. 31 Adj-8 Dec. 31 Adj-9 Dec. 31 Part 6 - General Ledger - Post the adjusting entries to the General Ledger. Part 7 - Adjusted Trial Balance (L03-3) - Complete an Adjusted Trial Balance using the information from the General Leger. Debits should equal credits if you have done the prior steps correctly. Part 8- Prepare the end of month Income Statement (LO3-4). Part 9 - Prepare the end of month Retained Earnings Statement (LO3-4). Part 10 - Prepare the end of month Balance Sheet (L03-4). 4 Part 11 - Closing Entries - Record closing entries in the General Journal and post them to the General Ledger Part 12 - Prepare a Post-Closing Trial Balance. General Ledger Cash Supplies Debit Credit Notes Receivable Debit Credit Debit Credit Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Trial Balance Total Buildings Debit Credit Prepaid Insurance Debit Credit Adjusted Trial Balance Total | Trial Balance Total Trial Balance Total Adjusted Trial Balance Totale Accounts Receivable Debit Credit Adjusted Trial Balance Total Vehicles Debit Credit Trial Balance Total Adjusted Trial Balance Total Inventory Debit Credit Trial Balance Total Adjusted Trial Balance Total Allowance for Uncollectible Accounts Debit Credit Trial Balance Totale Accumulated Depreciation Debit Credit le Trial Balance Total Adjusted Trial Balance Total Trial Balance Totale le Adjusted Trial Balance Total Adjusted Trial Balance Total | Accounts Payable Debit Credit Interest Payable Debit Credit Common Stock Debit Credit e Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Deferred Revenue Debit Credit | Income Taxes Payable | Debit Credit le Retained Earnings Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Salaries Payable Debit Credit Notes Payable Debit Credit tt Post-Closing Total Trial Balance Total Trial Balance Total Dividendse Debit Credit Adjusted Trial Balance Total Adjusted Trial Balance Total Trial Balance Totale le Freight-Out Payable Debit Credit Contingent Liability Debit Credit Adjusted Trial Balance Total Trial Balance Total Trial Balance Total Post-Closing Total Adjusted Trial Balance Total | Adjusted Trial Balance Totale le Service Revenue Debit Credit Bad Debt Expense Debit Credit Freight-Out Expense Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total 1 Post-Closing Total Sales Revenue Debit Credit le le Cost of Goods Sold Debit Credit Income Tax Expense Debit Credit ] Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total Post-Closing Total le Sales Discounts Debit Credit Depreciation Expense | Debit Credit e Insurance Expense Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total le Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total | Post-Closing Total Post-Closing Total Post-Closing Total | Interest Expense Debit Credit Salaries Expense Debit Credit Gaine Credit 1 1 Debit 1 1 1 1 1 Trial Balance Total Trial Balance Total Trial Balance Total 1 1 1 1 1 1 Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total 1 1 1 1 1 1 Post-Closing Total Post-Closing Total Post-Closing Total 1 1 Loss | Rent Expense Debit Credit Supplies Expense Debit Credit Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total Post-Closing Total Part 1 - Create a hypothetical service/merchandising company. It must include sales of merchandise along with revenue from performing services. You will determine your company name, services to be provided and the product to be sold. You will be assigned prices. You will include the following on the first page of the project (see template): Corporate name of your choice Service provided and service price Product sold, sales price, and cost of product (Your unique assigned revenue per service hour and per unit of product sold along with the cost of goods sold per unit of product sold is included in your handout) Brief Description of Mission Statement and Corporation's Operations Illustration on How to Post to General Ledger Account Miscellaneous Expense Debit Credit 500 100 1 e Trial Balance Total 400- 200 Adjusted Trial Balance Total 600 600 Post-Closing Balance Insert Debit entries under the Debit Column and Credit entries under the Credit Column starting in the top most cell. White cells are input cells. Grayed cells are the total cells. If the account is a temporary account you will need to post a closing-entry to the account after your financial statements are completed and balanced. In this example, the journal entries related to this account increased the balance by $500; decreased the balance by $100 - for a total trial balance ending balance in the account of $400. Then an adjusting entry increased the balance in the account by $200 for an ending balance on the adjusted trial balance of $600. This was a temporary account (expense) so it needs to be closed into Retained Earnings. The account balance is credited leaving a zero balance in the account after closing entries. Company Name Description of Service Providede Price for Services Provided Customers are charged $91 per hour for services rendered Description of Retail Product Sold Sales Price of Retail Product Customers are charged $65 for each unit purchased Cost of Inventory for Products Purchased Inventory can be purchased for $30 per unit Company Mission Statement Brief Description of Company and Operations Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal. Trans. Date Dec. 1e Dec. 1 Dec. 12 Dec. 12 Description Borrow $128,250 from the local bank and signed a five-year installment note with payments of $2,600 at the end of each month beginning December 31. The annual interest rate is 8%. Current portion of the note payable at year end after December payment = $21,875 Purchase a vehicle necessary for business operations for $7,400 cash. The vehicle has a six-year life with a residual value of $200 Issue 15,000 shares of no-par value common stock for $5 per share to obtain the funds necessary to start your business. Paid $18,000 for one year of insurance in advance. Purchased a building for $50,000. Paid $2,000 in back taxes; $2,000 in realty fees. It has a 25-year useful life with residual value of $6,000. Purchase supplies on account, $5,000. Purchase 300 units of inventory with terms 2/10 net 30. Provide 28 hours of services to customers for cash (calculate using your hourly service rate) no terms specified. Sell 150 units of inventory on account. (Perpetual method = 2 entries) Company pays invoice for inventory purchased on December 3rd within discount terms. (perpetual method) le Dec. 1 Dec. 3 Dec. 3 7e Dec. 6 Dec. 10 Dec. 12 Dec. 15 12e Dec. 20 Sell 50 units of inventory to a customer on account with a sales discount of 4/10, n/30. (Perpetual method=2 entries) The customer who purchased product on December 15th pays the amount due (within discount period). Receive cash in advance for 27 hours of services to be completed in the future. Dec. 23 14 Dec. 25 Dec. 31 - Purchase an additional 250 units of inventory for cash. Sell 200 units of inventory to a customer who signs a 6-month promissory note at 12% interest for the balance due. This note originated end of month so no interest would be accrued. (perpetual method = 2 entries) Pay employee salaries, $5,000. 16 Dec. 31 17e Dec. 31 - 18 Dec. 31 Pay cash dividends to shareholders of $0.05 per share. Vehicle did not meet expectations sold back to dealership for $7,000. (Record depreciation at date of sale and then record sale). Record the $2,600 installment payment on the $128,250 installment note borrowed on December 1st. The annual interest rate is 8%. 19 Dec. 31 Part 3 - General Ledger (LO3-2) - Post the information from the journal entries into the general ledger and calculate balances. Part 4 - Trial Balance (L03-2) - Complete a trial balance from the information in the General Ledger. Part 5 - Adjusting journal Entries - (LO3-3) - Record the following adjusting entries in the General Journal. Adj-1 Dec. 31 The company has $1,200 of supplies left at the end of the month. Adj-2 Dec. 31 Adj-3 Dec. 31 Adj-4 Dec. 31 Adj-5 Dec. 31 Record the portion of the Prepaid Insurance used in December. Record one month of depreciation for the building purchased on December 1st. Employees earned $1,000 in salaries the last week in December that will be paid on January 10th of next year. Record the receipt of a December $500 Freight bill to send product to customer to be paid on January 6th. The company is being sued for $2,000. The company believes is it probable that they will lose and will pay the $2,000 three years from now. By the end of the month, 10 hours of the services that were paid for in advance were provided to customers. Using the percentage-of-receivables method, record the adjustment of uncollectible accounts. It is estimated that 4% of ending accounts receivable will be uncollectible. Income taxes for the year are $520 and will be paid in January. Adj-6 Dec. 31 Adj-7 Dec. 31 Adj-8 Dec. 31 Adj-9 Dec. 31 Part 6 - General Ledger - Post the adjusting entries to the General Ledger. Part 7 - Adjusted Trial Balance (L03-3) - Complete an Adjusted Trial Balance using the information from the General Leger. Debits should equal credits if you have done the prior steps correctly. Part 8- Prepare the end of month Income Statement (LO3-4). Part 9 - Prepare the end of month Retained Earnings Statement (LO3-4). Part 10 - Prepare the end of month Balance Sheet (L03-4). 4 Part 11 - Closing Entries - Record closing entries in the General Journal and post them to the General Ledger Part 12 - Prepare a Post-Closing Trial Balance. General Ledger Cash Supplies Debit Credit Notes Receivable Debit Credit Debit Credit Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Trial Balance Total Buildings Debit Credit Prepaid Insurance Debit Credit Adjusted Trial Balance Total | Trial Balance Total Trial Balance Total Adjusted Trial Balance Totale Accounts Receivable Debit Credit Adjusted Trial Balance Total Vehicles Debit Credit Trial Balance Total Adjusted Trial Balance Total Inventory Debit Credit Trial Balance Total Adjusted Trial Balance Total Allowance for Uncollectible Accounts Debit Credit Trial Balance Totale Accumulated Depreciation Debit Credit le Trial Balance Total Adjusted Trial Balance Total Trial Balance Totale le Adjusted Trial Balance Total Adjusted Trial Balance Total | Accounts Payable Debit Credit Interest Payable Debit Credit Common Stock Debit Credit e Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Deferred Revenue Debit Credit | Income Taxes Payable | Debit Credit le Retained Earnings Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Salaries Payable Debit Credit Notes Payable Debit Credit tt Post-Closing Total Trial Balance Total Trial Balance Total Dividendse Debit Credit Adjusted Trial Balance Total Adjusted Trial Balance Total Trial Balance Totale le Freight-Out Payable Debit Credit Contingent Liability Debit Credit Adjusted Trial Balance Total Trial Balance Total Trial Balance Total Post-Closing Total Adjusted Trial Balance Total | Adjusted Trial Balance Totale le Service Revenue Debit Credit Bad Debt Expense Debit Credit Freight-Out Expense Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total 1 Post-Closing Total Sales Revenue Debit Credit le le Cost of Goods Sold Debit Credit Income Tax Expense Debit Credit ] Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total Post-Closing Total le Sales Discounts Debit Credit Depreciation Expense | Debit Credit e Insurance Expense Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total le Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total | Post-Closing Total Post-Closing Total Post-Closing Total | Interest Expense Debit Credit Salaries Expense Debit Credit Gaine Credit 1 1 Debit 1 1 1 1 1 Trial Balance Total Trial Balance Total Trial Balance Total 1 1 1 1 1 1 Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total 1 1 1 1 1 1 Post-Closing Total Post-Closing Total Post-Closing Total 1 1 Loss | Rent Expense Debit Credit Supplies Expense Debit Credit Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total Post-Closing Total
