You will be given a set of transactions for a company, Alberts Auto Parts from January 1, 2018 through December 31, 2018. Please do all work in Microsoft Excel (or equivalent).
Project Part 1
This portion of the project will be due at the beginning of class on April 9, 2019. The first part of your project must be submitted on Blackboard before the start of class excel format.
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Prepare the journal entries for each transaction shown. For transactions such as depreciation, amortization of prepaid expenses, etc, they can be done once at the end of the year instead of monthly (it is up to your preference)
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Prepare the T-accounts for all accounts that are affected by the transactions
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Prepare a chart of accounts, with account numbers and descriptions for all accounts
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Prepare a trial balance as of December 31, 2018. The trial balance should show unadjusted balances, adjusting journal entries, adjusted balances, the closing journal entry, and the post-closing trial balance. The trial balance should be in columnar format, broken out into debit and credit columns for each category.
Introduction To Financial Accounting Class Project Instructions You will be given a set of transactions for a company, Albert's Auto Parts from January 1, 2018 through December 31, 2018. Please do all work in Microsoft Excel (or equivalent). Project Part 1 This portion of the project will be due at the beginning of class on April 9, 2019. The first part of your project must be submitted on Blackboard before the start of class excel format 1. Prepare the journal entries for each transaction shown. For transactions such as depreciation, amortization of prepaid expenses, etc, they can be done once at the end of the year instead of monthly (it is up to your preference) 2. 3. 4. Prepare a trial balance as of December 31, 2018. The trial balance should show Prepare the T-accounts for all accounts that are affected by the transactions Prepare a chart of accounts, with account numbers and descriptions for all accounts unadjusted balances, adjusting journal entries, adjusted balances, the closing journal entry, and the post-closing trial balance. The trial balance should be in columnar format, broken out into debit and credit columns for each category. Introduction To Financial Accounting Class Project Transactions Albert's Auto Parts Albert's Auto Parts (AAP) was established to distribute auto parts to retailers and auto shops. The company began business on November 1, 2017. The following transactions took place during the year ended December 31, 2018 Beginning Account Balances as of January 1, 2018 are as follows Cash Accounts Receivable Inventory $45,000 $12,000 $2,000 Accounts Payable etained Earnings $7,500 $51,500 (1) January 2 Investors contributed $100,000 cash to help in launching AAP in exchange for 50,000 shares of stock (2) January 31 AAP obtained a $60,000 cash loan from Capital Bank. The note has a 6% annual interest rate and requires monthly interest only payments (0.5% per month) on the first day of every month beginning on February 1, 2018. The loan is due to be paid in full in two years (3)January 31 Albert rented a building for $4,500 per month on a seven year rental contract Rent is due on the 1st of every month beginning on February 1 Albert hired two of his friends, Eric and Josh, to work for him and to help get started. He will pay his two employees $4,500 each on July 1, 2018, October 1, 2018, and January 1, 2019 (4) January 31 Made its first monthly interest payment to Capital Bank for the $60,000 loan it obtained in transaction (2) Don't forget the rest of the months! (5) February 1 (6) February 28 AAP purchased shelving, racks, a forklift, and other equipment on account for $8,000. This equipment is expected to be usable for 7 years (7) March 28 AAP purchased oil filters, air filters, brake pads, etc. totaling $375,000 from various manufacturers on account Sold 12,000 brake pads to Bob's Brakes on account. These brake pads were sold for $36.50 each, and they cost $20.75 each (8) June 1 (9) June 1:5 Sent a check totaling $20,500 to a vendor as partial payment for the inventory purchased in transaction (7) Introduction To Financial Accounting Class Project Instructions You will be given a set of transactions for a company, Albert's Auto Parts from January 1, 2018 through December 31, 2018. Please do all work in Microsoft Excel (or equivalent). Project Part 1 This portion of the project will be due at the beginning of class on April 9, 2019. The first part of your project must be submitted on Blackboard before the start of class excel format 1. Prepare the journal entries for each transaction shown. For transactions such as depreciation, amortization of prepaid expenses, etc, they can be done once at the end of the year instead of monthly (it is up to your preference) 2. 3. 4. Prepare a trial balance as of December 31, 2018. The trial balance should show Prepare the T-accounts for all accounts that are affected by the transactions Prepare a chart of accounts, with account numbers and descriptions for all accounts unadjusted balances, adjusting journal entries, adjusted balances, the closing journal entry, and the post-closing trial balance. The trial balance should be in columnar format, broken out into debit and credit columns for each category. Introduction To Financial Accounting Class Project Transactions Albert's Auto Parts Albert's Auto Parts (AAP) was established to distribute auto parts to retailers and auto shops. The company began business on November 1, 2017. The following transactions took place during the year ended December 31, 2018 Beginning Account Balances as of January 1, 2018 are as follows Cash Accounts Receivable Inventory $45,000 $12,000 $2,000 Accounts Payable etained Earnings $7,500 $51,500 (1) January 2 Investors contributed $100,000 cash to help in launching AAP in exchange for 50,000 shares of stock (2) January 31 AAP obtained a $60,000 cash loan from Capital Bank. The note has a 6% annual interest rate and requires monthly interest only payments (0.5% per month) on the first day of every month beginning on February 1, 2018. The loan is due to be paid in full in two years (3)January 31 Albert rented a building for $4,500 per month on a seven year rental contract Rent is due on the 1st of every month beginning on February 1 Albert hired two of his friends, Eric and Josh, to work for him and to help get started. He will pay his two employees $4,500 each on July 1, 2018, October 1, 2018, and January 1, 2019 (4) January 31 Made its first monthly interest payment to Capital Bank for the $60,000 loan it obtained in transaction (2) Don't forget the rest of the months! (5) February 1 (6) February 28 AAP purchased shelving, racks, a forklift, and other equipment on account for $8,000. This equipment is expected to be usable for 7 years (7) March 28 AAP purchased oil filters, air filters, brake pads, etc. totaling $375,000 from various manufacturers on account Sold 12,000 brake pads to Bob's Brakes on account. These brake pads were sold for $36.50 each, and they cost $20.75 each (8) June 1 (9) June 1:5 Sent a check totaling $20,500 to a vendor as partial payment for the inventory purchased in transaction (7)
