Accounting Adjusting Entries, Financial Statements, Closing Entries

Unit 3 [AC499: Bachelor’s Capstone in Accounting]

Unit 3 Assignment: Management Tools Applications

Continue with the Assignment from Unit 2, using the same Excel

Template and complete the following steps:

1. Prepare/Journalize the Adjusting entries A–F.

a. Insurance expired during June is $150.

b. Supplies on hand on June 30 are $1,020.

c. Depreciation of office equipment for June is $500.

d. Accrued receptionist salary on June 30 is $120.

e. Rent expired during June is $1,500.

f. Unearned fees on June 30 are $2,000.

2. Post the adjusting entries to the General Ledger.

3. Prepare an income statement, a statement of owner's equity, and a

balance sheet.

4. Journalize and post the closing entries. (Income Summary is account

#33 in the chart of accounts.)

5. Prepare a post-closing trial balance.

Notes:

1) You will be required to make all corrections to the Excel Workbook as noted in the Unit 2

Assignment Feedback. Any errors from Unit 2 that are not corrected will result in additional

deductions in Unit 3.

2) Review the transaction descriptions very carefully. The adjustment required depends on the

wording of the transaction description. That is, does the transaction give provide the amount of

the adjustment, or does the description give the amount of the ending balance required after

the adjustment?

Unit 3 [AC499: Bachelor’s Capstone in Accounting]

Review the Rubric below before starting the Assignment.

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