ACCT105

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CourseProjectTemplateJanesSkateboards.xlsx
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Instructions

Course Project Overview
The Course Project consists of 12 Requirements for you to complete. Part 1 of the Course Project is due at the end of Week 2 and Part 2 at the end of Week 4 and Part 3 is due at the end of week 7. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are twelve (12) assignments in the workbook you will need to complete. • A list of July transactions • A Chart of Accounts - Tip: Make reference to this worksheet often to determine if a transaction should be recorded as a "Debit" or "Credit" • A Grading Rubric to help explain what is expected.
Scenario
You’ve just secured a new client in your accounting practice, Jane's Skateboards Inc., a brand new small business specializing in selling skate boards. The owner, Jane Jones, is good at selling skateboards, but she needs your help with accounting. You have decided to use the perpetual inventory method to account for inventory and Cost of Goods Sold.
Requirements
ACCT 105: Course Project
Requirement Requirement Description Worksheet Name
1 Prepare the Journal Entries in the General Journal 1 - Journal Entries
2 Post Journal Entries to the General Ledger 2 - General Ledger
3 Prepare a Trial Balance 3 - Trial Balance
4 Prepare the Adjusting Entries 4 &5 - Adjusting Entries
5 Post Adjusting Entries to the General Ledger 4 &5 -Adjusting Entries ( Use worksheet #2)
6 Prepare an Adjusted Trial Balance 6- Adjusted TB
7 Prepare the Financial Statements 7 - Financial Statements
8 Prepare the Closing Entries 8&9 - Closing Entries ( use worksheet #2)
9 Post Closing Entries to the General Ledger 8&9- General Ledger
10 Prepare the Post Closing Trial Balance 10 - Post Closing Trial Balance
11 Prepare ratio analysis 11 -Ratio Analysis
12 Prepare Break-Even Analysis 12 - Break Even
Guidelines
Use the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor.
Milestone 1 is due in Week 2 - This includes project requirements 1-3.
Milestone 2 is due in Week 4 - This includes project requirements 4-10.
Milestone 3 is due in Week 7- This includes project requirements 11-12.

Chart of Accounts

***Make reference this worksheet often to determine if a transaction should be recorded as a "Debit" or "Credit"
Chart of Accounts
Account Name Number Account Type Increase with Decrease with
Cash 111 Asset Debit Credit
Store Supplies 117 Asset Debit Credit
Prepaid Insurance 119 Asset Debit Credit
Merchandise Inventory 130 Asset Debit Credit
Store Fixtures 144 Asset Debit Credit
Accumulated Depreciation -Fixtures 145 Contra Asset Credit Debit
Accounts Payable 212 Liability Credit Debit
Income Tax Payable 213 Liability Credit Debit
Common Stock 311 Owners Equity Credit Debit
Retained Earnings 312 Owners Equity Credit Debit
Dividends 313 Contra Owners Equity Debit Credit
Sales Revenue 411 Revenue Credit Debit
Cost of Good Sold 505 Expense Debit Credit
Store Rent Expense 511 Expense Debit Credit
Telephone Expense 517 Expense Debit Credit
Depreciation Expense 520 Expense Debit Credit
Electric Expense 522 Expense Debit Credit
Insurance Expense 525 Expense Debit Credit
Supplies Expense 530 Expense Debit Credit
Income Tax Expense 535 Expense Debit Credit

Transactions

During its first month of operation (July), Jane's Skateboards completed the following transactions:
Instructions: Record these transactions in the next worksheet titled "1 - Journal Entries".
Note: These figures are different from the demo videos you watched under the Content Tab in the Online Classroom
Journal Entry # Date Transactions
JE01 July 1 Begin business by making a $100,000 deposit into the company's bank account in exchange for 10,000 shares of common stock - Par value $10
JE02 July 2 Paid $16,000 for shelf fixtures for the Jane's Skateboard storefront
JE03 July 3 Paid $6,000 for the premium on a 1-year insurance policy
JE04 July 5 Paid $3,000 for the Jane's Skateboards store rent
JE05 July 6 Purchased on Credit - 1000 skateboards costing $25 each from Acme MFG Note: This one differs from the Bob's Bikes Video. It is not a cash purchase
JE06 July 8 Purchased on Credit - Store supplies costing $600 from Mike's Supply
JE07 July 10 Paid $200 for Jane's Skateboards July telephone bill
JE08 July 11 Sold 24 skateboards for $50 each to a customer who paid cash
JE09 July 18 Paid $300 for 1/2 of the Store Supplies purchased on July 8 from Mike's Supply
JE10 July 20 Sold 140 skateboards for $50 each to a customer who paid cash
JE11 July 25 Sold 100 skateboards for $50 each to a customer who paid cash
JE12 July 26 Paid $500 for Jane's Skateboards July electric bill
JE13 July 30 Paid $1,500 to Jane's Skateboards shareholder(s) for dividend declared on July 30

1 - Journal Entries

REQUIREMENT #1: Prepare journal entries to record the July transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance.
Chart of Accounts
General Journal Account Name Account Number
Date Account Name Account Number Debit Credit Post Ref. Cash 111
7/1/25 Cash 111 100,000 JE01 Store Supplies 117
Common Stock 311 100,000 JE01 Prepaid Insurance 119
7/2/25 Store Fixtures 144 16,000 JE02 Merchandise Inventory 130
Cash 111 16,000 JE02 Store Fixtures 144
7/3/25 Prepaid Insurance 119 6,000 JE03 Accumulated Depreciation -Fixtures 145
Cash 111 6,000 JE03 Accounts Payable 212
7/4/25 Store Rent Expense 511 3,000 JE04 Income Tax Payable 213
Cash 111 3,000 JE04 Common Stock 311
7/5/25 Merchandise Inventory 130 25,000 JE05 Retained Earnings 312
Accounts Payable 212 25,000 JE05 Dividends 313
7/6/25 Store Supplies 117 600 JE06 Sales Revenue 411
Accounts Payable 212 600 JE06 Cost of Good Sold 505
7/7/25 Telephone Expense 517 200 JE07 Store Rent Expense 511
Cash 111 200 JE07 Telephone Expense 517
7/8/25 Cash 111 1,200 JE08 Depreciation Expense 520
Sales Revenue 411 1,200 JE08 Electric Expense 522
Cost of Good Sold 505 600 JE08 Insurance Expense 525
Merchandise Inventory 130 600 JE08 Supplies Expense 530
7/9/25 Accounts Payable 212 300 JE09 Income Tax Expense 535
Cash 111 300 JE09
7/10/25 Cash 111 7,000 JE10
Sales Revenue 411 7,000 JE10
Cost of Good Sold 505 3,500 JE10
Merchandise Inventory 130 3,500 JE10
7/11/25 Cash 111 5,000 JE11
Sales Revenue 411 5,000 JE11
Cost of Good Sold 505 2,500 JE11
Merchandise Inventory 130 2,500 JE11
7/12/25 Electric Expense 522 500 JE12
Cash 111 500 JE12
7/13/25 Dividends 313 1,500 JE13
Cash 111 1,500 JE13
Total: 172,900 172,900

General Ledger

Date Account Number Account Name
111 Cash
7/1/25 100,000 JE1
7/2/25 16,000 JE02
7/3/25 6,000 JE03
7/4/25 3,000 JE04
7/7/25 200 JE07
7/8/25 1,200 JE08
7/9/25 300 JE09
7/10/25 7,000 JE10
7/11/25 5,000 JE11
7/12/25 500 JE12
7/13/25 1,500 JE13
Totals 113,200 27,500
Account Balance 85,700
117 Store Supplies
7/6/25 600 JE06
Totals 600 -
Account Balance 600
119 Prepaid Insurance
7/3/25 6,000 JE03
500
500
Totals 6,500 500
Account Balance 6,000
130 Merchandise Inventory
7/5/25 25,000 JE05
7/8/25 600 JE08
7/10/25 3,500 JE10
7/11/25 2,500 JE11
Totals 25,000 6,600
Account Balance 18,400
144 Store Fixtures
7/2/25 16,000 JE2
Totals 16,000 -
Account Balance 16,000
145 Accumulated Depreciation
Totals - -
Account Balance -
212 Accounts Payable
7/5/25 25,000 JE05
7/6/25 600 JE06
7/9/25 300 JE09
Totals 300 25,600
Account Balance 25,300
213 Income Tax Payable
Totals - -
Account Balance -
311 Common Stock
7/1/25 100,000 JE1
Totals - 100,000
Account Balance 100,000
312 Retained Earnings
Totals - -
Account Balance -
313 Dividends
7/13/25 1,500 JE13
Totals 1,500 -
Account Balance 1,500
411 Sales Revenue
7/8/25 1,200 JE08
7/10/25 7,000 JE10
7/11/25 5,000 JE11
Totals - 13,200
Account Balance 13,200
505 Cost of Goods Sold
7/8/25 600 JE08
7/10/25 3,500 JE10
7/11/25 2,500 JE11
Totals 6,600 -
Account Balance 6,600
511 Store Rent Expense
7/4/25 3,000 JE04
Totals 3,000 -
Account Balance 3,000
517 Telephone Expense
7/7/25 200 JE07
Totals 200 -
Account Balance 200
520 Depreciation Expense
Totals - -
Account Balance -
522 Electric Expense
7/12/25 500 JE12
Totals 500 -
Account Balance 500
525 Insurance Expense
Totals - -
Account Balance -
530 Supplies Expense
Totals - -
Account Balance -
535 Income Tax Expense
Totals - -
Account Balance -

3 - Trial Balance

REQUIREMENT #3: Prepare a trial balance for July in the space below.
Janes Skateboard
Trial Balance
For the Month Ended July 31, 20XX
Chart of Accounts
Account Name Account Number Debit Credit Account Name Account Number
Cash 111 85,700
Store Supplies 117 600 Cash 111
Prepaid Insurance 119 6,000 Store Supplies 117
Merchandise Inventory 130 18,400 Prepaid Insurance 119
Store Fixtures 144 16,000 Merchandise Inventory 130
Accumulated Depreciation -Fixtures 145 Store Fixtures 144
Accounts Payable 212 25,300 Accumulated Depreciation -Fixtures 145
Income Tax Payable 213 Accounts Payable 212
Common Stock 311 100,000 Income Tax Payable 213
Retained Earnings 312 Common Stock 311
Dividends 313 1,500 Retained Earnings 312
Sales Revenue 411 13,200 Dividends 313
Cost of Good Sold 505 6,600 Sales Revenue 411
Store Rent Expense 511 3,000 Cost of Good Sold 505
Telephone Expense 517 200 Store Rent Expense 511
Depreciation Expense 520 Telephone Expense 517
Electric Expense 522 500 Depreciation Expense 520
Insurance Expense 525 Electric Expense 522
Supplies Expense 530 Insurance Expense 525
Income Tax Expense 535 Supplies Expense 530
Total: 138,500 138,500 Income Tax Expense 535

4 & 5 - Adjusting Entries

Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations using Excel formulas! 1) One month's insurance has expired. 2) The remaining inventory of store supplies is $250. 3) The estimated depreciation on store fixtures is $160. 4) The estimated income taxes are $295.
Requirement #5: Post the adjusting entries on July 31 below to the General Ledger accounts (2 - General Ledger worksheet). Adjusting entries are referenced in the General Ledger as AE#1, AE#2, etc. Chart of Accounts
Date Account Name Account Number Debit Credit Account Name Account Number
Cash 111
Store Supplies 117
Prepaid Insurance 119
Merchandise Inventory 130
Store Fixtures 144
Accumulated Depreciation -Fixtures 145
Accounts Payable 212
Income Tax Payable 213
Common Stock 311
Retained Earnings 312
Dividends 313
Sales Revenue 411
Cost of Good Sold 505
Store Rent Expense 511
Telephone Expense 517
Depreciation Expense 520
Electric Expense 522
Insurance Expense 525
Supplies Expense 530
Income Tax Expense 535

6 - Adjusted Trial Balance

REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Janes Skateboard
Adjusted Trial Balance
For the Month Ended July 31, 20XX
Chart of Accounts
Account Name Account Number Debit Credit Account Name Account Number
Cash 111
Store Supplies 117 Cash 111
Prepaid Insurance 119 Store Supplies 117
Merchandise Inventory 130 Prepaid Insurance 119
Store Fixtures 144 Merchandise Inventory 130
Accumulated Depreciation -Fixtures 145 Store Fixtures 144
Accounts Payable 212 Accumulated Depreciation -Fixtures 145
Income Tax Payable 213 Accounts Payable 212
Common Stock 311 Income Tax Payable 213
Retained Earnings 312 Common Stock 311
Dividends 313 Retained Earnings 312
Sales Revenue 411 Dividends 313
Cost of Good Sold 505 Sales Revenue 411
Store Rent Expense 511 Cost of Good Sold 505
Telephone Expense 517 Store Rent Expense 511
Depreciation Expense 520 Telephone Expense 517
Electric Expense 522 Depreciation Expense 520
Insurance Expense 525 Electric Expense 522
Supplies Expense 530 Insurance Expense 525
Income Tax Expense 535 Supplies Expense 530
Total: - - Income Tax Expense 535

7 - Financial Statements

Requirement #7: Prepare the financial statements for Jane's Skateboard's as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Jane's Skateboards Inc. Jane's Skateboards Inc. Jane's Skateboards Inc.
Income Statement Statement of Retained Earnings Balance Sheet
For the Month Ending July 31 For the Month Ending July 31 July 31
Assets
Revenues: Retained Earnings, July 1 Assets:
Sales Revenue Add: Net Income - Cash
Total Revenue - Subtotal - Store supplies
Less: Dividends - Prepaid Insurance
Expenses: Retained Earnings, July 31 - Merchandise Inventory
Cost of Goods Sold Store fixtures
Store Rent Expense Less: Accum. Dep - Fixtures.
Telephone Expense Total Assets -
Insurance Expense
Store Supplies Exp. Liabilities and Stockholders' Equity
Depreciation Exp. Liabilities:
Income Tax Expense Accounts Payable
Electric Expense Income Taxes Payable
Total Expenses - Total Liabilities -
Net Income - Stockholders' Equity:
Common Stock
Retained Earnings
Total Stockholders' Equity -
Janes Skateboards Inc Total Liabilities & Stockholders' Equity -
Cashflow Statement
For the Month Ending July 31
Cash flow from Operating activies
Net income -
Depreciation -
Increase in store supplies -
Increase in Prepaid Insurance -
Increase in Inventory -
Increase in Accounts Payable -
Increase in Taxes Payable -
Net cash flow from Operations -
Cash flow from Investing
Fixtures -
Net cash flow from Investing -
Cash flow from Financing
Common stock issued - 0
Dividends - 0
Net cash flow from Financing - 0
Cash flow for July -

8 & 9 - Closing Entries

Requirement #8: Prepare the closing entries at July 31 in the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.
Requirement #9: Post the closing entries to the Accounts on the "2 - General Ledger" worksheet and compute ending balances. Closing entries are referenced in the General Ledger as CE#1, CE#2, etc.
Date Account Name Account Number Debit Credit
Total: - -
Chart of Accounts
Account Name Account Number
Cash 111
Store Supplies 117
Prepaid Insurance 119
Merchandise Inventory 130
Store Fixtures 144
Accumulated Depreciation -Fixtures 145
Accounts Payable 212
Income Tax Payable 213
Common Stock 311
Retained Earnings 312
Dividends 313
Sales Revenue 411
Cost of Good Sold 505
Store Rent Expense 511
Telephone Expense 517
Depreciation Expense 520
Electric Expense 522
Insurance Expense 525
Supplies Expense 530
Income Tax Expense 535

10 - Post Closing Trial Balance

Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below.
Janes Skateboard
Post Closing Trial Balance
For the Month Ended July 31, 20XX
Chart of Accounts
Account Name Account Number Debit Credit Account Name Account Number
Cash 111
Store Supplies 117 Cash 111
Prepaid Insurance 119 Store Supplies 117
Merchandise Inventory 130 Prepaid Insurance 119
Store Fixtures 144 Merchandise Inventory 130
Accumulated Depreciation -Fixtures 145 Store Fixtures 144
Accounts Payable 212 Accumulated Depreciation -Fixtures 145
Income Tax Payable 213 Accounts Payable 212
Common Stock 311 Income Tax Payable 213
Retained Earnings 312 Common Stock 311
Dividends 313 Retained Earnings 312
Sales Revenue 411 Dividends 313
Cost of Good Sold 505 Sales Revenue 411
Store Rent Expense 511 Cost of Good Sold 505
Telephone Expense 517 Store Rent Expense 511
Depreciation Expense 520 Telephone Expense 517
Electric Expense 522 Depreciation Expense 520
Insurance Expense 525 Electric Expense 522
Supplies Expense 530 Insurance Expense 525
Income Tax Expense 535 Supplies Expense 530
Total: - - Income Tax Expense 535

11 - Ratio Analysis

Instructions: Ensure your Excel solutions below are rounded to nearest hundredth place (i.e. 55.476, should round to 55.48)
Ratio Analysis Compute the Following: Using Words, Show Formula (i.e. Owner's Equity = Assets - Liabilities) Show Calculations Using an Excel Formula Explain What the Ratio Means, as it relates to Jane's Skateboards
Current Ratio
Debt to Total Assets
Gross Profit Percentage
Net Income by Net Sales
Earnings per Common Share (EPS)
Payout Ratio on Common Stock

12 - Break Even

Instructions: Complete the income statement below then us it to compute Break-Even analysis.
Jane's Skateboards Inc.
Income Statement
For the Month Ending July 31
Revenues:
Sales Revenue
Less: Variable Expenses
Contribution Margin
Less: Fixed Expenses
Operating Income
Break-Even in Sales Dollars =
Break-Even in Units =