work sheet part of the jws lock and key accounting project

JW : Lock & Key Work Sheet Account Unadi Trial Balance Debit Credit Adjustments Debit Credil Adj. Trial Balance Debit Credit Income Salement Debit Credit Balance Sheet Debit Credi Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Equipment Accum. Depreciation - Equip Accounts Payable Refunds Payable Unearned Service Revenue Jake Walters, Capital Jake Walters. Withdrawal Service Revenue Sales Revenue Discounts Forfeited Cost of Merchandise Sold ni Advertising Expense Depreciation Expense Insurance Expense Office Supplies Expense Salary Expense Rent Expense Telephone Expense Utilities Expense Miscellaneous Expense TOTALS NET INCOME (LOSS) See JW's Lock & Key had the following transactions in December Dec Paid December's rent, check # 6287. $2,800 2 Paid annual premiums on property and casualty Insurance policies, check # 6288, 53,500 3 Performed locksmith services on new house, sent invoice # 601 to the homeowner. Same Mason, $2,000. Issued Invoice # 602 to Hastings who purchased a new safe on account, $3,800 Cost of Merchandise Sold was $1.250. 5 Purchased office supplies, check W 6289, $620. 6 Purchased inventory from Key Supplies Co., $5,500 terms 1/10, 1/30 Paid UPS $216 cash for delivery of the inventory purchased on December 6. Jake deposited an additional $5,000 cash in the business. 8 Returned damaged Inventory to Key Supplies Co., $500 8 Received $2,500 cash, an advance payment for locksmith services. 9 Unlocked a safe for a customer and received $1,000 cash. Bought a new computer (equipment) from Office Depot on account, $1,967 10 Sold 2 safes and received cash, $2,200. Cost of Merchandise Sold was $800 Purchased 5 safes to restock inventory on account from Brinks Co, $4,187 terms, 215, n/45 12 Customer returned one of the safes purchased on December 10, refunded the customer $1,000 cash. Cost of Merchandise Sold was $475. 13 Paid Verizon for wireless telephone services, $482, check # 6290. 14 Paid Key Supplies Co for the purchase on December 6, less return and discount, check # 6291. 14 Received cash on account, $1,500, From Nathan Dean, Dean did not pay his November invoice #590 within the credit terms 2/10. The discount was forfeited. 15 Recorded cash sales for the store from the 1st to the 15th, $13,908. Cost of Merchandise Sold was $4,783. 16 Received $1.900 from Hastings on account. 17 Paid Office Depot on account, $500, check # 6292. 18 Performed locksmith services on account for Larry Contractor, $700. 19 Paid electricity bill for December, check #6293, $1,763. 19 Paid for Domino's pizza delivery for the December office party, check #6294, $175 20 Jake withdrew $10,000 for a vacation. 25 Paid the water bill for December, check # 6295, $120. 25 Paid Brinks Co. on account, $2,500, check #6296. 26 Paid part time employees their salary, $2,250. 27 Received cash on account from Larry Contractor, $700. Recorded cash sales for the store from the 16th to the 30th, $8,735. Cost of 30 Merchandise Sold was $2,784 4. Prepare an Unadjusted Trial Balance, using the worksheet Complete the worksheet using the following adjustment information for December: Office supplies on hand on December 31 are $1,058 b. A physical count of inventory showed an ending Inventory cost of $44,500 Recorded depreciation on equipment for the month, $4,200 Insurance expired during December is $300 e. Eamed $1,500 worth of the unearned service revenue, f Sales refunds estimated for the year $10,000 9 Cost of estimated returns for the year S2,000 c d. S. Journalize and post the adjusting entries. 6. Prepare JW's Lock & Key's financial statements for the year ended December 31, 2020. Note: Jake Walter's Capital at January 1, 2020 was $262,643. 7. Journalize and post the closing entries. 8. Prepare a Post-Closing Trial Balance Note: This is a group project and you may work in groups up to 4 members. In the Accounting Project Module you will find group signup sheets. Once a group is full, please join the next available group. Every group member needs to turn in a completed set of project documents to his or her own drop box, Since the project results should be the same for each group member in a respective group, I will grade the groups' project once and upload the grading sheet to the individual drop box for each member. The project needs to be scanned if you are using the pdf documents and turned in through Blackboard. Check Figures: Unadjusted Trial Balance: Cash Account Balance Net Income (Loss): $907,503 $161,398 $203,356 JW : Lock & Key Work Sheet Account Unadi Trial Balance Debit Credit Adjustments Debit Credil Adj. Trial Balance Debit Credit Income Salement Debit Credit Balance Sheet Debit Credi Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Equipment Accum. Depreciation - Equip Accounts Payable Refunds Payable Unearned Service Revenue Jake Walters, Capital Jake Walters. Withdrawal Service Revenue Sales Revenue Discounts Forfeited Cost of Merchandise Sold ni Advertising Expense Depreciation Expense Insurance Expense Office Supplies Expense Salary Expense Rent Expense Telephone Expense Utilities Expense Miscellaneous Expense TOTALS NET INCOME (LOSS) See JW's Lock & Key had the following transactions in December Dec Paid December's rent, check # 6287. $2,800 2 Paid annual premiums on property and casualty Insurance policies, check # 6288, 53,500 3 Performed locksmith services on new house, sent invoice # 601 to the homeowner. Same Mason, $2,000. Issued Invoice # 602 to Hastings who purchased a new safe on account, $3,800 Cost of Merchandise Sold was $1.250. 5 Purchased office supplies, check W 6289, $620. 6 Purchased inventory from Key Supplies Co., $5,500 terms 1/10, 1/30 Paid UPS $216 cash for delivery of the inventory purchased on December 6. Jake deposited an additional $5,000 cash in the business. 8 Returned damaged Inventory to Key Supplies Co., $500 8 Received $2,500 cash, an advance payment for locksmith services. 9 Unlocked a safe for a customer and received $1,000 cash. Bought a new computer (equipment) from Office Depot on account, $1,967 10 Sold 2 safes and received cash, $2,200. Cost of Merchandise Sold was $800 Purchased 5 safes to restock inventory on account from Brinks Co, $4,187 terms, 215, n/45 12 Customer returned one of the safes purchased on December 10, refunded the customer $1,000 cash. Cost of Merchandise Sold was $475. 13 Paid Verizon for wireless telephone services, $482, check # 6290. 14 Paid Key Supplies Co for the purchase on December 6, less return and discount, check # 6291. 14 Received cash on account, $1,500, From Nathan Dean, Dean did not pay his November invoice #590 within the credit terms 2/10. The discount was forfeited. 15 Recorded cash sales for the store from the 1st to the 15th, $13,908. Cost of Merchandise Sold was $4,783. 16 Received $1.900 from Hastings on account. 17 Paid Office Depot on account, $500, check # 6292. 18 Performed locksmith services on account for Larry Contractor, $700. 19 Paid electricity bill for December, check #6293, $1,763. 19 Paid for Domino's pizza delivery for the December office party, check #6294, $175 20 Jake withdrew $10,000 for a vacation. 25 Paid the water bill for December, check # 6295, $120. 25 Paid Brinks Co. on account, $2,500, check #6296. 26 Paid part time employees their salary, $2,250. 27 Received cash on account from Larry Contractor, $700. Recorded cash sales for the store from the 16th to the 30th, $8,735. Cost of 30 Merchandise Sold was $2,784 4. Prepare an Unadjusted Trial Balance, using the worksheet Complete the worksheet using the following adjustment information for December: Office supplies on hand on December 31 are $1,058 b. A physical count of inventory showed an ending Inventory cost of $44,500 Recorded depreciation on equipment for the month, $4,200 Insurance expired during December is $300 e. Eamed $1,500 worth of the unearned service revenue, f Sales refunds estimated for the year $10,000 9 Cost of estimated returns for the year S2,000 c d. S. Journalize and post the adjusting entries. 6. Prepare JW's Lock & Key's financial statements for the year ended December 31, 2020. Note: Jake Walter's Capital at January 1, 2020 was $262,643. 7. Journalize and post the closing entries. 8. Prepare a Post-Closing Trial Balance Note: This is a group project and you may work in groups up to 4 members. In the Accounting Project Module you will find group signup sheets. Once a group is full, please join the next available group. Every group member needs to turn in a completed set of project documents to his or her own drop box, Since the project results should be the same for each group member in a respective group, I will grade the groups' project once and upload the grading sheet to the individual drop box for each member. The project needs to be scanned if you are using the pdf documents and turned in through Blackboard. Check Figures: Unadjusted Trial Balance: Cash Account Balance Net Income (Loss): $907,503 $161,398 $203,356