(SOLVED)-Principles of Accounting I ACCT 1010 Homework Project


Principles of Accounting I ACCT 1010 Homework Project

One homework project is assigned this semester. This assignment is a long, comprehensive problem meant to reinforce and solidify your grasp of the accounting cycle. The Homework Project is to be completed by hand using hard copy working papers.  The purpose of this requirement is that students generally have a greater comprehension of the complete accounting cycle by processing the steps by hand.

Preparation:

Complete the required steps for the project preparing your work in pencil using the hard copy working papers included in this document.  Your work should be neat and legible.  Refer to the handout on Formatting Rules for Journals (Lesson 2) when preparing your journal entries.  You may omit explanations in the journal.  Refer to pages 112-113 in your textbook for an example of how to format the financial statements.

 Submitting Your Project:

On ground students will submit the project in class on the due date. Online students will submit the project in hard copy by mailing it to the following address.  Projects submitted by mail must be postmarked by the project due date.

Laurie Swanson

Business Technologies Department

Nashville State Community College

120 White Bridge Road

Nashville, TN  37209

 

Due Date:

By end of extension

 

Grade Impact & Academic Integrity:

This homework project will be worth 5% of your overall course grade. No project grades will be dropped–failure to submit a homework project will result in a grade of -0- for this assessment. Submitting work copied from another source is a violation of the Academic Dishonesty Policy and will result in a grade of -0- for the project.

 Grading Criteria:

This project will be graded on a 100 point scale based on completeness, accuracy, and neatness as shown in the grading details below.

 Grading Details:

ItemPoints
Journal Entries20 points (1 point for each correct account)
Adjusting Entries17 points (1 point for each correct account; 1 point for each correct amount calculation)
Closing Entries10 points (2 points for each entry; 2 points for correct amounts)
Ledger Acct Balances12 points (1/2 point for each correct balance)
Unadjusted Trial Balance3 points for preparation
Adjusted Trial Balance3 points for preparation
Income Statement10 points
Statement of Owner’s Equity5 points
Balance Sheet10 points
Post-Closing Trial Balance3 points for preparation
Neatness and format7 points
Total Possible Points100

 

Project Data:

Callie Jamison owns and operates a consulting firm called Jamison Consulting. The business began operating in October 2016. Transactions for October and November 2016 have been recorded and posted.

 

Jamison Consulting had the following transactions in December 2016.

Dec2Provided $3,950 consulting services to Gomez Company on account.
3Paid $1,025 cash to Hillside Mall for Jamison Consulting’s share of mall advertising costs.
 4Paid $400 cash for minor repairs to the company’s computer.
 10Purchased $1,100 of computer supplies on credit from Harris Office Products.
 14Paid cash to employee for six days of work at the rate of $125 per day.
 15Notified by Alex’s Engineering Co. that Jamison Consulting’s’ bid of $7,000 on a proposed project has been accepted. Alex’s paid a $1,500 cash advance to Jamison Consulting.
 20Completed a project for Lyn Corporation and received $5,625 cash.
 28Received $3,000 cash from Gomez Co. on its receivable.
 29Reimbursed C. Jamison $193 for business automobile mileage.
 31C. Jamison withdrew $1,500 cash from the company for personal use.

The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company’s first three months of operations:

  1. The December 31 inventory count of computer supplies shows $320 still available.
  2. Three of the four months’ prepaid rent has expired.
  3. Three months have expired since the 12-month insurance premium was paid in advance.
  4. As of December 31, the only employee of Jamison Consulting had not been paid for four days of work at $125 per day.
  5. The computer system, acquired for $8,000 on October 1, is expected to have a four-year life with no salvage value.
  6. The office equipment, acquired for $20,000 on October 1, is expected to have a five-year life with no salvage value.

Required:

  1. Journalize the December transactions for Jamison Consulting. You may omit explanations for the journal entries. Skip a line between each journal entry – see the journal entries for October – November as a formatting example.
  2. Post the December transactions to the appropriate accounts in the ledger.
  3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance. Check figure: $99,816. Consult your instructor if your trial balance does not balance before proceeding with the project.
  4. Journalize the adjusting entries to reflect items a through f above.
  5. Post the adjusting entries to the appropriate accounts in the ledger.
  6. Prepare an adjusted trial balance as of December 31, 2016. Check figure: $101,816. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project.
  7. Prepare the three basic financial statements in good form.  See pages 120-121 of your accounting text for a good example of financial statement formatting.
    1. Prepare an income statement for the three months ended December 31, 2016.
    2. Prepare a statement of owner’s equity for the three months ended December 31, 2016.
    3. Prepare a balance sheet as of December 31, 2016.
  8. Journalize and post the necessary closing entries for Jamison Consulting.
  9. Prepare a post-closing trial balance as of December 31, 2016.

Below are the journal entries recorded by Jamison Consulting for October and November 2016.

NOTE:  These are for your information only; you do not need to do anything with these entries.

 

GENERAL JOURNALPAGE1
DATEACCOUNTPOST REFDEBITCREDIT
 2016    

 

 

 

 Oct1Cash10145,000

 

 

 

  Office Equipment16320,000

 

 

 

   Computer Equipment1678,000 
        C. Jamison, Capital301 73,000
       
  1Prepaid Insurance1282,220 
        Cash101 2,220
       
  2Prepaid Rent1313,300 
        Cash101 3,300
       
  9Computer Supplies1262,545 
        Accounts Payable201 2,545
       
  16Accounts Receivable1064,800 
        Computer Services Revenue403 4,800
       
  31Wages Expense623875 
        Cash101 875
       
 Nov2Mileage Expense676320 
        Cash101 320
       
  5Accounts Payable2012,545 
        Cash101 2,545
       
  8Cash1014,800 
        Accounts Receivable106 4,800
       
  14Cash1014,633 
        Computer Services Revenue403 4,633
       
  23Accounts Receivable1065,208 
        Computer Services Revenue  5,208
       
  30C. Jamison, Withdrawals3022,000 
        Cash101 2,000
       
       

 

Homework Project 1 –                                          Name:_______      ____________
Working Papers

General Journal for Requirements 1, 4 & 10

GENERAL JOURNALPAGE2
DATEACCOUNTPOST REFDEBITCREDIT
 2016 December Transactions (20 points)   
 Dec     
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

 

 

GENERAL JOURNALPAGE3
DATEACCOUNTPOST REFDEBITCREDIT
 2016 Adjusting Entries (17 points)   
 Dec     
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
  Closing Entries (10 points)   
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

Ledger for Requirements 2, 5, & 10

Note: Ledger includes all entries from the first two months of operations for Jamison Consulting.
Continue by posting the December transactions.

 12 points

                            CashAcct. No. 101 
Date      ExplanationPRDebitCreditBalance
Oct.1 J145,000 45,000
 1 J1 2,22042,780
 2 J1 3,30039,480
 31 J1 87538,605
Nov.2 J1 32038,285
 5 J1 2,54535,740
 8 J14,800 40,540
 14 J14,633 45,173
 30 J1 2,00043,173
       
       
       
       
       
       
       
       

 

                               Accounts ReceivableAcct. No. 106
Date      ExplanationPRDebitCreditBalance
Oct.16 J14,800 4,800
Nov.8 J1 4,8000
 23 J15,208 5,208
       
       
       
 

                         Computer Supplies

 

Acct. No. 126

Date      ExplanationPRDebitCreditBalance
Oct.9 J12,545 2,545
       
       

 

                       Prepaid InsuranceAcct. No. 128
Date      ExplanationPRDebitCreditBalance
Oct.1 J12,220 2,220
       
       
Ledger (Continued)

 

                        Prepaid Rent

 

 

Acct. No. 131

Date      ExplanationPRDebitCreditBalance
Oct.2 J13,300 3,300
       
       
                      Office EquipmentAcct. No. 163
Date      ExplanationPRDebitCreditBalance
Oct.1 J120,000 20,000
       
 

                 Accumulated Depreciation—Office Equipment

Acct. No. 164
Date      ExplanationPRDebitCreditBalance
       
       

 

                         Computer EquipmentAcct. No. 167
Date      ExplanationPRDebitCreditBalance
Oct.1 J18,000 8,000
       
 

             Accumulated Depreciation—Computer Equipment

 

Acct. No. 168

Date      ExplanationPRDebitCreditBalance
       
       
 

                              Accounts Payable

Acct. No. 201
Date      ExplanationPRDebitCreditBalance
Oct. 9 J1 2,5452,545
Nov.5 J12,545 0
       
       
                                Wages PayableAcct. No. 210
Date      ExplanationPRDebitCreditBalance
       
       
  
                          Unearned Consulting RevenueAcct. No. 236
Date      ExplanationPRDebitCreditBalance
       
       

 

Ledger (Continued)

 

                        C. Jamison, Capital

 

Acct. No. 301

Date      ExplanationPRDebitCreditBalance
Oct. 1 J1 73,00073,000
       
       
 

                    C. Jamison, Withdrawals

 

Acct. No. 302

Date      ExplanationPRDebitCreditBalance
Nov.30 J12,000 2,000
       
       
       
                                Consulting RevenueAcct. No. 403
Date      ExplanationPRDebitCreditBalance
Oct.16 J1 4,8004,800
Nov.14 J1 4,6339,433
 23 J1 5,20814,641
       
       
       
       
                        Depreciation Expense—Office EquipmentAcct. No. 612
Date      ExplanationPRDebitCreditBalance
       
       
       
                   Depreciation Expense—Computer EquipmentAcct. No. 613
Date      ExplanationPRDebitCreditBalance
       
       
       
                                Wages ExpenseAcct. No. 623
Date      ExplanationPRDebitCreditBalance
Oct.31 J1875 875
       
       
       

 

 

Ledger (Continued)

 

                                   Insurance ExpenseAcct. No. 637
Date      ExplanationPRDebitCreditBalance
       
       

 

                                   Rent ExpenseAcct. No. 640
Date      ExplanationPRDebitCreditBalance
       
       
 

                                 Computer Supplies Expense

 

Acct. No. 652

Date      ExplanationPRDebitCreditBalance
       
       
       
                                  Advertising ExpenseAcct. No. 655
Date      ExplanationPRDebitCreditBalance
       
       
       
       
                                Mileage ExpenseAcct. No. 676
Date      ExplanationPRDebitCreditBalance
Nov.2 J1320 320
       
       
       
                             Repairs Expense—ComputerAcct. No. 684
Date      ExplanationPRDebitCreditBalance
       
       
       
  
                             Income SummaryAcct. No. 901
Date      ExplanationPRDebitCreditBalance
       
       
       

 Working Paper for Requirement 3

3 points

Jamison Consulting
Trial Balance
December 31, 2016
  DEBITCREDIT
  
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

Working Paper for Requirement 6

3 points

Jamison Consulting
Adjusted Trial Balance
December 31, 2016
  DEBITCREDIT
  
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

 

 

Working Papers for Requirements 7, 8 & 9

 

 Jamison Consulting
 Income Statement (10 points)
 For Three Months Ended December 31, 2016
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     

 

 

 

 Jamison Consulting
 Statement of Owner’s Equity (5 points)
 For Three Months Ended December 31, 2016
     
 
 
 
 
 
 
 

 

 

 

Working Papers for Requirements 6, 7 & 8 (continued)

 

 

 Jamison Consulting
 Balance Sheet (10 points)
 December 31, 2016
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
     
     
 
 
 
 
 
     

 

 

 

 

 

Working Papers for Requirement 10

 

Jamison Consulting
Post-Closing Trial Balance
December 31, 2016
  DEBITCREDIT
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

 

 

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