Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(To be completed by 3 group of 3:4 students) A group of accountine students has started a part-time virtual bookkeeping business. As of Sasternber 1,

image text in transcribed
image text in transcribed
(To be completed by 3 group of 3:4 students) A group of accountine students has started a part-time virtual bookkeeping business. As of Sasternber 1, 2027, the business will be known as Group al Ithe woligifig transactions: Virtual Bookketpers, Ouring September, vour busineas ehtered into The chart of accounts for your consulting business is shown in Exhibit A. REQUIREMENTS: 1. Use Microsoft Office Excel application to create the charts of accounts, general journal, four-column general ledgers, end-of-period spreadsheet, unadjusted trial balance, adjusted trial balance, post-closing trial balance, income statement, retained eamings statement, and balance sheet. 2. Record September transactions on Page 1 of the general journal. 3. Post the journal to a ledger of four-column accounts: 4. Prepare an unadjusted trial balance as of September 30,2022 At the end of Septernber, the following adjustment data were assembled. Analye and use these data to complete parts (5) and (6). Insurance expired during Sep is $275. Supplies on hand on Sep 30 are $715. Depreciation of computer equipment for Sep is $330. Accrued receptionist salary on $ ep 30 is $325. Rent expired during Sep is $1,600. Unearned fees on Sep30 are $3,210. 5. Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 2 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 3 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. EXHIBIT A - CHART OF ACCOUNTS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic Accounting

Authors: Greg Shields

1st Edition

1727480988, 978-1727480986

More Books

Students also viewed these Accounting questions

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago

Question

What were the reasons the collective agreement was achieved?

Answered: 1 week ago

Question

What does Copp say is the most important asset of any airline?

Answered: 1 week ago