Accounting

bus-a_201_accounting_cycle_project.xlsm

Home >Business & Finance homework help >Accounting homework help >Accounting

Welcome

		Note: this workbook contains macros. If prompted above, please enable this function.
		Enter your first and last name:	Jeet Bhatt
		Random Number Gen.	$ 174,759.00
		Dollar Modifier	$ 428,332.00
			46
			293
			439
			123
			889
			530

Begin!

Chart of Accounts

Hampton Accounting Service Inc.
Chart of Accounts
Note: This chart of accounts is complete for every account you will need for this assignment.
Acct #	Description
n/a	[enter here]	[enter here]	[enter here]
100	Cash	Cash	Less: Cash
110	Accounts Receivable	Accounts Receivable	Less: Accounts Receivable
115	Allowance for Unc. Accounts	Allowance for Unc. Accounts	Less: Allowance for Unc. Accounts
120	Supplies	Supplies	Less: Supplies
130	Inventory	Inventory	Less: Inventory
150	Building	Building	Less: Building
151	Accumulated Depreciation- Building	Accumulated Depreciation- Building	Less: Accumulated Depreciation- Building
155	Furnishings	Furnishings	Less: Furnishings
156	Accumulated Depreciation- Furnishings	Accumulated Depreciation- Furnishings	Less: Accumulated Depreciation- Furnishings
160	Office Equipment	Office Equipment	Less: Office Equipment
161	Accumulated Depreciation- Off. Equip.	Accumulated Depreciation- Off. Equip.	Less: Accumulated Depreciation- Off. Equip.
200	Accounts Payable	Accounts Payable	Less: Accounts Payable
210	Unearned Service Revenue	Unearned Service Revenue	Less: Unearned Service Revenue
215	Salary Payable	Salary Payable	Less: Salary Payable
220	Dividends Payable	Dividends Payable	Less: Dividends Payable
300	Common Stock, $1 par value	Common Stock, $1 par value	Less: Common Stock, $1 par value
305	Additional Paid in Capital	Additional Paid in Capital	Less: Additional Paid in Capital
310	Retained Earnings	Retained Earnings	Less: Retained Earnings
400	Service Revenue	Service Revenue	Less: Service Revenue
410	Sales Revenue	Sales Revenue	Less: Sales Revenue
500	Advertising Expense	Advertising Expense	Less: Advertising Expense
510	Depreciation Expense	Depreciation Expense	Less: Depreciation Expense
520	Repairs & Maintenance Expense	Repairs & Maintenance Expense	Less: Repairs & Maintenance Expense
530	Supplies Expense	Supplies Expense	Less: Supplies Expense
540	Uncollectible Accounts Expense	Uncollectible Accounts Expense	Less: Uncollectible Accounts Expense
550	Utilities Expense	Utilities Expense	Less: Utilities Expense
560	Cost of Goods Sold	Cost of Goods Sold	Less: Cost of Goods Sold
570	Salary Expense	Salary Expense	Less: Salary Expense

Journal

Hampton Accounting Service Inc.
Journal
NOTE: Do not proceed until this page has no errors. Errors will be carried through the rest of the assignment, so you will receive a poor score.
Hint: It will be much easier to post these to the Ledger if you use the "Filter" function - below is a link to a video showing how to use filters in case you are un-familiar with it.
Excel 2013: Filtering Data
Date	Accounts and Explanation	Post Ref.	Debit	Credit
	Inventory	130	1,300.00		Correct
	Accounts Payable	200		1,300.00	Correct

	Salary Payable	215	2,500.00		Correct
	Cash	100		2,500.00	Correct

	Accounts Receivable	110	3,200.00		Correct
	Service Revenue	400		3,200.00	Correct

	Office Equipment	160	4,800.00		Correct
	Accounts Payable	200		4,800.00	Correct

	Supplies	120	800.00		Correct
	Cash	100		800.00	Correct

	Cash	100	3,000.00		Correct
	Accounts Receivable	110		3,000.00	Correct

	Accounts Receivable	110	4,500.00		Correct
	Sales Revenue	410		4,500.00	Correct

	Cost of Goods Sold	560	2,000.00		Correct
	Inventory	130		2,000.00	Correct

	Accounts Payable	200	1,000.00		Correct
	Cash	100		1,000.00	Correct

	Inventory	130	2,400.00		Correct
	Accounts Payable	200		2,400.00	Correct

	Advertising Expense	500	250.00		Correct
	Cash	100		250.00	Correct

	Cash	100	8,000.00		Correct
	Service Revenue	400		8,000.00	Correct

	Salary Expense	570	2,500.00		Correct
	Cash	100		2,500.00	Correct

	Accounts Receivable	110	6,000.00		Correct
	Service Revenue	400		6,000.00	Correct

	Accounts Receivable	110	3,000.00		Correct
	Sales Revenue	410		3,000.00	Correct

	Cost of Goods Sold	560	1,200.00		Correct
	Inventory	130		1,200.00	Correct

	Cash	100	2,500.00		Correct
	Accounts Receivable	110		2,500.00	Correct

	Accounts Payable	200	2,500.00		Correct
	Cash	100		2,500.00	Correct

	Utilities Expense	550	850.00		Correct
	Cash	100		850.00	Correct

	Cash	100	2,000.00		Correct
	Unearned Service Revenue	210		2,000.00	Correct

	Cash	100	5,000.00		Correct
	Service Revenue	400		5,000.00	Correct

	Cash	100	15,000.00		Correct
	Common Stock, $1 par value	300		1,000.00	Correct
	Additional Paid in Capital	305		14,000.00	Correct
	Retained Earnings	310	31,500.00		Correct
	Dividends Payable	220		31,500.00	Correct
	The following adjustments SHOULD NOT be posted to the Ledger; instead, they should be posted directly to the Trial Balance
Adj	Salary Expense	570	2,500.00		Correct
	Salary Payable	215		2,500.00	Correct

Adj	Depreciation Expense	510	6,500.00		Correct
	Accumulated Depreciation- Building	151		6,500.00	Correct

Adj	Depreciation Expense	510	12,000.00		Correct
	Accumulated Depreciation- Furnishings	156		12,000.00	Correct

Adj	Depreciation Expense	510	200.00		Correct
	Accumulated Depreciation- Off. Equip.	161		200.00	Correct

Adj	Supplies Expense	530	1,175.00		Correct
	Supplies	120		1,175.00	Correct

Adj	Cost of Goods Sold	560	10,900.00		Incorrect amount
	Inventory	130		10,900.00	Incorrect amount

Adj	Unearned Service Revenue	210	500.00		Correct
	Service Revenue	400		500.00	Correct

Adj	Uncollectible Accounts Expense	540	1,155.00		Incorrect amount
	Allowance for Unc. Accounts	115		1,155.00	Incorrect amount

https://www.youtube.com/watch?v=9JxcQbSci_c

TrialBalance

Hampton Accounting Service Inc.
Trial Balance
	Unadjusted Trial Balance			Adjustments		Adjusted Trial Balance*
	Debit	Credit		Debit	Credit	Debit	Credit	Values	Points
Cash		$ 1,300.00	Are you sure that's a credit?						0
Accounts Receivable									0
Allowance for Unc. Accounts									0
Supplies									0
Inventory									0
Building									0
Accumulated Depreciation- Building									0
Furnishing									0
Accumulated Depreciation- Furnishings									0
Office Equipment									0
Accumulated Depreciation- Off. Equip.									0
Accounts Payable									0
Unearned Service Revenue									0
Salary Payable									0
Dividends Payable									0
Stock, Common									0
Additonal Paid in Capital									0
Retained Earnings									0
Service Revenue									0
Sales Revenue									0
Advertising Expense									0
Depreciation Expense									0
Repairs & Maintenance Expense									0
Supplies Expense									0
Uncollectible Accounts Expense									0
Utilities Expense									0
Cost of Goods Sold									0
Salary Expense									0
Total	$ - 0	$ 1,300.00		$ - 0	$ - 0	$ - 0	$ - 0	Total	0
						*Project requirements #4 are posted directly here.

Ledger

Hampton Accounting Service Inc.
Ledger
NOTE: The table will be shaded blue when you have the correct balance.
NOTE: Do not post adjusting entries here. You should post these directly on the "Trial Balance" sheet
	100 - Cash			110 - Accounts Receivable
Open Bal	$ 514,566.00		Open Bal	$ 10,530.00
Bal	$ 514,566.00		Bal	$ 10,530.00
	115 - Allowance for Uncollect Acct			120 - Supplies
Open Bal		$ 1,023.00	Open Bal	$ 2,000.00
Bal		$ 1,023.00	Bal	$ 2,000.00
	0
	130 - Inventory			150 - Building
Open Bal	$ 4,200.00		Open Bal	$ 140,000.00
Bal	$ 4,200.00		Bal	$ 140,000.00
	151 - Accum Depre Building			155 - Furnishings
Open Bal			Open Bal	$ 30,000.00
Bal		$ - 0	Bal	$ 30,000.00
	156 - Accum Depre Furnishings			160 - Office Equipment
Open Bal			Open Bal	$ 4,800.00
Bal		$ - 0	Bal	$ 4,800.00
	161 - Accum Depre Office Equip			200 - A/P
Open Bal			Open Bal		$ 1,530.00
Bal		$ - 0	Bal		$ 1,530.00
	210- Unearned Ser. Rev.			215 - Salary Payable
Open Bal			Open Bal		$ 2,500.00
Bal		$ - 0	Bal		$ 2,500.00
	220- Dividends Payable			300- Stock, Common
Open Bal			Open Bal		$ 20,000.00
Bal		$ - 0	Bal		$ 20,000.00
	305- Additional Paid In Capital			310- Retained Earnings
Open Bal		$ 608,332.00	Open Bal		$ 40,000.00
Bal		$ 608,332.00	Bal		$ 40,000.00
	400 - Service Revenue			410 - Sales Revenue
Open Bal		$ 102,500.00	Open Bal		$ 16,500.00
Bal		$ 102,500.00	Bal		$ 16,500.00
	500 - Advertising Expense			510 - Depreciation Expense
Open Bal	$ 7,589.00		Open Bal

Bal	$ 7,589.00		Bal	$ - 0
	520 - Repairs & Maint Expense			530 - Supplies Expense
Open Bal	$ 10,567.00		Open Bal	$ 3,560.00

Bal	$ 10,567.00		Bal	$ 3,560.00
	540 - Uncollectible Accts Expense			550 - Utilities Expense
Open Bal	$ 1,023.00		Open Bal	$ 5,357.00

Bal	$ 1,023.00		Bal	$ 5,357.00
	560 - Cost of Goods Sold			570 - Salary Expense
Open Bal	$ 7,700.00		Open Bal	$ 55,293.00

Bal	$ 7,700.00		Bal	$ 55,293.00

Hampton Accounting Service Ledger Page &P of &N

Income Stmt

Hampton Accounting Service Inc.
Income Statement
For the Year Ending December 31, 2016
		Values	Points
Service Revenue			0
Sales Revenue			0
Net Revenue	$ - 0
Cost of Goods Sold			0
Gross Profit	$ - 0
Operating Expenses
Advertising Expense			0
Depreciation Expense			0
Repairs & Maintenance			0
Supplies Expense			0
Uncollectible Accts Expense			0
Utilities Expense			0
Salary Expense			0
Total Operating Expense	$ - 0
Net Income	$ - 0	Total	0

Stmt of RE

Hampton Accounting Service Inc.
Statement of Retained Earnings
For the Year Ending December 31, 2016
		Values	Points
Retained Earnings, January 1		Incorrect amount	0
Add: Net Income		Incorrect amount	0
	$ - 0
Less: Dividends		Incorrect amount	0
Retained Earnings, December 31	$ - 0		0

Balance Sheet

Hampton Accounting Service Inc.
Balance Sheet
Hint: List the accounts in the Balance Sheet in the same order as in the Chart of Accounts
Hint: If the number is going to be modified, it should first appear in the left column (Column C). If it is NOT going to be modified, it should appear in the center column (Column D). Totals will appear in far right coumn (Column E).
December 31,2016
Assets					Account names	Values	Points
Current:
	Cash		$ - 0 Carnagey, Zachary Joel: Carnagey, Zachary Joel: Notice that Cash has no modification, therefore it appears in the Right column. The same will be true for other accounts that have no modifications		Correct	Incorrect amount	1
	Accounts Receivable	$ - 0 Carnagey, Zachary Joel: Carnagey, Zachary Joel: Notice here that Accounts Receivable WILL be modified by "Less: Allowance for Unc. Accts," therefore we are placing it the left column.			Correct	Incorrect amount	1
	Less: Allowance for Unc. Accounts		$ - 0		Correct	Incorrect amount	1
	[enter here]					Incorrect amount	0
	[enter here]					Incorrect amount	0
	Total Current Assets			$ - 0
Long- Term:
	[enter here]				Incorrect Account	Incorrect amount	0
	[enter here]		$ - 0		Incorrect Account	Incorrect amount	0
	[enter here]				Incorrect Account	Incorrect amount	0
	[enter here]		$ - 0		Incorrect Account	Incorrect amount	0
	[enter here]				Incorrect Account	Incorrect amount	0
	[enter here]		$ - 0		Incorrect Account	Incorrect amount	0
	Total Long- term Assets			$ - 0
Total Assets				$ - 0
Liabilities
Current:
	Accounts Payable				Correct	Incorrect amount	1
	[enter here]				Incorrect Account	Incorrect amount	0
	[enter here]				Incorrect Account	Incorrect amount	0
	[enter here]				Incorrect Account	Incorrect amount	0
	Total Current Liabilities			$ - 0
Stockholders Equity
	[enter here]				Incorrect Account	Incorrect amount	0
	Additional Paid in Capital				Correct	Incorrect amount	1
	Retained Earnings				Correct	Incorrect amount	1
Total Liabilities & Stockholders Equity				$ - 0		Total	6
	YES, Total Assets = Total Liabilities + Stockholders Equity!

Instructor Interface

Instuctor Interface
		Note: Clicking "Student View" re-locks the workbook
	Scoring		Feedback		Value Modifiers		Journal Data
	How many points is this assignment worth? (enter on the right)	200	To change the feedback students receive, type over any of the highlighted cells below.		A random number generator will create an unique value modifiers for the following accounts		Date	Accounts and Explanation	Post Ref.	Debit	Credit
			Current Year (make sure the year matches the Instructions in the Word Document)	2016			12/2/13	Inventory	130	$ 1,300.00
	Student name	Jeet Bhatt	Feedback: Correct	Correct	Cash and Add'l Capital	$ 428,332.00		Accounts Payable	200		$ 1,300.00
	Percent	7.8%	Feedback: Incorrect	Incorrect amount	Utlity Exp and Salary Exp	$ 293.00
	Final Score (pts)	16	Feedback: Incorrect Debit	Are you sure that's a debit?	Allowance for Unc. and Unc. Accounts Exp	$ 123.00	12/2/13	Salary Payable	215	$ 2,500.00
			Feedback: Incorrect Credit	Are you sure that's a credit?	Accts Rec and Accts Payable	$ 530.00		Cash	100		$ 2,500.00
							12/3/13	Accounts Receivable	110	$ 3,200.00
								Service Revenue	400		$ 3,200.00
							12/5/13	Office Equipment	160	$ 4,800.00
								Accounts Payable	200		$ 4,800.00
							12/8/13	Supplies	120	$ 800.00
								Cash	100		$ 800.00
							12/10/13	Cash	100	$ 3,000.00
								Accounts Receivable	110		$ 3,000.00
							12/11/13	Accounts Receivable	110	$ 4,500.00
								Sales Revenue	410		$ 4,500.00
							12/11/13	Cost of Goods Sold	560	$ 2,000.00
								Inventory	130		$ 2,000.00
							12/11/13	Accounts Payable	200	$ 1,000.00
								Cash	100		$ 1,000.00
							12/12/13	Inventory	130	$ 2,400.00
								Accounts Payable	200		$ 2,400.00
							12/14/13	Advertising Expense	500	$ 250.00
								Cash	100		$ 250.00
							12/15/13	Cash	100	$ 8,000.00
								Service Revenue	400		$ 8,000.00
							12/16/13	Salary Expense	570	$ 2,500.00
								Cash	100		$ 2,500.00
							12/17/13	Accounts Receivable	110	$ 6,000.00
								Service Revenue	400		$ 6,000.00
							12/19/13	Accounts Receivable	110	$ 3,000.00
								Sales Revenue	410		$ 3,000.00
							12/19/13	Cost of Goods Sold	560	$ 1,200.00
								Inventory	130		$ 1,200.00
							12/22/13	Cash	100	$ 2,500.00
								Accounts Receivable	110		$ 2,500.00
							12/23/13	Accounts Payable	200	$ 2,500.00
								Cash	100		$ 2,500.00
							12/24/13	Utilities Expense	550	$ 850.00
								Cash	100		$ 850.00
							12/27/13	Cash	100	$ 2,000.00
								Unearned Service Revenue	210		$ 2,000.00
							12/29/13	Cash	100	$ 5,000.00
								Service Revenue	400		$ 5,000.00
							12/30/13	Cash	100	$ 15,000.00
								Common Stock, $1 par value	300		$ 1,000.00
								Additional Paid in Capital	305		$ 14,000.00
							12/31/13	Retained Earnings	310	$ 31,500.00
								Dividends Payable	220		$ 31,500.00
								Salary Expense	570	$ 2,500.00
							Adj	Salary Payable	215		$ 2,500.00
								Depreciation Expense	510	$ 6,500.00
							Adj	Accumulated Depreciation- Building	151		$ 6,500.00
								Depreciation Expense	510	$ 12,000.00
							Adj	Accumulated Depreciation- Furnishings	156		$ 12,000.00
								Depreciation Expense	510	$ 200.00
							Adj	Accumulated Depreciation- Off. Equip.	161		$ 200.00
								Supplies Expense	530	$ 1,175.00
							Adj	Supplies	120		$ 1,175.00
								Cost of Goods Sold	560	$ 240.00
							Adj	Inventory	130		$ 240.00
								Unearned Service Revenue	210	$ 500.00
							Adj	Service Revenue	400		$ 500.00
								Uncollectible Accounts Expense	540	$ 167.00
							Adj	Allowance for Unc. Accounts	115		$ 167.00

Instructor View

Student View

Unlock