Project

ACC112-001ClassProjectforStudents.xlsx

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General Instructions

ACC-112 Student Class Project

Mr Miller has had a a delivery service for a few years now. As the business grew, he decided it was time to turn the business into a Corporation called Miller Delivery Services Inc. He has completed the articles of incorporation which includes authorization for 100,000 shares of $1 Par Value Common Stock and is ready to start his Corporation.

Each student is to complete the Excel Book that takes Miller Delivery Services Inc. through their first month of operations. This will include recording Financing, Investing and Operating transactions, adjusting entries and closing entries into the General Ledger and the General Journal provided. It will also include creating all assigned financial schedules and statements, while demonstrating the proper use of a worksheet. Miller has decided to use Jan. 01 - Dec. 31 as their fiscal year.

This assignment will be submitted in two parts.

Part 1 will include the General Journal, the General Ledger, and the Unadjusted Trial Balance which are explained in steps 1, 2, and 3 of the step by step instructions. This part is worth 25 % of the possible points on this project. All class information needed to complete part 1 will be provided by the end of chapter 14. This gives students 4 days to complete part 1.

Part 2 will consist of steps 1 through 9 of the step by step instructions. Yes, we will look back at part 1 and include part 1 again in the grading. Part 2 will be worth 75% of the possible points on this project. Students will be given 4 days to complete part 2 which starts after the part 1 section of the project is completed. Make sure you know when these due dates, they are in your class schedule.

After each due date, students will be given feedback on their project. Students will then be given 48 hours to correct any errors noted in their feedback to improve their grade. If students do not correct any feedback issues, then the initial grade for that part will stand.

Grading Rubrics

Each assignment tab in this book document has a maximum possible point value. Each error on any tab reduces the value for that tab until no points are reached. Some of the Tabs will be used in both parts of the project.

The maximum points will be as follows;

General Journal = 15

General Ledger = 15

Unadjusted Trial Balance = 5

Worksheet = 20

Adjusted Trial Balance = 5

Income Statement = 10

Statement of Retained Earnings = 10

Balance Sheet = 15

Post-Closing Trial Balance = 5

To receive a perfect score, all Journal Entries and Ledger postings will be accurate, all documents and books will be formatted properly, and all schedules and Financial Statements will be linked to the worksheet.

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Step by Step Instructions

ACC-112 Student Class Project
Part 1
1.	Record each of the following transactions in the journal. Explanations are not required.
Dec. 01, 2019	Miller Delivery Service Inc began operations by receiving $20,000 cash and a truck with a fair market value of $20,000, salvage value of 2,000, and a 5 year Useful life from Robert Miller. The business issued miller 30,000 shares of the $1 Par common stock in exchange for this contribution.
Dec. 02	Paid $1,000 cash for a four-month insurance policy. This policy begins December 1st.
Dec. 03	Paid $500 cash for office supplies.
Dec. 05	Performed delivery services for a customer and received $2,000 cash.
Dec. 07	Completed a delivery job, billed the customer for $2,500 and received a promise to collect the $2,500 within one week.
Dec. 08	Start writing a Bond contract to raise $100,000 for more trucks and a garage type building to hold them in.
Dec. 10	Purchased $200 of fuel for the truck, on account.
Dec. 12	Received $15,000 cash for performing delivery services.
Dec. 13	Collected $800 in advance for delivery services to be performed later.
Dec. 15	Collected $2,500 cash from a customer on account.
Dec. 18	Paid employee salary, $2,000.
Dec. 21	Issued $100,000, 5%, 10 year Bonds @ 105. Interest to be paid Jun 30 & Dec 30 each year starting in June of next year.
Dec. 22	Performed delivery services on account for $700.
Dec. 23	Paid office rent of 1,600 for the month of December.
Dec. 25	Purchased a Lot of land with a Fair market value of 10,000, A building with a Fair Market Value of 40,000 paying a total of $40,000 in cash for both.
Dec. 27	Submitted an order to purchase two more trucks with an estimated purchase price of $25,000 each.
Dec. 28	Paid $200 on account.
Dec. 30	Cash dividend of $3,000 was paid to stockholders. Since there is only one stockholder, there is no Declaration or Record Date for this transaction.
2.	Post the transactions in the General Ledger accounts using the ledger and chart of accounts provided.
3.	Prepare an unadjusted trial balance as of December 31, 2019.
Part 2
4.	Prepare a worksheet as of December 31, 2019.
5	Journalize the adjusting entries using the following data, and post the entries to the General Ledger.
Dec. 31	a. Accrued salaries expense is $1,000.
Dec. 31	b. Depreciation for all assets is recorded using the modified Half-month Convention for depreciation.
Dec. 31	c. Prepaid Insurance for the month has expired.
Dec. 31	d. Office supplies on hand equal $100.
Dec. 31	e. Unearned Revenue that has been earned during the month of December equals $500.
Dec. 31	f. Accrued service revenue = $650.
6.	Prepare an adjusted trial balance as of December 31, 2019.
7.	Prepare Miller Delivery Service’s Income Statement, Statement of Retained Earnings and Classified Balance Sheet for the month ended December 31, 2019.
8.	Journalize the closing entries and post to the General Ledger accounts.
9.	Prepare a post- closing trial balance as of December 31, 2019.

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Chart of Accounts

Miller Delivery Services
Chart of Accounts
Fiscal year ending Dec. 31 2019
Account Name	Acct #
Cash	101
Accouts Receivable	110
Office Supplies	120
Prepaid Insurance	130
Land	150
Building	155
Accumulated Depreciation - Building	156
Truck	160
Accumulated Depreciation - Truck	161
Accounts Payable	201
Salaries Payable	220
Unearned Revenues	230
Bonds Payable	250
Premium on Bonds Payable	251
Common Stock ($1 Par)	310
Paid In Capital In Excess of Par - Common	311
Retained Earnings	330
Dividends	350
Income Summary	390
Service Revenue	410
Salaries Expense	510
Depreciation Expense - Building	520
Depreciation Expense - Truck	521
Insurance Expense	530
Fuel Expense	540
Rent Expense	550
Supplies Expense	560

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General Journal

Miller Delivery Services
General Journal
Fiscal year ending Dec. 31 2019
Page 01
Date	Account Name / Description	Post Ref	Debit	Credit
Miller Delivery Services
General Journal
Fiscal year ending Dec. 31 2019
Page 02
Date	Accounts and Explanation	Post Ref	Debit	Credit
Miller Delivery Services
General Journal
Fiscal year ending Dec. 31 2019
Page 03
Date	Accounts and Explanation	Post Ref	Debit	Credit

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General Ledger

Miller Delivery Services
General Ledger
Fiscal year ending Dec. 31 2019
Cash	Account # 101
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Accounts Recievable	Account # 110
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Account # 120
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Office Supplies	Account # 130
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Land	Account # 150
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Building	Account # 155
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Accumulated Depreciation - Building	Account # 156
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Truck	Account # 160
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Accumulated Depreciation - Truck	Account # 161
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Accounts Payable	Account # 201
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Salaries Payable	Account # 220
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Unearned Revenues	Account # 230
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Bonds Payable	Account # 250
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Premiun on Bonds Payable	Account # 251
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Common Stock	Account # 310
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Paid In Capital In Excess of Par - Common	Account # 311
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Retained Earnings	Account # 330
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Dividends	Account # 350
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Income Summary	Account # 390
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Service Revenue	Account # 410
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Salaries Expense	Account # 510
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Depreciation Expense - Building	Account # 520
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Depreciation Expense - Truck	Account # 521
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Insurance Expense	Account # 530
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Fuel Expense	Account # 540
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Rent Expense	Account # 550
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit
Supplies Expense	Account # 560
Balance
Date	Item	Post Ref	Debit	Credit	Debit	Credit

Unadjusted Trial Balance

MILLER DELIVERY SERVICE
Unadjusted Trial Balance
December 31, 2019
Account Names	Debits	Credits

Worksheet

MILLER DELIVERY SERVICE
Worksheet
December 31, 2019
Unadjusted Trial Balance	Adjustments	Adjusted Trial Balance	Income Statement	Balance Sheet
Account Names	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Total	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Net Income	-	-
Total	$ -	$ -	$ -	$ -

Adjusted Trial Balance

MILLER DELIVERY SERVICE

Adjusted Trial Balance

December 31, 2019

Income Statement

Miller Delivery Services

Statement of Retained Earnings

December 31, 2019

Stmt of Retained Earn

Miller Delivery Services

Statement of Retained Earnings

December 31, 2019

Balance Sheet

Miller Delivery Services

Balance Sheet

December 31, 2019

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Post Close TB

MILLER DELIVERY SERVICE

Post-Closing Trial Balance

December 31, 2019