project. 1. Record transactions with journal entries in the General Journal. 2. Post journal entries to the General Ledger. 3. Prepare the trial balance before adjustment (on the worksheet). 4. Prepare the adjusting journal entries. 5. Post the adjusting entries to the General Ledger.
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- For Course Project Milestone 3: (due at the end of Week 8) Record the closing entries. Post the closing entries to the general ledger. Prepare the post-closing trial balance.The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.For Course Project Milestone 2: (due at the end of Week 5) Record the adjusting entries. Post the adjusting entries to the general ledger. Prepare the adjusted trial balance. Prepare the financial statements for the month of September.
- There are two research cases in this assignment. This assignment must be completed by 9:00 a.m. Monday, November 8, 2021. You will submit your answer directly on D2L. You may submit your response in either of the following ways: 1) following the link for the extra credit assignment under Submissions in this week’s content or 2) alternatively, you may follow the link at the top of D2L to Research and Exams. Select Research Assignment #5. (Don’t worry that D2L calls this submission a quiz). You will enter the Topic, Subtopic, Section, Paragraph in a fill in the blank question and your overall conclusion to this case. Example: ASC 100-10-45-4 (you do not need to enter what the guidance content) Research Case #1: Peronto’s Inc. is an asphalt contractor located in Kansas City, Mo. Peronto’s Inc. is planning on expanding into the Chicago market is budgeting that the start-up expenditures for the new Chicago facilities will be $25,000. These expenditures will be for the…Comprehensive Problem 1Part 4 and Part 6: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Account Name Post. Ref. Debit Credit fill in the blank 2 fill in the blank 4 b. Supplies…Comprehensive Problem 1Part 5: Work Sheet The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5. Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data. Insurance expired during May is $275. Supplies on hand on May 31 are $715. Depreciation of office equipment for May is $330. Accrued receptionist salary on May 31 is $325. Rent expired during May is $1,600. Unearned fees on May 31 are $3,210. If an amount box does not require an entry, leave it blank or enter "0". Kelly ConsultingEnd-of-Period Spreadsheet (Work Sheet)For the Month Ended May 31, 20Y8 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit…
- Required: Prepare a 10 column worksheet for the month ended February 28, 2015As an accounting intern at Roddick Company, you have been tasked with the review of certain transactions which dealt with intangible assets for the financial year ended December 31, 2020: A. January 5, 2020, Roddick Company application for a patent (August 2019) was granted. Legal and registration costs incurred were $140,000. The patent runs for 20 years. The manufacturing process will be useful to Roddick for 10 years. Required: Prepare the journal entry needed at the date of the transaction and on December 31, 2020 to record any resultant amortization.(Part1-3 posted just before) Comprehensive Problem 1Part 4 and Part 6: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Date Account Name Post. Ref. Debit Credit May 31 b.…
- On December 15, Great Designs Company hired an independent contractor for a project. The contractor completed the project on December 29 and submitted an invoice for $2,425 which was due on January 15. The amount was duly paid on January 15. a. Journalize the entry or entries necessary to record these transactions. If an amount box does not require an entry, leave it blank. Dec. 29 fill in the blank a2e476f8d034f82_2 fill in the blank a2e476f8d034f82_3 fill in the blank a2e476f8d034f82_5 fill in the blank a2e476f8d034f82_6 Jan. 15 fill in the blank a2e476f8d034f82_8 fill in the blank a2e476f8d034f82_9 fill in the blank a2e476f8d034f82_11 fill in the blank a2e476f8d034f82_12 b. Discuss how the accrual basis of accounting affects this (these) journal entry(ies). The first journal entry is required to record the of the independent contractor. This journal entry created in December's Income Statement and on December's Balance Sheet. The second…Lesson 6Posting the Journal Entry to the T-Accounts Learning Outcomes:Students are expected to:1. Post the journal entries into the T-accounts2. Determine the exact amount of the account On Jul1 1, 2016, Mr. Jan Jacob C. Solon opened the Hubbies Hair and Beauty Salon. The following transactions took place during the first month of operation:July 1 - Php 200,000.00 was invested by the owner.- Paid installation of utilities, Php 7,200.002 - Paid business permits and licenses to the government, Php 3,500.00Paid advance rent for the salon space, Php 10,000.003 - Purchased equipment on account amounting to Php 85,000.00 - Purchases salon supplies in cash, Php 25,000.005 - Served various customers and received cash, Php 9,600.007 - Rendered services, Php 12,000.00 and only 9,000 cash was received. The rest was on account.10 - Received cash, Php 8,200.00 from various customers.13 - Received Php 23,500.00 cash from various customers while Php 2,400.00 worth of services were…Explain why a provision should be made for the cost of cleaning the siteb) Prepare necessary journal entries for the period April 1, 2014 – March 31, Show all workings. c) Prepare the extracts of the financial statements for the year ended 31 March2015