Question
PROJECT SCENARIO You will act as the owner of a company called A-Z Computer Repair You will complete the month of June Journal Entries (J/Es)
- PROJECT SCENARIO
- You will act as the owner of a company called A-Z Computer Repair
- You will complete the month of June Journal Entries (J/Es) for the transactions listed below
- After completing the J/Es, you will complete a worksheet that includes:
- Adjusting Journal Entries
- Financial Statement preparation
- Posting Closing Journal Entries and preparing Post-Closing Trial Balance
- The Chart of Accounts for your company is listed below and its lists all of accounts used by A-Z Computer Repair. Again, read the 2. PROJECT INSTRUCTIONS listed Ledger
- Based on the General Journal entries you make for the Transactions below, Post the Journal Entries (J/Es) to the general ledger accounts. Be sure and use the Post Reference #s for each posting
- Prepare the Trial Balance section of the Worksheet within the Worksheet tab
- The Trial Balance and the Adjusted Trial Balance on the worksheet are self-correcting.
- If you get an error message, the number you are entering in the current cell is incorrect for that cell. Please review the input information for that cell and try again.
- Prepare the General Journal (GJ) Adjustments section of the worksheet base on the following information:
- Compute and record the adjustment for supplies used during the month. An inventory showed supplies on hand of $645.
- Record the adjustment for depreciation of Office Equipment of $42 for the month.
- Record the adjustment for depreciation of Electric Sign of $120 for the month.
- Complete the Worksheet within the Worksheet tab
- Prepare the Income Statement for the month, Statement of Owners Equity, and a Balance Sheet, which are found in the Financial Statement tab
- Journalize and post the Adjusting and Closing entries. (About half students forget, and it is worth about 25% of grade)
- Prepare a Post- Closing Trial Balance.
- Complete the Audit Report document that you downloaded from the Canvas Modules section, and submit the following completed files in Canvas:
- Project Workbook A-Z Computer Repair
- Project Audit Report
A Z COMPUTER REPAIR CHART OF ACCOUNTS
ASSETS
101 Cash
113 Supplies
115 Computer Software
117 Office Equipment
118 Accumulated Depreciation (Office Equipment)
120 Electric Sign
121 Accumulated Depreciation (Electric Sign)
LIABILITIES
201 Accounts Payable
REVENUE
411 Income from Repair
EXPENSES
511 Advertising Expense
512 Rent Expense
513 Supplies Expense
514 Utilities Expense
515 Wages Expense
516 Miscellaneous Expense
517 Depreciation Expense (Office Equipment)
518 Depreciation Expense (Electric Sign)
OWNERS EQUITY
311 (insert your name here), Capital
312 (insert your name here), Drawing
330 Income Summary
The following lists all transactions A-Z COMPUTER REPAIR made during June:
June 1 You deposited $19,250 cash in a bank account in the name of the business.
3 Bought office equipment from XYZ Office Mart for cash, $685, Ck. #1000, Invoice #2375.
5 Bought computer software from Flash Computer Center, $760, putting $500 down and putting the balance on account, Ck. #1001, Invoice #244.
6 Paid current months rent, $1,075 Ck. #1002.
7 Performed services for cash, $2,240.
10 Bought an electric sign from Bright Light Signs, $1,675, putting $725 down, and placing the balance on account, Ck. #1003, Inv. #6172.
12 Received a bill from The Times Review for advertising, $775, Inv. TR198.
13 Bought supplies on account from XYZ Office Mart, $1,550, Inv. #2425.
15 Received and paid the electric bill, $387, Ck. #1004.
20 Paid on account to The Times Review, $775, Ck. #1005, Inv. #TR198.
21 Performed services for cash, $1,742.
25 Paid sales clerks wages, $857, Ck. #1006.
27 You invested your personal computer (Office Equipment) in the business with a fair market value of $1,425.
29 You withdrew cash for personal use, $640, Ck. #1007.
30 Received and paid the bill for the city business license, $150, Ck. #1008, (Miscellaneous Expense).
Hi Chegg tutor, just finish the work in this picture
0 H K PAC NAME Your Name CAPITAL ACCOUNT NUMBER 311 ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS GENERAL LEDGER (GL) 2019 Balance Explanation Post Rel. Debit Credit Debut Month Day Credit ACCOUNT NAME CASH 2016 ACCOUNT NUMBER 1101 Balance Debit Credit Debis Credit Explanation Post Rec Month Day ACCOUNT NUMBER Your Name Drawing 2019 Balance Explanation Power Debler Credit Debe Credit Month Day ACCOUNTINAMFUNCOME SUMMARY ACCOUNT NUMBER: 2019 Explanati PoweRef: Debler Credit Debe Credi Month Day ACCOUNT NAME SUPPLIES 2019 ACCOUNT NUMBER 113 Blonde Debes Credit Deli Credit ACCOUNT NUMRR2411 Pose Red Explanation ACCOUNT NAME: INCOME REVENUE) FROM SERVICES 2019 Month Day Explanation Post Rec Debit Debit Credit De Cred Month Day ACCOUNT NUMBER ACET NAME COMPORTARE ACCT NAME ADVERTISING EXPENSE ACCOUNT NUMBER 15 Blanc Debit Credit Debi Credit Balance 2019 Pew Rel 2019 Explanation Credit Explanation Post Ret Det Det Credi Month Day Month Day 45 16 NOCT NAME RENT EXPENY ACCOUNT NUMBER 12 Balance Post Rec Debit Credit Debit Credit ACCOUNT NUMBER 117 Balance Debit Credi De Credit ACET NAMELOTICE EQUIPMENT 2014 Explanation 2019 Explanation P Rec Month De Month Der ACCOUNT NUMR513 ESTER NOCOUNT NAME SUPPLIES EXPENS 54 Debil Credit ACCOUNT NUMBER 2019 Float Debit Credit ACCOUNT NAME ACCUMULATID DEDICATION ORTEEQUIPS Blo M. L DI Pon Red 2019 De Cred Debi Credit Month Day ACCOUNT NUMBER 14 ACCOUNT NAME UTILISEXPENN ACCOUNT NANE TRUCSON ACCOUNT NUMBER 120 Bone Financial Statements GJ Closing Entries Post-Clos adaer Work Sheet GJ Adjust. Entries 0 H K PAC NAME Your Name CAPITAL ACCOUNT NUMBER 311 ACCT 101 - COURSE PROJECT A-Z COMPUTER REPAIRS GENERAL LEDGER (GL) 2019 Balance Explanation Post Rel. Debit Credit Debut Month Day Credit ACCOUNT NAME CASH 2016 ACCOUNT NUMBER 1101 Balance Debit Credit Debis Credit Explanation Post Rec Month Day ACCOUNT NUMBER Your Name Drawing 2019 Balance Explanation Power Debler Credit Debe Credit Month Day ACCOUNTINAMFUNCOME SUMMARY ACCOUNT NUMBER: 2019 Explanati PoweRef: Debler Credit Debe Credi Month Day ACCOUNT NAME SUPPLIES 2019 ACCOUNT NUMBER 113 Blonde Debes Credit Deli Credit ACCOUNT NUMRR2411 Pose Red Explanation ACCOUNT NAME: INCOME REVENUE) FROM SERVICES 2019 Month Day Explanation Post Rec Debit Debit Credit De Cred Month Day ACCOUNT NUMBER ACET NAME COMPORTARE ACCT NAME ADVERTISING EXPENSE ACCOUNT NUMBER 15 Blanc Debit Credit Debi Credit Balance 2019 Pew Rel 2019 Explanation Credit Explanation Post Ret Det Det Credi Month Day Month Day 45 16 NOCT NAME RENT EXPENY ACCOUNT NUMBER 12 Balance Post Rec Debit Credit Debit Credit ACCOUNT NUMBER 117 Balance Debit Credi De Credit ACET NAMELOTICE EQUIPMENT 2014 Explanation 2019 Explanation P Rec Month De Month Der ACCOUNT NUMR513 ESTER NOCOUNT NAME SUPPLIES EXPENS 54 Debil Credit ACCOUNT NUMBER 2019 Float Debit Credit ACCOUNT NAME ACCUMULATID DEDICATION ORTEEQUIPS Blo M. L DI Pon Red 2019 De Cred Debi Credit Month Day ACCOUNT NUMBER 14 ACCOUNT NAME UTILISEXPENN ACCOUNT NANE TRUCSON ACCOUNT NUMBER 120 Bone Financial Statements GJ Closing Entries Post-Clos adaer Work Sheet GJ Adjust. Entries
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