Unadjusted journal entries are not matching, can anyone help?
Project Part I ACCT203 This is a required cover page for the project that must be signed and dated. I attest that this is [NAME] individual work. No assistance has been received from other persons or sources. I only used notes or the textbook. If the above statement is not true, do not sign. Include a separate handwritten explanation. Date Signature October Transactions: - 10/1/22 AIF issued 10,000 shares of common stock for $2 per share and received cash - 10/2/22 AIF purchased inventory costing $5,000 on account with terms 4/20. Record at net. - 10/2/22 AIF borrowed $5,000 cash by issuing a short-term, 6-month note payable with a 12% annual interest rate. - 10/3/22 AIF purchased equipment for $10,000 cash with a 4-year useful life and no salvage value. - 10/5/22 AIF prepaid a 3-month insurance policy for $3,000 cash. - 10/12/22 AIF purchased inventory for $2,000; Terms was FOB Destination Point. The transportation cost was $250. All applicable costs were paid with cash. - 10/16/22 AIF sold goods that cost $6,000 for $15,000 on account. The terms- 2/10; the sale was recorded at net. - 10/18/22 AIF collected the total amount due from the customers in the 10/16/22 sale. - 10/20/22 AIF paid the amount due for the inventory purchase made on 10/2/22 - 10/25/22 Paid employee salaries of $4,000 and paid a utilities bill of $200 with cash. - 10/28/22 AIF purchased a long-term investment in Build-A-Bridge Inc. for $10,000 cash. The company also purchased a patent for $2,500 cash on the same day. - 10/30/2022 AIF received $1,000 cash from a customer in advance of products to be delivered in November. Adjusting Entries for Month End October 31, 2022. - Recorded one month's depreciation expense - Recorded expired insurance for one month - October. - Recorded accrued rent on the office building for October $1,500 that was not paid. - Recorded accrued interest for one month on the short term note payable INSTRUCTIONS: This must be submitted on paper - handwritten - not typed. If you like structure, create a framework for journal entries and Trial Balance, for example - then print it. On the other, use lined paper, use a ruler [hand-drawn lines are unprofessional, and points will be deducted]. Use a separate paper to present the following: 1. The 12 journal entries 2. The T-Accounts for the October transactions. 3. An unadjusted Trial Balance showing the increases, decreases, and balance in each account. 4. The four adjusting journal entries for 10/31/2022 5. The Adjusted Trial Balance that shows the impact of the adjusting entries. 6. The three financial statements: a. Multiple Step Income Statement, b. Statement of Retained Earnings, and c. Classified Balance Sheet i. Use Proper Headings [Three lines] ii. Use Appropriate Dates Project Part I ACCT203 This is a required cover page for the project that must be signed and dated. I attest that this is [NAME] individual work. No assistance has been received from other persons or sources. I only used notes or the textbook. If the above statement is not true, do not sign. Include a separate handwritten explanation. Date Signature October Transactions: - 10/1/22 AIF issued 10,000 shares of common stock for $2 per share and received cash - 10/2/22 AIF purchased inventory costing $5,000 on account with terms 4/20. Record at net. - 10/2/22 AIF borrowed $5,000 cash by issuing a short-term, 6-month note payable with a 12% annual interest rate. - 10/3/22 AIF purchased equipment for $10,000 cash with a 4-year useful life and no salvage value. - 10/5/22 AIF prepaid a 3-month insurance policy for $3,000 cash. - 10/12/22 AIF purchased inventory for $2,000; Terms was FOB Destination Point. The transportation cost was $250. All applicable costs were paid with cash. - 10/16/22 AIF sold goods that cost $6,000 for $15,000 on account. The terms- 2/10; the sale was recorded at net. - 10/18/22 AIF collected the total amount due from the customers in the 10/16/22 sale. - 10/20/22 AIF paid the amount due for the inventory purchase made on 10/2/22 - 10/25/22 Paid employee salaries of $4,000 and paid a utilities bill of $200 with cash. - 10/28/22 AIF purchased a long-term investment in Build-A-Bridge Inc. for $10,000 cash. The company also purchased a patent for $2,500 cash on the same day. - 10/30/2022 AIF received $1,000 cash from a customer in advance of products to be delivered in November. Adjusting Entries for Month End October 31, 2022. - Recorded one month's depreciation expense - Recorded expired insurance for one month - October. - Recorded accrued rent on the office building for October $1,500 that was not paid. - Recorded accrued interest for one month on the short term note payable INSTRUCTIONS: This must be submitted on paper - handwritten - not typed. If you like structure, create a framework for journal entries and Trial Balance, for example - then print it. On the other, use lined paper, use a ruler [hand-drawn lines are unprofessional, and points will be deducted]. Use a separate paper to present the following: 1. The 12 journal entries 2. The T-Accounts for the October transactions. 3. An unadjusted Trial Balance showing the increases, decreases, and balance in each account. 4. The four adjusting journal entries for 10/31/2022 5. The Adjusted Trial Balance that shows the impact of the adjusting entries. 6. The three financial statements: a. Multiple Step Income Statement, b. Statement of Retained Earnings, and c. Classified Balance Sheet i. Use Proper Headings [Three lines] ii. Use Appropriate Dates
