The project includes 9 required items Complete required items 1 9 by entering the appropriate accounting information in your template Please use your team name as the name of the company for the purpose of completing titles in your excel documents After completing items 1 9 save your final template using the following name format ACCT Project 2Team Name Record your answers to fill in the blank questions under items 5, 8, and 9 using the information from your template Submit the completed excel file as an attachment in the link under step III Click Continue Begin to start Question 1 The following information is given at the beginning of December Debit Credit Cash $72,000 Accounts receivables $30,000 Allowance for uncollectible accounts $11,500 Inventory (1,600 units at $9 50) $15,200 Accounts payable $28,100 Common stock $45,000 Retained earnings $32,600 Total $117,200 $117,200 Required 1 Enter the beginning balance for each account in the T accounts (General Ledger) tab in the excel template file Accounting Cycle Project 2 Excel Template xlsx Required 2 Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Accounting Cycle Project 2 Excel Template xlsx Use the following accounts as appropriate Cash, Accounts receivable, Allowance for uncollectible accounts, Inventory, Notes receivables, Interest receivables, Equipment, Accumulated depreciation, Accounts payable, Common stock, Retained earnings, Sales revenue, Interest revenue, Cost of goods sold, Depreciation expense, Bad debt expense, Income tax expense Dec 1 Used cash to purchase equipment at a purchase price of $17,000, plus tax $300, plus shipping $700 Dec 1 Lend $13,000 to an employee by receiving a note for six months at annual interest rate of 12 due at the maturity date Dec 6 Purchase 4,700 units of inventory on account at $14 5 per unit for a total cost of $68,150 Dec 12 Assuming the perpetual method is used, the company sold 3,200 units at $29 each on account, terms2 10, n 30 Calculate the cost of goods sold using the FIFO method and record the appropriate journal entries for the sale and the cost of the sale (Hint Make sure to consider the beginning inventory balance from the beginning trial balance) Dec 20 Paid $27,000 to suppliers for purchases made on account in the prior month Dec 23 Received cash of $20,500 for sales of inventory made on account on December 12 Dec 28 Write off $3,700 of accounts receivables using the allowance method Dec 30 Paid $6,200 for income tax for the month of December Required 3 Post all of the December transactions from the General Journal tab to the T accounts under the T Accounts (General Ledger) tab in the excel template file Accounting Cycle project 2 Excel Template xlsx Make sure to include beginning balances for accounts where necessary Required 4 Compute the balances for each T account after all of the entries have been posted These are the unadjusted balance as of December 31 Required 5 Prepare the unadjusted trial balance under the Unadjusted Trial Balance tab in the excel template file Accounting Cycle project 2 Excel Template xlsx Provide the total of the debit column from the Unadjusted trial balance Required 6 Record the following four transactions as adjusting entries under the General Journal tab Dec 31 The company estimates 20 of the ending balance of accounts receivables is not going to be collected (Hint Remember to consider the balance in the allowance for uncollectibe account, if any ) Dec 31 Record December's adjustment to accrue interest for the notes receivables Dec 31 The company uses the lower of cost ornet realizable valuemethod for inventory valuation Thenet realizable valueof the inventory is $12 5 per unit Make the adjusting entry if necessary Dec 31 Calculate depreciation using Straight line method The equipment purchased has a useful life of 72 months and no residual value Record the depreciation for the month of December Required 7 Post all of the adjusting entries to the T accounts under the T Accounts (General Ledger) tab Compute the balance for each T account after all of the adjusting entries have been posted These are the adjusted balance as of December 31 Required 8 Prepare the adjusted trial balance under the Adjusted Trial Balance tab as of December 31 in the excel template file Accounting Cycle project 2 Excel Template xlsx Provide the following accounts balances from the Adjusted Trial Balance (Please enter all amounts as a postive number No brackets ) Cash Accounts receivable Allowance for uncollectible accounts Inventory Notes receivable Interest receivables Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Sales revenue Interest revenue Cost of goods sold Bad debt expense Depreciation expense Income tax expense Required 9 Prepare the Multi step Income Statement, Statement of Stockholder s Equity, and Classified Balance Sheet under the Financial Statements tab for the month ended December 31 , 20XX in the excel template file Accounting Cycle project 2 Excel Template xlsx Provide the following amount from the Multi step Income Statement Net sales Gross profit Operating income Non operating revenue Income before income taxes Net income Provide the following amount from the Classified Balance sheet Current assets Net accounts receivables (Net realizable value) Long term assets(Book value) Total liabilities Total stockholder s equity Check point Total assets $176,810 Date General Journal Description Debit Credit Cash Account receivables Allowance for uncollectible accounts Inventory Notes receivables Accounts payable Interest receivables Equipment Accumulated depreciation ayable Common stock Retained earnings Sales revenue Interest revenue Cost of goods sold Bad debt expense Depreciation expense Income tax expense Unadjusted Trial Balance Accounts Debit Cash Accounts receivables Allowance for uncollectible accounts Inventory Notes receivables Interest receivables Equipment Accumulated depreciation Accounts payable Commonstock Retained earnings Sales revenue Interest revenue Cost of goods sold Bad debt expense Depreciation expense Income tax expense Totals Credit Adjusted Trial Balance Debit Cash Accounts receivables Allowance for uncollectible accounts Inventory Notes receivables Interest receivables Equipment Accumulated depreciation Accounts payable Commonstock Retained earnings Sales revenue Interest revenue Cost of goods sold Bad debt expense Depreciation expense Income tax expense Totals Credit Multi step Income Statement For the month Ended December 31, 20XX Statement of Stockholders' Equity For the month Ended December 31, 20XX Classified Balance She At December 31, 20XX Classified Balance Sheet At December 31, 20XX

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 14, 2024

The project includes 9 required items. Complete required items 1 - 9 by entering the appropriate accounting information in your template.Please use your team name

The project includes 9 required items. Complete required items 1 - 9 by entering the appropriate accounting information in your template.Please use your team name as the name of the company for the purpose of completing titles in your excel documents. After completing items 1 - 9 save your final template using the following name format:ACCT_Project_2Team_Name.
Record your answers to fill in the blank questions under items 5, 8, and 9 using the information from your template.
Submit the completed excel file as an attachment in the link under step III.
Click Continue/Begin to start.

Question 1

The following information is given at the beginning of December.
	Debit	Credit
Cash	$72,000
Accounts receivables	$30,000
Allowance for uncollectible accounts		$11,500
Inventory (1,600 units at $9.50)	$15,200
Accounts payable		$28,100
Common stock		$45,000
Retained earnings		$32,600
Total	$117,200	$117,200

Required:	#1	Enter the beginning balance for each account in the T-accounts (General Ledger) tab in the excel template file "Accounting Cycle Project 2 Excel Template.xlsx".
Required:	#2.	Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Project 2 Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts receivable, Allowance for uncollectible accounts, Inventory, Notes receivables, Interest receivables, Equipment, Accumulated depreciation, Accounts payable, Common stock, Retained earnings, Sales revenue, Interest revenue, Cost of goods sold, Depreciation expense, Bad debt expense, Income tax expense.
	Dec. 1.	Used cash to purchase equipment at a purchase price of $17,000, plus tax $300, plus shipping $700.
	Dec. 1.	Lend $13,000 to an employee by receiving a note for six months at annual interest rate of 12% due at the maturity date.
	Dec. 6.	Purchase 4,700 units of inventory on account at $14.5 per unit for a total cost of $68,150.
	Dec 12.	Assuming the perpetual method is used, the company sold 3,200 units at $29 each on account, terms2/10, n/30. Calculate the cost of goods sold using the FIFO method and record the appropriate journal entries for the sale and the cost of the sale. (Hint: Make sure to consider the beginning inventory balance from the beginning trial balance)
	Dec 20.	Paid $27,000 to suppliers for purchases made on account in the prior month.
	Dec 23.	Received cash of $20,500 for sales of inventory made on account onDecember 12.
	Dec 28.	Write-off $3,700 of accounts receivables using the allowance method.
	Dec 30.	Paid $6,200 for income tax for the month of December.
Required:	#3.	Post all of the December transactions from the ?General Journal? tab to the T-accounts under the ?T-Accounts (General Ledger)? tab in the excel template file "Accounting Cycle project 2 Excel Template.xlsx". Make sure to include beginning balances for accounts where necessary.
Required:	#4.	Compute the balances for each T-account after all of the entries have been posted. These are the unadjusted balance as ofDecember 31.
Required:	#5.	Prepare the unadjusted trial balance under the ?Unadjusted Trial Balance? tab in the excel template file "Accounting Cycle project 2 Excel Template.xlsx" .
		Provide the total of the debit column from the Unadjusted trial balance
Required:	#6.	Record the following four transactions as adjusting entries under the ?General Journal? tab.
	Dec 31.	The company estimates 20% of the ending balance of accounts receivables is not going to be collected. (Hint: Remember to consider the balance in the allowance for uncollectibe account, if any.)
	Dec 31.	Record December's adjustment to accrue interest for the notes receivables.
	Dec 31.	The company uses the lower of cost ornet realizable valuemethod for inventory valuation. Thenet realizable valueof the inventory is $12.5 per unit. Make the adjusting entry if necessary.
	Dec 31.	Calculate depreciation using Straight line method. The equipment purchased has a useful life of 72 months and no residual value. Record the depreciation for the month of December.
Required:	#7.	Post all of the adjusting entries to the T-accounts under the ?T-Accounts (General Ledger)? tab. Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as ofDecember 31.
Required:	#8.	Prepare the adjusted trial balance under the ?Adjusted Trial Balance? tab as ofDecember 31 in the excel template file "Accounting Cycle project 2 Excel Template.xlsx" .
		Provide the following accounts balances from the Adjusted Trial Balance: (Please enter all amounts as a postive number. No brackets.)
		Cash
		Accounts receivable
		Allowance for uncollectible accounts
		Inventory
		Notes receivable
		Interest receivables
		Equipment
		Accumulated depreciation
		Accounts payable
		Common stock
		Retained earnings
		Sales revenue
		Interest revenue
		Cost of goods sold
		Bad debt expense
		Depreciation expense
		Income tax expense
Required:	#9.	Prepare the Multi-step Income Statement, Statement of Stockholder?s Equity, and Classified Balance Sheet under the ?Financial Statements? tab for the month endedDecember 31, 20XX in the excel template file "Accounting Cycle project 2 Excel Template.xlsx".
		Provide the following amount from the Multi-step Income Statement:
		Net sales
		Gross profit
		Operating income
		Non-operating revenue
		Income before income taxes
		Net income
		Provide the following amount from the Classified Balance sheet:
		Current assets
		Net accounts receivables (Net realizable value)
		Long-term assets(Book value)
		Total liabilities
		Total stockholder?s equity

	Check point: Total assets	$176,810

Date General Journal Description Debit Credit Cash Account receivables Allowance for uncollectible accounts Inventory Notes receivables Accounts payable Interest receivables Equipment Accumulated depreciation ayable Common stock Retained earnings Sales revenue Interest revenue Cost of goods sold Bad debt expense Depreciation expense Income tax expense Unadjusted Trial Balance Accounts Debit Cash Accounts receivables Allowance for uncollectible accounts Inventory Notes receivables Interest receivables Equipment Accumulated depreciation Accounts payable Commonstock Retained earnings Sales revenue Interest revenue Cost of goods sold Bad debt expense Depreciation expense Income tax expense Totals Credit Adjusted Trial Balance Debit Cash Accounts receivables Allowance for uncollectible accounts Inventory Notes receivables Interest receivables Equipment Accumulated depreciation Accounts payable Commonstock Retained earnings Sales revenue Interest revenue Cost of goods sold Bad debt expense Depreciation expense Income tax expense Totals Credit Multi-step Income Statement For the month Ended December 31, 20XX Statement of Stockholders' Equity For the month Ended December 31, 20XX Classified Balance She At December 31, 20XX Classified Balance Sheet At December 31, 20XX