This is a full project that needs the following entries recorded - General Ledger, General Ledger - January, January Trial Balance, General Journal - February, February Trial Balance, General Journal - March, March Trial Balance, Bank Reconciliation, General Joranal - Bank Rec, General Journal - Adjusted entries, March - Adjusted Trial Balance, FIFO. It needs to be completed through Excel with the information provided.

Thank you.

ACC 121 Accounting Cycle Project (ACP) Part II Accounting Cycle Project Guidelines - Part II Purpose: This project continues the transaction analysis and accounting for Splashing Around. You will be applying the concepts from chapters 5-8. Instructions: Please refer to pages 3-5 of this handout for a chart of accounts and transaction details. Complete the following steps in order. STOP Where indicated "STOP HERE" please do not move on to the next step until you check your work. 1. On Your OWN: 2. Prepare journal entries to record the January transactions for Splashing Around. (Note: If no entry is required for a particular transaction write "No joumal entry required") Update the FIFO worksheet in the working papers when a transaction includes inventory. 3. Post the January joumal entries to the General Ledger (see working papers). STOP 4. STOP HERE Check Steps 4-6 5. Prepare an Unadjusted Trial Balance as of January 31, 2020. 6. Prepare journal entries to record the February transactions for Splashing Around. Update the FIFO worksheet in the working papers when a transaction includes inventory. 7. Post the February journal entries to the General Ledger. (Note: Use the same GL from January and add in the February entries). 8. Prepare an Unadjusted Trial Balance as of February 28, 2020. (Note: The balances in the temporary accounts will include January and February transactions.) STOP STOP HERE Check Steps 4-6 9. Prepare joumal entries to record the March transactions for Splashing Around. Update the FIFO worksheet in the working papers when a transaction includes inventory. 10. Post the March journal entries to the General Ledger. (Note: Use the same GL from February and add in the March entries). 11. Prepare an Unadjusted Trial Balance as of March 31, 2020. (Note: The balances in the temporary accounts will include January, February, and March transactions.) STOP STOP HERE Check Steps 7-9 12. Prepare the March Bank Reconciliation using the information on page 5. 13. Prepare the bank reconciliation journal entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest eamed on the checking account for the month of March. 14. Post the bank reconciliation journal entries to the General Ledger. 15. Prepare the adjusting journal entries for the first quarter (Jan-Mar.) to reflect items a. through f. on page 5. 16. Post the adjusting journal entries to the General Ledger. 17. Prepare an Adjusted Trial Balance as of March 31, 2020. (Note: The balances in the temporary accounts will include the entire first quarter.) 18. Prepare the FIFO inventory costing form for the 3 months (January - March) STOP STOP HERE Turn in the entire project (See D2L for due date) 1 Page ACC 121 - ACP- Part 11 ACC 121 Accounting Cycle Project (ACP) Part II Accounting Cycle Problem Part II 10 5 5 10 5 5 February journal entries February general ledger February Unadjusted Trial Balance March journal entries March general ledger March Unadjusted Trial Balance Bank Reconciliation Bank Reconciliation joumal entries & posting to general ledger Adjusting journal entries Adjusted general ledger Adjusted Trial Balance FIFO Inventory Cost Flow Total Points 10 5 10 5 5 25 100 2 Page ACC 121-ACP-Part 11 ACC 121 Accounting Cycle Project (ACP) Part II Splashing Around's transactions for January through March follow; Jan 4 The company paid cash to Julie Kruit for five days' work at the rate of $136 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Scott Erickson invested an additional $45,000 cash in the company. 7 The company purchased 5,000 units of its new pool additive inventory item for $8,000 (cost of $1.60 per unit) from McFall Corp. with terms of n/30, FOB destination, invoice dated January 7. 9 The company received S3,068 cash from Slides R US as full payment on its account. 11 The company completed a five-day project for Henry's Pool and Spa Co. and billed it $3,500, which is the total price of $10,000 less the advance payment of $6,500. 16 The company received S4,500 cash from Slides R Us for pool services provided. 17 The company paid McFall Corp. for the invoice dated January 7. 19 The company sold 3,000 units of pool additive at a retail value of $15,000 ($5.00 per unit) to Underground Inc., invoice dated January 19. Use FIFO to determine the COGS. 22 Underground Inc. returned 200 units from its invoice dated January 13 ($1,000) because the bottles were damaged. The returned merchandise is discarded. (The policy of Splashing Around is to leave the cost of defective products in cost of goods sold.) 26 The company purchased 3,500 units of pool additive at a cost of $1.75 per unit from McFall Corp. with terms of n/30, FOB destination, invoice dated January 26. 29 The company received the balance due from Underground Inc., net of both the discount and the credit for the returned merchandise. 31 The company paid cash to Julie Kruit for 10 days' work at $136 per day. 31 The company discovered that 260 of the bottles from the January 26th purchase had defective lids that did not seal properly. Splashing Around returned the 260 units of defective merchandise to McFall Corp. and accepted a credit against future purchases. Feb. 1 The company paid $2,400 cash to Fashion Mall for another three months' rent in advance. 3 The company paid McFall Corp. for the balance due, net of the return. 4 The company sold 2,060 units of pool additive for $10,300 (2.060 units at $5.00) on credit to Lifeguard Watch Co., invoice dated February 4. Use FIFO to determine the COGS. 5 The company paid $500 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Henry's Pool and Spa Co. for fees billed on January 11. 15 Scott Erickson withdrew $3,800 cash from the company for personal use. 23 The company sold 1,200 units of pool additive for $6,000 (1.200 units at $5.00) on credit to Walking Wading Co., invoice dated February 23. Use FIFO to determine the COGS. 26 The company paid cash to Julie Kruit for eight days' work at $136 per day. 27 The company reimbursed Scott Erickson for business automobile mileage (500 miles at $0.32 per mile). 28 The company purchased 4,000 units of pool additive at a cost of $1.80 per unit from McFall Corp. with terms of n/30, FOB destination, invoice dated February 28. Mar. 8 The company purchased $2,530 of computer supplies from Todd's Office Products on credit, invoice dated March 8. 9 The company received the balance due from Walking Wading Co. for merchandise sold on February 23. 11 The company paid $860 cash for minor repairs to the company's pool equipment. 16 The company received S15,000 cash from Living the Dream, Inc., for pool services provided. 19 The company paid the full amount due to Todd's Office Products, consisting of amounts created on December 15 (of $1,400) and March 8. 24 The company billed Deep End Co. for $12,500 of pool services provided. 25 The company sold 1,300 units of pool additive for $6,500 (1,300 units for $5.00 per unit) on credit to Builder's Plus, invoice dated March 25. Use FIFO to determine the COGS. 30 The company sold 1.200 units of pool additive for $6,000 (1,200 units for $5.00 per unit) on credit to Happy Summer Corp, invoice dated March 30. Use FIFO to determine the COGS. 31 The company reimbursed Scott Erickson for business automobile mileage (500 miles at $0.32 per mile). 4 Page ACC 121 - ACP- Part 11 ACC 121 Accounting Cycle Project (ACP) Part II Bank Reconciliation: Scott Erickson receives the March bank statement for Splashing Around, and it shows a March 31sl ending cash balance of $124,706. A comparison of the bank statement with the general ledger Cash account, No. 101. reveals the following: a. On March 1, the bank lists an $87 charge for printed checks that Splashing Around ordered from the bank, the company has not yet recorded this entry. b. On March 10, the bank lists a $75 charge for the safety deposit box expense that Splashing Around agreed to rent from the bank beginning March 10; the company has not yet recorded this entry. c. On March 31, the bank lists $42 interest earned on Splashing Around's checking account for the month of March; the company has not yet recorded this entry. d. The check issued on March 19, 2020 to Todd's Office Products, has not yet cleared the bank e. All deposits made in March appear on the March bank statement. f. Scott Erickson notices that the bank erroneously cleared a S500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Splash Garden. Adjusting Journal Entries: The following additional facts are available for preparing the adjusting journal entries dated March 31: a. b. C. The March 31 amount of unused office supplies still on hand totals $2,400, The company purchased its annual insurance policy on October 5, 2019, at a cost of $4,220 for 12 months of coverage. Expense the expired insurance for January through March. Accrue the wages worked by Julie Kruit for which she has not been paid as of March 31. She has not been paid for seven days of work at the rate of $136 per day. d. Three months have passed since any prepaid rent has been transferred to expense. Expense the rent used in January through March. e. The pool equipment, acquired on October 1, 2019, is expected to have a four-year life with no salvage value. Expense the deprecation for January through March. (Round to the nearest dollar.) The office equipment, acquired on October 1, 2019, is expected to have a five-year life with no salvage value. Expense the depreciation for January through March. g. On March 31, a physical count of inventory was completed, and it was determined that there were 3,475 units on hand. Prepare an entry to write off the missing units to Cost of Goods Sold. f. FIFO Inventory Cost Flow Prepare the FIFO inventory costing form for the 3 months (January - March) 5 Page ACC 121-ACP-Part 11 ACC 121 Accounting Cycle Project (ACP) Part II Accounting Cycle Project Guidelines - Part II Purpose: This project continues the transaction analysis and accounting for Splashing Around. You will be applying the concepts from chapters 5-8. Instructions: Please refer to pages 3-5 of this handout for a chart of accounts and transaction details. Complete the following steps in order. STOP Where indicated "STOP HERE" please do not move on to the next step until you check your work. 1. On Your OWN: 2. Prepare journal entries to record the January transactions for Splashing Around. (Note: If no entry is required for a particular transaction write "No joumal entry required") Update the FIFO worksheet in the working papers when a transaction includes inventory. 3. Post the January joumal entries to the General Ledger (see working papers). STOP 4. STOP HERE Check Steps 4-6 5. Prepare an Unadjusted Trial Balance as of January 31, 2020. 6. Prepare journal entries to record the February transactions for Splashing Around. Update the FIFO worksheet in the working papers when a transaction includes inventory. 7. Post the February journal entries to the General Ledger. (Note: Use the same GL from January and add in the February entries). 8. Prepare an Unadjusted Trial Balance as of February 28, 2020. (Note: The balances in the temporary accounts will include January and February transactions.) STOP STOP HERE Check Steps 4-6 9. Prepare joumal entries to record the March transactions for Splashing Around. Update the FIFO worksheet in the working papers when a transaction includes inventory. 10. Post the March journal entries to the General Ledger. (Note: Use the same GL from February and add in the March entries). 11. Prepare an Unadjusted Trial Balance as of March 31, 2020. (Note: The balances in the temporary accounts will include January, February, and March transactions.) STOP STOP HERE Check Steps 7-9 12. Prepare the March Bank Reconciliation using the information on page 5. 13. Prepare the bank reconciliation journal entries. Use Miscellaneous Expenses, for any bank charges. Use Interest Revenue, for any interest eamed on the checking account for the month of March. 14. Post the bank reconciliation journal entries to the General Ledger. 15. Prepare the adjusting journal entries for the first quarter (Jan-Mar.) to reflect items a. through f. on page 5. 16. Post the adjusting journal entries to the General Ledger. 17. Prepare an Adjusted Trial Balance as of March 31, 2020. (Note: The balances in the temporary accounts will include the entire first quarter.) 18. Prepare the FIFO inventory costing form for the 3 months (January - March) STOP STOP HERE Turn in the entire project (See D2L for due date) 1 Page ACC 121 - ACP- Part 11 ACC 121 Accounting Cycle Project (ACP) Part II Accounting Cycle Problem Part II 10 5 5 10 5 5 February journal entries February general ledger February Unadjusted Trial Balance March journal entries March general ledger March Unadjusted Trial Balance Bank Reconciliation Bank Reconciliation joumal entries & posting to general ledger Adjusting journal entries Adjusted general ledger Adjusted Trial Balance FIFO Inventory Cost Flow Total Points 10 5 10 5 5 25 100 2 Page ACC 121-ACP-Part 11 ACC 121 Accounting Cycle Project (ACP) Part II Splashing Around's transactions for January through March follow; Jan 4 The company paid cash to Julie Kruit for five days' work at the rate of $136 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Scott Erickson invested an additional $45,000 cash in the company. 7 The company purchased 5,000 units of its new pool additive inventory item for $8,000 (cost of $1.60 per unit) from McFall Corp. with terms of n/30, FOB destination, invoice dated January 7. 9 The company received S3,068 cash from Slides R US as full payment on its account. 11 The company completed a five-day project for Henry's Pool and Spa Co. and billed it $3,500, which is the total price of $10,000 less the advance payment of $6,500. 16 The company received S4,500 cash from Slides R Us for pool services provided. 17 The company paid McFall Corp. for the invoice dated January 7. 19 The company sold 3,000 units of pool additive at a retail value of $15,000 ($5.00 per unit) to Underground Inc., invoice dated January 19. Use FIFO to determine the COGS. 22 Underground Inc. returned 200 units from its invoice dated January 13 ($1,000) because the bottles were damaged. The returned merchandise is discarded. (The policy of Splashing Around is to leave the cost of defective products in cost of goods sold.) 26 The company purchased 3,500 units of pool additive at a cost of $1.75 per unit from McFall Corp. with terms of n/30, FOB destination, invoice dated January 26. 29 The company received the balance due from Underground Inc., net of both the discount and the credit for the returned merchandise. 31 The company paid cash to Julie Kruit for 10 days' work at $136 per day. 31 The company discovered that 260 of the bottles from the January 26th purchase had defective lids that did not seal properly. Splashing Around returned the 260 units of defective merchandise to McFall Corp. and accepted a credit against future purchases. Feb. 1 The company paid $2,400 cash to Fashion Mall for another three months' rent in advance. 3 The company paid McFall Corp. for the balance due, net of the return. 4 The company sold 2,060 units of pool additive for $10,300 (2.060 units at $5.00) on credit to Lifeguard Watch Co., invoice dated February 4. Use FIFO to determine the COGS. 5 The company paid $500 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Henry's Pool and Spa Co. for fees billed on January 11. 15 Scott Erickson withdrew $3,800 cash from the company for personal use. 23 The company sold 1,200 units of pool additive for $6,000 (1.200 units at $5.00) on credit to Walking Wading Co., invoice dated February 23. Use FIFO to determine the COGS. 26 The company paid cash to Julie Kruit for eight days' work at $136 per day. 27 The company reimbursed Scott Erickson for business automobile mileage (500 miles at $0.32 per mile). 28 The company purchased 4,000 units of pool additive at a cost of $1.80 per unit from McFall Corp. with terms of n/30, FOB destination, invoice dated February 28. Mar. 8 The company purchased $2,530 of computer supplies from Todd's Office Products on credit, invoice dated March 8. 9 The company received the balance due from Walking Wading Co. for merchandise sold on February 23. 11 The company paid $860 cash for minor repairs to the company's pool equipment. 16 The company received S15,000 cash from Living the Dream, Inc., for pool services provided. 19 The company paid the full amount due to Todd's Office Products, consisting of amounts created on December 15 (of $1,400) and March 8. 24 The company billed Deep End Co. for $12,500 of pool services provided. 25 The company sold 1,300 units of pool additive for $6,500 (1,300 units for $5.00 per unit) on credit to Builder's Plus, invoice dated March 25. Use FIFO to determine the COGS. 30 The company sold 1.200 units of pool additive for $6,000 (1,200 units for $5.00 per unit) on credit to Happy Summer Corp, invoice dated March 30. Use FIFO to determine the COGS. 31 The company reimbursed Scott Erickson for business automobile mileage (500 miles at $0.32 per mile). 4 Page ACC 121 - ACP- Part 11 ACC 121 Accounting Cycle Project (ACP) Part II Bank Reconciliation: Scott Erickson receives the March bank statement for Splashing Around, and it shows a March 31sl ending cash balance of $124,706. A comparison of the bank statement with the general ledger Cash account, No. 101. reveals the following: a. On March 1, the bank lists an $87 charge for printed checks that Splashing Around ordered from the bank, the company has not yet recorded this entry. b. On March 10, the bank lists a $75 charge for the safety deposit box expense that Splashing Around agreed to rent from the bank beginning March 10; the company has not yet recorded this entry. c. On March 31, the bank lists $42 interest earned on Splashing Around's checking account for the month of March; the company has not yet recorded this entry. d. The check issued on March 19, 2020 to Todd's Office Products, has not yet cleared the bank e. All deposits made in March appear on the March bank statement. f. Scott Erickson notices that the bank erroneously cleared a S500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Splash Garden. Adjusting Journal Entries: The following additional facts are available for preparing the adjusting journal entries dated March 31: a. b. C. The March 31 amount of unused office supplies still on hand totals $2,400, The company purchased its annual insurance policy on October 5, 2019, at a cost of $4,220 for 12 months of coverage. Expense the expired insurance for January through March. Accrue the wages worked by Julie Kruit for which she has not been paid as of March 31. She has not been paid for seven days of work at the rate of $136 per day. d. Three months have passed since any prepaid rent has been transferred to expense. Expense the rent used in January through March. e. The pool equipment, acquired on October 1, 2019, is expected to have a four-year life with no salvage value. Expense the deprecation for January through March. (Round to the nearest dollar.) The office equipment, acquired on October 1, 2019, is expected to have a five-year life with no salvage value. Expense the depreciation for January through March. g. On March 31, a physical count of inventory was completed, and it was determined that there were 3,475 units on hand. Prepare an entry to write off the missing units to Cost of Goods Sold. f. FIFO Inventory Cost Flow Prepare the FIFO inventory costing form for the 3 months (January - March) 5 Page ACC 121-ACP-Part 11