Overview
step 1 : Open the attached excel file "Accounting Cycle Excel Template". The file includes blank templates for General Journal, T-Accounts, Unadjusted Trial Balance, Adjusted Trial Balance and Financial Statements. ( I attached the excel file)
Save the template using the following file name format: ACP_Firstname Lastname, Example: ACP_John Smith.
Go to Step 2 below. There is nothing to submit in Step 1.
- The project includes 11 required items. Complete required items 1 - 11 by entering the appropriate accounting information in your template.Please use your name as the name of the company for the purpose of completing titles in your excel documents (Ex. John Smith, Inc.). After completing items 1 - 11 save your final template using the following name format: ACCT_Project_Name, Example: ACCT_Project_Casey Martin.
- Make sure to use the two checkpoints provided under Step 7 and Step 8 and make the necessary corrections, if any.
- Record your answers to fill in the blank questions 1 to 30 under items 4, 7, 8, and 11 using the information from your template.
- Submit the completed excel file as an attachment in the link under Step 3.
- Click 'Start Quiz' to start ; here is the quizQuestion 1 options:Step 1:Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash LandNotes PayableDepreciation Expense Accounts ReceivableAccumulated DepreciationCommon StockSalaries Expense Supplies Accounts PayableRetained EarningsSupplies Expense Prepaid Insurance Deferred RevenueDividends Rent Expense Equipment Salaries PayableService RevenueInsurance Expense Dec 1:Issued common stock for $9,500 cash. Dec 1:Paid $1,320 in advance for a one-year insurance policy. Dec 1:Purchased equipment for $4,200 cash. Dec 5:Purchased supplies for $600 on account from XYZ Company. Dec 15:Provided services to customers for $6,800 cash. Dec 16:Provided services to customer ABC Inc. on account for $4,600. Dec 17:Received cash of $1,500 in advance from customers for services to be provided in January. Dec 22:Paid $230 to XYZ company for the Dec 5 purchase on account. Dec 23:Received $2,200 cash from customer ABC Inc., on account related to the Dec 16 transaction. Dec 25:Paid $850 rent for the current month. Dec 28:Paid salaries to employees $5,040 for work performed from Dec 1 to Dec 28. Dec 29:Declared and paid cash dividends of $550 to stockholders. Dec 30:Purchased land by signing a long-term note for $12,000. Step 2:Post all of the transactions from the "General Journal" tab to the T-accounts under the "T-Accounts/General Ledger" tab in the excel template file "Accounting Cycle Excel Template.xlsx". Assume there are no beginning balances in any of the accounts. Step 3:Compute the unadjusted balance for each T-account after all of the December entries have been posted. Step 4:Prepare the unadjusted trial balance on the "Unadjusted Trial Balance" tab. 1 - Provide the total of the credit column from the Unadjusted Trial Balance
| Step 5: | Record the December adjusting entries on the "General Journal" tab. |
Dec 31: One month insurance has been used.Dec 31: Supplies remaining at the end of the month total $90.Dec 31: The estimated depreciation on equipment is $70.Dec 31: Salaries incurred from December 29 to December 31 but not yet paid or recorded total $540.| Step 6: | Post all of the adjusting entries to the T-accounts under the "T-Accounts/General Ledger" tab. Compute the adjusted balance for each T-account after all of the adjusting entries have been posted. |
| Step 7: | Prepare the adjusted trial balance under the "Adjusted Trial Balance" tab as of December 31 in the excel template file "Accounting Cycle Excel Template.xlsx". |
Check point 1: Adjusted trial balance total debit/credit = $35,380
Provide the following amounts from the Adjusted Trial Balance: (Be sure to enter all numbers as positive and no answers should be left blank.)2 - Cash3 - Accounts Receivable4 - Supplies5 - Prepaid Insurance6 - Equipment7 - Land8 - Accumulated Depreciation9 - Accounts Payable10 - Deferred Revenue11 - Salaries Payable12 - Notes Payable13 - Common Stock14 - Retained Earnings| Step 8: | Prepare Income Statement, Statement of Stockholder's Equity, and Classified Balance Sheet under the "Financial Statements" tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx". |
Check Point 2: Total Assets $27,640
Provide the following amount from the Income Statement:15 - Service Revenue16 - Depreciation Expense17 - Salaries Expense18 - Supplies Expense19 - Rent Expense20 - Insurance Expense21 - Net Income
Provide the following account balances from the Classified Balance Sheet:22 - Total Current Assets23 – Total Long-Term Assets24 - Total Current Liabilities25 - Total Long-Term Liabilities26 - Total Liabilities27 - Total Stockholder's Equity
Provide the following account balance from the Statement of Stockholders' Equity:28 - Dividends| Step 9: | Record the closing entries under the "General Journal" tab. |
| Step 10: | Post all of the closing entries to the T-accounts under the "T-Accounts/General Ledger" tab. Compute the post closing balance for each T-account after all of the closing entries have been posted. |
| Step 11: | Prepare the post-closing trial balance for the month ended December 31, 20XX on the Post-Closing Trial Balance tab. |
29 - Provide the total of the debit column from the Post Closing Trial Balance.
30 - Provide the balance of the Retained Earnings T-account after closing entries have been posted.
- STEP 3 : After completing Step 2, upload your completed excel file using this link. Up to 50 points will be earned from this section based on completion. I will provide feedback on Step 2 and Step 3 in this section.