Update Excel File - Accounting

compiii_0_1.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
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
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	Adj.	$ 50.00		$ 200.00	Adj.	$ 25.00		$ 500.00	Cl.	$ 520.00			$ 3,500.00
	$ 200.00	$ 500.00	Adj.	$ 800.00											Adj.	$ 20.00					$ 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					104		$ 240.00	Adj.	$ 20.00	Cl.	$ 2,050.00		$ 150.00	Adj.	50	Cl.	50	Adj.	$ 200.00	$ 200.00
	$ 250.00													$ 400.00
														$ 500.00
													Adj.	$ 1,000.00
Commom Stock 300			Retained Earnings 320				Dividends 310				Depreciation Expense 530				Photo Expense 520
		$ 10,000.00	Adj.	1351	Cl.	1200		$ 1,200.00	Cl.	$ 1,200.00	Adj.	104	Cl.	104	Adj.	25	Cl.	25

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
	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	$ 8,360
	Accounts Receivable	$ 1,300
	Supplies	$ 150
	Prepaid Subscription	$ 175
	Advertisement Expense	$ 520
	Accounts Payable		$ 3,700
	Equipment	$ 3,750
	Prepaid Advertisement	$ 220
	Service Revenue		$ 2,050
	Unearned Revenue		$ - 0
	Common Stock		$ 10,000
	Dividends	$ 1,200
	Depreciation Expense	$ 104
	Accumalated Depreciation		$ 104
	Supplies Expense	$ 50
	Photo Expense	$ 25
		$ 15,854	$ 15,854

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
Sales		$ 2,050	Opening Balance	$ - 0	Assets			Liabilities
Less: COGS		$ 50	Add: Net Income	$ 1,351.00	Cash	$ 8,360.00		Account Payable	$ 3,700.00
Gross Profit		$ 2,000		$ 1,351.00	Account Receivable	$ 1,300.00
Less: Advertisement Exp.	$ 520		less: Dividends	$ 1,200.00	Supplies	$ 150.00		Total Current Liabilities		$ 3,700.00
Depreciation Exp.	$ 104				Prepaid Subscription	$ 175.00
Photo Exp.	$ 25				Prepaid Advertisement	$ 220.00
			Closing Balance	$ 151.00	Total Current Assets		$ 10,205.00	Common Stock		$ 10,000.00
Total exp.		$ 649			Equipment	$ 3,750.00		Retained earnings		$ 151.00
Net Income		$ 1,351			Accumulated Dep.	$ (104.00)	$ 3,646.00
					Total Assets		$ 13,851.00	Total Liabilities &		$ 13,851.00
								Equity

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
April	30	Income Statement		$ 2,050.00
		Service Revenue			$ 2,050.00
	30	Supplies Expenses		$ 50.00
		Advertisement Expenses		$ 520.00
		Depreciation Expenses		$ 104.00
		Photo Expenses		$ 25.00
		Income Statement			$ 699.00
	30	Income Statement		$ 1,351.00
		Retained Earnings			$ 1,351.00
	30	Retained Earnings		$ 1,200.00
		Dividend			$ 1,200.00

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
	Cash	$ 8,360.00
	Account Receivable	$ 1,300.00
	Supplies	$ 150.00
	Prepaid Subacription	$ 175.00
	Prepaid Advertisement	$ 220.00
	Equipment	$ 3,750.00
	Accumulated Dep.		$ 104.00
	Account Payable		$ 3,700.00
	Common Stock		$ 10,000.00
	Retained Earnings		$ 151.00
	Total	$ 13,955.00	$ 13,955.00