Accounting Adjusting Entries, Financial Statements, Closing Entries

Unit2_Unit3_Managment_Tools_Assignment.xlsx

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Instructions

Management Tools Assignment Part 1 and Part 2	Additional Notes:
1) All Journal Entries MUST include the "Explanation" line.
Due Dates	2) All Debit account entry lines MUST be fully left-justified.
Assignment Part 1 - Due at the end of Unit 2 (40 Points)	3) All Credit account entry lines MUST be indented 4 or 5 spaces, UNIFORMLY.
Assignment Part 2 - Due at the end of Unit 3 (40 Points)	4) You will be required to create at least ONE additional general Ledger Account to accommodate a few Journal Entires.
	5) You may creat one "Miscellaneous Expense" account in the General Ledger to accommodate all of the otherwise unspecified entries, OR you may create 2 or 3 new G/L accounts. For example "Utilities."
6) Be sure that you use proper formatting when you create the Financial Statements. For example, all underlining and "$" signs must be properly formatted.
7) These templates are NOT fully "pre-formatted". You must re-format them for proper presentation in many places.
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 9 Sheets in the Workbook including this one.
All of the Information you need for the Project is located in this Workbook.
Requirements	Sheet in Workbook
Assignment Part 1 Due in Unit 02
Requirement 1 - Prepare the Journal Entries in the General Journal	Jounral Entries	<-- VERY IMPORTANT NOTE: You must revise the General Ledger in Unit 3 to include the Adjusting & Closing Entries.
Requirement 2 - Post Journal Entries to the General Ledger	General Ledger
Requirement 3 - Prepare a Trial Balance	Trial Balance
Assignment Part 2 - Due in Unit 3
Requirement 4 - Prepare the Adjusting Entries	Adjusting Entries
Requirement 5 - Post Adjusting Entries to the General Ledger	General Ledger
Requirement 6 - Prepare an Adjusted Trial Balance	Adjusted TB
Requirement 7 - Prepare the Financial Statements	Financial Statements
Requirement 8 - Prepare the Closing Entries	Closing Entries
Requirement 9 - Post Closing Entries to the General Ledger	General Ledger
Requirement 10 - Prepare the Post Closing Trial Balance	Post Closing TB

Journal Entries-Due in Unit 2

Prepare journal entries to record the June transactions in the General Journal below.
General Journal
Date	Description(Account Name)	Debit	Credit
1-Jun	cash	$10,000
account receivable	1500
supplies	1250
office equipment	7500
dustin larkin capital	20,250
1	prepaid rent	4500
cash	4500
2	prepaid insurance	1800
cash	1800
4	cash	3,000
unearned fees	3,000
5	office equipment	1800
accounts payable	1800
6	cash	800
accounts receivable	800
10	miscellaneous expense	120
cash	120
12	accounts payable	800
cash	800
12	account receivable	2250
cash	2250
14	salary expense	400
cash	400
17	cash	3175
fees earned	3175
18	supplies	750
cash	750
20	accounts receivable	1100
fees earned	1100
24	cash	1850
fees earned	1850
26-Jan	cash	1600
account receivable	1600
27-Jan	salary expense	400
cash	400
29-Jan	miscellaneous expense	130
cash	130
30-Jan	miscellaneous expense	200
cash	200
30-Jan	cash	2050
fees earned	2050
30-Jan	accounts receivable	1000
fees earned	1000
30	dustin larkin drawings	4500
4500
$52,475	$52,475
Note: Remember that Debits must equal Credits - All of your Journal Entries should balance.

General Ledger - Due in Unit 2

This Sheet will be used for Requirements 2, 5 and 9
GENERAL LEDGER
ACCOUNT:	CASH	ACCOUNT	NO. 11
YEAR	POST.	BALANCE
MONTH	DAY	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
2010	1
prepaid rent	4,500.00
prepaid insurance	1,800.00
unearned fees	3,000.00
account receivables	800.00
miscellaneous expense	120.00
accounts payable	800.00
accounts receivable	2,250.00
salary expense	400.00
fees earned	3,175.00
supplies	750.00
fees earned	1,850.00
account receivables	1,600.00
salary expense	400.00
miscellaneous expense	130.00
miscellaneous expense	200.00
fees earned	2,050.00
capital	20,250.00	ERROR:#REF!


ACCOUNT:	ACCOUNTS RECEIVABLE	ACCOUNT	NO. 12
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
cash	800.00
cash	2,250.00	2,250.00
fees earned	1,100.00	3,350.00
cash	1,600.00	4,950.00
fees earned	1,100.00	6,050.00




ACCOUNT:	SUPPLIES	ACCOUNT	NO. 14
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
cash	750.00








ACCOUNT:	PREPAID RENT	ACCOUNT	NO. 15
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
cash	4,500.00








ACCOUNT:	PREPAID INSURANCE	ACCOUNT	NO. 16
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
cash	1,800.00	-1,800.00








ACCOUNT:	OFFICE EQUIPMENT	ACCOUNT	NO. 18
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
accounts payable	1,800.00




ACCOUNT:	ACCUMULATED DEPRECIATION	ACCOUNT	NO. 19
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--









ACCOUNT:	ACCOUNTS PAYABLE	ACCOUNT	NO. 21
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
office equipment	1,800.00	-1,800.00
cash	800.00	-2,600.00





ACCOUNT:	SALARIES PAYABLE	ACCOUNT	NO. 22
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
cash	400.00	-400.00
cash	400.00	-800.00




ACCOUNT:	UNEARNED FEES	ACCOUNT	NO. 23
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
cash	3,000.00	-3,000.00




ACCOUNT:	DUSTIN LARKIN, CAPITAL	ACCOUNT	NO. 31
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--

cash	$10,000	ERROR:#VALUE!
account receivable	1500	ERROR:#VALUE!
supplies	1250	ERROR:#VALUE!
office equipment	7500	ERROR:#VALUE!

ACCOUNT:	DUSTIN LARKIN, DRAWING	ACCOUNT	NO. 32
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
4,500.00





ACCOUNT:	INCOME SUMMARY	ACCOUNT	NO. 33
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--





ACCOUNT:	FEES EARNED	ACCOUNT	NO. 41
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--

cash	3,175.00	ERROR:#VALUE!
accounts receivable	1,100.00	ERROR:#VALUE!
cash	1,850.00	ERROR:#VALUE!
cash	2,050.00	ERROR:#VALUE!
accounts receivable	1,000.00	ERROR:#VALUE!











ACCOUNT:	SALARY EXPENSE	ACCOUNT	NO. 51
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--






ACCOUNT:	RENT EXPENSE	ACCOUNT	NO. 52
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--




ACCOUNT:	SUPPLIES EXPENSE	ACCOUNT	NO. 53
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--




ACCOUNT:	DEPRECIATION EXPENSE	ACCOUNT	NO. 54
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--




ACCOUNT:	INSURANCE EXPENSE	ACCOUNT	NO. 55
POST.	BALANCE
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--

Trial Balance - Due in Unit 3

REQUIREMENT #3:
Prepare a trial balance for June in the space below.
Debit	Credit
cash	10,000.00
account receivable	1,500.00
supplies	1,250.00
office equipment	7,500.00
dustin larkin capital	20,250.00
prepaid rent	4,500.00
cash	4,500.00
prepaid insurance	1,800.00
cash	1,800.00
cash	3,000.00
unearned fees	3,000.00
office equipment	1,800.00
accounts payable	1,800.00
cash	800.00
accounts receivable	800.00
miscellaneous expense	120.00
cash	120.00
accounts payable	800
cash	800
account receivable	2250
cash	2250
salary expense	400
cash	400
cash	3175
fees earned	3175
supplies	750
cash	750
accounts receivable	1100
fees earned	1100
cash	1850
fees earned	1850
cash	1600
account receivable	1600
salary expense	400
cash	400
miscellaneous expense	130
cash	130
miscellaneous expense	200
cash	200
cash	2050
fees earned	2050
accounts receivable	1000
fees earned	1000
dustin larkin drawings	4500
4500
52,475.00	52,475.00

Adjusting Entries-Due in Unit 3

Requirement #4:	Remember to post these to the G/L, too.
General Journal
Date	Description(Account Name)	Debit	Credit
Note: Remember that Debits must equal Credits - All of your Journal Entries should balance.

Adjusted TB - Due in Unit 3

Requirement #6:
Prepare an Adjusted Trial Balance in the space below.
Debit	Credit

Financial Statements - Unit 3

Requirement #7:	VERY IMPORTANT NOTE:
Insert rows as needed	You will have to MODIFY the spreadsheet to
properly include all accounts and formatting.
Income Statement	Hint: Remember, Quixote Company is NOT a corporate business.
Therefore, any terminology that would not be associated with
Quixote Company MUST be revised.
Revenues:
Expenses:
Total Expenses
Net Income
Statement of Owners Equity
Retained Earnings, October 1
Add: Additional Investment
Add: Net Income
Subtotal
Less: Dividends
Retained Earnings, October 31
VERY IMPORTANT NOTE:
You will have to MODIFY the spreadsheet to
properly include all accounts and formatting.
Balance Sheet
Assets:
Liabilities:
Total Liabilities
Stockholders' Equity:
Total Stockholders' Equity
Total Liabilities &
Stockholders' Equity

Closing Entries - Unit 3

Requirement #8:	Remember to post these to the G/L, too.
Prepare the closing entries at June 30 in the General Journal below.
Hint: use the balances for each account which appear on the Adjusted
Trial Balance for your closing entries.
General Journal
Date	Description (Account Name)	Debit	Credit
Requirement #9:
Post the closing entries to the General Ledger T-accounts and compute ending balances.
Just add to the adjusted balances already listed.

Post Closing TB - Unit 3

Requirement #10:	HINT:
Only "Permanent" or "Real" account balance should remain
Prepare a post-closing trial balance as of October 31 in the space below.	at this point in the Acocunting Cycle.
To be specific, only Balance Sheet Accounts should be here.
Post-Closing Trial Balance