Accounting Journal

AC499: Bachelors Capstone in Accounting | Unit 3

Unit 3 Assignment: Management Tools Application Continue with the assignment from Unit 2, using the same Excel Template and complete the following steps:

1. Prepare/Journalize the Adjusting entries A–F.

a. Insurance expired during June is $150.

b. Supplies on hand on June 30 are $1,020.

c. Depreciation of office equipment for June is $500.

d. Accrued receptionist salary on June 30 is $120.

e. Rent expired during June is $1,500.

f. Unearned fees on June 30 are $2,000.

1. Post the adjusting entries to the General Ledger.

1. Prepare an income statement, a statement of owner's equity, and a balance sheet.

1. Journalize and post the closing entries. (Income Summary is account #33 in the chart of

accounts.)

1. Prepare a post-closing trial balance.

Notes:

1. You will be required to make all corrections to the Excel Workbook as noted in the Unit 2

assignment feedback. Any errors from Unit 2 that are not corrected will result in additional

deductions in Unit 3.

2. Review the transaction descriptions very carefully. The adjustment required depends on the

wording of the transaction description. That is, does the transaction give provide the amount of the

adjustment, or does the description give the amount of the ending balance required after the

adjustment?

Once completed, submit your assignment to the Unit 3 assignment Dropbox. The assignment is due Tuesday 11:59 p.m. ET of their assigned unit.

AC499 Unit 3 Assignment: Management Tools Application

Item criteria: Points Possible

Points Earned

1. Prepare the Adjusting entries A–F. 5

2. Journalize and Post the adjusting entries. 5

3. Prepare: a. an income statement

b. a statement of owner's equity

c. a balance sheet

5 5 10

4. Journalize and post the closing entries. 5

AC499: Bachelors Capstone in Accounting | Unit 3

5. Prepare a post-closing trial balance. 5

Preliminary Totals 40

Additional Items:

Deductions for uncorrected errors from Unit 2 (Enter negative amount -->)

Late Penalty (If applicable) (Enter as a negative amount -->)

Total Points 40