HM 335
Hisbaan
accounting_hm_335_final_exam_project1.xlsxQuestion
| 1. Tom takes physical inventory of Food Products and $3,500 of food product is on hand at the end of the month. | |
| 2. Depreciation on Equipment ( Based on a 10 year life with no salvage value) | |
| 3. One month insurance expired | |
| 4. Wages earned by workers but not paid or due until September, $500 | |
| Part C: After you have posted the adjustments to the Ledger (T accounts) complete the worksheet, Account Balances, the following with the ending balance for each account. | |
| Part D: Using the information from Part C, prepare a balance sheet dated August 31, 2013, for Tom’s Texas BBQ. Please use the proper format. (refer to page 124, Chapter 4) Make sure Assets=Liabilities+Owner’s Equity (in other words, the thing has to balance, as the name implies.) Tom’s Texas BBQ is a sole proprietorship. |
HM 335
Final Exam Project
Fall 2015
Complete the following assignment using the worksheets in the Excel Spreadsheet named Final Exam Project. You can turn in this project in the dropbox on Angel or a printed hard copy by Wednesday, December 16, 2015 at 12:00pm. (No Later!!!) Hard copies can be left under my office door.
Part A: Post the following transactions to the Journal and Ledger (T accounts) for August.
Original Transactions:
August 1 Tom invests 80,000 from his personal savings and 60,000 in equipment to start Tom’s Texas BBQ.
August 1 Prepaid insurance for 3 months for $3,600
August 2 Purchase restaurant equipment for $30,000 in cash and $20,000 on account with Sysco
August 3 Purchase $15,000 food inventory on account with Sysco
August 21 Restaurant cash sales for the month are $20,000
August 21 Paid Sysco on account $4,000 from August 3
August 22 Completes a catering event for $3,500 and bills the client
August 25 Paid Salaries of employees for $6,500
August 28 Customer pays Tom $2,500 toward the bill from August 22.
August 28 Tom pays personal car payment of $500
Part B: Post the following adjusting entries to the Ledger (T accounts) for August.
1. Tom takes physical inventory of Food Products and $3,500 of food product is on hand at the end of the month.
2. Depreciation on Equipment ( Based on a 10 year life with no salvage value)
3. One month insurance expired
4. Wages earned by workers but not paid or due until September, $500
Part C: After you have posted the adjustments to the Ledger (T accounts) complete the worksheet, Account Balances, the following with the ending balance for each account.
Part D: Using the information from Part C, prepare a balance sheet dated August 31, 2013, for Tom’s Texas BBQ. Please use the proper format. (refer to page 124, Chapter 4) Make sure Assets=Liabilities+Owner’s Equity (in other words, the thing has to balance, as the name implies.) Tom’s Texas BBQ is a sole proprietorship.
*Be sure to sub-total Current Assets and Current Liabilities.
HM 335
Final Exam Project
Fall 2015
Complete the following assignment using the worksheets in the Excel
Spreadsheet named Final Exam Project. You can turn in this project in the
dropbox on Angel or a printed hard copy by Wednesday, December 16, 2015 at
12:00pm. (No Later!!!) Hard copies can be left under my office door.
Part A: Post the following transactions to the Journal and Ledger (T accounts)
for August.
Original Transactions:
August 1 Tom invests 80,000 from his personal savings and 60,000 in
equipment to start Tom’s Texas BBQ.
August 1 Prepaid insurance for 3 months for $3,600
August 2 Purchase restaurant equipment for $30,000 in cash and $20,000 on
account with Sysco
August 3 Purchase $15,000 food inventory on account with Sysco
August 21 Restaurant cash sales for the month are $20,000
August 21 Paid Sysco on account $4,000 from August 3
August 22 Completes a catering event for $3,500 and bills the client
August 25 Paid Salaries of employees for $6,500
August 28 Customer pays Tom $2,500 toward the bill from August 22.
August 28 Tom pays personal car payment of $500
