Financial Accounting I Comprehensive Problem

comprehensive_problem_template_2-2.xlsx

Chart of Accounts

Use this worksheet as REFERENCE ONLY. There is nothing to complete or change, but you will need to know what accounts are used in Jessi's Creative Design business. No new accounts will need
to be added, and by the end of Part 3 of the problem, all accounts will have been used at least once.
Assets	100	Liabilities	200	Stockholders's Equity	300	Revenue	400	Expense	500
100	Cash	200	Accounts Payable	300	Common Stock	400	Service Revenue	500	Advertising Expense
110	Accounts Receivable	210	Unearned Revenue	310	Dividends			510	Supplies Expense
120	Supplies			320	Retained Earnings			520	Photo Expense
130	Prepaid Photo Subscriptions							530	Depreciation Expense
140	Prepaid Advertising
150	Equipment
155	Accumulated Depreciation-Equipment

Hint: Check module 2 for instructions on journalizing, posting, and preparing the unadjusted trial balance

You will post your regular journal entries in Part 1, adjusting entries in Part 2, and closing entries in Part 3 to these t-accounts.

Cash 100

Accounts Receivable 110

Supplies 120

Prepaid Photo Subscriptions 130

Advertising Expense 500

Accounts Payable 200

Equipment 150

Accumulated Depreciation-Equipment 155

Prepaid Avdertising 140

Service Revenue 400

Supplies Expense 510

Unearned Revenue 210

Commom Stock 300

Retained Earnings 320

Dividends 310

Depreciation Expense 530

Photo Expense 520

Hint: Check module 2 for instructions on journalizing, posting, and preparing the unadjusted trial balance
This journal will only be used for Part 1 of the project.
Journal
Date	Accounts	Post. Ref	Debit	Credit

Hint: Check module 2 for instructions on journalizing, posting, and preparing the unadjusted trial balance
This trial balance will only be used for Part 1 of the project.
Jessi's Creative Design
Unadjusted Trial Balance
April 30, 20XX
Account	Debit	Credit

Hint: Check module 4 for examples of adjusting entries and the adjusted trial balance
This journal will only be used for Part 2 of the project.
Journal
Date	Accounts	Post. Ref	Debit	Credit

Hint: Check module 4 for examples of adjusting entries and the adjusted trial balance
This trial balance will be completed for Part 2 of the project, but you will use the information from this trial balance to
create your financial statements in Part 3 of the project.
Jessi's Creative Design
Adjusted Trial Balance
April 30, 20XX
Account	Debit	Credit

Prepare the financial statements for the month of April in Part 3 of the Comprehensive Project. You will use this worksheet only for Part 3 of the project.
Jessi's Creative Design	Jessi's Creative Design	Jessi's Creative Design
Income Statement	Statement of Retained Earnings	Balance Sheet
For the Month Ended April 30, 20XX	For the Month Ended April 30, 20XX	April 30, 20XX

Hint: Check modules 5 and 6 for statements and closing entries
Prepare the closing entries in Part 3 of the Comprehensive Project. You will use this worksheet only for Part 3 of the project.
Journal
Date	Accounts	Post. Ref	Debit	Credit

Hint: Check modules 5 and 6 for statements and closing entries
Prepare the post closing trial balance in Part 3 of the Comprehensive Project. You will use this worksheet only for Part 3 of the project.
Jessi's Creative Design
Post Closing Trial Balance
April 30, 20XX
Account	Debit	Credit