Submission 1 - due October 7, 2020 before 5pm - You must submit your completed Journal entries, the Worksheet complete through the Trial Balance (with totals for all columns), and the worksheet formulas tab complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 1 part 1. Failure to name your file correctly will result in a 1 point deduction Submission 2 - due October 14, 2020 before 5pm - You must submit your completed Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns (with totals for all columns), and the Worksheet formulas tabs completed/redone. Your file must be named correctly - "Your name (first and last) Project 1 part 2. Failure to name your file correctly will result in a 1 point deduction Prepare journal entries to record the January transactions given. Please refer to the Worksheet tab for Account Titles you may need. Add the January journal entry information to the Worksheet in the January columns. You can do this in one of 2 ways - (1) Post the journal entries to ledger accounts using T-accounts to represent ledger accounts and then use those totals to post to the worksheet or (2) use excel to add all entries for a particular account into the correct column in the worksheet (ie., add all cash debits from the journal entries into the cash debit column for January entries). There is a tab to use for T Accounts if you want but the T Accounts are NOT required Prepare an unadjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Excel formulas must be used throughout the project to obtain full credit. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab.. Highlight the entire worksheet area and press the "ctrl" key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed Prepare adjusting entries for the month of January given the information provided. Post the adjusting entries to the Adjusting entries columns on the worksheet Prepare an adjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab. Highlight the entire worksheet area and press the "ctrl" key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed Amount 0.02 interest rate 11500 on account During January, the first month of operations, the following transactions occurred: Date Event 2-Jan Paid for 12 months rent on office space 5-Jan Purchased office furniture. 5-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 11-Jan Performed services for various customers for cash and on account. 19-Jan Paid salaries to employees for 1 week. 20-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 22-Jan Purchased additional office supplies on account. 28-Jan Collected payments for amounts previously billed. 29-Jan Paid for utilities. 29-Jan Paid the bill for supplies purchased previously. 31-Jan Dividends were declared and paid. Amount 9,000 8,950 30,000 loan amt 12,500 paid cash 6,560 11,760 5,650 8,950 1,986 10,590 500 At the end of January, the following additional information is available to help determine what adjustments are needed: Amount Amount 6985 4680 31-Jan One month of interest has accrued on the note payable for the bank loan. 31-Jan Additional work for customers has been performed during the last week of January but not billed yet 31-Jan Supplies were counted at month end 31-Jan One month of the prepaid rent has been used up 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 31-Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan Salaries are paid every Friday (for a 5 day work week). January 31 was a Tuesday 295 comp equip 85 off furn 6,560 weekly JOURNAL ENTRIES - ZKTZ Consulting Inc ACCOUNT DEBIT $9,000 DATE 2-Jan CREDIT Prepaid rent Cash $9,000 5-Jan S8,950 Office furniture Cash 58,950 5-Jan S30,000 Cash Long-term note payable S30,000 11-Jan Cash Account recievable Service Revenue S12,500 $11,500 S24,000 19-Jan S6,560 Salaries expense Cash S6,560 20-Jan Cash S11,760 Unearned Revenue S11,760 22-Jan $5,650 Supplies Accounts payable S5,650 28-Jan S8,950 S8,950 Cash Ammount recievable 29-Jan Utilities expense S1,986 Cash S1,986 29-Jan S10,590 Account Payable Cash $10,590 31-Jan Dividend S500 Cash S500 ADJUSTING JOURNAL ENTRIES - ZKTZ Consulting Inc ACCOUNT DEBIT CREDIT DATE BEGINNING NUMBERS JANUARY ENTRIES UNADJUSTED TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE DEBIT CREDIT DEBIT CREDIT CREDIT DEBIT CREDIT DEBIT CREDIT 49,200 $25,624 $2,550 $5,650 $9,000 10,590 DEBIT 74,824 2,550 16,240 9,000 58,300 67,500 58,300 67,500 $8,950 8,950 10,590 $4,940 5,650 ACCOUNT Cash Accounts Receivable Supplies Prepaid Rent Land Computer Equipment Accumulated Depreciation, Comp Equip Office Furniture Accumulated Depreciation, Off Furn Accounts Payable Salaries Payable Interest Payable Unearned Revenue Long-term Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Depreciation Expense, Comp Equip Depreciation Expense, Office Furniture $11,760 $30,000 - 11,760 30,000 175,000 175,000 - - $500 500 $24,000 - 24,000 $6,560 6,560 $1,986 1,986 185,590 185,590 $65,760 65760 246,410 Submission 1 - due October 7, 2020 before 5pm - You must submit your completed Journal entries, the Worksheet complete through the Trial Balance (with totals for all columns), and the worksheet formulas tab complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 1 part 1. Failure to name your file correctly will result in a 1 point deduction Submission 2 - due October 14, 2020 before 5pm - You must submit your completed Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns (with totals for all columns), and the Worksheet formulas tabs completed/redone. Your file must be named correctly - "Your name (first and last) Project 1 part 2. Failure to name your file correctly will result in a 1 point deduction Prepare journal entries to record the January transactions given. Please refer to the Worksheet tab for Account Titles you may need. Add the January journal entry information to the Worksheet in the January columns. You can do this in one of 2 ways - (1) Post the journal entries to ledger accounts using T-accounts to represent ledger accounts and then use those totals to post to the worksheet or (2) use excel to add all entries for a particular account into the correct column in the worksheet (ie., add all cash debits from the journal entries into the cash debit column for January entries). There is a tab to use for T Accounts if you want but the T Accounts are NOT required Prepare an unadjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Excel formulas must be used throughout the project to obtain full credit. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab.. Highlight the entire worksheet area and press the "ctrl" key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed Prepare adjusting entries for the month of January given the information provided. Post the adjusting entries to the Adjusting entries columns on the worksheet Prepare an adjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab. Highlight the entire worksheet area and press the "ctrl" key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed Amount 0.02 interest rate 11500 on account During January, the first month of operations, the following transactions occurred: Date Event 2-Jan Paid for 12 months rent on office space 5-Jan Purchased office furniture. 5-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 11-Jan Performed services for various customers for cash and on account. 19-Jan Paid salaries to employees for 1 week. 20-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 22-Jan Purchased additional office supplies on account. 28-Jan Collected payments for amounts previously billed. 29-Jan Paid for utilities. 29-Jan Paid the bill for supplies purchased previously. 31-Jan Dividends were declared and paid. Amount 9,000 8,950 30,000 loan amt 12,500 paid cash 6,560 11,760 5,650 8,950 1,986 10,590 500 At the end of January, the following additional information is available to help determine what adjustments are needed: Amount Amount 6985 4680 31-Jan One month of interest has accrued on the note payable for the bank loan. 31-Jan Additional work for customers has been performed during the last week of January but not billed yet 31-Jan Supplies were counted at month end 31-Jan One month of the prepaid rent has been used up 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 31-Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan Salaries are paid every Friday (for a 5 day work week). January 31 was a Tuesday 295 comp equip 85 off furn 6,560 weekly JOURNAL ENTRIES - ZKTZ Consulting Inc ACCOUNT DEBIT $9,000 DATE 2-Jan CREDIT Prepaid rent Cash $9,000 5-Jan S8,950 Office furniture Cash 58,950 5-Jan S30,000 Cash Long-term note payable S30,000 11-Jan Cash Account recievable Service Revenue S12,500 $11,500 S24,000 19-Jan S6,560 Salaries expense Cash S6,560 20-Jan Cash S11,760 Unearned Revenue S11,760 22-Jan $5,650 Supplies Accounts payable S5,650 28-Jan S8,950 S8,950 Cash Ammount recievable 29-Jan Utilities expense S1,986 Cash S1,986 29-Jan S10,590 Account Payable Cash $10,590 31-Jan Dividend S500 Cash S500 ADJUSTING JOURNAL ENTRIES - ZKTZ Consulting Inc ACCOUNT DEBIT CREDIT DATE BEGINNING NUMBERS JANUARY ENTRIES UNADJUSTED TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE DEBIT CREDIT DEBIT CREDIT CREDIT DEBIT CREDIT DEBIT CREDIT 49,200 $25,624 $2,550 $5,650 $9,000 10,590 DEBIT 74,824 2,550 16,240 9,000 58,300 67,500 58,300 67,500 $8,950 8,950 10,590 $4,940 5,650 ACCOUNT Cash Accounts Receivable Supplies Prepaid Rent Land Computer Equipment Accumulated Depreciation, Comp Equip Office Furniture Accumulated Depreciation, Off Furn Accounts Payable Salaries Payable Interest Payable Unearned Revenue Long-term Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Depreciation Expense, Comp Equip Depreciation Expense, Office Furniture $11,760 $30,000 - 11,760 30,000 175,000 175,000 - - $500 500 $24,000 - 24,000 $6,560 6,560 $1,986 1,986 185,590 185,590 $65,760 65760 246,410