complete the accounting cycle - Business Finance
You are an employee at a full service bookkeeping and auditing firm called Accounting Solutions. You have met with a new client, Jessi Jones, who needs some assistance with her first month of accounting records and financial statements.The client gives you the following information. Use this template to complete the accounting cycle for the month of April for Jessi’s Creative Design. Additional information is located on the Comprehensive Problem Instructions.
comprehensive_problem_template_part_1_update__1_.xlsx
course_project_instruction_sheet__2_.docx
practice_activity.xlsx
Unformatted Attachment Preview
Use this worksheet as REFERENCE ONLY. There is nothing to complete or change, but you will need to know what accoun
to be added, and by the end of Part 2 of the problem, all accounts will have been used at least once.
Assets
100
110
120
130
140
150
155
100
Cash
Accounts Receivable
Supplies
Prepaid Photo Subscriptions
Prepaid Advertising
Equipment
Accumulated Depreciation-Equipment
Liabilities
200
210
200
Accounts Payable
Unearned Revenue
eed to know what accounts are used in Jessis Creative Design business. No new accounts will need
Stockholderss
Equity
300
300
Common Stock
310
Dividends
320
Retained Earnings
Revenue
400
400
Service Revenue
Expense
500
510
520
530
500
Advertising Expense
Supplies Expense
Photo Expense
Depreciation Expense
Jessis Creative Design
T-Account Ledger
Cash
Bal.
100
0
Bal.
Bal.
Bal.
Accounts Receivable 110
0
Bal.
Equipment
0
150
Accumulated Depreciation-Equipment 155
Bal.
Bal.
Bal.
Commom Stock
Bal.
Bal.
300
0
Retained Earnings
Bal.
Bal.
320
s Receivable 110
Supplies
Bal.
120
0
Bal.
Bal.
Bal.
preciation-Equipment 155
0
Prepaid Photo Subscription
Prepaid Avdertising 140
0
Bal.
Service Revenue
23
Bal.
Earnings
320
0
Dividends
0
Bal.
310
Depreciation Expense
Bal.
24
Bal.
Bal.
4
Prepaid Photo Subscriptions 130
0
Bal.
Advertising Expense
0
500
Bal.
Service Revenue
Bal.
400
0
Bal.
Depreciation Expense
0
Bal.
Supplies Expense
0
510
Photo Expense
0
520
Bal.
530
Bal.
Bal.
Accounts Payable
200
Bal.
0
Bal.
Unearned Revenue
Bal.
Bal.
210
0
PART 1
Prepare the journal entries for the month of April for Jessis Creative Design.
Journal
Date
Accounts
Post. Ref
Debit
Credit
PART 1
Prepare the unadjusted trial balance for Jessis Creative Design.
Jessis Creative Design
Unadjusted Trial Balance
April 30, 20XX
Account
100
110
120
130
140
150
200
210
300
310
400
500
Cash
Accounts Receivable
Supplies
Prepaid Photo Subscriptions
Prepaid Advertising
Equipment
Accounts Payable
Unearned Revenue
Common Stock
Dividends
Service Revenue
Advertising Expense
Debit
Credit
Financial Accounting I Comprehensive
Problem
PART 1
Journalizing Entries, Posting to the Ledger, and Preparing the Unadjusted Trial
Balance
You are an employee at a full service bookkeeping and auditing firm called Accounting
Solutions. You have just started doing general bookkeeping services for clients when
your manager introduces you to your new client, Jessi Jones.
Jessi is graduating this quarter with a degree in digital design. She requests help setting
up and keeping the books for her new company, Jessi’s Creative Design. Jessi will hire a
CPA to file all tax forms and apply with the IRS for a tax ID number. You will keep the
books and send them to the CPA and Jessi monthly.
Jessi has already created a chart of accounts, numbering her account categories as
follows:
Assets 100
Liabilities 200
Stockholder’s equity 300
revenue 400
expense 500.
Review the chart of accounts tab in the template and familiarize yourself with the
accounts to be used in this problem.
Next, Jessi numbered the accounts within the categories, being sure to leave numbers
open for possible future needs to add accounts. You will not need to add new accounts
for this problem.
After Jessi’s Creative Design’s first month of operations Jessi delivers to you a stack of
invoices, check stubs, receipts and her first VISA-Business bill. You must decipher these
in order to enter them into the accounts. After sorting through the source documents,
you have made a list of transactions for the first month, April. Required for Part 1 of the
Comprehensive Problem, you will complete the following tasks:
1. Journalize the April transactions in a journal.
2. Post the journal entries to the T-accounts.
3. Create an Unadjusted Trial Balance
List of April Transactions
April 1. Jessi invested $15,000 in the company, resulting in her receipt of Common
Stock.
April 2. Jessi purchased from Best Buy a computer and printer/ fax/ copier and
monitor and software for $4000 on account. She procured a 12-month, no interest
credit arrangement and will make monthly payments to Best Buy. You decide this
will all be categorized as equipment, since it’s going to be used for a number of
periods in the business.
April 3. Jessi set up a credit account with an office supply store for supplies, and
purchased supplies including printer paper, CDs, and ink for the printer for $200 on
account. Jessi gave you the bill but she does not have to make a payment until the
end of the month.
April 4. Jessi purchased a comfortable desk chair from a department store for $325,
paying cash. You decide this will be classified as equipment.
April 7. Jessi decided to develop a logo and other advertising materials for her car and
customers. She had them printed and had her car painted with the new logo. Jessi
paid $300 cash for the advertising. You decide this will be expensed in the current
month. (Hint: Since this is advertising that will all be expensed in the current month,
what is the correct account to use?)
April 8. Jessi negotiated a business transaction with a local restaurant who is just
opening. She has contracted with them to work on a logo, menu, and flyers for the
restaurant. The restaurant owner made a $200 cash down payment to Jessi to be
used against the first month’s bill. Jessi will bill the customer monthly based on her
hours worked on the account. (Hint: Jessi hasn’t done any work yet, she has only
agreed to do work in the future for the restaurant. This means she has an obligation
to either do the work, or give the money back.)
April 9. Jessi designed a flyer for a local bakery and was paid cash of $150 for her
work.
April 12. Jessi designed a CD cover for a friend who is a drummer in a local band. She
was paid $800 cash for her work.
April 14. Jessi designed some Point Of Sale material for a local coop market. She sent
them an invoice for $600 for her work due on the last day of the month.
April 22. Jessi set up a subscription account to purchase stock photos for artwork to be
used in her design work for $300. This is a prepaid asset until Jessi uses the photos.
(Hint: This transaction will use the two following accounts: Cash and Prepaid Photo
Subscriptions. You decide how they will be affected.)
April 23. Jessi designed and set up a website, email account, etc. for herself. She paid
$480 to register everything and will expense $40 per month against this amount.
(Hint: Jessi is paying for advertising for a full year today, but will only “use up” $40
of that amount each month-the $40 figure is related to one of the adjusting entries
in Part 2, and will not be used in this transaction. It’s extra information right now.)
April 24. Jessi wrote a check to herself to cover personal living expenses in the
amount of $1,200. (Remember, when the stockholder’s receive money from the
business, it is called a dividend. Jessi doesn’t get to call her personal costs business
expenses- that would be a violation of the business entity concept.)
April 30. Jessi made her first monthly payment on the computer to Best Buy in the
amount of $352. (Hint: This is one of the previous charges she made, which she is
now paying on account.)
April 30. Jessi made a payment for supplies to the supply store of $75. (Hint: This is
one of the previous charges she made, and she is now making a payment on
account.)
April 30. Jessi received a check from the local coop market for $250 in partial payment
of the invoice sent to them on April 14th.
April 30. Jessi worked on a business card and logo for a local quilting shop. She did
not finish the work and there will be more work completed for this company in the
next month so she billed them for 15 hours of work completed now at $85 per hour.
(This is a new client who has not paid her in advance. Treat this as a new billing to a
customer for services performed.)
2. Post the transactions to the T accounts.
3. Prepare an unadjusted trial balance.
PART 2
Month End Adjusting Entries, Financial Statements and the Closing Process
Jessi is anxious to find out if she has earned any profit the first month of her
operations. You have to adjust the accounts to bring them up to date before you can
prepare the financial statements. For Part 2 of the Comprehensive Problem, you will
complete the following tasks:
1. Journalize the adjusting entries.
April 30. The depreciation on the equipment is $110.
April 30. The supplies remaining on hand at the end of the month total $140.
April 30. The balance in the photo subscriptions web site is $245. (Hint: Of the $300
that she had in the PPD Subscriptions account, how much has now been used up?
The expense account to use here is called “Photo Expenses.”)
April 30. The monthly amount for advertising via the web site and email account
must be expensed. (Hint: Refer to the original entry above for the amount per month
to be expensed- remember, she originally paid $480 for one year worth of these
services, now she has used up one month worth. What is the entry that adjusts the
books for this?)
April 30. Jessi determined she performed $1,200 worth of work for the restaurant.
She has already received some of the cash on the 8th of the month. Now she needs
to invoice the restaurant for the remainder and record the revenue earned. (Hint:
Refer to the entry for clues about what she needs to do in the entry for the
restaurant- they have already paid her some of this. This entry will affect THREE
accounts.)
2. Post the adjusting entries to the T accounts.
3. Prepare an adjusted trial balance.
4. Create the financial statements in proper form.
a. Prepare the income statement using the single-step method.
b. Prepare the statement of retained earnings.
c. Prepare the balance sheet in account form.
5. Journalize the closing entries.
6. Post the closing entries to the T accounts.
7. Prepare a post closing trial balance.
Module 2 Demonstration Problem
The following are the transactions for Smith Construction for the month of June. The balances from May have been inser
During June the following transactions occurred:
1-Jun Smith sold $5000 of common stock to his brother for cash
5-Jun Smith purchased supplies for $500 on account
7-Jun Performed work on an addition and received $20,000 in cash
10-Jun Paid $1200 cash for tools
14-Jun Built a deck for $15,000 and sent a bill to the customer
18-Jun Paid off the accounts payable balance
22-Jun Installed a garage door and opener for $5000 cash
24-Jun Billed a customer $800 for a bid
26-Jun Received $18000 from a customer on account
28-Jun Had a delivery truck repaired $1,000
30-Jun Paid rent of $1000
30-Jun Paid salaries of $7,000
30-Jun Paid $2500 in dividends
Requirements:
1
Journalize the transactions (explanations are not necessary).
Date
June
Accounts
1
5
7
10
14
18
22
24
26
28
Cash
Common Stock
Supplies
Accounts Payable
Cash
Service Revenue
Tools
Cash
Accounts Receivable
Service Revenue
Accounts Payable
Cash
Cash
Service Revenue
Accounts Receivable
Service Revenue
Cash
Accounts Receivable
Repair Expense
Post Ref.
10
30
14
20
10
40
18
10
12
40
20
10
10
40
12
40
10
12
54
Cash
30 Rent Expense
Cash
30 Salary Expense
Cash
Dividends
30
Cash
2
Post the transactions to the T accounts. Use cell formulas when coping from the journal to the ledger. Use f
Cash
Bal.
1
7
22
26
13,440
5,000
20,000
5,000
18,000
Bal.
47,240
Supplies
Bal.
5
Bal.
10
18
28
30
30
30
10
1,200
1,500
1,000
1,000
7,000
2,500
Accounts Receivable
Bal.
3,280 26
14
15,000
24
800
Bal.
1,080
12
18,000
Accounts Payable
18
14
Equipment
Bal.
24,000
16
Tools
10
Bal.
50
Rent Expense
Bal.
1,000
30
1,000
Bal.
2,000
52
Repair Expense
28
Bal.
1,000
500
1,500
Salary Expense
Bal.
3,780
30
7,000
Bal.
10,780
3
10
52
10
50
10
32
10
Prepare a trial balance for Smith Construction as of June 30. Use cell formulas when copying from the ledge
Smith Construction
Trial Balance
30-Jun
Account
Debit
Credit
10
12
14
16
18
20
30
32
40
50
52
54
Cash
Accounts Receivable
Supplies
Equipment
Tools
Accounts Payable
Common Stock
Dividends
Service Revenue
Salary Expense
Rent Expense
Repair Expense
47,240
1,080
1,500
24,000
1,200
0
41,000
3,900
51,700
10,780
2,000
1,000
92,700
92,700 <---Final note: the total
there are errors in your
item from the other an
entered a debit balance
t-accounts. If those are
to see if there is an erro
nces from May have been inserted in the T accounts.
Debit
Credit
5,000
Cash was received, so increase with a debit. Common stock was issued, so increase with
5,000
500
Supplies were purchased so increase with a debit. Paid for by charging, so increase liabil
500
20,000
Cash received so increase with a debit, reason cash was received was due work being co
20,000
1,200
Tools purchased so increase with a debit. Paid for with cash so decrease with a credit.
1,200
15,000
Work performed and billed out to customers, so increase accounts receivable with a deb
15,000
1,500
5,000
800
18,000
1,000
Paid off obligations in full- look to the t-account below. Beginning balance of 1000 + pur
1,500 Decrease accounts payable with a debit, decrease cash with a credit.
Cash received so increase with a debit, reason cash was received was due work being co
5,000
Work performed and billed out to customers, so increase accounts receivable with a deb
800
Cash receiveded so increase with a debit. Customer is paying off their prior charges, so r
18,000
Increase repair expense with a debit, decrease cash with a credit.
1,000
1,000
Increase rent expense with a debit, decrease cash with a credit.
1,000
7,000
Increase salary expense with a debit, decrease cash with a credit.
7,000
2,500
Increase dividends with a debit, decrease cash with a credit.
2,500
78,500
78,500
he journal to the ledger. Use formulas when balancing the ledgers
Accounts Payable
1,500 Bal.
5
20
1,000
500
Bal.
0
Tools
18
Service Revenue
54
Bal.
1
Bal.
30
36,000
5,000
41,000
Common Stock
1,200
1,200
Repair Expense
1,000
1,000
Bal.
7
14
22
24
Bal.
40
10,900
20,000
15,000
5,000
800
51,700
Dividends
Bal.
1,400
30
2,500
Bal.
3,900
when copying from the ledger to the trial balance.
32
For the first transaction, note the color c
These illustrate the posting process. Onc
preparation for completion of the Unadj
Cor Cash and Common Stock, note the color coding of the balances from the T-accounts
to the trial balance here. This is where the balances come from.
<---Final note: the total debits and credits MUST balance in the trial balance otherwise
there are errors in your work. To begin the error correction process, subtract one
item from the other and see if that figure looks familiar. Check to be sure you havent
entered a debit balance as a credit or vice versa. Also check your math on your
t-accounts. If those arent in error, trace your posts from the journal to the t-accounts
to see if there is an error in posting.
eceived was due work being completed so increase service revenue with a credit.
eginning balance of 1000 + purchase on account of 500 on the 8th = 1500 owed.
eceived was due work being completed so increase service revenue with a credit.
rst transaction, note the color coded items in the Cash and Common Stock accounts.
strate the posting process. Once complete, calculate the balances of all T-accounts in
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