ACC 201 Final project

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ACC201CompanyAccountingWorkbookTemplate_Ortiz.xlsx
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Chart of Accounts

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.
Asset Accounts Liability Accounts Equity Accounts
Acct # Acct # Acct #
Cash Notes Payable Owner's Capital
Accounts Receivable Accounts Payable Owner Draws
Prepaid Rent Wages Payable
Prepaid Insurance
Office Supplies
Vehicle
Accumulated Depreciation (contra asset)
Revenue Accounts
Acct #
Service Revenue
Expense Accounts
Acct #
Rent expense
Business License Expense
Telephone expense
Repairs and Maintenance
Advertising Expense
Wages Expense
Depreciation Expense
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Office Supplies Expense
Cost of Goods Sold

General Journal

A Company
General Journal Entries Journal Entry Tips
The debited account is recorded first, credited account recorded second.
Debits and credits must always equal!
Date Accounts Debit Credit There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account.
1-Jun Cash 50,000.00 Be sure to use your chart of accounts (the first page of this workbook).
Owner's Equity 50,000.00 Each account you will record to is already listed and organized by classification of the account.
1-Jun Vehicle 15,000.00
Cash 15,000.00
3-Jun Cash 25,000.00
Loan Payable 25,000.00
5-Jun Prepaid Rent 7,170.00
Cash 7,170.00
5-Jun License expense 250.00
Cash 250.00
5-Jun Office supplies 750.00
Accounts payable 750.00
6-Jun Accounts receivable 1,000.00
Service revenue 1,000.00
9-Jun Cash 750.00
Accounts Receivable 750.00
Service revenue 1,500.00
Total 100,670.00 100,670.00 If Red, this means your debits and credits do not equal. Be sure to review for errors.

Ledger Accounts

Assets Liabilities Equity Revenue Expenses
Cash Notes Payable Owner's Capital Service Revenue Rent Expense
1-Jun $ 50,000.00 $ 7,170.00 5-Jun $ 750.00 30-Jun 30-Jun $ 1,000.00 $ 50,000.00 1-Jun $ 3,225.00 30-Jun
9-Jun $ 750.00 $ 250.00 10-Jun $ 2,890.00 30-Jun
23-Jun $ 1,000.00 $ 325.00 15-Jun
25-Jun $ 800.00 $ 325.00 20-Jun
$ 210.00 21-Jun
$ 1,000.00 22-Jun
$ 750.00 28-Jun
$ 52,550.00 $ 10,030.00 $ - 0 $ 750.00 $ 1,000.00 $ 52,890.00 $ - 0 $ 3,225.00 $ - 0 $ - 0
$ 42,520.00 $ 750.00 $ 51,890.00 $ 3,225.00 30-Jun $ - 0
Accounts Rec. Accounts Payable Owner Draws Business License Expense
6-Jun $ 1,000.00 $ 1,000.00 23-Jun $ 25,000.00 30-Jun 30-Jun $ 1,000.00
9-Jun $ 750.00
29-Jun $ 2,225.00
$ 3,975.00 $ 1,000.00 $ - 0 $ 25,000.00 $ 1,000.00 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0
$ 2,975.00 $ 25,000.00 $ 1,000.00 $ - 0
Prepaid Rent Wages Payable Telephone Expense
5-Jun $ 7,170.00 $ 325.00 30-Jun Posting to the ledger/t accounts
Don't overthink it!
You are just posting each debit and credit from the journal entries to the account you identified in the entry.
These accounts are set to calculate your balances for you.
Please be careful not to delete the running totals as those will calculate the ending balance.
The ending balance will transfer to the Trial Balance sheet.
If you have posted all entries and your trial balance is not in balance (total debits = total credits),
$ 7,170.00 $ - 0 $ - 0 $ 325.00 this means that there is an error. $ - 0 $ - 0
$ 7,170.00 $ 325.00 $ - 0
Prepaid Insurance Repairs & Maint.
15-Jun $ 750.00
$ 750.00 $ - 0 $ - 0 $ - 0
$ 750.00 $ - 0
Office Supplies Advertising Expense
5-Jun $ 750.00 $ 750.00 28-Jun
$ 750.00 $ 750.00 $ - 0 $ - 0
$ - 0 $ - 0
Vehicle Wages Expense
1-Jun $ 15,000.00 $ 250.00 30-Jun
$ 15,000.00 $ 250.00 $ - 0 $ - 0
$ 14,750.00 $ - 0
Accumulated Depreciation Depreciation Expense
$ 250.00 30-Jun
$ - 0 $ 250.00 $ - 0 $ - 0
$ 250.00 $ - 0

Trial Balance

Trial Balance
As of 06/30/20XX
Unadjusted trial balance
Account Debit Credit Trial Balance
Cash 51,550.00 Balances from the t accounts will autofill your trial balance.
Accounts Receivable 2,975.00 If total debits do not equal total credits in the trial balance, you know you have an error.
Prepaid Rent 7,170.00 These are the balances that will be used to prepare the financial statements.
Prepaid Insurance 750.00 Be sure to implement feedback provided by your instructor for this Milestone One submission!
Vehicle 15,000.00
Office Supplies 750.00
Accumulated Depreciation 250.00
Notes Payable 25,000.00
Accounts Payable 750.00
Wages Payable 325.00
Owner's Capital 50,000.00
Owner Draws 1,000.00
Service Revenue 5,505.00
Rent Expense 1,195.00
Business License Expense 250.00
Telephone Expense 155.00
Repairs and Maintenance Expense 210.00
Advertising Expense 250.00
Wages Expense 325.00
Depreciation Expense 250.00
Retained Earnings
Total: 81,830.00 81,830.00
Debits should equal credits
`

Income Statement

A Company
Income Statement
For Month ending 06/30/20XX
Revenues
Service revenue $ 5,525.00
Total Revenues $ 5,525.00
Operating Expenses:
Rent expense $ 1,195.00
Business license expense $ 250.00
Telephone expense $ 155.00
Wages $ 325.00
Repairs and Maintenance $ 210.00
Depreciation $ 250.00
Advertising expense $ 250.00
Total Operating Expenses: 2,635.00
Net Income 2,890.00

Statement of Owner's Equity

Company Name
Statement of Owner's Equity
Period Ending 06/30/20XX
Beginning Capital on 6/01/20XX $ 50,000.00
Increases to capital
Net income/loss: $ 2,890.00
Owner Contributions $ - 0
Subtotal: $ 52,890.00
Decreases to capital
Owner Draws $ 1,000.00
Ending Equity as of 06/30/20XX $ 51,890.00

Balance Sheet

A Company
Balance Sheet
As of June 30, 20XX
Assets Liabilities and Owners' Equity
Current Assets: Current Liabilities:
Cash 51,550.00 Accounts payable 750.00
Accounts Receivable 2,975.00 Wages payable 325.00
Prepaid Rent 7,170.00 Total Current Liabilities 1,075.00
Prepaid insurance 750.00 Long Term Liabilities:
Office supplies 750.00 Notes payable 25,000.00
Total Current Assets 63,195.00 Total Long Term Liabilities: 25,000.00
Total Liabilities: 26,075.00
Owner's Equity
Owner's capital 50,000.00
Non-Current Assets: Add: Net income 2870
Vehicle 15,000.00 Less: Owner's draws -1000
Less: Accumulated depreciation (250.00) Total Equity 51,870.00
Total Non Current/Fixed Assets 14,750.00
Total Assets: 77,945.00 Total Liabilities & Equity 77,945.00 <== Total Assets on the left should equal Liabilities + Owner's Equity on the right.

Closing Entries

A Company
Closing Entries
Month ending 06/30/20XX
Date Accounts Debit Credit
30-Jun Service Revenue 5,525.00
Income Summary 5,525.00
Close revenues
30-Jun Income summary 2,635.00
Rent expense 1,195.00
Business License expense 250.00
Telephone expense 155.00
repairs and maintenance 210.00
Advertising expense 250.00
Wages expense 325.00
Depreciation 250.00
Close Expenses
30-Jun Income summary 2,890.00
Owners capital 2,890.00
Close Income Summary
30-Jun Owners capital 1,000.00
Owners draw 1,000.00
Close Owners Draw
12,050.00 12,050.00

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