do closing entries and post TB from a worksheet

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Project

Excel Porject
A Complete Accounting Cycle Project
After graduating from College you have decided to open a Bookkeeping
Consulting Firm. You did some consulting during last few months and you recently filed a
corporation starting July 2016. You should choose a name: Group 6 Consulting Inc.
Your new firm entered into the following transactions starting July 1st, 2016
1-Jul Following assets were received from you in exchange for 1000 shares of common stock:
Cash 13500
A/R 20800
Supplies 3200
Use straight line of Depreciation Office Equipment 7500
Office Equipment useful life: Years 3
Residual Value: 320.00
1 The firm paid 2 months' rent for a office space lease contract………...…….…… $ 5000
2 Paid one year insurance policy premium in advance 4500
4 Received advance cash from a new clients for future services 5500
5 Purchased additional office equipment on account from Office Depot 6500
6 Received cash from clients on account 15300
10 Paid cash for a local newspaper advertisement 400
12 Paid Office Depot for part of equipment purchased on account 5200
12 Sent invoice #005 to a customer for 90 hrs consultation provided recently
14 Paid your receptionist for two weeks' salary 1750
17 From a cash clients, you received cash after providing some consultation 450
18 You paid by your business debit card to purchase some supplies 600
20 Sent invoice #006 to a customer for the service provided during last few days
24 From a cash clients, you received cash after providing some consultation 200
26 Received cash from clients on account 12000
27 Paid your receptionist for two weeks' salary 1750
29 Received and paid telephone bill for July (Ch# 007) 300
31 Received and paid electricity bill for July (Ch# 008) 600
31 From a cash clients, you received cash after providing some consultation 150
31 Sent invoice #007 to a customer for the service provided during last few days
31 Declared and paid dividends (Ch# 009) 1500
1 Instructions: Record the transactions & Post to the General Ledger accounts.
2 Prepare Bank Reconciliation and post the necessery General Journal Entries.
3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and
use these data to complete month-end adjustments.
a Supply on hand………………………………………………………………………….…………...……… $ 1525
b Record adjustments to Insurance, Rent and Equipment Depreciation
d Accrual receptionist salary on July 31st for one day.
e Unearned fees as of July 31 …………………………………………… 2750
4 Journalize and post adjusting entries after completing the worksheet
5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet
6 Prepare, record, and post closing entries.
7 Prepare a Post-closing Trial Balance.
8 Write a Memorandum to your bank in regards to Profitability of your new corporation.

July JE's

General Journal Entries
Group 6 Consulting Inc.
Date Account Name JE 1
Debit Credit
1-Jul Cash 13500
Account Reciveable 20800
Supplies 3200
Office Equipment 7500
Common Stock 45000
1-Jul Prepaid Rent 5000
Cash 5000
2-Jul Prepaid Insurance 4500
Cash 4500
4-Jul Cash 5500
Unearend Revenue 5500
5-Jul Office Equipment 6500
Account Payable 6500
6-Jul Cash 15300
Account Reciveable 15300
10-Jul Advertising Expense 400
Cash 400
12-Jul Account Payable 5200
Cash 5200
12-Jul Account Reciveable 13500
Revenue 13500
14-Jul Salary Expence 1750
Cash 1750
17-Jul Cash 450
Revenue 450
18-Jul Supplies 600
Cash 600
20-Jul Account Reciveable 6600
Revenue 6600
General Journal Entries
Group 6 Consulting Inc.
Date Account Name JE 2
Debit Credit
24-Jul Cash 200
Revenue 200
26-Jul Cash 12000
Account Receivable 12000
27-Jul Salary Expense 1750
Cash 1750
29-Jul Phone Expence 300
Cash 300
31-Jul Utility Expence 600
Cash 600
31-Jul Cash 150
Revenue 150
31-Jul Account Receivable 3000
Revenue 3000
31-Jul Dividend 1500
Cash 1500
General Journal Entries
Group Consulting Inc.
Date Account Name JE 3
Debit Credit

Bank Recon.

Bank Reconciliation
Balance as per Bank, July 31 $ 27,856.00
Add - 0
27,856.00
Less:outstanding check
Ch#007 300.00
Ch#008 600.00
Ch#009 1,500.00
2,400.00
Ajusted bank balance 25,456.00
Balance as per Books, July 31 25,500.00
Add: Interest from bank 15.00
15.00
25,515.00
Less: Bank service fee 10.00
Intuit QuickBooks 49.00
59.00
Ajusted book balance: $ 25,456.00

GL-Asset

General Ledger General Ledger
Cash Balance Prepaid Rent Balance
Date Debit Credit Debit Credit Date Debit Credit Debit Credit
1-Jul 13500 13500 1-Jul 5000 5000
1-Jul 5000 8500
2-Jul 4500 4000 General Ledger
4-Jul 5500 9500
6-Jul 15300 24800 Prepaid Insurance Balance
10-Jul 400 24400 Date Debit Credit Debit Credit
12-Jul 5200 19200 2-Jul 4500 4500
14-Jul 1750 17450
17-Jul 450 17900
18-Jul 600 17300
24-Jul 200 17500
26-Jul 12000 29500
27-Jul 1750 27750
29-Jul 300 27450
31-Jul 600 26850
31-Jul 1500 25350
31-Jul 150 25500
31-Jul 15 25515
31-Jul 10 25505
31-Jul 49 25456
General Ledger
Account Receivable Balance
Date Debit Credit Debit Credit
1-Jul 20800 20800
6-Jul 15300 5500
12-Jul 13500 19000
20-Jul 6600 25600
26-Jul 12000 13600
31-Jul 3000 16600
General Ledger
Supplies Balance
Date Debit Credit Debit Credit
1-Jul 3200 3200
18-Jul 600 3800
General Ledger
Office Equipment Balance
Date Debit Credit Debit Credit
1-Jul 7500 7500
5-Jul 6500 14000

GL-Liability

General Ledger
Unearned Revenue Balance
Date Debit Credit Debit Credit
4-Jul 5500 5500
General Ledger
Account Payable Balance
Date Debit Credit Debit Credit
5-Jul 6500 6500
General Ledger
Divdend Payable Balance
Date Debit Credit Debit Credit
31-Jul 1500 1500

GL-Equity

General Ledger
Common Stock Balance
Date Debit Credit Debit Credit
1-Jul 45000 45000
General Ledger
Retained Earning Balance
Date Debit Credit Debit Credit
31-Jul 1500 1500
General Ledger
Dividend Balance
Date Debit Credit Debit Credit
31-Jul 1500 1500
General Ledger
Advertisting Expense Balance
Date Debit Credit Debit Credit
10-Jul 400 400
General Ledger
Salary Expense Balance
Date Debit Credit Debit Credit
14-Jul 1750 1750
27-Jul 1750 3500
General Ledger
Phone Expense Balance
Date Debit Credit Debit Credit
29-Jul 300 300
General Ledger
Utility Expence Balance
Date Debit Credit Debit Credit
31-Jul 600 600
General Ledger
Retained Earning Balance
Date Debit Credit Debit Credit
31-Jul 16101 16101
31-Jul 1500 14601

Adjusting Entries

Adjusting Entries
Suplies 1525
Account Payable 1525
Insurence Expense 375 4500/12
Prepaid Insurance 375
Rent Expense 2500 5000/2
Prepaid Rent 2500
Dep.Expence 13800.6
Acc.Dep.-Equip 13800.6
Unearned Revenue 2750
Revenue 2750
Wages Expense 175
Wages Payable 175

Closing Entries

WorkSheet

Group 6 Consulting Inc. Work Sheet For July 1 Ended July 31
Account Title Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Cridit Debit Credit Debit Credit
110 Cash $ 25,456.00 $ 25,456.00 $ 25,456.00
115 Account Receivable 16,600.00 16,600.00 16,600.00
120 Supplies 3,800.00 2,275.00 1,525.00 1,525.00
125 Prepaid Insurance 4,500.00 375.00 4,125.00 4,125.00
128 Prepaid Rent 5,000.00 2,500.00 2,500.00 2,500.00
167 Office Equip 14,000.00 14,000.00 14,000.00
168 Acc.depreciation-Equip 380.00 380.00 380.00
201 Accounts payable 1,300.00 1,300.00 1,300.00
203 Wages payable 175.00 175.00 175.00
208 Rent payable
210 Dividend payable
213 Unearned Revenue 5,500.00 2,750.00 2,750.00 2,750.00
301 Common Stock 45,000.00 45,000.00 45,000.00
302 Dividend 1,500.00 1,500.00 1,500.00
401 Revenue 23,900.00 2,750.00 26,650.00 26,650.00
411 Interest Revenue 15.00 15.00 15.00
612 Depreciation exp-Equip 380.00 380.00 380.00
623 Wages expense 3,500.00 175.00 3,675.00 3,675.00
633 Utility expense 600.00 600.00 600.00
643 Rent expense 2,500.00 2,500.00 2,500.00
653 Advertising Expense 400.00 400.00 400.00
654 Phone expense 300.00 300.00 300.00
663 Supplies Expense 2,275.00 2,275.00 2,275.00
664 Insurance expense 375.00 375.00 375.00
666 Bank Service Charge 10.00 10.00 10.00
667 Software Fees 49.00 49.00 49.00
$ 75,715.00 $ 75,715.00 $ 8,455.00 $ 8,455.00 $ 76,270.00 $ 76,270.00 $ 10,564.00 $ 26,665.00 $ 65,706.00 $ 49,605.00
Net Income $ 16,101.00 $ 16,101.00
$ 26,665.00 $ 26,665.00 $ 65,706.00 $ 65,706.00

IS

Group 6 Consulting Inc.
Income Statement
For the Month Ended July 31, 2016
Revenue: $ 26,665.00
Expenses:
Dep. Expense-Equip $ 380.00
Wages expense 3,675.00
Utility expense 600.00
Rent expense 2,500.00
Advertising Expense 400.00
Phone expense 300.00
Supplies Expense 2,275.00
Insurance expense 375.00
Bank Service Charge 10.00
Software Fees 49.00
Total Expense $ 10,564.00
Net Income: $ 16,101.00

RE

Group 6 Consulting Inc.
Statement of Retained Earnings
For the Month Ended July 31, 2016
Beginning Retained Earnings $ - 0
Add: Net Income 16,101.00
Less: Dividend 1,500.00
July 31, 2016 Retained Earnings $ 14,601.00

BS

Group 6 Consulting Inc.
Balance Sheet
As of July 31, 2016
Assets Liabilities & Equity
Cash $25,456.00 Accounts payable $1,300.00
Accounts Receivable 16,600.00 Wages payable 175.00
Supplies 1,525.00 Unearned Revenue 2,750.00
Prepaid Insurance 4,125.00
Prepaid Rent 2,500.00
Office Equipment 14,000.00
Acc.depreciation-Equip (380.00)
$ 63,826.00 Total Liability: $ 4,225.00
Equity:
Common Stock $ 45,000.00
Retained Earnings 14,601
Total Equity: $ 59,601.00
Total Assets $ 63,826.00 Total Liability & Equity $ 63,826.00

Post TB

P

Sample T-account

General Ledger
Sample T-Account
Acc# Balance
Date Debit Credit Debit Credit