1. 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

1. 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
2. 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
3. Prepare the Trial Balance section of the Worksheet within the Worksheet tab
   1. The Trial Balance and the Adjusted Trial Balance on the worksheet are self-correcting.
   2. 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.
4. Prepare the General Journal (GJ) Adjustments section of the worksheet base on the following information:
   1. Compute and record the adjustment for supplies used during the month. An inventory showed supplies on hand of $645.
   2. Record the adjustment for depreciation of Office Equipment of $42 for the month.
   3. Record the adjustment for depreciation of Electric Sign of $120 for the month.
5. Complete the Worksheet within the Worksheet tab
6. Prepare the Income Statement for the month, Statement of Owners Equity, and a Balance Sheet, which are found in the Financial Statement tab
7. Journalize and post the Adjusting and Closing entries. (About half students forget, and it is worth about 25% of grade)
8. Prepare a Post- Closing Trial Balance.
9. Complete the Audit Report document that you downloaded from the Canvas Modules section, and submit the following completed files in Canvas:
   1. Project Workbook A-Z Computer Repair
   2. 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).

J4 B fx D H L N AC 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 Debis Tonth Day ACCOUNT NANECAS 2019 ACCOUNT NUMBER 101 Balance Debu Credi Debit Credit Explanation Pow Red Month Day AC Your Name, Drawing ACCOUNT NUMBER 312 Tole Debit Credit Debit Credit 2019 Explanation Post Red Month Dey ACCOUNT NAME INCOME SUMMARY ACCOUNT NUMBER Balator Pour Rel. Debit Credit Debit Credia 2009 Explanation Me Day ACCOUNT NAME SUPPLIES ACCOUNT NUMBER: 113 2019 Explanation Post Rec Det Credit ACCOUNT NAME INCOME REVENUES FROM SERVICES Debit Credit ACCOUNT NUMBER: 41 Balance Pow Ra Delle Credit Deble Creda Month Day 2019 Explanation MARI Day ACCOUNT NUMBER 11 ACET NAMECOMP. SOFTWARE Balance ACT NAME ADVERTISING EXPENSE ACCOUNT NUMBERS Balance Pow Rec Dehit Credit De Cee. 2019 Post Rel Debit Credi Heplanation 2019 Deble Credit Explona Month Day Moth Day ACCOUNT NUMBER NOCT NAME RENT EXPENSE ACE NAME ONCE QUIPMENT ACCOUNT NUMBER 117 Balance Debia Credi Dahi Grd 2019 Credit Post Re Dehli Explanation Debil Credit Explanation Pow Red M Day Month Da TERRA ACCOUNT NUMBER ACCOUNT NAME SUPPLIES EXPENSE 2009 ACCOUNT NUMBER Post Ret Deble Explanation Credit Debit ACCOUNT NAME MEGIMULTE DETECTION ORICE LOLITA Credit 30 Balance 2019 Pow Rele Credit Debit Explanation Month Das Dell Credit MathDay 02 3 ACCOUNT NUMAR ACCOUNT NUMBER 120 ACCOUNT NAME UTILITIES TEXPENSE