This is one whole project.
this is the informarion given but i need amswers to these on the same exact paper if you can. i dont want them on excel, i need them on that exact paper. Thank you.
Requirements: 1. Journalize the December transactions for Parker Consulting. You may omit explanations for the journal entries. Skip a line between each journal entry - see the journal entries for October - November as a formatting example. 2. Continue with the ending November balances that are already in the ledger. Post the December transactions to the appropriate accounts in the modified ledger and update balances. 3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance. Check figure: $100,616. Consult your instructor if your trial balance does not balance before proceeding with the project. 4. Journalize the adjusting entries to reflect items a through fabove. 5. Post the adjusting entries to the appropriate accounts in the ledger. 6. Prepare an adjusted trial balance as of December 31, 2020. Check figure: $102,766. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project. 7. Prepare the three basic financial statements in good form. See pages 120-121 of your accounting text for a good example of financial statement formatting. a. Prepare an income statement for the three months ended December 31, 2020. b. Prepare a statement of owner's equity for the three months ended December 31, 2020. C. Prepare a balance sheet as of December 31, 2020. 8. Journalize and post the necessary closing entries for Parker Consulting. 9. Prepare a post-closing trial balance as of December 31, 2020. Page 2 of 15 Project Data: Sam Parker owns and operates a consulting firm called Parker Consulting. The business began operating in October 2020. Transactions for October and November 2020 have been recorded and posted Parker Consulting had the following transactions in December 2020 Dec 2 Provided $3,950 consulting services to Gomez Company on account 3 Paid $1,025 cash to Hillside Mall for Parker Consulting's share of mall advertising costs. 4 Paid $400 cash for minor repairs to the company's computer. 10 Purchased $1,100 of computer supplies on credit from Harris Office Products 14 Paid cash to employee for six days of work at the rate of $125 per day. 15 Notified by Alex's Engineering Co that Parker Consulting's bid of $7.000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Parker Consulting 20 Completed a project for Lyn Corporation and received $6,425 cash. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Parker $193 for business automobile mileage. 31 S. Parker withdrew $2,100 cash from the company for personal use. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months of operations: a. The December 31 inventory count of computer supplies shows $320 still available b. Three of the four months' prepaid rent has expired. C. Three months have expired since the 12-month insurance premium was paid in advance. d. As of December 31, the only employee of Parker Consulting had not been paid for four days of work at $125 per day. e. The computer system, acquired for $8,000 on October 1, is expected to have a five-year life with no salvage value. f. The office equipment, acquired for $20,000 on October 1, is expected to have a four- year life with no salvage value, Page 3 of 15 Below are the journal entries recorded by Parker Consulting for October and November 2020. NOTE: These are for your information only, you do not need to do anything with these entries. 1 GENERAL JOURNAL ACCOUNT PAGE CREDIT POST REF DEBIT DATE 2020 Oct 1 Cash Office Equipment Computer Equipment S. Parker, Capital 101 163 167 301 45,000 20,000 8,000 73.000 1 2,220 Prepaid Insurance Cash 128 101 2,220 2 3,300 Prepaid Rent Cash 131 101 3,300 126 2,545 9 Computer Supplies Accounts Payable 201 2,545 4,800 16 Accounts Receivable Computer Services Revenue 106 403 4,800 875 31 Wages Expense Cash 623 101 875 Nov 320 2 Mileage Expense Cash 676 101 320 on Accounts Payable Cash 2,545 201 101 2.545 8 4,800 Cash Accounts Receivable 101 106 4,800 4,633 14 Cash Computer Services Revenue 101 403 4,633 106 5,208 23 Accounts Receivable Computer Services Revenue 5,208 2,000 30 S. Parker, Withdrawals Cash 302 101 2,000 Page 4 of 15 3 PAGE CREDIT POST DEBIT DATE GENERAL JOURNAL ACCOUNT Adjusting Entries (17 points) 2020 Dec Closing Entries (10 points) Page 6 of 15 Ledger for Requirements 2, 5, & 10 Note Ledger includes all entries from the first two months of operations for Parker Consulting Continue by posting the December transactions 101: Cash 106: Accounts Receivable Date Balance Debit Credit Balance Date Credit Debit 4.800 Oct. 1 45,000 45.000 4.800 Oct. 16 Oct. 1 2 220 42.780 Nov. 8 4.800 Oct 2 3,300 39,480 Nov. 23 5,208 5,208 Oct. 31 875 38,605 Nov. 2 320 38,285 Nov. 5 2,545 35,740 Nov. 8 4,800 40,540 Nov. 14 4,633 45.173 Nov. 30 2,000 43,173 126: Computer Supplies Debit Credit Balanco 2.545 2,545 Date Oct. 9 128: Prepaid Insurance Debit Credit 2.220 Date Oct. 1 Balance 2220 131: Prepaid Rent Dobit Credit 3,300 Date Oct 2 Balance 3,300 163: Office Equipment Debit Credit 20,000 Date Oct 1 Balance 20.000 164: Accum Dep Office Equipment Date Debit Credit Balance Date Oct. 1 167: Computer Equipment Debit Credit Balance 8,000 8,000 Page 7 of 15 Ledger (Continued) 168: Accum Dep Computer Equipment Date Dobit Credit Balance Date Oct. 9 Nov. 5 201: Accounts Payable Debit Credit 2,545 2.545 Balance 2.545 O 210: Wages Payable Debit Credit 236: Unearned Consulting Revenue Date Debit Credit Balance Date Balance 301: S. Parker, Capital Debit Credit 73,000 Date Oct. 1 Balance 73.000 302: S. Parker, Withdrawals Date Debit Credit Balance Nov. 30 2,000 2.000 612: Dep. Expense - Office Equipment Date Debit Credit Balance Date Oct. 16 Nov. 14 Nov. 23 403: Consulting Revenue Debit Credit Balance 4,800 4,800 4,633 9,433 5,208 14.641 613: Dep. Expense-Computer Equipment Date Debit Credit Balance Date Oct. 31 623: Wages Expense Debit Credit 875 Balance 875 637: Insurance Expenses Debit Credit Balance 640: Rent Expense Debit Credit Date Dato Balance Page 8 of 15 Ledger (Continued) 652: Computer Supplies Expense Date Debit Credit Balance 655: Advertising Expense Debit Credit Balance Date 676: Mileage Expenses Debit Credit 320 684: Repairs Expense--Computer Date Debit Credit Balance Date Nov. 2 Balance 320 901: Income Summary Debit Credit Date Balance Working Paper for Requirement 3 3 points Parker Consulting Trial Balance December 31, 2020 DEBIT CREDIT Page 10 of 15 Working Paper for Requirement 6 3 points Parker Consulting Adjusted Trial Balance December 31, 2020 DEBIT CREDIT Page 11 of 15 Working Papers for Requirements 7, 8 & 9 Parker Consulting Income Statement (10 points) For Three Months Ended December 31, 2020 Parker Consulting Statement of Owner's Equity (5 points) For Three Months Ended December 31, 2020 Page 12 of 15 Working Papers for Requirements 6, 7 & 8 (continued) Parker Consulting Balance Sheet (10 points) December 31, 2020 Page 13 of 15 Working Papers for Requirement 10 Parker Consulting Post-Closing Trial Balance December 31, 2020 DEBIT CREDIT Page 14 of 15 Requirements: 1. Journalize the December transactions for Parker Consulting. You may omit explanations for the journal entries. Skip a line between each journal entry - see the journal entries for October - November as a formatting example. 2. Continue with the ending November balances that are already in the ledger. Post the December transactions to the appropriate accounts in the modified ledger and update balances. 3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance. Check figure: $100,616. Consult your instructor if your trial balance does not balance before proceeding with the project. 4. Journalize the adjusting entries to reflect items a through fabove. 5. Post the adjusting entries to the appropriate accounts in the ledger. 6. Prepare an adjusted trial balance as of December 31, 2020. Check figure: $102,766. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project. 7. Prepare the three basic financial statements in good form. See pages 120-121 of your accounting text for a good example of financial statement formatting. a. Prepare an income statement for the three months ended December 31, 2020. b. Prepare a statement of owner's equity for the three months ended December 31, 2020. C. Prepare a balance sheet as of December 31, 2020. 8. Journalize and post the necessary closing entries for Parker Consulting. 9. Prepare a post-closing trial balance as of December 31, 2020. Page 2 of 15 Project Data: Sam Parker owns and operates a consulting firm called Parker Consulting. The business began operating in October 2020. Transactions for October and November 2020 have been recorded and posted Parker Consulting had the following transactions in December 2020 Dec 2 Provided $3,950 consulting services to Gomez Company on account 3 Paid $1,025 cash to Hillside Mall for Parker Consulting's share of mall advertising costs. 4 Paid $400 cash for minor repairs to the company's computer. 10 Purchased $1,100 of computer supplies on credit from Harris Office Products 14 Paid cash to employee for six days of work at the rate of $125 per day. 15 Notified by Alex's Engineering Co that Parker Consulting's bid of $7.000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Parker Consulting 20 Completed a project for Lyn Corporation and received $6,425 cash. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Parker $193 for business automobile mileage. 31 S. Parker withdrew $2,100 cash from the company for personal use. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months of operations: a. The December 31 inventory count of computer supplies shows $320 still available b. Three of the four months' prepaid rent has expired. C. Three months have expired since the 12-month insurance premium was paid in advance. d. As of December 31, the only employee of Parker Consulting had not been paid for four days of work at $125 per day. e. The computer system, acquired for $8,000 on October 1, is expected to have a five-year life with no salvage value. f. The office equipment, acquired for $20,000 on October 1, is expected to have a four- year life with no salvage value, Page 3 of 15 Below are the journal entries recorded by Parker Consulting for October and November 2020. NOTE: These are for your information only, you do not need to do anything with these entries. 1 GENERAL JOURNAL ACCOUNT PAGE CREDIT POST REF DEBIT DATE 2020 Oct 1 Cash Office Equipment Computer Equipment S. Parker, Capital 101 163 167 301 45,000 20,000 8,000 73.000 1 2,220 Prepaid Insurance Cash 128 101 2,220 2 3,300 Prepaid Rent Cash 131 101 3,300 126 2,545 9 Computer Supplies Accounts Payable 201 2,545 4,800 16 Accounts Receivable Computer Services Revenue 106 403 4,800 875 31 Wages Expense Cash 623 101 875 Nov 320 2 Mileage Expense Cash 676 101 320 on Accounts Payable Cash 2,545 201 101 2.545 8 4,800 Cash Accounts Receivable 101 106 4,800 4,633 14 Cash Computer Services Revenue 101 403 4,633 106 5,208 23 Accounts Receivable Computer Services Revenue 5,208 2,000 30 S. Parker, Withdrawals Cash 302 101 2,000 Page 4 of 15 3 PAGE CREDIT POST DEBIT DATE GENERAL JOURNAL ACCOUNT Adjusting Entries (17 points) 2020 Dec Closing Entries (10 points) Page 6 of 15 Ledger for Requirements 2, 5, & 10 Note Ledger includes all entries from the first two months of operations for Parker Consulting Continue by posting the December transactions 101: Cash 106: Accounts Receivable Date Balance Debit Credit Balance Date Credit Debit 4.800 Oct. 1 45,000 45.000 4.800 Oct. 16 Oct. 1 2 220 42.780 Nov. 8 4.800 Oct 2 3,300 39,480 Nov. 23 5,208 5,208 Oct. 31 875 38,605 Nov. 2 320 38,285 Nov. 5 2,545 35,740 Nov. 8 4,800 40,540 Nov. 14 4,633 45.173 Nov. 30 2,000 43,173 126: Computer Supplies Debit Credit Balanco 2.545 2,545 Date Oct. 9 128: Prepaid Insurance Debit Credit 2.220 Date Oct. 1 Balance 2220 131: Prepaid Rent Dobit Credit 3,300 Date Oct 2 Balance 3,300 163: Office Equipment Debit Credit 20,000 Date Oct 1 Balance 20.000 164: Accum Dep Office Equipment Date Debit Credit Balance Date Oct. 1 167: Computer Equipment Debit Credit Balance 8,000 8,000 Page 7 of 15 Ledger (Continued) 168: Accum Dep Computer Equipment Date Dobit Credit Balance Date Oct. 9 Nov. 5 201: Accounts Payable Debit Credit 2,545 2.545 Balance 2.545 O 210: Wages Payable Debit Credit 236: Unearned Consulting Revenue Date Debit Credit Balance Date Balance 301: S. Parker, Capital Debit Credit 73,000 Date Oct. 1 Balance 73.000 302: S. Parker, Withdrawals Date Debit Credit Balance Nov. 30 2,000 2.000 612: Dep. Expense - Office Equipment Date Debit Credit Balance Date Oct. 16 Nov. 14 Nov. 23 403: Consulting Revenue Debit Credit Balance 4,800 4,800 4,633 9,433 5,208 14.641 613: Dep. Expense-Computer Equipment Date Debit Credit Balance Date Oct. 31 623: Wages Expense Debit Credit 875 Balance 875 637: Insurance Expenses Debit Credit Balance 640: Rent Expense Debit Credit Date Dato Balance Page 8 of 15 Ledger (Continued) 652: Computer Supplies Expense Date Debit Credit Balance 655: Advertising Expense Debit Credit Balance Date 676: Mileage Expenses Debit Credit 320 684: Repairs Expense--Computer Date Debit Credit Balance Date Nov. 2 Balance 320 901: Income Summary Debit Credit Date Balance Working Paper for Requirement 3 3 points Parker Consulting Trial Balance December 31, 2020 DEBIT CREDIT Page 10 of 15 Working Paper for Requirement 6 3 points Parker Consulting Adjusted Trial Balance December 31, 2020 DEBIT CREDIT Page 11 of 15 Working Papers for Requirements 7, 8 & 9 Parker Consulting Income Statement (10 points) For Three Months Ended December 31, 2020 Parker Consulting Statement of Owner's Equity (5 points) For Three Months Ended December 31, 2020 Page 12 of 15 Working Papers for Requirements 6, 7 & 8 (continued) Parker Consulting Balance Sheet (10 points) December 31, 2020 Page 13 of 15 Working Papers for Requirement 10 Parker Consulting Post-Closing Trial Balance December 31, 2020 DEBIT CREDIT Page 14 of 15
