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You are the owner of a startup business that provides a
service. Because you were a startup, you decided to keep your books. Because
your intention is to grow your business and you are familiar with US GAAP, you
decided to keep your books using the accrual accounting method so the company’s
transactions and financial status would be easily understandable for potential
investors. Here are the transactions you will journalize, add to ledgers and
adjust where necessary.
accounting_project__1_1_.xlsx

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LEDGER OF ACCOUNTS
Asset Accounts
Cash
Inventory
Prepaid Rent
Prepaid Insurance
Operating Equipment
Accumulated Depreciation (Op Eq)
Accounts Receivable
Notes Receivable
Land
Revenue Accounts
Acct #
101
102
103
104
105
106
107
108
109
110
111
112
Liability Accounts
Acct #
201
202
203
204
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Equity Accounts
Common Stock
Dividends
Acct #
301
302
Service Revenue
Sales Revenue
Acct #
401
402
Expense Accounts
Office Supplies Expense
Wages Expense
Travel Expense
Meals & Entertainment
Rent Expense
Insurance Expense
Telephone Expense
Interest Expense
Depreciation Expense
Misc. Expense
Cost of Goods Sold
Tax Expense
Acct #
501
502
503
504
505
506
507
508
509
510
511
512
Journal Entries
Put entries in shaded cells
Date
Account Name / Ledger #
All Journal entries should balance to ZERO —–>
Debit
Credit
0.00
T-Accounts (Assets)
DEBIT
CREDIT
Date
Q1-Q3
Cash – 101
53,619.08
Balance
53,619.08
53,619.08
DEBIT
Date
Q1-Q3
Oct
Nov
Balance
CREDIT
Prepaid Insurance – 104
500.00
250.00
250.00
500.00
0.00
DEBIT
Date
Q1-Q3
Balance

500.00
CREDIT
Accounts Receivable – 107

0.00

T-Accounts (Liabilities)
DEBIT
Date
Q1-Q3
CREDIT
Notes Payable – 201

Balance
DEBIT
Date
Date
Q1-Q3
Wages Payable – 203
0.00
CREDIT
Accounts Payable – 202

Balance
CREDIT
Balance
0.00
DEBIT
DEBIT
Date
CREDIT
Interest Payable – 204
Balance
0.00
0.00
T-Accounts (Equity & Revenue)
DEBIT
Date
Q1-Q3
CREDIT
Service Revenue – 401

Balance
DEBIT
0.00
CREDIT
DEBIT
Date
Q1-Q3
CREDIT
Sales Revenue – 402

Balance
DEBIT
0.00
CREDIT
T-Accounts (Expenses)
DEBIT
Date
Q1-Q3
Balance
845.00
845.00
DEBIT
Date
Q1-Q3
Balance
Balance
DEBIT
Balance
36,900.00
36,900.00
DEBIT
Balance
13,500.00
13,500.00
DEBIT
Date
Q1-Q3
Balance
Balance
3,000.00
3,000.00
DEBIT
Date
Q1-Q3
Oct
Nov
Balance
CREDIT
Date
Q1-Q3
Balance

CREDIT
Insurance Expense – 506
2,250.00
250.00
250.00
2,750.00
2,750.00
DEBIT
Interest Expense – 508

0.00
CREDIT
Travel Expense – 503
3,000.00
CREDIT
Rent Expense – 505
13,500.00
CREDIT
DEBIT
Date
Q1-Q3

Date
Q1-Q3

Telephone Expense – 507
1,200.00
1,200.00
1,200.00
Wages Expense – 502
36,900.00
CREDIT
159.92
159.92
CREDIT
Date
Q1-Q3

Meals & Entertainment – 504
159.92
DEBIT
Date
Q1-Q3
CREDIT
Office Supplies Expense – 501
845.00

CREDIT
Depreciation Expense – 509

0.00

Trial Balance
Account
Cash – 101
Inventory – 102
Prepaid Rent – 103
Prepaid Insurance – 104
Operating Equipment – 105
Accumulated Depreciation (Op Eq) – 106
Accounts Receivable – 107
Notes Receivable – 108
Land – 109
0
0
0
Notes Payable – 201
Accounts Payable – 202
Wages Payable – 203
Interest Payable – 204
0
0
Common Stock – 301
Dividends – 302
Service Revenue – 401
Sales Revenue – 402
0
0
Office Supplies Expense – 501
Wages Expense – 502
Travel Expense – 503
Meals & Entertainment – 504
Rent Expense – 505
Insurance Expense – 506
Telephone Expense – 507
Interest Expense – 508
Depreciation Expense – 509
Misc. Expense – 510
Cost of Goods Sold – 511
Tax Expense – 512
Totals
Unadjusted trial balance
Debit
53,619.08

Adjusting entries
Debit
Credit
Credit
Adjusted trial balance
Debit
Credit
53,619.08






845.00
36,900.00
3,000.00
159.92
13,500.00
2,750.00
1,200.00

111,974.00
845.00
36,900.00
3,000.00
159.92
13,500.00
2,750.00
1,200.00




111,974.00

Adjusting Journal Entries
Put entries in shaded cells
Date
Account Name / Ledger #
All Journal entries should balance to ZERO —–>
Debit
0.00
s
Credit
0.00
Income Statement
Oct – Dec
Revenues:
Service Revenue
Sales Revenue
Total Revenues

Gross Profit

Office Supplies Expense
Wages Expense
Travel Expense
Meals & Entertainment
Rent Expense
Insurance Expense
Telephone Expense
Depreciation Expense
Misc. Expense
Total Operating Expenses

PBIT Income

Net Income

Cost of Goods Sold
Operating Expenses:
Interest Expense
Tax Expense
Balance Sheet
Assets
Liabilities and Owners’ Equity
Current Assets:
Cash
Current Liabilities:
Total Current Liabilities

Long-Term Liabilities:
Total Long-Term Liabilities
Total Current Assets

Long-Term/Fixed Assets:

Total Liabilities:

Total Equity:

Total Liabilities & Equity:

Equity:
Less Accumulated Depreciation
(contra account)
Total Long-Term/Fixed Assets

Total Assets:


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