Who can do this homework for me (Accounting II)
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MiltonCorpACCT202cycleproblem.docxACCOUNTING CYCLE PROBLEM CORPORATION
Directions
Complete the entire accounting cycle for Milton Company. The nine steps are listed below. Steps 1-3 take place daily. These three steps should be repeated, in order, each time a transaction takes place during the period.
Steps 4-9 take place at the end of the period. These steps should be completed, in order after the period is over.
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Daily |
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Step 1: Analyze transactions Step 2: Journalize Step 3: Post |
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End of Period |
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Step 4: Unadjusted trial balance |
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Step 5: Adjusting entries |
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Step 6: Adjusted trial balance |
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Step 8: Closing entries Step 9: Post-closing trial balance |
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The working papers for this problem begin on the next page.
MILTON COMPANY
On April 1, John Milton opened Milton Company. The company provides services to a variety of clients. The company was organized as a corporation and has a monthly accounting period. The following transactions occurred during April.
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Apr.1 Apr.1 Apr. Apr.4 Apr.7 Apr.14 Apr. 24 Apr. 28 Apr. 30 Apr. 30 |
Milton invested $50,000 cash in the company in exchange for its common stock. The company paid $1,500 cash to rent office space for April. The company paid $720 cash for the premium on a six-month insurance policy. Coverage begins on April 1. The company performed services for a client and received $3,800 cash. The company purchased $1,780 of supplies on account. The company paid $980 cash for salary earned by an employee. The company performed services for a client and received $5,400 cash. The company paid $980 cash for salary earned by an employee. The company paid $480 cash for this month's utility bill. The company paid $900 cash in dividends. |
The company's chart of accounts follows:
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ASSETS Cash Supplies Prepaid Insurance LIABILITIES Accounts Payable Salary Payable EQUITY Common Stock Retained Earnings DIVIDENDS Dividends |
REVENUES Service Revenue EXPENSES Salary Expense Rent Expense Supplies Expense Utilities Expense insurance Expense CLEARING Income Summary |
Adjustment Data
1. As of April 30, $120 of insurance coverage has expired.
2. As of April 30, the company has $849 of supplies remaining.
3. As of April 30, the company has incurred $140 of unpaid and unrecorded salary.
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Cash Service Revenue |
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Supplies |
Salary |
Expense |
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Prepaid |
Insurance Rent |
Expense |
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Accounts |
Payable Supplies |
Expense |
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Salary |
Payable Utilities |
Expense |
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Common |
Stock
Insurance Earnings Income Dividends |
Expense |
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Retained |
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Summary |
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MILTON COMPANY
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Unadjusted Trial Balance
April 30 |
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Retained Earnings Dividends Service Revenue Salary Expense Rent Expense |
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Supplies Expense
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Utilities Expense
Insurance Expense |
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Totals |
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MILTON COMPANY |
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Post-Closing Trial Balance |
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April 30
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