A140/ACG1022 Module 07 & Comp III

compiii.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
	$ 10,000.00	$ 250.00		$ 500.00		$ 200.00		$ 200.00			$ 500.00		$ 3,500.00
	$ 200.00	$ 500.00											$ 200.00
	$ 150.00	$ 200.00
	$ 400.00	$ 240.00
		$ 1,200.00
Equipment 150			Accumulated Depreciation-Equipment 155		Prepaid Avdertising 140		Service Revenue 400			Supplies Expense 510		Unearned Revenue 210
	$ 3,500.00					$ 240.00			$ 150.00				$ 200.00
	$ 250.00								$ 400.00
									$ 500.00
Commom Stock 300			Retained Earnings 320		Dividends 310		Depreciation Expense 530			Photo Expense 520
		$ 10,000.00				$ 1,200.00

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
April	1	Cash		$ 10,000.00
		Common Stock			$ 10,000.00
April	2	Equipment		$ 3,500.00
		Accounts Payable			$ 3,500.00
April	3	Office Supplies		$ 200.00
		Accounts Payable			$ 200.00
April	4	Equipment		$ 250.00
		Cash			$ 250.00
April	7	Advertising Expense		$ 500.00
		Cash			$ 500.00
April	8	Cash		$ 200.00
		Unearned Service Revenue			$ 200.00
April	9	Cash		$ 150.00
		Service Revenue			$ 150.00
April	12	Cash		$ 400.00
		Service Revenue			$ 400.00
April	14	Accounts Receivable		$ 500.00
		Service Revenue			$ 500.00
April	22	Prepaid Subscriptions		$ 200.00
		Cash			$ 200.00
April	23	Prepaid Advertising		$ 240.00
		Cash			$ 240.00
April	24	Dividend		$ 1,200.00
		Cash			$ 1,200.00

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
100	Cash	$ 8,360.00
110	Accounts Receivable	$ 500.00
120	Supplies	$ 200.00
500	Prepaid Subscription	$ 200.00
200	Advertisement Expense	$ 500.00
150	Accounts Payable		$ 3,700.00
140	Equipment	$ 3,750.00
400	Prepaid Advertisement	$ 240.00
300	Sales		$ 1,050.00
310	Unearned Revenue		$ 200.00
	Common Stock		$ 10,000.00
	Dividends	$ 1,200.00
		$ 14,950.00	$ 14,950.00

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
30-Apr	Depreciated Expense		$ 104.00
	Accumulated Depreciation			$ 104.00
30-Apr	Unearned Revenue		$ 200.00
	Acctonts Receivable		$ 800.00
	Service Revenue			$ 1,000.00
30-Apr	Advertisement Expense		$ 20.00
	To Prepaid Advertisement			$ 20.00
	Supplies Expense		$ 50.00
	Supplies			$ 50.00
	Photo Expense		$ 25.00
	Prepaid Photo Subscriptions			$ 25.00

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
	Cash	$ 8,243.00
	Accounts Receivable	$ 2,175.00
	Supplies	$ 150.00
	Prepaid Subscription	$ 175.00
	Advertisement Expense	$ 520.00
	Accounts Payable		$ 3,333.00
	Equipment	$ 3,750.00
	Prepaid Advertisement	$ 220.00
	Sales		$ 3,175.00
	Unearned Revenue
	Common Stock		$ 10,000.00
	Dividends	$ 1,200.00
	Depreciation Expense
	Accumalated Depreciation		$ 104.00
	Supplies Expense	$ 50.00
	Photo Expense	$ 25.00
		$ 16,612.00	$ 16,612.00

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