Accounting Assignment | Custom Assignment Help

This project is presented in three-parts that assesses your knowledge of financial accounting and the accounting cycle.

June 30 $500 in dividends were paid in cash. xx

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Required:

1. Prepare journal entries in good form for the transactions above.

2. Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas.

3. Make a trial balance in good form as of June 30, 20xx (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas.

This project is an extension of Part 1, so just like in the real world the previous transactions do not go away. Review your transaction analysis, journal entries, T-Account postings and Trial Balance for accuracy. You start from where that part ended and add this information.

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The following transactions are adjusting entries that need to be booked as of June 30, 20XX:

1.     The money borrowed on June 2 is an interest-only loan with a 10 percent interest rate. The interest accrues each month even though it is only paid quarterly with the first payment not due until September 2, 20xx. Compute interest on a monthly basis not by number of days.

2.     The building has no salvage value and is depreciated on a straight-line basis over 30 years. The equipment has no salvage value and is depreciated on a straight-line basis over 10 years.

3.     One month of insurance coverage has expired. Assume an entire month’s worth of insurance has expired not only the number of days between payment and end of June.

4.     There is $8,500 of inventory left in storage at the end of the month and there was no inventory used for internal purposes.

5.     The last payday was June 28th (employees were paid for working that day). Wages accrue at $200 per day.

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Required:

1.     Make adjusting entries in good form based on the above information. Create separate adjusting journal entries from your part 1 journal entries.

2.     Post the adjusting journal entries into T-accounts (make sure you have a total amount for each account and that the T-accounts have Part 1 and Part 2 amounts). Remember t-accounts do not go away. Any T-account from Part 1 whether it was affected or not needs to be included.

3.     Finish an adjusted trial balance.

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PROJECT DETAILS

Part 3 of the project is an extension of Parts 1 and 2, so just like in the real world the previous transactions do not go away. You start from where part 2 ended and add this information.

Required:

1.     Prepare closing journal entries to “close out” all required accounts. (Part 1 & 2 entries are not required and should not be turned in)

2.     Post the journal entries into T-accounts (make sure you have a total amount for each account). Remember t-accounts do not go away. Any T-account from Part 1 & 2 whether it was affected or not needs to be included.

3.     Complete the Income Statement for June 20xx.

4.     Make a final Balance Sheet as of June 30, 20xx. This includes subtotals and totals for all categories we discussed in class.

5.     make a post-closing trial balance.

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