Course project

ACCT_571_Course_Project_Excel003.xlsx

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Chart of accounts

Giovanni Grajales
ACCT 571 Course Project
Account Name	Account Number
Cash	1000
Accounts Receivable	1001
Supplies	1002
Office Equipment	1003
Pre-paid Rent	1004
Pre-paid Insurance	1005
Accounts Payable	2000
Salary Payable	2001
Common Stock	3000
Retained Earnings	3001
Unearned Fees	5000
Advertising Expense	5001
Salary Expense	5002
Fee Income	5003
Utilities Expense	5004
Dividend Expense	5006
Depreciation Expense	5007
Supply Expense	5008
Insurance Expense	5009
Rent Expense	5011
Service Revenue	7000
Accumulated Depreciation	8000

General Jounal

Millers Architect, Inc
General Journal
June 30th
		DEBIT	CREDIT
1-Jun	Cash	$ 23,400
	Accounts Rec	$ 4,000
	Supplies	$ 1,900
	Office equipment	$ 15,500
	Common Stock		$ 44,800
1-Jun	Prepaid rent	$ 6,000
	Cash		$ 6,000
2-Jun	Prepaid Insurance	$ 2,400
	Cash		$ 2,400
4-Jun	Cash	$ 5,000
	Unearned Fees		$ 5,000
5-Jun	Office Equipment	$ 3,000
	Accounts Payable		$ 3,000
6-Jun	Cash	$ 2,200
	Accounts Payable		$ 2,200
9-Jun	Advertising Expense	$ 150
	Cash		$ 150
12-Jun	Accts Rec	$ 4,900
	Fees Earned		$ 4,900
13-Jun	Accts Pay	$ 750
	Cash		$ 750
14-Jun	Salaries Expense	$ 900
	Cash		$ 900
17-Jun	Supplies	$ 900
	Cash		$ 900
20-Jun	Office Equipment	$ 2,500
	Accounts Payable		$ 2,500
20-Jun	Accts Rec	$ 3,100
	Fees Earned		$ 3,100
24-Jun	Cash	$ 5,400
	Fees Earned		$ 5,400
26-Jun	Cash	$ 2,000
	Accounts Receivable		$ 2,000
27-Jun	Salaries Expense	$ 900
	Cash		$ 900
29-Jun	Utilities Expense	$ 320
	Cash		$ 320
29-Jun	Utilities Expense	$ 485
	Cash		$ 485
30-Jun	Cash	$ 3,200
	Fees Earned		$ 3,200
30-Jun	Accts Rec	$ 1,700
	Fees Earned		$ 1,700
30-Jun	Dividends	$ 3,000
	Cash		$ 3,000
		$ 93,605	$ 93,605

General Ledger

General Ledger
	CASH			ACCOUNT	NO. 1000
				BALANCE
DAY	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
1	Miller Capital	23,400		23,400
1	Prepaid Rent		6,000	17,400
2	Prepaid Insurance		2,400	15,000
4	Unearned Fees	5,000		20,000
6	Accounts Receivable	2,200		22,200
9	Advertising Expense		150	22,050
13	Accounts Payable		750	21,300
14	Salary Expense		900	20,400
17	Supplies		900	19,500
24	Fees Earned	5,400		24,900
26	Fees Earned	2,000		26,900
26	Accounts Receivable	0		26,900
27	Salary Expense		900	26,000
29	Utilities Expense		320	25,680
29	Utilities Expense		485	25,195
30	Fees Earned	3,200		28,395
30	Miller Drawing		3,000	25,395
	ACCOUNTS RECEIVABLE			ACCOUNT	NO. 1001
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
1	Miller Capital	4,000		4,000
12	Fees Earned	4,900		8,900
20	Fees Earned	3,100		12,000
26			2,000	10,000
30	Fees Earned	1,700		11,700
	SUPPLIES			ACCOUNT	NO. 1002
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
1	Miller Capital	1,900		1,900
17	Cash	900		2,800
30	Adjusting		2,250	550
	PREPAID RENT			ACCOUNT	NO. 1004
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
1	Cash	6,000		6,000
30	Adjusting		1,000	5,000
	PREPAID INSURANCE			ACCOUNT	NO. 1005
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
2	Cash	2,400		2,400
30	Adjusting		400	2,000
	OFFICE EQUIPMENT			ACCOUNT	NO. 1003
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
1	Millers Capital	15,500		15,500
5	Accounts Payable	3,000		18,500
20	Accounts Payable	2,500		21,000
	ACCUMULATED DEPRECIATION			ACCOUNT	NO. 8000
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
30	Adjusting		350		350
	ACCOUNTS PAYABLE			ACCOUNT	NO. 2000
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
5	Office Equipment		3,000		3,000
6	Cash		2,200		5,200
13	Cash	750			4,450
20	Office Equipment		2,500		6,950
	SALARIES PAYABLE			ACCOUNT	NO. 2001
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
30	Adjusting		150		150
	UNEARNED FEES			ACCOUNT	NO. 5000
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
4	Cash		5,000		5,000
30	Adjusting	4,000			1,000
	MILLER, CAPITAL			ACCOUNT	NO. 3000
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
1	Cash		44,800		44,800
30	Closing		17,395		62,195
30	Closing	3,000			59,195
	RETAINED EARNINGS
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
30	Cash	3,000		3,000
30	Closing		3,000	0
	INCOME SUMMARY
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
30	Closing		24,300		24,300
30	Closing	6,905			17,395
30	Closing	17,395			0
	FEES EARNED			ACCOUNT	NO. 5003
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
12	Accounts Receivable		4,900		4,900
20	Cash		3,100		8,000
24	Accounts Receivable		5,400		13,400
30	Cash		3,200		16,600
30	Accounts Receivable		1,700		18,300
30	Adjusting		4,000		22,300
30	Closing	22,300			0
	SALARY EXPENSE			ACCOUNT	NO. 5002
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
14	Cash	900		900
17	Cash	900		1,800
30	Adjusting	150		1,950
30	Closing		1,950	0
	RENT EXPENSE			ACCOUNT	NO. 5011
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
30	Adjusting	1,000		1,000
30	Closing		1,000	0
	SUPPLIES EXPENSE			ACCOUNT	NO. 5008
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
30	Adjusting	150		150
30	Closing		150	0
	DEPRECIATION EXPENSE			ACCOUNT	NO. 5007
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
30	Adjusting	50		50
30	Closing		50	0
	INSURANCE EXPENSE			ACCOUNT	NO. 5009
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
30	Adjusting	400		400
30	Closing		400	0
	ADVERTISING EXPENSE			ACCOUNT	NO. 5001
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
9	Cash	150		150
30	Closing		150	0
	UTILITIES EXPENSE			ACCOUNT	NO. 5004
				BALANCE
	ITEM	DEBIT	CREDIT	DEBIT	CREDIT
29	Cash	320		320
29	Cash	485		805
30	Closing		805	0

Unadjusted Trial Balance

Millers Architect, Inc
Unajusted Trial Balance
As of June 30th
Account	Debit	Credit
Cash	$ 25,395
Supplies	$ 2,800
Accts Rec	$ 11,700
Prepaid Rent	$ 6,000
Prepaid Insurance	$ 2,400
Office Equipment	$ 21,000
Accts Pay		$ 6,950
Unearned Fees		$ 5,000
Common Stock		$ 44,800
Dividends	$ 3,000
Fees earned		$ 18,300
Salaries Expense	$ 1,800
Advertising Expense	$ 150
Utilities Expense	$ 805
	$ 75,050	$ 75,050

Adjusted entries

Millers Architect
Adjusted entries
As of June 30th
		Post
Date		Ref	Debit	Credit
30-Jun	Insurance Expense	A	$ 400
	Prepaid Insurance			$ 400
30-Jun	Supplies Expense	B	$ 2,250
	Prepaid Insurance			$ 2,250
30-Jun	Depreciation Expense	C	$ 300
	Accumulated Depreciation			$ 300
30-Jun	Depreciation Expense	D	$ 50
	Accumulated Depreciation			$ 50
30-Jun	Rent Expense	E	$ 1,000
	Prepaid Rent			$ 1,000
30-Jun	Salaries Expense	F	$ 150
	Salaries Payable			$ 150
30-Jun	Unearned Fees	G	$ 4,000
	Fees Earned			$ 4,000

Adjusted Trial Balance

Millers Architect
Adjusted Trial Balance
As of June 30th
Account	Debit	Credit
Cash	$ 25,395
Supplies	$ 2,250
Accounts Receivable	$ 9,500
Prepaid Rent	$ 5,000
Prepaid Insurance	$ 2,000
Office Equipment	$ 21,000
Salaries Payable		$ 150
Accounts Payable		$ 4,750
Accumulated Depreciation		$ 350
Unearned Fees		$ 5,000
Common Stock		$ 44,800
Dividends	$ 3,000
Fees earned		$ 18,300
Salaries Expense	$ 1,950
Supplies Expense	$ 550
Depreciation Expense	$ 350
Rent Expense	$ 1,000
Insurance Expense	$ 400
Advertising Expense	$ 150
Utilities Expense	$ 805
	$ 73,350	$ 73,350

Financial Statements

Millers Architect, Inc			Millers Architect, Inc
Balance Sheet			Income Statement
As of June 30th			As of June 30th
ASSETS			REVENUES:
Current Assets:			Fees Earned		22300
Cash	$ 25,395
Accounts Receivable	$ 9,500		EXPENSES:
Supplies	$ 2,250		Salary Expense	1950
Prepaid Rent	$ 5,000		Rent Expense	1000
Prepaid Insurance	$ 2,000		Supplies Expense	550
Total Curent Assets		$ 44,145	Depreciation Expense	350
			Insurance Expense	400
Fixed Assets:			Advertising Expense	150
Office Equipment	$ 21,000		Utilities Expense	805
Less: Accumulated Depreciation	$ 350		Total Expenses		5205
Total Fixed Assets		$ 20,650	NET INCOME		17095
Total Assets		$ 64,795
			Millers Architect
LIABILITIES			As of June 30, 20XX
Current Liabilities
Accounts Payable	$ 4,750		Common Stock	44800
Unearned Fees	$ 4,000		Net Income	17395
Total Liabilities			Subtotal		62195
		$ 8,750	Less Dividends	3000
			Total		59195
STOCKHOLDERS' EQUITY
Millers Architect	$ 56,045
Total Stockholders' Equity
		$ 56,045
Total Liabilities & Stockholders' Equity		$ 64,795

Closing Entries

Millers Architect
Closing entries
			Debit	Credit
30-Jun	Fees Earned		22300
		Income Summary		22300
30-Jun	Income Summary		6905
		Salary Expense		1950
		Rent Expense		1000
		Supplies Expense		2250
		Depreciation Expense		350
		Insurance Expense		400
		Advertising Expense		150
		Utilities Expense		805
30-Jun	Income Summary		17395
		Millers Capital		17395
30-Jun	Millers Capital		6905
		Millers Drawings		6905

Post closing Trial Balance

Miller Architects, Inc
Post Closing Trial Balance
Month Ending June 30th
Accounts	Debit	Credit
Cash	$ 25,395
Accounts Receivable	$ 11,500
Supplies	$ 550
Prepaid Rent	$ 5,000
Prepaid insurance	$ 2,000
Office equipment	$ 21,000
Accumulated Depreciation		$ 350
Accounts Payable		$ 4,750
Salaries Payable		$ 150
Unearned fees		$ 1,000
Miller Capital		$ 59,195
	$ 65,445	$ 65,445