Question;ACCOUNTING 2303 INTERMEDIATE ACCOUNTING IPROJECT INFORMATION AND INSTRUCTIONSAn excel worksheet is provided to complete this project. All information is to be completed in the excelworksheet and then submitted for grading. This project is worth 100 points.Project DataFor several years, Chuck Berry has operated a part-time consulting business from his home. As ofOctober 1, 2012, Chuck decided to move to rented offices and to operate the business as a professionalcorporation, which was to be known as Epic Consulting on a full-time basis. During the month ofOctober, the company entered into the following transactions.Oct. 1 The following assets were received from Chuck Berry in exchange for capital stock: Cash$ 12,000, accounts receivable, $ 6,000, supplies, $ 1,500, and office equipment, $ 9,000. Noliabilities were transferred to the new company by Chuck.1 Paid three month?s rent on the office space. $ 4,8002 Paid the premiums on property and casualty insurance policies, $ 3,0004 Received cash from clients as an advance payment for services to be provided and recorded itas unearned fees, $ 4,000.5 Purchased additional office equipment on account from Office Station, Co. $ 2,0006 Received cash from clients on account, $ 3,50010 Paid cash for a newspaper advertisement, $ 40012 Paid Office Station, Co. for part of the debt incurred on Oct. 5, $ 1,00012 Recorded services provided on account for the period October 1 ? 12, $ 6,00014 Paid part-time receptionist for two weeks? salary, $ 1000RECORD THE FOLLOWING TRANSACTIONS ON PAGE 2 OF THE JOURNAL17 Recorded cash from cash clients for fees earned during the period October 1 ? 14, $ 7,50018 Paid cash for supplies, $ 75020 Recorded services provided on account for the period October 13 ? 20, $ 5,20024 Recorded cash from cash clients for fees earned for the period October 17 ? 24, $ 3,70026 Received cash from clients on account, $5,50027 Paid part-time receptionist for two weeks? salary, $ 1,00029 Paid telephone bill for October, $ 25031 Paid electricity bill for October, $ 30031 Recorded cash from cash clients for fees earned for the period October 25 ? 31, $ 2,80031 Recorded services provided on account for the remainder of October, $ 3,00031 Paid dividends of $ 8,000INSTRUCTIONS1. Journalize each transaction in a two-column journal starting on Page 1, referring to thefollowing chart of accounts in selecting the accounts to be debited and credited.11 Cash12 Accounts Receivable14 Supplies15 Prepaid Rent16 Prepaid Insurance18 Office Equipment19 Accumulated Depreciation21 Accounts Payable22 Salaries Payable23 Unearned Fees31 Capital Stock31 Retained Earnings33 Dividends41 Fees Earned51 Salary Expense52 Rent Expense53 Supplies Expense54 Depreciation Expense55 Insurance Expense59 Miscellaneous Expense2. Post the journal to a ledger of four-column accounts.3. Prepare an unadjusted trial balance.4. At the end of October, the following adjustment data were available. Analyze and use this datato complete parts 5 and 6 below.a. Insurance expired during October is $ 250b. Supplies on hand on October 31 are $ 700c. Depreciation of office equipment for October is $ 300d. Accrued receptionist salary on October 31 is $ 250e. Rent expired during October is $ 1,600f. Unearned fees on October 31 are $ 1,8005. Enter the unadjusted trial balance on an end-of-period spreadsheet (worksheet) and completethe worksheet.6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the Journal.7. Prepare an adjusted trial balance.8. Prepare an income statement, a retained earnings statements and a balance sheet.9. Prepare and post the closing entries. (Income Summary is account # 34 in the chart ofaccounts.) Record the closing entries on Page 4 of the journal. Indicate closed accounts byinserting a line in both the Balance columns opposite the closing entry.10. Prepare a post-closing trial balance.11. Save your completed excel worksheet and submit for grading.
Paper#42965 | Written in 18-Jul-2015Price : $52