Financial Accounting Excel project

course20project-4_1_pr.xls

Financial Accounting Excel project

  PROJECT:  The project is completion of a step by step spreadsheet following the accounting cycle. The spreadsheet and steps are provided to the students. Students may also obtain consultation/guidance from the instructor throughout the semester in regards to their progress on the project.

Journal Entries

, which specializes in residential landscaping,

13

July 1

July 1

for the Balance Due.

July 31

below.

General Journal

(Debit)

(Debit)

(Debit)

(Debit)

(Credit)

(Credit)

(Credit)

(Debit)

(Debit)

(Debit)

(Debit)

(Debit)

0 0

REQUIREMENT #1:

During its first month of operation, the

IDEAL Landscaping Corporation

completed the following transactions:

2

0

July 1

Began business by making a deposit in a company bank account of $24,000, in exchange

for 4,800 shares of $5 par value common stock.

Paid the premium on a one-year insurance policy, $2,400.

Paid the current month’s rent, $2,080.

July 3

Purchased landscaping equipment from DVB, $8,800. Paid $1,200 down and the balance was

placed on account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1.

Note: Use

Accounts Payable

July 8

Purchased landscaping supplies from Meadow Woods Company on credit, $780.

July 12

Paid utility bill for July, $308.

July 16

Received cash for landscaping revenue for the first half of July, $2,724.

July 19

Made payment on account to Meadow Woods Company, $400.

July 31

Received cash for landscaping revenue for the last half of July, $2,620.

Declared and paid cash dividend of $1,600.

Prepare journal entries to record the July transactions in the

General Journal

Use the following account names for journal entries.

Chart of Accounts: Account Title (Normal Balance)

Date

Description(Account Name)

Debit

Credit

Assets

Cash

Prepaid Insurance

Landscaping Supplies

Landscaping Equipment

Accum Depr -Equipment (Credit)

Liabilities

Accounts Payable (Credit)

Income Tax Payable (Credit)

Stockholders Equity

Common Stock

Retained Earnings

Dividends (Debit)

Revenue

Landscaping Revenue

Expenses

Rent Expense

Utility Expense

Insurance Expense

Supplies Expense

Depreciation Expense

Income Tax Expense (Debit)

Note: Remember that Debits must equal Credits – All of your Journal Entries should balance.

Berry, Jennifer K:
debits = 45,712
Berry, Jennifer K:
debits = 45,712

General Ledger

(213)

(516)

This Sheet will be used for Requirements 2, 5, and 9
REQUIREMENT #2:
Post the July journal entries to the following T-Accounts and compute ending balances.
Cash (111)	Landscaping Revenue (411)
Prepaid Insurance (117)	Rent Expense (511)
Landscaping Supplies (119)	Utility Expense (512)
Landscaping Equipment (144)	Insurance Expense (513)
Accum. Depr.-Equipment (145)	Supplies Expense (514)
Accounts Payable (212)	Depreciation Expense (515)
	Income Taxes Payable		Income Taxes Expense
Common Stock (311)
Retained Earnings (312)
Dividends (313)

Berry, Jennifer K:
cash balance = debit 21,356

Trial Balance

IDEAL Landscaping Corporation
Trial Balance
July 31

0 0

REQUIREMENT #3:

Prepare a trial balance for July in the space below.

Berry, Jennifer K:
debits = 37,324
Berry, Jennifer K:
debits = 37,324

Adjusting Entries

General Journal

Date Description(Account Name) Debit Credit

Requirement #4:

Prepare adjusting entries using the following information in the General Journal

below. Show your calculations!

a) One month’s insurance has expired.

b) The remaining inventory of landscaping supplies is $388.

c) The estimated depreciation on landscaping equipment is $140.

d) The estimated income taxes are $80.

Requirement #5:

Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.

Just add to the balances that are already listed.

Adjusted Trial Balance

IDEAL Landscaping Corporation

Adjusted Trial Balance

July 31
0 0

Requirement #6:

Prepare an Adjusted Trial Balance in the space below.

Berry, Jennifer K:
debits = 37,544
Berry, Jennifer K:
debits = 37,544

Financial Statements

,

and the

.

IDEAL Landscaping Corporation IDEAL Landscaping Corporation IDEAL Landscaping Corporation
Income Statement Statement of Retained Earnings Balance Sheet

For the Month Ending July 31 July 31

Landscaping Revenue

Cash

Prepaid Insurance

Landscaping Supplies

Rent Expense

Landscaping Equipment

Utility Expense

Insurance Expense

Supplies Expense
Depreciation Expense

Income Taxes Expense Accounts Payable

Income Taxes Payable

Net Income

:

Common Stock
Retained Earnings
Stockholders’ Equity

Requirement #7:
Prepare the financial statements for IDEAL Landscaping Corporation as of July 31 in the space below.
You will only be preparing the	Income Statement	Statement of Retained Earnings	Balance Sheet
The Statement of Cash Flows is a required Financial Statement, but is not required for this Project.
	For the Month Ending July 31
Revenues:	Retained Earnings, July 1	Assets:
Add:	Net Income
Subtotal
Expenses:	Less: Dividends
Retained Earnings, July 31
Less: Accum. Depr.
Total Assets
Liabilities:
Total Expenses
Total Liabilities
	Stockholders’ Equity
Total Stockholders’ Equity
Total Liabilities &

Berry, Jennifer K:
NI = 2,144
Berry, Jennifer K:
Retained Earnings = 544
Berry, Jennifer K:
Total liabilities + equity = 32,604

Closing Entries

General Journal

Date

Debit Credit

Requirement #8:

Prepare the closing entries at July 31 in the General Journal below.

Hint: use the balances for each account which appear on the Adjusted

Trial Balance for your closing entries.

Description (Account Name)

Requirement #9:

Post the closing entries to the General Ledger T-accounts and compute ending balances.

Just add to the adjusted balances already listed.

Post Closing Trial Balance

IDEAL Landscaping Corporation

July 31
0 0

Requirement #10:

Prepare a post-closing trial balance as of July 31 in the space below.

Post-Closing Trial Balance

Berry, Jennifer K:
total debits = 32,744
Berry, Jennifer K:
total debits = 32,744