Accounting Question

Complete the Management Tools Application Unit 3 Assignment. Review the Unit 3
Assignment Data and continue using the Excel Template (you downloaded in Unit 2) called
Unit_2_Assignment.xlsx . Be sure to review the tab in the template titled “Instructions.”
1. Prepare/Journalize the Adjusting Entries A–F.
a. Insurance expired during June is $150.
b. Supplies on hand on June 30 are $1,020.
c. Depreciation of office equipment for June is $500.
d. Accrued receptionist salary on June 30 is $120.
e. Rent expired during June is $1,500.
f. Unearned fees on June 30 are $2,000.
2. Post the adjusting entries to the General Ledger.
3. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
4. Journalize and post the closing entries. (Income Summary is account #33 in the
chart of accounts.)
5. Prepare a post-closing trial balance.
AC499-4: Financial Reports: Evaluate financial reports.
Step 1: Practice
Complete the AC499 Financial Report Analysis – Rainbow Paint Co. as practice for the Unit 4
assignment.
Access the solutions for the review problem when you are ready.
Step 2: Review Ratio Sheet
Review the AC499 Financial Report Analysis Unit 4 Ratio Sheet.
Step 3: Financial Analysis
Complete a financial analysis of the company financials for Quixote Consulting. Use the
Excel Template titled: “Unit 4 Financial Report Analysis Template.” Be sure to review the
Excel tab titled “Hints & Instructions” before you attempt the assignment tab.
Note: This Quixote Company file will be your graded Unit 4 assignment, not the Rainbow
Company practice assignment.