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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 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 30,20XX
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. 1st
It is a 6 month policy. No adjustments have been made.
3 The unearned revenue was prepaid by Roman Inc.
on Oct. 1st and covers 6 months of work.
No adjustments have been made.

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