Project assignment that im not sure where to begin may i get some help please?
INSTRUCTIONS: 1. The chart of accounts and the post-closing trial balance as of January 31, 2016 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances February 1, 2016, and place a check mark () in the Posting Reference column. Journalize each of the March transactions in the journal provided using OJB Company's chart of accounts. (Do not insert the account numbers in the journal at this time). 2. Post the journal to the ledger. 3. Prepare an unadjusted trial balance. 4. At the end of March, the following adjustment data were assembled. Use this data to complete instructions ( 5 ) and (6): a. Supplies on hand were $ 600. b. Rent expired during the month was $ 1,600. c. Unearned fees at the end of the month were $ 2,000. d. Insurance expired during the month was $ 300. e. Accrued salaries payable were $ 240. f. Depreciation on equipment during the month was $ 330. 5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet. 6. Journalize and post the adjusting entries. 8. Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet. 9. Record and post the closing entries. Income Summary is account #33 in the chart of accounts. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry. 10.Prepare a post-closing trial balance. OJB COMPANY SERVICE CHART OF ACCOUNTS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 OJB, Capital 32 OJB, Drawing 33 Income Summary 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense OJB COMPANY POST-CLOSING TRIAL BALANCE JANUARY 31, 2016 DEBIT CREDIT Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees OJB, Capital 22.100 3,400 1,350 3,200 1,500 14,500 330 800 120 2,500 42.300 46,050 46,050 INSTRUCTIONS: 1. The chart of accounts and the post-closing trial balance as of January 31, 2016 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances February 1, 2016, and place a check mark () in the Posting Reference column. Journalize each of the March transactions in the journal provided using OJB Company's chart of accounts. (Do not insert the account numbers in the journal at this time). 2. Post the journal to the ledger. 3. Prepare an unadjusted trial balance. 4. At the end of March, the following adjustment data were assembled. Use this data to complete instructions ( 5 ) and (6): a. Supplies on hand were $ 600. b. Rent expired during the month was $ 1,600. c. Unearned fees at the end of the month were $ 2,000. d. Insurance expired during the month was $ 300. e. Accrued salaries payable were $ 240. f. Depreciation on equipment during the month was $ 330. 5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet. 6. Journalize and post the adjusting entries. 8. Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet. 9. Record and post the closing entries. Income Summary is account #33 in the chart of accounts. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry. 10.Prepare a post-closing trial balance. OJB COMPANY SERVICE CHART OF ACCOUNTS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 OJB, Capital 32 OJB, Drawing 33 Income Summary 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense OJB COMPANY POST-CLOSING TRIAL BALANCE JANUARY 31, 2016 DEBIT CREDIT Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees OJB, Capital 22.100 3,400 1,350 3,200 1,500 14,500 330 800 120 2,500 42.300 46,050 46,050
