Topic 2 Assignment

Module2AssignmentTemplate.xlsx

Module 2

Module 2: The Accounting Cycle
P2-29A Req. 1	/5
P2-29A Req. 2	/5
P2-29A Req. 3	/5
CP2-41 Req. 1	/5
CP2-41 Req. 2/3	/5
CP2-41 Req. 4	/5
CP2-41 Req. 5	/5
CP2-41 Req. 6	/5
CP2-41 Req. 7	/5
CP2-41 Req. 8	/5
0	/50
Please be sure to include your last name and first initial in your file name.
NOTE: Must show calculations to earn credit. You should use Excel functions such as +, -, /, *. I can view your work in the cells.

P2-29A Req. 1
Reminders:
1.	Journalize each transaction. Explanations are not required.	Available Accounts:	1. Each transaction must have at least one debit and one credit account.
Cash	2. Debits and credits must equal for each transaction.
Date	Accounts and Explanation	Debit	Credit	Yarwood, Capital	3. I have provided you a list of accounts available. These are in order of the transactions provided in the problem.
Rent Expense
Cash	4. You may have compound entries. This means there may be either more than one debit or credit. The total debits must equal total credits for each transaction.
Land
Cash	Two of the four transactions on the 31st will be recorded as compound entries.
Office Supplies	5. ALWAYS list the debit side of your entry first. The credit side of your entry should be indented.
Accounts Payable	6. The textbook provides 17 transaction examples on pp. 63-73. These are similar to our assignment and may be used for reference; however, these are not exactly like the transactions in our problem.
Cash
Notes Payable
Accounts Payable
Cash
Advertising Expense
Advertising Payable
Cash
Accounts Receivable
Service Revenue
Salaries Expense
Rent Expense
Utilities Expense
Cash
Cash
Unearned Revenue
Yarwood, Withdrawals
Cash

P2-29A Req. 2
Reminders:
2.	Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.	1. You should post transactions from your journal entires in requirement 1.
2. Be sure that you post the debits and credits correctly.
3. Each account will only have a debit balance or a credit balance - not both.
Cash	Accounts Payable
Jul. 1	Jul. 5	Jul. 22	Jul. 10
Jul. 19	Jul. 9	Bal.
Jul. 31	Jul. 22
Jul. 31	Jul. 31
Jul. 31	Advertising Payable
Bal.	Jul. 28
Bal.
Accounts Receivable
Jul. 31	Unearned Revenue
Bal.	Jul. 31
Bal.
Office Supplies
Jul. 10	Notes Payable
Bal.	Jul. 19
Bal.
Land
Jul. 9	Yarwood, Capital
Bal.	Jul. 1
Bal.
Yarwood, Withdrawals
Jul. 31
Bal.
Service Revenue
Jul. 31
Bal.
Salaries Expense
Jul. 31
Bal.
Rent Expense
Jul. 5
Jul. 31
Bal.
Utilities Expense
Jul. 31
Bal.
Advertising Expense
Jul. 28
Bal.

P2-29A Req. 3
3.
Reminders:
VINCENT YARWOOD, MD	1. Balances here should be taken from your t-accounts in Req. 2. Be sure to post balances correctly.
Trial Balance
July 31, 2017	2. The purpose of the trial balance is to verify that your debits equal your credits. Debits MUST equal credits. If they do not, you have made an error either in your recording of the transactions OR in transferring the numbers correctly from req 1 to req 2 or req 2 to req 3. If they do not balance you must find your error or additional points will be deducted.
Account Title	Balance
Debit	Credit
Cash
Accounts Receivable
Office Supplies
Land
Accounts Payable
Advertising Payable
Unearned Revenue
Notes Payable
Yarwood, Capital
Yarwood, Withdrawals
Service Revenue
Salaries Expense
Rent Expense
Utilities Expense
Advertising Expense
Total
Total debits MUST equal total credits.

Requirement 1	Reminders:
Available Accounts:	1. Each transaction must have at least one debit and one credit account.
Date	Accounts and Explanation	Debit	Credit	Cash	2. Debits and credits must equal for each transaction.
Daniels, Capital	3. I have provided you a list of accounts available. These are in order of the transactions provided in the problem. One transaction does not need an entry.
Dec. 2	Rent Expense
Cash	4. The textbook provides 17 transaction examples on pp. 63-73. These are similar to our assignment and may be used for reference; however, these are not exactly like the transactions in our problem.
Equipment
Dec. 2	Cash	5. ALWAYS list the debit side of your entry first. The credit side of your entry should be indented.
Furniture	6. This is a continuing problem. The transactions are the same as those you posted last week. This week, you are recording the actual entries
Accounts Payable
Dec. 3	Office Supplies
Accounts Payable
Accounts Receivable
Dec. 4	Service Revenue
Utilities Expense
Cash
Dec. 5	Cash
Service Revenue
Cash
Dec. 9	Unearned Revenue
Accounts Payable
Cash
Dec. 12	Cash
Accounts Receivable
Daniels, Withdrawals
Dec. 18	Cash
Dec. 21
Dec. 21	No entry needed.
Dec. 26
Dec. 28
Dec. 30

Requirements 2 and 3	Reminders:
1. You should post transactions from your journal entires in requirement 1.
Cash	Accounts Payable	2. Be sure that you post the debits and credits correctly.
Dec. 2	Dec. 2	Dec. 26	Dec. 4	3. Each account will only have a debit balance or a credit balance - not both.
Dec. 18	Dec. 3	Dec. 5
Dec. 21	Dec. 12	Balance
Dec. 28	Dec. 26
Dec. 30
Balance
Accounts Receivable	Unearned Revenue
Dec. 9	Dec. 28	Dec. 21
Balance	Balance
Office Supplies	Daniels, Capital
Dec. 5	Dec. 2
Balance	Balance
Equipment	Daniels, Withdrawals
Dec. 3	Dec. 30
Balance	Balance
Furniture	Service Revenue
Dec. 4	Dec. 9
Balance	Dec. 18
Balance
Rent Expense	Utilities Expense
Dec. 2	Dec. 12
Balance	Balance

Reminders:
Requirement 4	1. Balances here should be taken from your t-accounts. Be sure to post balances correctly.
DANIELS CONSULTING	2. The purpose of the trial balance is to verify that your debits equal your credits. Debits MUST equal credits. If they do not, you have made an error either in your recording of the transactions OR in transferring the numbers correctly from req 1 to req 2 or req 2 to req 3. If they do not balance you must find your error or additional points will be deducted.
Trial Balance
December 31, 2016
Account Title	Balance
Debit	Credit
Cash
Accounts Receivable
Office Supplies
Equipment
Furniture
Accounts Payable
Unearned Revenue
Daniels, Capital
Daniels, Withdrawals
Service Revenue
Rent Expense
Utilities Expense
Total	Total debits MUST equal total credits.

Requirement 5	Requirement 6
DANIELS CONSULTING	DANIELS CONSULTING
Income Statement	Statement of Owner’s Equity
Month Ended December 31, 2016	Month Ended December 31, 2016
Daniels, Capital, December 1, 2016
Revenues:	Owner contribution
Net income for the month
Expenses:
Owner withdrawals
Daniels, Capital, December 31, 2016
This will be the same as your statement from P1-54 in week 1.
This will be the same as your income statement from P1-54 in week 1.
Available Accounts:
Service Revenue
Rent Expense
Utilities Expense

Requirement 7
DANIELS CONSULTING
Balance Sheet	This will be the same as your balance sheet from P1-54 in week 1.
December 31, 2016
Assets	Liabilities
Cash	Accounts Payable
Accounts Receivable	Unearned Revenue
Office Supplies	Total Liabilities	$ - 0
Equipment
Furniture	Owner's Equity
Daniels, Capital
Total Assets	$ - 0	Total Liabilities and Owners' Equity	$ - 0
Requirement 8
Debt ratio = Total liabilities / Total assets	Refer to text pp. 79-80 for help with this calculation.