ACC 3010 Essay

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ACC 3010
Project 2
Fall 2013

DUE Friday November 1, 2013– This project is due on November 1st before 4:00 pm and is to be submitted in the Accounting Lab – room 200 in the Rands House. The hours for submission of and help with the project will be posted on the class Blackboard site. You will sign your project in to create a record of its being submitted. Be sure your name and the name of your TA are on the front page of the project.

This project is a continuation of Project 1, FRM Consulting Inc. An additional 11 months have passed since Project 1 (we are now at June 30, 2013 the company’s yearend). The friends have expanded the shop to include sales of electronic tablets. The new company name is FRM Consulting & Sales Inc.
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Prepare the adjusting journal entry(s) necessary for uncollectible accounts expense using the aging of accounts receivable of accounting for bad debts as computed on the worksheet (these must be handwritten).The entry must be included with your other journal entries to receive credit.

5. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These must be hand written.

6. Prepare the necessary closing entries (these must be handwritten).

7. Prepare the 3 financial statements for the year ended June 30, 2013 (multi step income statement, classified balance sheet, and statement of retained earnings). Even though you are preparing a multi-step income statement, you still need to list the various expenses individually on the income statement for consideration of full credit. These 3 statements must be typed. Also you must include appropriate dollar signs and appropriate underlines and correct formatting for the statements to receive full credit.

8. REQUIRED TO TURN IN (in this order): Typed multi-step income statement, Typed statement of retained earnings, Typed classified balance sheet, Typed Perpetual Inventory cards, Handwritten worksheet for uncollectible accounts expense calculations, and Handwritten June Journal Entries, the additional adjusting entries and all necessary closing entries. Be sure your name is on all pages.

Inventory Information

Inventory on hand at the beginning of June:

Units
Cost /
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