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term_project_acctg_2-1.docx

EAST LOS ANGELES COLLEGE

ACCOUNTING 2 (#0106)

Spring 2016

Instructions for Term Project

Practice Set – HYDRO PADDLE BOARDS

· This practice set is on Job Order Cost managerial accounting.

· This practice set provides the narrative form approach.

· Follow the general instructions from pages 3 to 4.

· Journalize the transactions that are on pages 5 to 7.

· Ignore instructions for software from pages 1 to 2.

· Always refer to the Chart of Accounts on page 10 for the correct account titles.

· Adjusting and closing entries data is on page 7.

· Prepare financial statements in the format you have learned before.

· Employer Payroll Taxes Allocation on page 46 is not required.

Journal entry for employer payroll on Jan 31st is shown below.

· Write your name and student ID number on the front page of the practice set.

· Your project, in hard copy (handwritten) (I will not accept e-mail attachment or flash disk), is due at 9 am on Tuesday 05/03/2016. No late practice set will be accepted .

Jan 31st Employer Payroll Journal Entries:

Factory Overhead 10,230.34

Payroll Taxes Expense-General 6,966.48

FICA Tax Payable 9,414.32

Federal Unemployment Tax Payable 1,004.19

State Unemployment Tax Payable 6,778.31

Here are some check figures:

Account Balances on Jan 31st

Cash

$ 140,129.81

Unadjusted Trial Balance (Debit Balance)

$ 1,838,846.48

Adjusted Trial Balance (Debit Balance)

$ 1,866,509.53

Net Income

$ 20,360.62

Balance Sheet (Total Assets)

$ 1,205,724.89

Post-Closing Trial Balance (Debit Balance)

$ 1,468,645.37