You have been hired as an accountant for FMoore Consulting Inc. This business was created when several friends decided they wanted to earn some money to help pay for some traveling they wanted to be able to do. The business was created on November 1, 2015. The company will have a fiscal year end of October 31st. The initial formation transactions and early purchases for FMoore Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab) During November, the first month of operations, the following transactions occurred: Borrowed 98,000 from the bank for operating cash on November 1st. The note has a 3% interest rate (simple interest) and is to be paid back in 3 years Paid $10,800 for 12 months rent on office space on November 2nd Purchased office furniture for $14,250 on November 2nd. Signed a contract with the TBA Inc. on November 3rd for work to be done over the next 12 months Purchased $12,700 of additional office supplies on account on November 6th. Received $85,200 from the TBA Inc. on November 8th for the work to be performed over the next 12 months. Paid $2,750 for maintenance on the equipment on November 10th. Paid $11,500 to suppliers on November 12th for purchases previously made on account. Paid $2,170 for travel expenses for information gathering trips related to the TBA Inc. contract on November 18th. Performed services for various customers for $18,750 cash and another $43,750 on account. Record on November 20th. Paid salaries to employees totaling $10,500 for services rendered on November 25th. Paid utility bill (water) totaling $1,570 on November 26th. Collected $15,500 on November 28th as payment for amounts previously billed. Dividends of $2,000 were declared and paid on November 30th. At the end of November, the following additional information is available to help determine what adjustments are needed: a) The Prepaid insurance account (see Worksheet tab for beginning balances) represents a 1 year policy purchased November 1, 2015. b) One month of interest has accrued on the note payable for the bank loan. c) Supplies on hand are $9,500. d) Received the bill for utility services (electricity) that the firm used during November in the amount of $3,790. The company will pay the bill in December. e) One month of the services for the TBA Inc. has been performed (see November 8th activity above). f) Depreciation expense for the computer equipment is $270 and for the office furniture is $210 g) Additional work for customers of $14,270 has been performed during the last week of November but not yet billed h) Salaries of $10,500 are paid every Friday (for a 5 day work week). November 30, 2015 was a Monday. i) One month of the prepaid rent has been used up SUGGESTED STEPS FOR COMPLETION OF THE PROJECT: Prepare journal entries to record the November transactions given. Post the journal entries to ledger accounts using T-accounts to represent ledger accounts. Dont forget the opening balances from the information given on the Worksheet. There is a tab to use for T Accounts if you want Prepare an unadjusted trial balance as of November 30, 2015. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Prepare adjusting entries for the month of November given the information provided. Post the adjusting entries to the T-accounts and to the Adjusting entries columns on the worksheet Prepare an adjusted trial balance as of November 30, 2015. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Prepare financial statements for the month of November 30, 2015. (Income Statement, Statement of Retained Earnings, Classified Balance Sheet ). Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is a tab for these statements. Heading are PARTIALLY completed for the 3 statements. Prepare and post closing entries for the end of the period and to the T Accounts Prepare a post closing trial balance as of November 30, 2015. There is space for this included on the statements tab. What would the unadjusted trial balance be? There is also opening balances:

BEGINNING NUMBERS ACCOUNT DEBIT CREDIT Cash 105,800 Accounts Receivable Supplies 11,500 Prepaid Insurance 8,400 Prepaid Rent Land 10,000 Computer Equipment 25,800 Accumulated Depreciation, Comp Equip Office Furniture Accumulated Depreciation, Off Furn Accounts Payable 11,500 Utilities Payable - electric Wages Payable Interest Payable Unearned Revenue Long-term Notes Payable Common Stock 150,000 Retained Earnings Dividends Service Revenue Wage Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense - electric Maintenance Expense Travel Expense Utilities Expense - water Interest Expense Depreciation Expense, Comp Equip Depreciation Expense, Office Furniture Net Income 161,500 161,500