Accounting Journal

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AC499_U2_U3_Assignment.xlsx
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Instructions-Read First!

Management Tools Assignment # 1 and #2 Additional Notes:
Use this Excel Workbook for Units 02 & 03 Assignments 1) All Journal Entries MUST include the "Explanation" line.
2) All Debit account entry lines MUST be fully left-justified.
Due Dates: 3) All Credit account entry lines MUST be indented 4 or 5 spaces, UNIFORMLY.
Assignment #1-Due Unit 2 4) You will be required to create at least ONE additional general Ledger Account to accommodate a few Journal Entries.
Assignment #2-Due Unit 3 You may create one "Miscellaneous Expense" account in the General Ledger to accommodate all of the
otherwise unspecified entries, OR you may create 2 or 3 new G/L accounts. For example "Utilities."
The Unit 2 Assignment is worth 40 points 4) Be sure that you use proper formatting when you create the Financial Statements. For example,
The Unit 3 Assignment is worth 40 points all underlining and "$" signs must be properly formatted.
5) These templates are NOT fully "pre-formatted". You must re-format them for proper presentation in many places.
BE SURE TO COMPLETE ALL REQUIREMENTS LISTED BELOW.
There are 11 Sheets in the Workbook including this one.
The Final 2 sheets are the Unit 2 and Unit 3 rubrics. They will help you understand the assessment values.
All of the Information you need for successful completion the Project is located in the Unit readings, Assignment Instructions and this Workbook.
Requirements
Assignment #1 Due in Unit 02 Sheet in Workbook
Requirement 1 - Prepare the Journal Entries in the General Journal Journal Entries
Requirement 2 - Post Journal Entries to the General Ledger General Ledger <-- VERY IMPORTANT NOTE: You must revise the General Ledger in Unit 3 to include the Adjusting & Closing Entries.
Requirement 3 - Prepare an Unadjusted Trial Balance Unadjusted TB
Assignment #2 - Due in Unit 03
Requirement 4 - Prepare the Adjusting Entries Adjusting Entries
Requirement 5 - Post Adjusting Entries to the General Ledger General Ledger
Requirement 6 - Prepare an Adjusted Trial Balance Adjusted TB
Requirement 7 - Prepare the Financial Statements Financial Statements
Requirement 8 - Prepare the Closing Entries Closing Entries
Requirement 9 - Post Closing Entries to the General Ledger General Ledger
Requirement 10 - Prepare the Post Closing Trial Balance Post Closing TB

Journal Entries-Due in Unit 2

Requirement # 1
Prepare journal entries to record the June transactions in the General Journal below.
General Journal
Date Description(Account Name) Debit Credit
1-Jun Cash $ 10,000
Accounts Receivable $ 1,500
Supplies $ 1,250
Office Equipment $ 7,500
Dustin Larkin Capital $ 20,250
(Capital invested into the business)
1-Jun Prepaid Rent Expense $ 4,500
Cash $ 4,500
(3-month rent on a lease rental contract)
2-Jun Prepaid Insurance $ 1,800
Cash $ 1,800
(Insurance expense prepaid)
4-Jun Cash $ 3,000
Unearned Fees $ 3,000
(Fees received for services not yet offered)
5-Jun Office Equipment $ 1,800
Accounts Payable - Crawford Company) $ 1,800
(Purchase of equipment on account)
6-Jun Cash $ 800
Accounts Receivable $ 800
(Collection from customers on account)
10-Jun Miscellaneous Expense $ 120
Cash $ 120
(Newspaper advertisement for the month of June)
12-Jun Accounts Payable - Crawford Company $ 800
Cash $ 800
(Part payment on account)
12-Jun Accounts Receivable $ 2,250
Earned Fees $ 2,250
(Services provided on account)
14-Jun Salary Expense $ 400
Cash $ 400
(Part-time receptionist's 2-week's salary)
17-Jun Cash $ 3,175
Fees Earned $ 3,175
(Cash recorded for services provided)
18-Jun Supplies $ 750
Cash $ 750
(Supplies purchased for cash)
20-Jun Accounts Receivable $ 1,100
Fees Earned $ 1,100
(Services provided on account)
24-Jun Cash $ 1,850
Fees Earned $ 1,850
(Cash recorded for services provided)
26-Jun Cash $ 1,600
Accounts Receivable $ 1,600
(Collection from customers on account)
27-Jun Salary Expense $ 400
Cash $ 400
(Part-time receptionist's 2-week's salary)
29-Jun Miscellaneous Expense $ 130
Cash $ 130
(Payment for telephone bills)
30-Jun Miscellaneous Expense $ 200
Cash $ 200
(Payment for electricity bills)
30-Jun Cash $ 2,050
Fees Earned $ 2,050
(Cash recorded for services provided)
30-Jun Accounts Receivable $ 1,000
Fees Earned $ 1,000
(Services provided on account)
30-Jun Dustin Larkin, Withdrawal $ 4,500
Cash $ 4,500
(Cash withdrawal by Dustin for personal use)
$ 52,475 $ 52,475
Note: Remember that Debits must equal Credits - All of your Journal Entries should balance.

General Ledger - Due in Unit 2

This Sheet will be used for Requirements 2, 5 and 9 Important Note:
You may need to add accounts to this
General Ledger. Be sure to properly
format any added accounts here.
GENERAL LEDGER
ACCOUNT: CASH ACCOUNT NO. 11
2013 POST. BALANCE
MONTH DAY ITEM REF. DEBIT CREDIT DEBIT CREDIT
June
1 Capital $ 10,000.00 $ 10,000.00
1 Prepaid Rent $ 4,500.00 $ 5,500.00
2 Prepaid Insurance $ 1,800.00 $ 3,700.00
4 Unearned Fees $ 3,000.00 $ 6,700.00
6 Accounts Receivable $ 800.00 $ 7,500.00
10 Miscellaneous Exp. $ 120.00 $ 7,380.00
12 Accounts Payable $ 800.00 $ 6,580.00
14 Salary Expense $ 400.00 $ 6,180.00
17 Fees Earned $ 3,175.00 $ 9,355.00
18 Supplies $ 750.00 $ 8,605.00
24 Fees Earned $ 1,850.00 $ 10,455.00
26 Accounts Receivable $ 1,600.00 $ 12,055.00
27 Salary Expense $ 400.00 $ 11,655.00
29 Miscellaneous Exp. $ 130.00 $ 11,525.00
30 Miscellaneous Exp. $ 200.00 $ 11,325.00
30 Fees Earned $ 2,050.00 $ 13,375.00
30 Withdrawal $ 4,500.00 $ 8,875.00
ACCOUNT: ACCOUNTS RECEIVABLE ACCOUNT NO. 12
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
1 Capital $ 1,500.00 $ 1,500.00
6 Cash $ 800.00 $ 700.00
12 Fees Earned $ 2,250.00 $ 2,950.00
20 Fees Earned $ 1,100.00 $ 4,050.00
26 Cash $ 1,600.00 $ 2,450.00
30 Fees Earned $ 1,000.00 $ 3,450.00
ACCOUNT: SUPPLIES ACCOUNT NO. 14
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
1 Capital $ 1,250.00 $ 1,250.00
18 Cash $ 750.00 $ 2,000.00
ACCOUNT: PREPAID RENT ACCOUNT NO. 15
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
1 Cash $ 4,500.00 $ 4,500.00
ACCOUNT: PREPAID INSURANCE ACCOUNT NO. 16
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
2 Cash $ 1,800.00 $ 1,800.00
ACCOUNT: OFFICE EQUIPMENT ACCOUNT NO. 18
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
1 Capital $ 7,500.00 $ 7,500.00
5 Accounts Payable $ 1,800.00 $ 9,300.00
ACCOUNT: ACCUMULATED DEPRECIATION ACCOUNT
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT: ACCOUNTS PAYABLE ACCOUNT NO. 21
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
5 Office Equipment $ 1,800.00 $ 1,800.00
12 Cash $ 800.00 $ 1,000.00
ACCOUNT: SALARIES PAYABLE ACCOUNT NO. 22
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT: UNEARNED FEES ACCOUNT NO. 23
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
4 Cash $ 3,000.00 $ 3,000.00
ACCOUNT: DUSTIN LARKIN, CAPITAL ACCOUNT NO. 31
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
1 Capital investment $ 20,250.00 $ 20,250.00
ACCOUNT: DUSTIN LARKIN, DRAWING ACCOUNT NO. 32
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
June
30 Cash $ 4,500.00 $ 4,500.00
ACCOUNT: INCOME SUMMARY ACCOUNT NO. 33
2013 POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT: FEES EARNED ACCOUNT NO. 41
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
June
0.00
12 Accounts Receivable $ 2,250.00 $ 2,250.00
17 Cash $ 3,175.00 $ 5,425.00
20 Accounts Receivable $ 1,100.00 $ 6,525.00
24 Cash $ 1,850.00 $ 8,375.00
30 Cash $ 2,050.00 $ 10,425.00
30 Accounts Receivable $ 1,000.00 $ 11,425.00
ACCOUNT: SALARY EXPENSE ACCOUNT NO. 51
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
June
14 Cash $ 400.00 $ 400.00
27 Cash $ 400.00 $ 800.00
ACCOUNT: RENT EXPENSE ACCOUNT NO. 52
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT: SUPPLIES EXPENSE ACCOUNT NO. 53
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT: DEPRECIATION EXPENSE ACCOUNT NO. 54
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT: INSURANCE EXPENSE ACCOUNT NO. 55
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
ACCOUNT: MISCELLANEOUS EXPENSE ACCOUNT NO. 56
POST. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
June
10 Cash $ 120.00 $ 120.00
29 Cash $ 130.00 $ 250.00
30 Cash $ 200.00 $ 450.00

Unadjusted TB Due in Unit 2

REQUIREMENT #3:
Prepare an Unadjusted Trial Balance for June in the space below.
Account Details Debit Credit
Cash $ 8,875.00
Accounts Receivable $ 3,450.00
Supplies $ 2,000.00
Prepaid Rent $ 4,500.00
Prepaid Insurance $ 1,800.00
Office Equipment $ 9,300.00
Accounts Payable $ 1,000.00
Unearned Fees $ 3,000.00
Dustin Larkin, Capital $ 20,250.00
Dustin Larkin, Drawing $ 4,500.00
Fees Earned $ 11,425.00
Salaries Expense $ 800.00
Miscellaneous Expense $ 450.00
$ 35,675.00 $ 35,675.00 Note: Do these column totals match?

Adjusting Entries-Due in Unit 3

Requirement #4: Remember to post these to the G/L, too.
General Journal
Date Description(Account Name) Debit Credit
Note: Remember that Debits must equal Credits - All of your Journal Entries should balance.

Adjusted TB - Due in Unit 3

Requirement #6:
Prepare an Adjusted Trial Balance in the space below.
Debit Credit

Financial Statements - Unit 3

Requirement #7: VERY IMPORTANT NOTE:
Insert rows as needed You will have to MODIFY the spreadsheet to
properly include all accounts and formatting.
Income Statement Hint: Remember, Quixote Company is NOT a corporate business.
Therefore, any terminology that would not be associated with
Quixote Company MUST be revised.
Revenues:
Expenses:
Total Expenses
Net Income
Statement of Owners Equity
Owner's Equity,
Add: Additional Investment
Add: Net Income
Subtotal
Less: Owner Withdrawals
Owner's Equity
VERY IMPORTANT NOTE:
You will have to MODIFY the spreadsheet to
properly include all accounts and formatting.
Balance Sheet
Assets:
Liabilities:
Total Liabilities
Equity:
Total Equity
Total Liabilities & Equity Note: Does Total Assets Match this total?

Closing Entries - Unit 3

Requirement #8: Remember to post these to the G/L, too.
Prepare the closing entries at June 30 in the General Journal below.
Hint: use the balances for each account which appear on the Adjusted
Trial Balance for your closing entries.
General Journal
Date Description (Account Name) Debit Credit
Requirement #9:
Post the closing entries to the General Ledger accounts (See Tab titled "General Ledger - Due in Unit 2") and compute ending balances.
Just add to the adjusted balances already listed.

Post Closing TB - Unit 3

Requirement #10: HINT:
Only "Permanent" or "Real" account balance should remain
Prepare a post-closing trial balance as of June 30 in the space below. at this point in the Acocunting Cycle.
To be specific, only Balance Sheet Accounts should be here.
Post-Closing Trial Balance

Unit 2 Comments & Rubric

AC 499 Unit 2 Rubric:
Category Your score Possible Points Instructor Comments
1-Prepare the Initial Journal Entries. Scoring Criteria: (13 – 15 Points): Entries use accurate accounts and amounts; and debits and credits are used correctly. (10 – 12 Points): Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. (7.5 – 9 Points): Journal Entries have some errors in use of accounts and amounts; debits and credits are only somewhat used correctly. (0 – 7 Points): Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 0 15
2-Post the journal entries to the G/L. Scoring Criteria: (13 – 15 Points): Posting is correct - trial balance is accurate. (10 – 12 Points): Posting and T/B are mostly correct. (7.5 – 9 Points): Posting and T/B have several errors. (0 – 7 Points): Posting and T/B have significanr errors. 0 15
3-Prepare the Unadjusted Trial Balance.
Scoring Criteria:
(9 - 10 Points): All Accounts properly presented in correct order with correct balances. 0 10
(7 - 8 Points): Trial Balance mostly correct, 1 or 2 accounts listed incorrectly, 1 or 2 balances incorrect, and based on carry-forward errors from Parts 1 & 2.
(5 - 6 Points): Trial Balance has several errors, but they are independent of any carry forward errors.
(0 - 4 Points): Trial Balance is poorly prepared, numerous errors, balances incorrect, accounts out of order.
Preliminary Totals 0 40
Additional Items:
Deductions for uncorrected errors from Unit 2 (Enter a negative amount -->)
Late Penalty (If applicable) (Enter as a negative amount -->)
Final Total 0 40

Unit 3 Comments & Rubric

AC 499 Unit 3 Rubric:
Category Your score Possible Points Instructor Comments
1-Prepare the Adjusting entries A-F. 0 5
2-Journalize and Post the adjusting entries. 0 5
3-Prepare:
a.       an income statement, 0 5
b.      a statement of owner's equity, 0 5
c.       a balance sheet. 0 10
4-Journalize and post the closing entries. 0 5
5-Prepare a post-closing trial balance. 0 5
Preliminary Totals 0 40
Additional Items:
Deductions for uncorrected errors from Unit 2 (Enter a negative amount -->)
Late Penalty (If applicable) (Enter as a negative amount -->)
Final Total 0 40