Practice Set Part 3:
9. Prepare the Income Statement and Balance Sheet Columns in the worksheet.
Check the Net Income you calculated in Step 9 against the check figures in the Instructions before proceeding.
(If you have trouble getting it to agree, you may send me your excel workbook to check by attaching it to a
Canvas message.) Do not move on until your Net Income agrees.
Suggestion:
** Pages 187 - 188 in your textbook contain instructions on how to complete the worksheet.
10. Prepare the Income Statement, Statement of Owner's Equity and Balance Sheet. Make sure you properly
complete the heading for each statement.
Check the Capital balance you calculated in the Statement of Owners Equity (and Balance Sheet, it should be
the same) in Step 10 against the check figures in the Instructions before proceeding. (If you have trouble
getting it to agree, you may send me your excel workbook to check by attaching it to a Canvas message.) Do
not move on until your Capital balance agrees.
Submit your assignment by attaching your excel worksheet to the Practice Set Part 3 assignment in Canvas.
Practice Set (Final Submission):
11. Prepare the Closing Entries on General Journal Page 3. Using T-Accounts, calculate the balance in the
Income Summary and Capital Accounts. Post the Closing Entries to the General Ledger (use Account #600 for
Income Summary) and calculate the account balances.
12. Prepare a post-closing trial balance.
Submit your assignment by attaching your excel worksheet to the Practice Set assignment in Canvas.
Check Figures:
Step 5 Trial Balance $6,075
Step 7 Adjusted Trial Balance $7,825
Step 9 Worksheet: Calculate Net Income $1,825
Step 10 Statement of Owners Equity: Regal, Capital March 31, 2018 $5,825
ACC111 Accounting Principles I Practice Set James Regal, Esquire is an Attorney and has formed his own law firm, Regal Law Firm. You have been hired by Regal Law Firm James as his bookkeeper. After talking to James, you prepare his chart of accounts, which is below. Chart of Accounts Account # Account Name Cash Accounts Receivable 102 upplies Paysbe 103 202 301 302 401 501 502 503 Unearned Revenue Regal, Capital Regal, Drawing Fee Income Rent Expense Salaries Expense Supplies Expenss The first month of business for the Regal Law Firm is March 2018. The transactions for the month of March are; Date 3/1/2018 3/5/2018 3/10/2018 3/15/2018 3/22/2018 3/30/2018 Transaction James opened the bank account and deposited $5,000 for his capital contribution. James paid $250 for rent. James received $1,000 from a new client, Sue Barnes, as a deposit for legal services James paid $375 of salaries to his legal assistant. James received a bill of $75 for office supplies which will be paid next month. James withdraw $1,000 for his personal use Practice Set Part 1 Download Excel workbook and "save as" adding your last name to the end of the file. The assignment must be complete using Microsoft Excel. If it is not completed in Excel, your assignment may not be accepted. See the syllabus to download a free copy of Microsoft Excel. 1. Using the chart of accounts, open the accounts in the general ledger 2. Record the journal entries for the March transactions using General ornal Page 1. Make sure that you include explanations 3. Post the entries to the general ledger 4. Calculate the balances in the general ledger accounts. 5. Prepare the Trial Balance Columns in the worksheet. Make sure you properly complete the heading. After completing the Trial Balance in Step 5, compare the balance you calculated with the check figure for the Trial Balance in the Instructions. (If you have trouble getting it to agree, you may send me your excel workbook to check by attaching it to a Canvas message.) Do not move on until your trial balance agrees. Pages 74- 75 in your textbook contains step by step instructions on how to journalize transactions and post them to the general ledger Submit your assignment by attaching your excel worksheet to the Practice Set Part 1 assignment in Canvas. ACC111 Accounting Principles I Practice Set Practice Set Part 2 6. Prepare the following adjustments in the worksheet a. During March, James performed services for clients which were not billed for $1,750. b. During March, James performed services for Sue Barnes for $750. c. At the end of the month $25 in office supplies were remaining. 7. Prepare the Adjusted Trial Balance Columns in the worksheet. After completing the Adjusted Trial Balance in Step 7, compare the balance you calculated with the check figure for the Adjusted Trial Balance in the Instructions. (If you have trouble getting it to agree, you may send me your excel workbook to check by attaching it to a Canvas message.) Do not move on until your adjusted trial balance agrees ** Pages 187 - 188 in your textbook contain instructions on how to complete the worksheet. 8. Prepare the adjusting journal entries on the tab General Journal Page 2 for the adjustments prepared in #6 above and post them to the General Ledger and calculate the account balances. Submit your assignment by attaching your excel worksheet to the Practice Set Part 2 assignment in Canvas. Practice Set Part 3: 9. Prepare the Income Statement and Balance Sheet Columns in the worksheet. Check the Net Income you calculated in Step 9 against the check figures in the Instructions before proceeding (If you have trouble getting it to agree, you may send me your excel workbook to check by attaching it to a Canvas message.) Do not move on until your Net Income agrees. Pages 187 - 188 in your textbook contain instructions on how to complete the worksheet. 10. Prepare the Income Statement, Statement of Owner's Equity and Balance Sheet. Make sure you properly complete the heading for each statement. Check the Capital balance you calculated in the Statement of Owners Equity (and Balance Sheet, it should be the same) in Step 10 against the check figures in the Instructions before proceeding. (If you have trouble getting it to agree, you may send me your excel workbook to check by attaching it to a Canvas message.) Do not move on until your Capital balance agrees. Submit your assignment by attaching your excel worksheet to the Practice Set Part 3 assignment in Canvas. Practice Set (Final Submission): 11. Prepare the Closing Entries on General Journal Page 3. Using T-Accounts, calculate the balance in the Income Summary and Capital Accounts. Post the Closing Entries to the General Ledger (use Account #600 for Income Summary) and calculate the account balances 12. Prepare a post-closing trial balance. Submit your assignment by attaching your excel worksheet to the Practice Set assignment in Canvas. Check Figures: Step 5- Trial Balance $6,075 Step 7- Adjusted Trial Balance $7,825 Step 9 - Worksheet: Calculate Net Income S1,825 Step 10- Statement of Owner's Equity: Regai, Capital March 31, 2018 $5,825 March 31, 2018 Trial Balance Debit 4,375.00 Adiustments Debit Adjusted Trial Balance Income Statement Balance Sheet Debit 4,375.00 1,750.00 Account Names Credit Credit Debit 4,375.00 1,750.00 Credit Debit Credit Credit Cash Accounts Receivable 1,750.00 les 75.00 50.00 25.00 25.00 75.00 1,000.00 5,000.00 75.00 250.00 5,000.00 75.00 250.00 5,000.00 Accounts Pavable Unearned Revenue Regal, Capital Regal, Withdrawals Fee Incom Rent Expense Salaries Expense Supplies Expense 750.00 1,000.00 1,000.00 1,000.00 2,500.00 2,500.00 2,500.00 250.00 375.00 250.00 375.00 50.00 250.00 375.00 50.00 50.00 Total Net Income Total $6,075.00$ 6,075.00 $ 2,550.00 $ 2,550.00 $ 7,825.00$ 7,825.00 675.002,500.007,150.005,325.00 1,825.00 $2,500.00$2,500.00$ 7,150.00$7,150.00 1,825.00
