Question

I am so lost on this. I am making a B in this class but I can not seem to get this project completed. Please help.

ACC-120

Project – Financial Accounting

This assignment supports the following outcomes:

·          Prepare journal and ledger entries for a service or merchandising business.

·          Prepare year-end statements for a service or merchandising business.

·          Report cost decisions using accounting principles and financial statement analysis.

·          Evaluate how knowledge, skills, and attitudes learned in this course apply to your chosen career.

·          Posting References are not required, but will be visible on the answer key to provide examples.

Assignment

Create a set of financial statements based on the accounting information provided by a service or merchandising company. See the project handout for details.

Part 1

1.    Record the journal entries for June.

2.    Post the June transactions to the general ledger accounts.

3.    Prepare a trial balance.

4.    In the first tab (Journal), make all the journal entries required during June. Post them into the ledgers on tabs 2 and 3. On the worksheet- tab 4, create the initial trial balance for the end of the month in the first 2 columns. Remember, the total debits and credits on the trial balance must match!

5.    Save and submit this for Milestone 1.

Part 2

1. Prepare adjusting entries in a worksheet using the information below:

·         Paid an extra $480 in wages accrued by the end of June.

·         Consulting services performed (that will not be billed until July) total $380.

·         Performed consulting services for which payment had been received in advance that amounted to $1,460.

·         Depreciation on office equipment for June is $320.

·         Depreciation on office furniture for June is $200.

·         An inventory of office supplies shows $200 still on hand as of June 30.

·         One month’s prepaid insurance has expired in the amount of $100.

·         Milestone 1 - One month’s prepaid rent has expired in the amount of $2,000.

2. Record the closing entries and post them to the ledger accounts.

3. Prepare a post-closing trial balance using the instructions below:

·         Start by making all suggested changes from your instruction from Milestone 1, if any. Then for the Milestone 2, continue through adjustments and the month end process. First, record the adjusting entries in the General Journal and post them to the General Ledger. In the worksheet, add these adjustments to the adjustment column and "foot across" to create your adjusted trial balance.

·         Once your adjusted trial balance is in balance, journal your closing entries in the General Journal and post them to the General Ledger. After your closing entries have been completed, you can make your Post Closing Trial Balance (which would then become your beginning balance load for the next accounting period.)

Part 3

1. Your instructor will have given you feedback from Milestone 2. Make any changes required. You are now ready to generate your financial statements. Finish your worksheet to complete your financial statements, then go over to your financial statements tab and complete them in good form. You will now have finished a complete month of the accounting cycle.

2. From the worksheet, prepare an income statement, statement of owners’ equity, and balance sheet.

The May 31, 20XX, post-closing trial balance for the L&L Accounting Firm appears below.

During June, the firm engaged in the following transactions:

1        Received an investment of cash from J. Long, $8,000.

3        Purchased office equipment with cash, $2,000.

4        Received office equipment transferred to the firm from J. Long, $1,800

7        Purchased extra office supplies with cash, $190

9        Completed bookkeeping services for Elliott Electric Company that amounted to $1,400

10      Paid the receptionist in cash for two weeks’ wages, $1,600

13      Paid the amount due to Office Depot for the office equipment purchased last month, $750

14      Accepted an advance in cash for services to be done for a new client, $2,200

15      Purchased a copier (office equipment) from Office Depot for $2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over the next six months.

16      Performed consulting services and received a cash fee, $1,650.

17      Received payment on account from Sally’s Salon for services performed last month, $3,200.

18      Paid amount due for the telephone bill that was received and recorded at the end of May, $260.

19      Performed consulting services for Sally’s Salon and agreed to accept payment next month, $4,600.

20      Performed bookkeeping services for cash, $780.

23      Received and paid the utility bill for June, $340.

24      Paid the secretary for two weeks’ wages, $1,600.

27      Paid the rent for July in advance, $2,000.

28      Received the telephone bill for June, which is to be paid next month, $220.

30      Paid cash to J. Long as a withdrawal for personal expenses, $1,750.

?

Answer 1

The opening trial balance is not provided. I have done all the transaction entries and the adjustments. need to fill the opening trial balance to get the final accounts. Adjustment entry for supplies expense can be done only after having the beginning balance.

L & L Acounting Firm
Worksheet trial balance for the month ending June 30 ,20XX
Account	Opening Trial Balance		Transactions		Trial Balance		Adjustments		Adjusted		Income Statement		Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash			15830	10890	4940			480	4460				4460
Accounts Receivable			6000	3200	2800				2800				2800
Prepaid Insurance					0			100	-100				-100
Prepaid Rent			2000		2000			2000	0				0
Office Supplies			190		190				190				190
Office Equipment			6200		6200				6200				6200
Accumulated Depreciation - Office Equipment						0		320		320				320
Office Furniture					0				0				0
Accumulated Depreciation - Office Furniture						0		200		200				200
Accounts Payable			1010	2220		1210				1210				1210
Unearned Revenue				2200		2200	1460			740				740
J.Long, Capital				9800		9800				9800				11080
J.Long,Drawings			1750		1750				1750
Service Revenue				8430		8430		1460		9890		9890
Wages Expense			3200		3200		480		3680		3680
Rent Expense					0		2000		2000		2000
Telephone Expense			220		220				220		220
Utility Expenses			340		340				340		340
Supplies Expense					0				0		0
Depreciation Expense					0		520		520		520
Insurance Expense					0		100		100		100
Total			36740	36740	21640	21640	4560	4560	22160	22160	6860	9890	13550	13550
Net Income											3030
Grand Total			36740	36740	21640	21640	4560	4560	22160	22160	9890	9890	13550	13550