Ultimate Frisbee, Inc. had the following post$-$closing trial balance as of December $31,2022.$

Ultimate Frisbee, Inc had the following transactions during $2023$:

Jan $15$ One of the partners invested $$20,000$ into the company.

Feb $10$ Purchased supplies on account for $$750$

Feb $25$ Paid the invoice for Supplies that were purchased on Feb $10$th

Apr $5$ Purchased merchandise $($Inventory$)$ of $15,000$ Frisbees at $$2\mathrm{.}25$ per Frisbee on

account

Apr $10$ Paid a Design Company cash to screen print your own logo and design on the frisbee

for $\mathrm{.}30$ per Frisbee $($needs to be added to the cost of inventory$).$

May $5$ Paid the invoice of April $5$

May $10$ Sold $4,000$ of the Frisbees on account to Sports Fanatics, Inc., for $$5\mathrm{.}50$ per Frisbee.

May $19$ Received cash from the sale on May $10.$

Jun $1$ Issued a $2-$month, $5\%$ note $($receivable$)$ for $$7,000$ to Phil Dumphy, one of our

managers, who stumbled upon some legal trouble.

Jun $15$ Sold $2,000$ Frisbees on account to Win or Go Home, Inc., for $$5\mathrm{.}90$ per Frisbee.

Debit Credit

Cash $49,700$

Accounts Receivable $1,200$

Inventory $3,750$

Prepaid Insurance $8,000$

Supplies $4,000$

Building $180,000$

Accumulated Deprec $-$ Bldg $22,500$

Office Equipment $9,000$

Accumulated Deprec $-$ Office Equip $6,000$

Accounts Payable $2,800$

LT Note Payable $-$ Bank $75,000$

Partner, Capital $149,350$

$255,650255,650$

Ultimate Frisbee, LLC

Post Closing Trial Balance

$12/31/2022$

Financial Accounting $-$ Bus $212$

Winter $2024$

Page $2$

Jun $30$ Paid sales salaries of $$2,700$ and office salaries of $$2,100($these should be

combined$),$ utilities of $$500,$ insurance expense of $$400$ and travel expenses of $$250$

July $5$ Purchased a Screen$-$Printing Machine by paying $$4,000$ in cash and signing a $3-$

month, $6\%$ note for $$6,000.$

July $24$ Received payment from Win or Go Home, Inc

Aug $1$ Received amount owed on June $1$ note, plus interest at the maturity date.

Sept $1$ Sold $4,000$ Frisbees to Players R Us$,$ Inc, for $$5\mathrm{.}95$ per Frisbee on Account.

Sep $5$ Purchased land by issuing a $$20,000,7\%4-$month note to Ace Development Co$.$

Oct $1$ Received payment in full from Players R Us$,$ Inc.

Oct $15$ Paid off the Note for Equipment.

Nov $30$ Paid sales salaries of $$2,200$ and office salaries of $$1,100,$ utilities of $$500,$ rent

expense of $$1,000$ and travel expenses of $$150$

Dec $5$ Paid in full the September $5$ note at maturity.

Instructions:

$1.$ In Canvas, click on the file Financial Excel Project $-$ Blank$\_$Winter $2024.$xlsx$.$

Download and save the file on your computer. Make sure you change the name of

the file per the instructions.

$2.$ Enter in your beginning balances $($Top of this Document$)$ from December $31,2022$

into your Financial Excel Project.

$3.$ Journalize the above transactions $($complete your journal entries$)$

$4.$ Post beginning balances to the Ledgers $($T$-$accounts$)$

$5.$ Post your Journal Entries to the ledgers $($T$-$accounts$)$

$6.$ Based on the following data, prepare a bank reconciliation for December of the

current year:

a$.$ Balance according to the bank statement at December $31,$ $$48,083$

b$.$ Balance according to the ledger before your Bank Reconciliation at December

$31,\_\_\_\_\_\_\_\_\_.$ Hard code this amount in your bank reconciliation.

c$.$ The following checks were still outstanding as of Dec $31,2023$:

Check #$1234$ $$3,221$

Check #$1235$ $$1,300$

Check #$1236$ $$6,000$

d$.$ Interest earned, $$125$

e$.$ Deposit in transit, not recorded by bank, $$9,160$

f$.$ Bank debit memorandum for service charges, $$35$

g$.$ A check for $$300$ in payment of an invoice was incorrectly recorded in the ledger

as $$30$

Financial Accounting $-$ Bus $212$

Winter $2024$

Page $3$

$7.$ Based on the bank reconciliation prepared in $2$ above, journalize the entry or

entries to be made by Ultimate Frisbee, Inc and post to the ledger $($T$-$accounts$).$

$8.$ Based on the above transactions, prepare an Unadjusted Trial balance.

$9.$ Based on the following information, journalize the adjusting entries in your

Unadjusted Trial balance and prepare an Adjusted Trial Balance as of December

$31,$ of the current year:

a$.$ Accrued Sales Revenue, $$4,600$

b$.$ Prepaid insurance expired during the year, $$1,000.$

c$.$ Accrued Salaries for a $2-$day period ending Dec $31$st$.$ Salaries of $$2,000$ are

typically paid weekly for a $5-$day work week.

d$.$ Accrued Interest expense for the $5$yr$,4\%$ Long Term Note Payable from the

Bank.

e$.$ A physical count of supplies showed $$3,750$ left on hand.

f$.$ Depreciation is computed as follows:

Asset Cost Residual

Value

Acquisition Date Useful

Life in

Years

Depreciation

Method Used

B