Accounting entries

Hi good afternoon! It’s me Tori again. 📚

You have been so helpful, can you help me finish this project please. of course I will tip.

I attached the excel file so you dont have to make your own.

It’s five tabs to complete. Thank u so much for ur help

ACCU 602: Assignment #1 Accounting Cy
Requirement
Part A
1
2
3
Part B
4
5
6
7
8
9
10
ACCU 602: Assignment #1 Accounting Cycle Project
Requirement Description
Prepare the Journal Entries in the General Journal
Post Journal Entries to the General Ledger
Prepare a Trial Balance
Prepare the Adjusting Entries
Post Adjusting Entries to the General Ledger
Prepare an Adjusted Trial Balance
Prepare the Financial Statements
Prepare the Closing Entries
Post Closing Entries to the General Ledger
Prepare the Post Closing Trial Balance
unting Cycle Project
Worksheet
Journal Entries
General Ledger
Click on the worksheet
link to complete the
corresponding
Requirement or the Project
Instructions button below
for an overview.
Trial Balance
Adjusting Entries
Project Instructions
General Ledger
Adjusted TB
Financial Statements
Closing Entries
General Ledger
Post Closing TB
Assignment #1 Overview
The Accounting Cycle Project consists of 10 Requirements for you to complete. The Accounting Cycle Project is due
at the end of Week 5. All of the information you need to complete the Course Project is located in this Workbook.
• There are eight worksheets in the workbook you will need to complete.
• A list of January transactions
• A Chart of Accounts reference sheet
• A Grading Rubric to help explain what is expected.
• Each worksheet has the Check Figures embedded as a comment.
Scenario
Moonlight Bay Inn is incorporated on January 2, 2025, by its three owners, each of whom contributes $20,000 in cash
in exchange for shares of stock in the business. In addition to the sale of stock, the following transactions are entered
into during the month of January: (See January Transactions Tab)
Before you Begin:
Review Chapters 3 and 4
Review the Chart of Accounts and January Transactions worksheets for your reference. You will need to refer to both
throughout the project.
Review the Grading Criteria.
SAVE your work frequently in this workbook.
Requirements
Guidelines
Use the embedded assistance in the template and guidance in your textbook. Should you have any questions
contact your professor.
Some cells have a red triangle in the upper right hand corner. Hover over the cell to see the check figures.
Use the check figures to see what the balances should be.
During its first month of operation, Moonlight Bay Inn completed the following
transactions.
January Transactions
Date
Jan. 2
Transaction Description
Began business by each of the three owners contributing
$20,000 in cash each in exchange for shares of stock in the
business.
Jan. 2
A Victorian inn is purchased for $50,000 in cash. An appraisal
performed on this date indicates that the land is worth $15,000,
and the remaining balance of the purchase price is attributable
to the house. The owners estimate that the house will have an
estimated useful life of 25 years and an estimated salvage
value of $5,000.
Jan. 3
A two-year, 12%, $30,000 promissory note was signed at Second
State Bank. Interest and principal will be repaid on the maturity
date of January 3, 2027.
Jan. 4
New furniture for the inn is purchased at a cost of $15,000 in
cash. The furniture has an estimated useful life of ten years and
no salvage value.
Jan. 5
A 24-month property insurance policy is purchased for $6,000 in
cash.
Jan. 6
An advertisement for the inn is placed in the local newspaper.
Moonlight Bay pays $450 cash for the ad, which will run in the
paper throughout January.
Jan. 7
Cleaning supplies are purchased on account for $950. The bill is
payable within 30 days.
Jan. 15
Wages of $4,230 for the first half of the month are paid in cash.
Jan. 16
A guest mails the business $980 in cash as a deposit for a room
to be rented for two weeks. The guest plans to stay at the inn
during the last week of January and the first week of February.
Jan. 31
Cash receipts from rentals of rooms for the month amount to
$8,300.
Jan. 31
Cash receipts from operation of the restaurant for the month
amount to $6,600.
Jan. 31
Each stockholder is paid $200 in cash dividends.
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type
Assets
Account
Number
Account Title
Normal Balance
111
117
119
144
145
146
147
148
Cash
Prepaid Insurance
Cleaning Supplies
Furniture
Accum Dep -Furniture
House
Accum Dep -House
Land
Debit
Debit
Debit
Debit
Credit
Debit
Credit
Debit
212
213
214
215
216
217
218
Accounts Payable
Notes Payable
Wages Payable
Utilities Payable
Rent Received in Advance
Interest Payable
Income Tax Payable
Credit
Credit
Credit
Credit
Credit
Credit
Credit
311
312
313
Retained Earnings
Capital Stock
Dividends
Credit
Credit
Debit
411
412
Revenue – Rental of Rooms
Revenue – Restaurant
Credit
Credit
511
512
513
514
515
516
517
518
Advertising Expense
Wages Expense
Insurance Expense
Supplies Expense
Utilities Expense
Depreciation Expense
Interest Expense
Income Tax Expense
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
999
Income Summary
Credit
Liabilities
Stockholders Equity
Revenue
Expenses
Other
Journal Entries
REQUIREMENT #1: Prepare journal entries to record the January transactions in the General
Journal below. Remember that Debits must equal Credits—All of your Journal Entries should
balance.(Omit explanations)
General Journal
Date
Description (Account Name)
Debit
Credit
–
–
Journal Entries
For Account Names use
accounts as listed on the
Chart of Accounts tab.
Once you’ve completed this
requirement print your General
Journal to complete
Requirement #2 on the
General Ledger worksheet.
REQUIREMENT #2: Post the January journal entries to the following T-Accounts and compute ending balan
Cash (111)
Accounts Payable (212)
Notes Payable (213)
Wages Payable (214)
Prepaid Insurance (117)
UtilitiesPayable (215)
Cleaning Supplies (119)
Rent Received in Advance (216)
Furniture (144)
Interest Payable (217)
Accum. Depr.-Furniture (145)
Income Tax Payable (218)
House (146)
Retained Earnings (311)
Accum. Depr.-House (147)
Capital Stock (312)
Land (148)
Dividends (313)
ounts and compute ending balances.
ccounts Payable (212)
Revenue – Rental of Rooms (411)
Notes Payable (213)
Revenue – Restaurant (412)
Wages Payable (214)
Advertising Expense (511)
UtilitiesPayable (215)
Wages Expense (512)
eceived in Advance (216)
Insurance Expense (513)
nterest Payable (217)
Supplies Expense (514)
This workshe
used to com
Requiremen
#9. Instructio
can be foun
Adjusting
Worksheet. I
for #9 can b
the Closing E
Worksheet.
ome Tax Payable (218)
Utilities Expense (515)
etained Earnings (311)
DepreciationExpense (516)
Capital Stock (312)
Interest Expense (517)
Dividends (313)
Income Taxes Expense (518)
Income Summary (999)
This worksheet will be
used to complete
Requirements #2, #5 and
#9. Instructions for #5
can be found on the
Adjusting Entries
Worksheet. Instructions
for #9 can be found on
the Closing Entries
Worksheet.
Journal Entries
REQUIREMENT #3: Prepare a trial balance for Janurary in the space below.
Account
#
Moonlight Bay Inn
Trial Balance
January 31
Account
Title
Balance
Debit
Credit
0
0
Journal Entries
Only enter
accounts that
have a balance.
List accounts in
order of Account
Number
Journal Entries
Requirement #4: Prepare adjusting entries using the following information in the General
Journal below. Show your calculations!
a) Depreciation of the house
b) Depreciation of the furniture
c) Interest on the promissory note
d) Recognition of the expired portion of the insurance
e) Recognition of a portion of the guest’s deposit
f) Wages earned during the second half of January amount to $5,120 and will be paid on
February 3.
g) Cleaning supplies on hand on January 31 amount to $230.
h) A gas and electric bill that is received from the city amounts to $740 and is payable by
February 5.
i) Income taxes are to be accrued at a rate of 30% of income before taxes.
Requirement #5: Post the adjusting entries on Janurary 31 below to the General Ledger Taccounts and compute adjusted balances. Just add to the balances that are already
listed. (Omit explanations)
General Journal
Date
Description (Account Name)
Debit
Credit
Journal Entries
0
0
Journal Entries
Click here to go to the
General Ledger worksheet
to complete Requirement
#5.
Area to Show Work:
Journal Entries
Journal Entries
Journal Entries
Journal Entries
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Account
#
Moonlight Bay Inn
Adjusted Trial Balance
January 31
Account
Title
Balance
Debit
Credit
0
0
Journal Entries
Only enter
accounts that have
a balance.
List accounts in
order of Account
Requirement #7: Prepare the financial statements for Moonlight Bay Inn as of January 31 in the space be
You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Shee
The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Moonlight Bay Inn
Income Statement
For the Month Ending January 31
(enter figures in column B and totals in column C)
Revenues:
From rental of rooms
From restaurant
Total Revenue
Moonlight Bay Inn
Statement of Retained Earnings
For the Month Ending Janauary 31
0
Expenses:
Advertising
Wages
Depreciation
Interest
Insurance
Supplies
Utilities
Income Taxes
Total Expenses
0
Net Income
0
Retained Earnings, January 1
Add: Net Income
Subtotal
Less : Dividends
Retained Earnings, October 31
uary 31 in the space below.
and the Balance Sheet.
for this project.
ght Bay Inn
Retained Earnings
nding Janauary 31
0
0
Moonlight Bay Inn
Balance Sheet
January 31
(enter figures in column I and totals in column J)
Assets:
Current Assets:
Cash
Cleaning Supplies
Prepaid Insurance
Total current assets
Property, Plant, and Euip.:
Land
House, net of accum. Depr.
Furniture, net of accum. Depr.
Total Property, Plant, and Euip.
Total Assets
–
0
Liabilities and Stockholders’ Equity
Liabilities:
Current Liabilities:
Accounts Payable
Interest Payable
Wages Payable
Income Taxes Payable
Rent received in advance
Utilities Payable
Total current liabilities
Long-term Debt:
Notes Payable
Total Liabilities
–
Stockholders’ Equity:
Capital Stock
Retained Earnings
Total Stockholders’ Equity
–
Total Liabilities & Stockholders’
Equity
–
0
Journal Entries
Requirement #8: Prepare the closing entries at January 31 in the General Journal below.
Hint:Use the balances for each account which appear on the Adjusted
Trial Balance for your closing entries. (Omit explanations)
Requirement #9: Post the closing entries to the T-Accounts on the General Ledger
worksheet and compute ending balances. Just add to the adjusted balances already
listed.
General Journal
Date
Description (Account Name)
Debit
Credit
31-Jan
31-Jan
31-Jan
31-Jan
0
0
Journal Entries
Click here to go to the General
Ledger worksheet to complete
Requirement #9.
Review the topic of
closing entries in
Chapter 4
Journal Entries
Journal Entries
Requirement #10: Prepare a post-closing trial balance as of January 31 in the
space below.
Account
#
Moonlight Bay Inn
Post-Closing Trial Balance
January 31
Account
Title
Balance
Debit
Credit
0
0
Journal Entries
Only enter
accounts that
have a balnce
List accounts in
order of Account
Number
Project 1 Grading Rubric – Students
Criteria
Parts:
Exemplary
Proficient
Developing
90% to 100%
70% to 89%
50% to 69%
Step 1
Journal entries use Journal entries
Journal entries
—Journal Entries accurate
mostly use
have some errors in
(20 points)
accounts and
accurate
use of accounts
amounts; and
accounts and
and amounts; and
debits and credits amounts; and
debits and credits
are used correctly. debits and credits are only somewhat
are used correctly. used correctly.
Steps 2 and 3
Posting is correct
—Posted and
leading to an
Unadjusted Trial accurate trial
Balance. (10
balance.
points)
Posting is mostly
correct leading to
a mostly correct
trial balance.
Posting has several
errors leading to a
trial balance with
several errors.
Step 4
—Adjusting
Journal Entries
(20 points)
Journal entries use Journal entries
Journal entries
accurate
mostly use
have some errors in
accounts and
accurate
use of accounts
amounts; and
accounts and
and amounts; and
debits and credits amounts; and
debits and credits
are used correctly. debits and credits are only somewhat
are used correctly. used correctly.
Steps 5 and 6
—Posted and
Adjusted Trial
Balance. (10
points)
Posting is correct
leading to an
accurate trial
balance.
Posting is mostly
Posting has several
correct leading to errors leading to a
a mostly correct
trial balance with
trial balance.
several errors.
Step 7
—Financial
Statements (20
points)
All four financial
statements are
prepared
accurately and in
an appropriate
format.
Three of four
financial
statements are
prepared
accurately and
mostly in an
appropriate
format, one
statement has
some errors.
Two of four
financial
statements are
prepared
accurately and
mostly in an
appropriate format,
two statements
have some errors.
Step 8
—Closing
Journal Entries
(10 points)
Journal entries use Journal entries
Journal entries
accurate
mostly use
have some errors in
accounts and
accurate
use of accounts
amounts; and
accounts and
and amounts; and
debits and credits amounts; and
debits and credits
are used correctly. debits and credits are only somewhat
are used correctly. used correctly.
Steps 9 and 10 Posting is correct
—Posted and
leading to an
Post-closingTrial accurate trial
Balance. (10
balance.
points)
NSW: Needs Significant Work
Posting is mostly
Posting has several
correct leading to errors leading to a
a mostly correct
trial balance with
trial balance.
several errors.
NSW
Less than 50%
Journal entries
have some errors in
use of accounts
and amounts; and
debits and credits
are not used
correctly.
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.
Journal entries
have some errors in
use of accounts
and amounts; and
debits and credits
are not used
correctly.
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.
One or fewer of
four financial
statements are
prepared
accurately and
mostly in an
appropriate format,
three or all
statements have
some errors.
Journal entries
have some errors in
use of accounts
and amounts; and
debits and credits
are not used
correctly.
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.