Assignment: Management Tools Application

Instructions

Journal Entries-Due in Unit 2

General Ledger - Due in Unit 2

Trial Balance - Due in Unit 3

Adjusting Entries-Due in Unit 3

Adjusted TB - Due in Unit 3

Financial Statements - Unit 3

Closing Entries - Unit 3

Post Closing TB - Unit 3

unit2_unit3_managment_tools_assignment_1.xlsx

Home >Business & Finance homework help >Accounting homework help >Assignment: Management Tools Application

Management Tools Assignment Part 1 and Part 2		Additional Notes:
		1) All Journal Entries MUST include the "Explanation" line.
Due Dates		2) All Debit account entry lines MUST be fully left-justified.
Assignment Part 1 - Due at the end of Unit 2 (40 Points)		3) All Credit account entry lines MUST be indented 4 or 5 spaces, UNIFORMLY.
Assignment Part 2 - Due at the end of Unit 3 (40 Points)		4) You will be required to create at least ONE additional general Ledger Account to accommodate a few Journal Entires.
		5) You may creat one "Miscellaneous Expense" account in the General Ledger to accommodate all of the otherwise unspecified entries, OR you may create 2 or 3 new G/L accounts. For example "Utilities."
		6) Be sure that you use proper formatting when you create the Financial Statements. For example, all underlining and "$" signs must be properly formatted.
		7) These templates are NOT fully "pre-formatted". You must re-format them for proper presentation in many places.
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 9 Sheets in the Workbook including this one.
All of the Information you need for the Project is located in this Workbook.
Requirements	Sheet in Workbook
Assignment Part 1 Due in Unit 02
Requirement 1 - Prepare the Journal Entries in the General Journal	Jounral Entries	<-- VERY IMPORTANT NOTE: You must revise the General Ledger in Unit 3 to include the Adjusting & Closing Entries.
Requirement 2 - Post Journal Entries to the General Ledger	General Ledger
Requirement 3 - Prepare a Trial Balance	Trial Balance
Assignment Part 2 - Due in Unit 3
Requirement 4 - Prepare the Adjusting Entries	Adjusting Entries
Requirement 5 - Post Adjusting Entries to the General Ledger	General Ledger
Requirement 6 - Prepare an Adjusted Trial Balance	Adjusted TB
Requirement 7 - Prepare the Financial Statements	Financial Statements
Requirement 8 - Prepare the Closing Entries	Closing Entries
Requirement 9 - Post Closing Entries to the General Ledger	General Ledger
Requirement 10 - Prepare the Post Closing Trial Balance	Post Closing TB

Prepare journal entries to record the June transactions in the General Journal below.
		General Journal
Date	Description(Account Name)		Debit	Credit
Note: Remember that Debits must equal Credits - All of your Journal Entries should balance.

This Sheet will be used for Requirements 2, 5 and 9
		GENERAL LEDGER
ACCOUNT:		CASH				ACCOUNT	NO. 11
YEAR			POST.			BALANCE
MONTH	DAY	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
2010	1


















ACCOUNT:		ACCOUNTS RECEIVABLE				ACCOUNT	NO. 12
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--








ACCOUNT:		SUPPLIES				ACCOUNT	NO. 14
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--








ACCOUNT:		PREPAID RENT				ACCOUNT	NO. 15
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--








ACCOUNT:		PREPAID INSURANCE				ACCOUNT	NO. 16
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--









ACCOUNT:		OFFICE EQUIPMENT				ACCOUNT	NO. 18
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--




ACCOUNT:		ACCUMULATED DEPRECIATION				ACCOUNT	NO. 19
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--









ACCOUNT:		ACCOUNTS PAYABLE				ACCOUNT	NO. 21
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT







ACCOUNT:		SALARIES PAYABLE				ACCOUNT	NO. 22
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--






ACCOUNT:		UNEARNED FEES				ACCOUNT	NO. 23
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--





ACCOUNT:		DUSTIN LARKIN, CAPITAL				ACCOUNT	NO. 31
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--






ACCOUNT:		DUSTIN LARKIN, DRAWING				ACCOUNT	NO. 32
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--





ACCOUNT:		INCOME SUMMARY				ACCOUNT	NO. 33
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--





ACCOUNT:		FEES EARNED				ACCOUNT	NO. 41
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--

















ACCOUNT:		SALARY EXPENSE				ACCOUNT	NO. 51
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--






ACCOUNT:		RENT EXPENSE				ACCOUNT	NO. 52
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--




ACCOUNT:		SUPPLIES EXPENSE				ACCOUNT	NO. 53
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--




ACCOUNT:		DEPRECIATION EXPENSE				ACCOUNT	NO. 54
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--




ACCOUNT:		INSURANCE EXPENSE				ACCOUNT	NO. 55
			POST.			BALANCE
DATE		ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--

REQUIREMENT #3:
Prepare a trial balance for June in the space below.
	Debit	Credit

Requirement #6:
Prepare an Adjusted Trial Balance in the space below.
	Debit	Credit

Requirement #7:					VERY IMPORTANT NOTE:
Insert rows as needed					You will have to MODIFY the spreadsheet to
					properly include all accounts and formatting.
Income Statement					Hint: Remember, Quixote Company is NOT a corporate business.
					Therefore, any terminology that would not be associated with
					Quixote Company MUST be revised.
Revenues:
Expenses:
Total Expenses
Net Income
Statement of Owners Equity
Retained Earnings, October 1
Add: Additional Investment
Add: Net Income
Subtotal
Less: Dividends
Retained Earnings, October 31
					VERY IMPORTANT NOTE:
					You will have to MODIFY the spreadsheet to
					properly include all accounts and formatting.
Balance Sheet
Assets:
Liabilities:
Total Liabilities
Stockholders' Equity:
Total Stockholders' Equity
Total Liabilities &
Stockholders' Equity

Requirement #8:					Remember to post these to the G/L, too.
Prepare the closing entries at June 30 in the General Journal below.
Hint: use the balances for each account which appear on the Adjusted
Trial Balance for your closing entries.
		General Journal
Date	Description (Account Name)		Debit	Credit
Requirement #9:
Post the closing entries to the General Ledger T-accounts and compute ending balances.
Just add to the adjusted balances already listed.

Requirement #4:

Remember to post these to the G/L, too.

General Journal

Description(Account Name)

Note: Remember that Debits must equal Credits - All of your Journal Entries should balance.

Requirement #10:					HINT:
					Only "Permanent" or "Real" account balance should remain
Prepare a post-closing trial balance as of October 31 in the space below.					at this point in the Acocunting Cycle.
					To be specific, only Balance Sheet Accounts should be here.
Post-Closing Trial Balance