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Accounting 251




;;Fall 2014 - ACCT 251;Practice Set;Worth 100 points;Contents;Instructions;Chart of Accounts;Part 1 ? Due Monday, September 29 th (worth 50 points);Journal Entries for External Transactions;T Accounts;Journal Entries for Adjusting Entries;Adjusted Trial Balance;Part 2 ? Due Monday, November 10 th (worth 50 points);Multi-step Income Statement;Statement of Retained Earnings;Classified Balance Sheet;Journal Entries Closing Entries;T Accounts;Post-Closing Trial Balance;Ratios;Name;Instructions;Work practice set in pencil, scan, and submit as a file attachment or;Type your work in the space provided and submit as a file attachment or;Use your own format in word or excel and submit as a file attachment or;The correct Adjusted Trial Balance will be posted after the Part 1 due date so you can correct any errors in your Adjusted Trial Balance before beginning Part 2.;Part 1 (Due Monday, September 29 th);1. Prepare journal entries to record external transactions.;2. Post journal entries to T accounts.;3. Prepare journal entries to record adjusting entries.;4. Post the adjusting entries to the T accounts from step 2 (include a balance on each account);5. Prepare an adjusted trial balance.;Part 2 (Due Monday, November 10 th);6. Prepare, using good form, a multi-step income statement, a statement of retained earnings, and a classified balance sheet.;7. Prepare closing journal entries.;8. Post the closing entries to the T accounts from step 2 (include a new balance on each account);9. Prepare a post closing trial balance.;10. Calculate ratios.;Cook, Books, and Hyde Bookkeeping Services Chart of Accounts;Account Name;Cash;Accounts Receivable;Allowance for Doubtful Accounts;Prepaid Rent;Office Equipment;Accumulated Depreciation ? Office Equipment;Accounts Payable;Salaries Payable;Interest Payable;Unearned Revenue;Notes Payable;Common Stock;Retained Earnings;Dividends;Bookkeeping Revenue;Operating Expenses;Salaries Expense;Depreciation Expense;Interest Expense;Rent Expense;Bad Debt Expense;Income Summary;Cook, Books, and Hyde Bookkeeping Services External Transactions;Cook, Books, and HydeBookkeeping Services is organized on January 1, 2014. The following tra


Paper#74118 | Written in 18-Jul-2015

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