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This project will be completed in two parts. All answers should be submitted in the Excel template also attached to this module. Part 1 will
This project will be completed in two parts. All answers should be submitted in the Excel template also attached to this
module. Part will contain a chart of accounts with opening account balances, list of business transactions, journaling
all transactions into the general journal, and updating each account balance. Upon submission, your instructor will
indicate which journal entries andor TAcct entries are incorrect.
Part will have you correct any mistakes and then complete the project. The remaining parts of the project will include
preparing an adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries,
and postclosing trial balance.
Tyler's Consulting Services
Trial Balance
Month Ended Nov XX
ACCOUNT NAME DEBIT CREDIT
Cash
Accounts ReceivableFranklin
Accounts ReceivableWashington
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation Equipment
Accounts PayableGusto Inc.
Wages Payable
Unearned Revenue
Leah Tyler, Capital
Leah Tyler, Drawing
Retained Earnings
Revenue earned
Wages Expense
Utilities Expense
Supplies Expense
Rent Expense
Depreciation Expense
Insurance Expense
TOTAL
Notes
The Equipment was purchased Jan. two years ago
It has a useful life of years
The prepaid insurance was purchased Oct. st
It is a month policy. No adjustments have been made.
The unearned revenue was prepaid by Roman Inc.
on Oct. st and covers months of work.
No adjustments have been made.
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