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Full Accounting Cycle Project Scenario: On August 1, 2022, the following were the account balances of Beam's Repair Services. Account Balances for Beam's Repair Services Debit $ 6,040 Accumulated Depreciation-Equipment 2,910 4,000 1,030 10,000 Cash Accounts Receivable Notes Receivable Supplies Equipment Aug. 1 Transactions: During August, the following summary transactions were completed. 3 Aug. 1 $23,980 3 5 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Transactions: During August, the following summary transactions were completed. 10 Credit 600 2,300 1,260 1,420 12,000 6,400 $23,980 Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. $ Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Purchased store equipment on account $2,000. Paid creditors $2,000 of accounts payable due. Paid August rent $380. Received $1,200 cash from customers in payment on account. Paid $3,120 for salaries due to employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. 12 15 20 22 Purchased supplies on account $800. 25 Paid $2,900 cash for employees' salaries. 27 Billed customers $3,760 for services performed. 29 Received $780 from customers for services to be performed in the future. Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate.

Full Accounting Cycle Project Scenario: On August 1, 2022, the following were the account balances of Beam's Repair Services. Account Balances for Beam's Repair Services Debit $ 6,040 Accumulated Depreciation-Equipment 2,910 4,000 1,030 10,000 Cash Accounts Receivable Notes Receivable Supplies Equipment Aug. 1 Transactions: During August, the following summary transactions were completed. 3 Aug. 1 $23,980 3 5 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Transactions: During August, the following summary transactions were completed. 10 Credit 600 2,300 1,260 1,420 12,000 6,400 $23,980 Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. $ Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Purchased store equipment on account $2,000. Paid creditors $2,000 of accounts payable due. Paid August rent $380. Received $1,200 cash from customers in payment on account. Paid $3,120 for salaries due to employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. 12 15 20 22 Purchased supplies on account $800. 25 Paid $2,900 cash for employees' salaries. 27 Billed customers $3,760 for services performed. 29 Received $780 from customers for services to be performed in the future. Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 10E: Spreadsheet The following 2019 information is available for Payne Company: Partial additional...
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Full Accounting Cycle Project Scenario: On August 1, 2022, the following were the account balances of Beam's Repair Services. Account Balances for Beam's Repair Services Debit Credit $ 6,040 Accumulated Depreciation-Equipment $ 600 2,910 Accounts Payable 2,300 4,000 Unearned Service Revenue 1,260 1,030 Salaries and Wages Payable 1,420 10,000 Common Stock 12,000 Retained Earnings 6,400 $23,980 Cash Accounts Receivable Notes Receivable Supplies Equipment Transactions: During August, the following summary transactions were completed. Aug. 1 3 Aug. 1 $23,980 Transactions: During August, the following summary transactions were completed. 3 5 10 Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. Received $1,200 cash from customers in payment on account. Paid $3,120 for salaries due to employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. 12 15 Purchased store equipment on account $2,000. 20 Paid creditors $2,000 of accounts payable due. 22 Purchased supplies on account $800. 25 Paid $2,900 cash for employees' salaries. 27 Billed customers $3,760 for services performed. 29 Received $780 from customers for services to be performed in the future. Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. To-Do:
Transcribed Image Text:Full Accounting Cycle Project Scenario: On August 1, 2022, the following were the account balances of Beam's Repair Services. Account Balances for Beam's Repair Services Debit Credit $ 6,040 Accumulated Depreciation-Equipment $ 600 2,910 Accounts Payable 2,300 4,000 Unearned Service Revenue 1,260 1,030 Salaries and Wages Payable 1,420 10,000 Common Stock 12,000 Retained Earnings 6,400 $23,980 Cash Accounts Receivable Notes Receivable Supplies Equipment Transactions: During August, the following summary transactions were completed. Aug. 1 3 Aug. 1 $23,980 Transactions: During August, the following summary transactions were completed. 3 5 10 Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. Transactions Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid August rent $380. Received $1,200 cash from customers in payment on account. Paid $3,120 for salaries due to employees, of which $1,700 is for August and $1,420 is for July salaries payable. Received $2,800 cash for services performed in August. 12 15 Purchased store equipment on account $2,000. 20 Paid creditors $2,000 of accounts payable due. 22 Purchased supplies on account $800. 25 Paid $2,900 cash for employees' salaries. 27 Billed customers $3,760 for services performed. 29 Received $780 from customers for services to be performed in the future. Adjustment data: 1. A count shows supplies on hand of $960. 2. Accrued but unpaid employees' salaries are $1,540. 3. Depreciation on equipment for the month is $320. 4. Services were performed to satisfy $800 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. To-Do:
To-Do: A. Enter the August 1 balances in the ledger accounts. (Use T-accounts.) **Recommended turn-in point #1** B. Journalize the August transactions. C. Post to the ledger accounts. The chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenue, Advertising Expense, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. D. Prepare a trial balance as of August 31. **Recommended turn-in point #2** E. Journalize and post adjusting entries. F. Prepare an adjusted trial balance. **Recommended turn-in point #3** G. Prepare an income statement and a retained earnings statement for August and a classified balance sheet on August 31. **Recommended turn-in point #4** H. Journalize and post-closing entries and complete the closing process. I. Prepare a post-closing trial balance as of August 31. **Recommended turn-in point #5** Due to the compounding nature of the to-do list, I highly recommend turning this project in multiple times. This will ensure you are on the right track before getting too far into the project.
Transcribed Image Text:To-Do: A. Enter the August 1 balances in the ledger accounts. (Use T-accounts.) **Recommended turn-in point #1** B. Journalize the August transactions. C. Post to the ledger accounts. The chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenue, Advertising Expense, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. D. Prepare a trial balance as of August 31. **Recommended turn-in point #2** E. Journalize and post adjusting entries. F. Prepare an adjusted trial balance. **Recommended turn-in point #3** G. Prepare an income statement and a retained earnings statement for August and a classified balance sheet on August 31. **Recommended turn-in point #4** H. Journalize and post-closing entries and complete the closing process. I. Prepare a post-closing trial balance as of August 31. **Recommended turn-in point #5** Due to the compounding nature of the to-do list, I highly recommend turning this project in multiple times. This will ensure you are on the right track before getting too far into the project.
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