this one is a whole project

Skills: This assignment will help you practice the following skills that are important for your success in school and work: - Analyze business transactions. - Record transactions in a journal and post entries to a ledger. - Prepare a trial balance. - Prepare adjusting entries. - Prepare an adjusted trial balance. - Prepare basic financial statements from an adjusted trial balance. - Prepare closing entries. - Prepare a post-closing trial balance. Knowledge: This assignment will also help you: - Identify, record, and communicate any organization's business activities. - Interpret financial statements. - Become an effective business decision maker. Task: To complete this assignment, follow these steps: 1. The Accounting Cycle Project is to be completed by hand using hard copy working papers. (Print the project to begin) The purpose of this requirement is that students generally have a greater comprehension of the complete accounting cycle by processing the steps by hand. Preparation: 2. Complete the required steps for the project preparing your work in pencil using the hard copy working papers included in this packet. Your work should be neat and legible. You may omit explanations when recording journal entries. Refer to pages 98 or 102 in your textbook for an example of how to format the financial statements. Submitting Your Project: 3. Submit the hand-prepared project by scanning all written pages (it is not necessary to scan instructions and project data) to a PDF file. Upload this file to the Assignments Drop Box folder in the D2L Brightspace dropbox under the Assignments menu. (If you don't have scanning capability, contact your instructor for mailing instructions.) Due Date: Sunday, February 26, 2023 10:59 p.m. Grade Impact \& Academic Integrity: This homework project will be worth 10% of your overall course grade. No project grades will be dropped--failure to submit the project assignment will result in a grade of 0 - for this assessment. Submitting work copied from another source is a violation of the Academic Dishonesty Policy and will result in a grade of 0-for the project. Requirements: 1. Journalize the December transactions for Business Solutions. 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. Post the December transactions to the appropriate accounts in the modified ledger starting with the November 30 balance in the ledger. 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: $106,884. 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 f above. 5. Post the adjusting entries to the appropriate accounts in the ledger. 6. Prepare an adjusted trial balance as of December 31, 2021. Check figure: $109,034. 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 (make sure to include headings, dollar signs and appropriate underlines). See pages 98 or 102 of your accounting text for a good example of financial statement formatting. a. Prepare an income statement for the three months ended December 31, 2021. b. Prepare a statement of owner's equity for the three months ended December 31, 2021. c. Prepare a balance sheet as of December 31,2021. 8. Journalize and post the necessary closing entries for Business Solutions. 9. Prepare a post-closing trial balance as of December 31,2021. Project Data: Santana Rey owns and operates a consulting firm called Business Solutions. The business began operating in October 2021. Transactions for October and November 2021 have been recorded and posted Business Solutions had the following transactions in December 2021: Dec 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 14 Notified by Alex's Engineering Co, that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received \$5,625 cash. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage ( 600 miles at $0.32 per mile). 3 31. S. Rey withdrew $1,500 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 $580 still available. b. Three months have expired since the 12 -month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. d. The computer system, acquired on October 1 , is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. Below are the joumal entries recorded by Business Solutions for October and November 2021. NOTE: These are for your information only; you do not need to do anything with these entries. \begin{tabular}{|r|r|l|r|r|r|} \hline & 8 & Accounts Payable & 201 & 1.420 & \\ \hline & Cash & 101 & & 1.420 \\ \hline & 12 & Accounts Receivable & & & \\ \hline \end{tabular} General 8 Ledger for Requirements 2, 5, \& 8 (12 Points, 1/2 pt. for each completed entry) Note: Ledger includes all entries from the first two months of operations for Business Solutions. Continue by. posting the December transaction.s 10 11 \begin{tabular}{|l|l|r|r|} \hline Nov. 24 & & 3,950 & 25,659 \\ \hline & & & \\ \hline & & & \\ \hline \multicolumn{2}{|c|}{ 655: Advertising Expense } \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|} \hline Date & \multicolumn{1}{|c|}{ Debit } & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{|c|}{ Balance } \\ \hline Oct. 20 & 1.728 & & 1.728 \\ \hline & & & \\ \hline & & & \\ \hline \multicolumn{3}{|c|}{676: Mileage Expense } \\ \hline Date & Debit & Credit & Balance \\ \hline Nov. 1 & 320 & & 320 \\ \hline Nov. 28 & 384 & & 704 \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 677: Miscellaneous Expense 12 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ 640: Rent Expense } \\ \hline Date & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline \multicolumn{3}{|c|}{652: Computer Supplies Expense } \\ \hline Date & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ 901: Income Summary } \\ \hline Date & Dobit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 13 Working Paper for Requirement 3 3 points Working Paper for Requirement 6 3 points Working Papers for Requirement 7 Business Solutions Income Statement (10 points) Business Solutions Statement of Owners' Equity ( 5 points) Working Papers for Requirement 7 (continued) Working Papers for Requirement 9 Criteria for Success: Grading Criteria: This project will be graded on a 100-point scale based on completeness, accuracy, and neatness as shown in the grading details below. Skills: This assignment will help you practice the following skills that are important for your success in school and work: - Analyze business transactions. - Record transactions in a journal and post entries to a ledger. - Prepare a trial balance. - Prepare adjusting entries. - Prepare an adjusted trial balance. - Prepare basic financial statements from an adjusted trial balance. - Prepare closing entries. - Prepare a post-closing trial balance. Knowledge: This assignment will also help you: - Identify, record, and communicate any organization's business activities. - Interpret financial statements. - Become an effective business decision maker. Task: To complete this assignment, follow these steps: 1. The Accounting Cycle Project is to be completed by hand using hard copy working papers. (Print the project to begin) The purpose of this requirement is that students generally have a greater comprehension of the complete accounting cycle by processing the steps by hand. Preparation: 2. Complete the required steps for the project preparing your work in pencil using the hard copy working papers included in this packet. Your work should be neat and legible. You may omit explanations when recording journal entries. Refer to pages 98 or 102 in your textbook for an example of how to format the financial statements. Submitting Your Project: 3. Submit the hand-prepared project by scanning all written pages (it is not necessary to scan instructions and project data) to a PDF file. Upload this file to the Assignments Drop Box folder in the D2L Brightspace dropbox under the Assignments menu. (If you don't have scanning capability, contact your instructor for mailing instructions.) Due Date: Sunday, February 26, 2023 10:59 p.m. Grade Impact \& Academic Integrity: This homework project will be worth 10% of your overall course grade. No project grades will be dropped--failure to submit the project assignment will result in a grade of 0 - for this assessment. Submitting work copied from another source is a violation of the Academic Dishonesty Policy and will result in a grade of 0-for the project. Requirements: 1. Journalize the December transactions for Business Solutions. 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. Post the December transactions to the appropriate accounts in the modified ledger starting with the November 30 balance in the ledger. 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: $106,884. 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 f above. 5. Post the adjusting entries to the appropriate accounts in the ledger. 6. Prepare an adjusted trial balance as of December 31, 2021. Check figure: $109,034. 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 (make sure to include headings, dollar signs and appropriate underlines). See pages 98 or 102 of your accounting text for a good example of financial statement formatting. a. Prepare an income statement for the three months ended December 31, 2021. b. Prepare a statement of owner's equity for the three months ended December 31, 2021. c. Prepare a balance sheet as of December 31,2021. 8. Journalize and post the necessary closing entries for Business Solutions. 9. Prepare a post-closing trial balance as of December 31,2021. Project Data: Santana Rey owns and operates a consulting firm called Business Solutions. The business began operating in October 2021. Transactions for October and November 2021 have been recorded and posted Business Solutions had the following transactions in December 2021: Dec 2 Paid $1,025 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 14 Notified by Alex's Engineering Co, that Business Solutions' bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Company to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received \$5,625 cash. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage ( 600 miles at $0.32 per mile). 3 31. S. Rey withdrew $1,500 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 $580 still available. b. Three months have expired since the 12 -month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. d. The computer system, acquired on October 1 , is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. Below are the joumal entries recorded by Business Solutions for October and November 2021. NOTE: These are for your information only; you do not need to do anything with these entries. \begin{tabular}{|r|r|l|r|r|r|} \hline & 8 & Accounts Payable & 201 & 1.420 & \\ \hline & Cash & 101 & & 1.420 \\ \hline & 12 & Accounts Receivable & & & \\ \hline \end{tabular} General 8 Ledger for Requirements 2, 5, \& 8 (12 Points, 1/2 pt. for each completed entry) Note: Ledger includes all entries from the first two months of operations for Business Solutions. Continue by. posting the December transaction.s 10 11 \begin{tabular}{|l|l|r|r|} \hline Nov. 24 & & 3,950 & 25,659 \\ \hline & & & \\ \hline & & & \\ \hline \multicolumn{2}{|c|}{ 655: Advertising Expense } \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|} \hline Date & \multicolumn{1}{|c|}{ Debit } & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{|c|}{ Balance } \\ \hline Oct. 20 & 1.728 & & 1.728 \\ \hline & & & \\ \hline & & & \\ \hline \multicolumn{3}{|c|}{676: Mileage Expense } \\ \hline Date & Debit & Credit & Balance \\ \hline Nov. 1 & 320 & & 320 \\ \hline Nov. 28 & 384 & & 704 \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 677: Miscellaneous Expense 12 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ 640: Rent Expense } \\ \hline Date & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline \multicolumn{3}{|c|}{652: Computer Supplies Expense } \\ \hline Date & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ 901: Income Summary } \\ \hline Date & Dobit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 13 Working Paper for Requirement 3 3 points Working Paper for Requirement 6 3 points Working Papers for Requirement 7 Business Solutions Income Statement (10 points) Business Solutions Statement of Owners' Equity ( 5 points) Working Papers for Requirement 7 (continued) Working Papers for Requirement 9 Criteria for Success: Grading Criteria: This project will be graded on a 100-point scale based on completeness, accuracy, and neatness as shown in the grading details below