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ACC122SSaxComputerCenter6.xlsxCHECK FIGURES
| SAX COMPUTER CENTER | ||
| CHECK FIGURES | ||
| Worksheet | Trial Balance | 11,395 |
| Worksheet | Adjustments | 1,279 |
| Worksheet | Adjusted Trial Balance | 11,514 |
| Worksheet | Income Statement | 6,685 |
| Worksheet | Net Income | 3,006 |
| Worksheet | Balance Sheet | 7,835 |
| Financial Statements | Income Statement | 3,006 |
| Financial Statements | Statement of Owner's Equity | 7,406 |
| Financial Statements | Balance Sheet | 7,616 |
| Post Closing Trial Balance | 7,735 | |
| Project is due Sunday, September 1st by 11:59 PM. | ||
| Attach the completed excel file to the Blackboard Assignment folder. | ||
| You may collaborate with your peers, use your notes and use your book. The only cheating is copying someone | ||
| else's work. DO NOT BE A CHEATER. |
ASSIGNMENT 1
| SAX COMPUTER CENTER | ||||||||||
| ASSIGNMENT 1: | ||||||||||
| 1. Use the trial balance and the adjusting information given below to complete the worksheet for the three months ended September 30, 201X. | ||||||||||
| 2. Use the completed worksheet to prepare the financial statements (highlighted in RED in the workbook). | ||||||||||
| 3. Note, this means that all Tabs Colored in Red should be completed for this portion of the Assignment. | ||||||||||
| 4. Validate the totals you get against the Check Figures before proceeding | ||||||||||
| 5. See Assignment 2 worksheet for instructions on the final assignment. | ||||||||||
| 1. At the end of September, Tony Sax took a complete inventory of his supplies and found the following supplies on-hand: | ||||||||||
| 5 dozen ¼" screws at a cost of $8.00 a dozen | ||||||||||
| 2 dozen ½" screws at a cost of $5.00 a dozen | ||||||||||
| 2 cartons of computer inventory paper at a cost of $14 a carton | ||||||||||
| 3 feet of coaxial cable at a cost of $4.00 per foot | ||||||||||
| 2. After speaking to his accountant, he found that a reasonable depreciation amount for each of his long-term assets is as follows: | ||||||||||
| Computer purchased July 5, 201X | Depreciation $33 a month | |||||||||
| Office equipment purchased July 17, 201X | Depreciation $10 a month | |||||||||
| Computer workstations purchased Sept. 17, 201X | Depreciation $20 a month | |||||||||
| Tony uses the straight-line method of depreciation and declares no salvage value for any of the assets. If any long-term asset is purchased | ||||||||||
| in the first 15 days of the month, he will charge depreciation for the full month. If an asset is purchased on the 16th of the month, or later, | ||||||||||
| he will not charge depreciation in the month it was purchased. | ||||||||||
| 3. August and September’s rent has now expired. Rent is $400 a month | ||||||||||
WORKSHEET
| SAX COMPUTER CENTER | |||||||||||
| WORKSHEET | |||||||||||
| THREE MONTHS ENDING SEPTEMBER 30, 20XX | |||||||||||
| Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | |||||||
| Acct No | Account Title | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
| 101 | Cash | 1,645.00 | |||||||||
| 111 | Accounts Receivable | 2,600.00 | |||||||||
| 115 | Prepaid Rent | 1,200.00 | |||||||||
| 118 | Supplies | 450.00 | |||||||||
| 120 | Computer Shop Equipment | 2,400.00 | |||||||||
| 125 | Office Equipment | 600.00 | |||||||||
| 127 | Accounts Payable | 210.00 | |||||||||
| 129 | Sax, Capital | 4,500.00 | |||||||||
| 130 | Sax, Withdrawals | 100.00 | |||||||||
| 132 | Service Revenue | 6,685.00 | |||||||||
| 155 | Advetising Expense | 1,400.00 | |||||||||
| 156 | Rent Expense | 400.00 | |||||||||
| 165 | Utilities Expense | 180.00 | |||||||||
| 166 | Phone Expense | 220.00 | |||||||||
| 175 | Insurance Expense | 150.00 | |||||||||
| 176 | Postage Expense | 50.00 | |||||||||
| 186 | Supplies Expense | ||||||||||
| 201 | Depre. Exp. C.S. Equipment | ||||||||||
| 205 | Accum Depre C.S. Equip. | ||||||||||
| 210 | Depre Exp Office Equipment | ||||||||||
| 999 | Accum Depre Office | ||||||||||
| Totals | 11,395.00 | 11,395.00 | |||||||||
| Net Income | |||||||||||
| Totals | |||||||||||
INC STMT
| SAX COMPUTER CENTER |
| INCOME STATEMENT |
| FOR THE QUARTER ENDED SEPTEMBER 30, 201X |
STMT OF OE
| SAX COMPUTER CENTER |
| STATEMENT OF OWNER'S EQUITY |
| FOR THE QUARTER ENDED SEPTEMBER 30, 201X |
BAL SHEET
| SAX COMPUTER CENTER | |||
| BALANCE SHEET | |||
| 9/30/201X | |||
| ASSETS | LIABILITIES AND OWNER'S EQUITY | ||
ASSIGNMENT 2
| SAX COMPUTER CENTER |
| ASSIGNMENT 2: |
| 1. Journalize the adjusting entries from Assignment 1 that you identified and recorded on your worksheet |
| 2. Post the adjusting entries to the ledger accounts. |
| 3. Journalize the closing entries. |
| 4. Post the closing entries to the ledger acounts. |
| 5. Balance all the affected ledger accounts. |
| 6. Prepare a post-closing trial balance. |
| 7. All Tabs Colored in Blue should be completed for this Assignment. |
| 8. Validate the Post-Closing Trial Balance check figures. |
| 8. Attach this Excel workbook to the Blackboard Assignment Folder once completed |
Post Closing Trial Balance
| SAX COMPUTER CENTER | ||
| POST-CLOSING TRIAL BALANCE | ||
| SEPTEMBER 30, 201X | ||
| Dr. | Cr. | |
