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 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 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 will include

preparing an adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries,

and post$-$closing trial balance.

Tyler's Consulting Services

Trial Balance

Month Ended Nov $30,20$XX

ACCOUNT NAME DEBIT CREDIT

$100$ Cash $36,100$

$110$ Accounts Receivable$-$Franklin $1,900$

$115$ Accounts Receivable$-$Washington $1,400$

$120$ Supplies $900$

$130*$Prepaid Insurance $2,400$

$140*$Equipment $5,000$

$141$ Accumulated Depreciation $-$ Equipment $2,000$

$200$ Accounts Payable$-$Gusto Inc. $3,200$

$210$ Wages Payable $1,600$

$220*$Unearned Revenue $3,000$

$300$ Leah Tyler, Capital $34,200$

$302$ Leah Tyler, Drawing $40,100$

$310$ Retained Earnings $9,600$

$400$ Revenue earned $104,000$

$500$ Wages Expense $35,200$

$501$ Utilities Expense $8,800$

$502$ Supplies Expense $1,600$

$503$ Rent Expense $24,200$

$504$ Depreciation Expense

$505$ Insurance Expense

TOTAL $157,600157,600$

$*$ Notes

$1$ The Equipment was purchased Jan. $1$ two years ago

It has a useful life of $5$ years

$2$ The prepaid insurance was purchased Oct. $1$st

It is a $6$ month policy. No adjustments have been made.

$3$ The unearned revenue was prepaid by Roman Inc.

on Oct. $1$st and covers $6$ months of work.

No adjustments have been made.