This project will be completed in two parts. All answers should be submitted in the Excel template attached to this module. Part $1$ contains an opening trial balance, list of business transactions, journaling all transactions into the general journal $($including the adjusting entries$),$ and updating each account in the T$-$Accts $($general ledger$).$ Upon submission, your instructor will indicate which journal entries and$/$or T$-$Acct entries are incorrect.

Part $2$ will have you correct any mistakes and then complete the project. The remaining parts of the project include preparing the adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries, and post$-$closing trial balance.

December business transactions

Dec. $1$st $$ Collected $$500$ from Franklin from a previous engagement in Oct.

Dec. $2$nd $$ Paid $$1,500$ on Gusto$$s Inc. invoice from a previously recorded transaction with check #$1301.$

Dec $3$rd $$ Paid December rent of $$2,500$ with check #$1302.$

Dec $4$th $$ Completed additional work for Washington, sent invoice #Y$77$P for $$1,600$ due in $1$ month.

Dec. $5$th $$ Paid employee from work previously expensed in Nov. with payment due Dec. $5$th using check #$1303.$

Dec. $8$th $-$ Purchased land on a note for $$30,000$ to be used for future construction of a new office building.

Land and Notes payable will have account numbers of $150$ and $240,$ respectively.

Dec. $9$th $-$ Paid $$1,400$ to cover all utilities for the month of Dec using check #$1304.$

Dec. $10$th $-$ Completed $$500$ worth of work for a repeat customer who pays cash immediately upon completion.

Dec. $11$th $-$ Collected $$800$ from Washington from a previous engagement in Nov.

Dec. $12$th $-$ Our employee earned two weeks of pay amounting to $$1,500,$ to be paid Dec. $23$rd$.$

$*$employee took vacation from Dec. $15$th$-$Dec. $31$st$.$ No pay will accrue$*$

Dec. $15$th $-$ Leah Tyler, the owner, withdrew $$3,500$ for personal use using check #$1305.$

Dec. $16$th $$ Completed a large job for Franklin for $$12,000.$ Sent invoice #Y$78$P due Jan. $31$st$.$

Dec. $22$nd $$ Franklin paid $$2,500$ to pay off some of his balance due.

Dec. $23$rd $$ Paid our employee for the work expensed Dec. $12$th$.$

Dec $24$th$-$Dec. $31$st $$ Owner took off the rest of the year.

Adjustments $($due with Part $1)$

$1.$ The equipment was used for the third year.

$2.$ Prepaid insurance was adjusted for Oct$-$Dec usage.

$3.$ Unearned revenue was updated to show $3$ months of work completed.

$4.$ A final count of supplies showed $$500$ remaining.

Part $1$ instructions

$1.$ Open the Excel attachment named $$Student fill$-$in template$.$

$2.$ Transfer the opening trial balance amounts to the T$-$Accts.

$3.$ Journal and post to the T$-$Accts the December and adjusting transactions.

$4.$ Total each T$-$Acct and provide the equation total at the top in the highlighted cells.

Check Figure $$ The cash T$-$Acct final balance should be $ $28,400$

$*$A detailed video overview can be found within this assignment in IvyLearn.

Part $2$ instructions

$1.$ Using the feedback provided from your instructor in the gradebook comments, update any incorrect items.

$2.$ Prepare the Adjusted trial balance.

$3.$ Prepare the Income Statement, Statement of Retained Earnings, and the Balance Sheet.

$4.$ Prepare the Closing journal entries and Post$-$closing trial balance.

Project Timeline

M$02$ Project part $1$ is introduced.

M$03($end$)$ Project part $1$ is due $($general and adjusting entries and T$-$Accts only$).$ Submit in the M$02$ assignment link.

M$04($throughout$)$ Instructor will grade your project and note what is incorrect in both the journal entries $($including adjusting$)$ and T$-$Accts.

M$04-05$ Using the instructor feedback, make any corrections necessary to Part $1$ to improve your grade. Resubmit in the M$02$ original assignment. This is due by the end of M$05.$

M$05$ Begin Part $2$ by completing the adjusted trial balance, financials, closing entries, and post closing trial balance. No new information is introduced from part $1.$ You are wrapping up the same company$$s financial information for the end of the year.

M$06($beginning$)$ Answers will be provided to only the journal entries to correct any mistakes before final submission of part $2.$