PRINCIPLES OF ACCOUNTING ACCT 1030 ACCOUNTING CYCLE PROJECT Cine projected themester. This project is a comprehensive problem mentor and sadly your proper the accounting de The Account Order Project is to be completed by hand sig hard copy wartpers. The purpose of the surement is the generala comprehension of one contingudes processing me stess by hand Preparation Complete the required up for the project presang your work in pencil using the copywrine papers included in this document. Your work should be ratando de Alerta Ang Processing Transactions on pages in your textbook for the formatting Rules for ournals ileso 2when preparing your joumalines. You may anteplarations in the jour. Refer to Trial Balance & Firandal Statements lesional pages 99-300 in your textbook for an emple of how to form the nail statements Submitting Your Project: Online students may scan and upload the aroject starting with the real jornalong to the Assignments menu dropbox Due Date: June 23. 20:20 Grade Impact & Academic Integrity: This homework project will be worth of your overal course grate. No project graders will be dropped failure to submit a homework project will result in a grade of for this sememSumiting work copied from another source ha violation of the Academic Dishonesty Policy and will result in a grade of D-for the project Grading Criteria: This project wil he graded on a 100 points on completeness, accuracy, and neatness as shown in the grading details below. Grading Details: lam Points Joumal Entries 20 points 1 point for each correct account Adjusting Entries 17 points (1 pontor 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 Acc Balances 12 points 1/2 point for each correct balance Unadusted 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 Balance 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 2 Purchased $2,200 of computer supplies on credit from Graham Office Products 3 Completed a project for Olympus Corporation and received $6,425 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 mall 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 $87 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. c. 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 at $176 per day. e. The computer equipment, acquired for $9,000 on October 1, is expected to have a three-year life with no salvage value. f. 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 mo 1. Decanbar transport Corwit sou may want to entre Sinneach ouma entry the hober > Post the web trumations to the protects the Prepare a trace pro the alty of its and report continuing with thi project. Orkaryother bence. Cechu. Sto. Cand your Instructor publice does not have before proceh the rest 4. Journal theating eles to reflections through above 5. Post their entries to the press the le Prepovedades December 13, 2010. Check for $111.45 Cor true if your contblance before proceed with 7. Prepare the bank anda sements in goed for see your intet for good of financial statement formie Prepare an income statemere for the three morded December 31, 2012 2. Prepare a statement of teruty for the three main ested December 31, 2019 10. Prepare a lance sheets of December 31, 2019 11. lourraine and post the necessary closestries for Scon Consulting 12. Prepare a post control balance of December al 2019 Page 3 of 15 Below are the recorded by Congo Oba Nova 2010 NOTE: These are for you in you do not odio do anything with three 1 GENERAL JOURNAL 45. Del 1 Cash Oficent 30 16 LOT 23 I SE 1 Depair 2220 10 2.300 130 101 9 Come Super 4. LOG 400 450 Dan hever inl NO 2 Me pense 2345 Rent Fake 101 4 DO 101 306 Canh 101 4131 14 Casil 105 Se 20 Anos Rerval Coming events 2.000 200 100 50 Scott Withdrawal Cache Name Homework Project 1 - Working Papers General Journal for Requirements 1,4 & 11 GENERAL JOURNAL MOCOURT 2019 December Transactions 120 points) Deo PU GENERAL JOURNAL ACCOUNT POET PUT DENT CHE 2013 Dec Adusong that point Closing Entries (topom Ledger for Requirements 2, 3, & 11 Note: Ledger includes antiestrom the two months of operations for Soo Consulting Continue by posting the December one 12 poires Cash PR Dario Oct. Exploration Dobit 45,000 1 1 2 31 2 5 Acct. No. 101 Credit Balance 45,000 2220 42,780 3.300 39,480 875 38,605 320 30,285 2545 35 740 40,540 45.173 2.000 43,173 J1 J1 J1 J1 J1 J1 J1 J1 Nov. 4,800 4,633 14 30 Date Oct Nov. Accounts Receivable Explanation PR Dobit J1 4.800 J1 J1 5,200 Acct. No. 106 Credit Balance B00 4,800 0 5.208 18 8 23 Computer Supplies Explanation PR Acet. No. 126 Balance Credit Date Oct. Debit 2,545 9 2.545 Prepaid Insurance Explanation PR J1 Credit Act No. 128 Balance 2.220 Debit 2,220 Date Oct. 1 Ledger (Continued Date Explanation Prepaid Rent Acct. No. 131 PR Debit Credit Balance Page 7 of 1s OL 3.000 Office Fap analos PR 1 Det 100 Acc No. 163 Credit alance 30.000 Dr. AOL N 164 Date Accumulated Deprecision Office Equipment Espation PR Debel Cresta Act No. 1EY Computer Equipment Expansion PR Deba Crede Oct. 0.000 Date Accumulated Depreciation Comment Seslo Espansion PR Dabli Credit Berence ACGL NO. 201 Accounts Payatte PR Debe Duba Balance 9 Credi 2.545 NOW 21 Wapes Payable PRE Acct. No. 216 Balance Explanation Debit Credit Acct. No.236 Uneamed Consulting Revenue Explanation PR Dahit Date Credo Leder Corried T. Scot, Capital Acct. No. 301 1 Explanation PR Debit Data Oct Credit Bwance 54,000 1. Scott, Withdrawal Avel. No. 2 C Drts Now, Dear 2. DOO 2.000 Dune Consusing Revenue Explanation PR Da 21 , Bano 4.800 Crede BOO 4.633 5.200 16 hou 14641 Depreciation Expense-Office Equipment Explanation Debit Acct. No. 812 Balance DAN Cred Desition.com Element Acct. No. Esplanation PR Dubit Crede Balance Acct. No. 623 Wapes Eparse Date Esplanation Oct 21 Cred Debt 875 Balance ETS Ledge Cowed) Insurance Expense Acc No. 37 Fanation PE De Credii A 40 Rent Espanse PR Crec Computer Supplies Expense Explanation Ace 42 Balne C Adverf Explanation PR Act No. HOLA Date Det Miles Eepense Expansion PR Deba Acct. No. 670 BRING Credi Now. Acct. No. 834 Recipes Computer Explanation PR Dante Credit Income Summary Explanation PR ADEL No.901 Credit Dance Deb Working Paper for Power Scott Coraling Tribalance 10 15 DEBIT LAEDT Working Paper for Requirements Be Caurg Adjusted Trial Balance December 31, 2019 DEBIT CREDIT Working Papers for Requirements 7, 8 & 9 Scott Consulting Income Statement (10 points) For Three Months Ended December 31, 2019 Page 12 of 15 Scan Con Stof Owo Warig Papers for Pro 6,74 Scott Corp Dec 2013 14 15 Scanding nel