BUS 591 WEEK 6 FINAL POSTING FINAL A B 1 Summative Assignment Project Instructions and Templates 2 Name: 3 4 Final Project 5 Due by Day 7 of Week 6 6 7 8 This project is worth _20_ points 9 10 11 MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW. 12 It is recommended that you complete the non-graded requirements for additional practice 13 14 All of the templates you need for the Assignment are located in this Workbook. 15 The instructions and data for the problem is in your Textbook. 16 Use the arrow buttons (lower left corner of the window) to navigate through the tabs. 17 Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project 18 19
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BUS 591 WEEK 6 FINAL POSTING FINAL
A B
1 Summative Assignment Project Instructions and Templates2 Name: 3 4 Final Project 5 Due by Day 7 of Week 6 6 7 8 This project is worth _20_ points 9 10
11 MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW.
12 It is recommended that you complete the non-graded requirements for additional practice
13
14 All of the templates you need for the Assignment are located in this Workbook.
15 The instructions and data for the problem is in your Textbook.
16 Use the arrow buttons (lower left corner of the window) to navigate through the tabs.
17 Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project
18 19 21 Requirements Sheet in Workbook22 23 Week One
24 Chapter 1 and 2 - Review the problem and make notes of your answers. Chapter 1 & 2 Notes (PRACTICE)
25 Week Two
26 Chapter 3 - Part A, prepare journal entries to record the November transactions
Journal Entries (PRACTICE)
27 Chapter 3 - part B, post the journal entries to the general ledger accounts
General Ledger (PRACTICE)
28 Chapter 3 - Part C, prepare a trial balance at November 30, 2011 Trial Balance (PRACTICE)
29 Week Three 30 Chapter 4 - Part A, journalize the transactions Journal Entries (GRADED)
31 Chapter 4 - Part B, post the december transactions to the general ledger accounts General Ledger (GRADED)
32 Chapter 4 - Part C, prepare a trial balance at December 31, 2011 Trial Balance (GRADED)
33 Chapter 4 - Part D, prepare and post adjusting journal entries for December Adjusting Entires (GRADED)
34 For Part D, Post the adjusting entries to the general ledger accounts adding to the balances you did in Part B. General Ledger (GRADED)
35 Chapter 4 - Part E, prepare adjusted trial balance at December 31, 2011 Adjusted Trial Balance (GRADED)
36 Chapter 4 - Part F, prepare an income statement, retained earning statement and balance sheet Financial Statements (GRADED)
37 Chapter 4 - Part G, prepare and post closing entires as of December 31, 2011 Closing Entries (GRADED)
38 Chapter 4 - Part H, prepare a post-closing trial balance Post Closing TB (GRADED)
Nov. 8 Natalie cashes in her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
8 Natalie opens a bank account for Cookie Creations Inc.
8 Natalie purchases $500 of Cookie Creations’ common stock.
11 Cookie Creations purchases paper and other office supplies for $95. (Use Supplies.)
14 Cookie Creations pays $125 to purchase baking supplies, such as flour, sugar, butter, and chocolate chips. (Use Supplies.)
15 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $550. Natalie decides to start using it only in her new business. She estimates that the equipment is currently
worth $300, and she transfers the equipment into the business in exchange for additional common stock.
16 The company needs more cash to sustain its operations. Natalie’s grandmother lends the company $2,000 cash, in exchange for a two-year, 9% note payable. Interest and the principal are repayable at maturity.
17 Cookie Creations pays $900 for additional baking equipment.
18 Natalie schedules her first class for November 29. She will receive $100 on the date of the class.
25 Natalie books a second class for December 5 for $150. She receives a $60 cash down payment, in advance.
29 Natalie teaches her first class, booked on November 18, and collects the $100 cash.
30 Natalie’s brother develops a website for Cookie Creations Inc. that the company will use for advertising. He charges the company $600 for his work, payable at the end of December. (Because the website is expected to have a useful life of two years before upgrades are needed, it should be treated as an asset called Website.)
30 Cookie Creations pays $1,200 for a one-year insurance policy.
30 Natalie teaches a group of elementary school students how to make Santa Claus cookies. At the end of the class, Natalie leaves an invoice for $300 with the school principal. The principal says that he will pass it along to the business office and it will be paid sometime in December.
30 Natalie receives a $50 invoice for use of her cell phone. She uses the cell phone exclusively for Cookie Creations Inc. business. The invoice is for services pro- vided in November, and payment is due on December 15.
To record business cell phone December 15 amount payable
General Ledger (PRACTICE) A B C D E
1This Sheet will be used for Part B of Chapter 3
2 3 NOTE 4
5
Post the journal entries to the following general ledger accounts and compute the account balances
Dec. 1 Natalie hires an assistant at an hourly wage of $8 to help with cookie making and some administrative duties.
5 Natalie teaches the class that was booked on November 25. The balance out- standing is received.
8 Cookie Creations receives a check for the amount due from the neighborhood school for the class given on November 30.
9 Cookie Creations receives $750 in advance from the local school board for five classes that the company will give during December and January.
15 Pays the cell phone invoice outstanding at November 30.
16 Issues a check to Natalie’s brother for the amount owed for the design of the website.
19 Receives a deposit of $60 on a cookie class scheduled for early January.
23 Additional revenue earned during the month for cookie-making classes amounts to $4,000. (Natalie has not had time to account for each class individually.) $3,000 in cash has been collected and $1,000 is still outstanding. (This is in addition to the December 5 and December 9 transactions.) SEE PAGE 173-174
23 Additional baking supplies purchased during the month for sugar, flour, and chocolate chips amount to $1,250 cash.
23 Issues a check to Natalie’s assistant for $800. Her assistant worked approximately 100 hours from the time in which she was hired until December 23.
28 Pays a dividend of $500 to the common shareholder (Natalie).
As of December 31, Cookie Creations’ year-end, the following adjusting entry data are provided.
1. A count reveals that $45 of brochures and posters were used.
2. Depreciation is recorded on the baking equipment purchased in November. The baking equipment has a useful life of 5 years. Assume that 2 months’ worth of depreciation is required.
3. Amortization (which is similar to depreciation) is recorded on the website. (Credit the Website account directly for the amount of the amortization.) The website is amortized over a useful life of 2 years and was available for use on December 1.
4. Interest on the note payable is accrued. (Assume that 1.5 months of interest accrued during November and December.) Round to nearest dollar.
5. One month’s worth of insurance has expired.
6. Natalie is unexpectedly telephoned on December 28 to give a cookie class at the neighborhood community center on December 31. In early January Cookie Creations sends an invoice for $450 to the community center.
7. A count reveals that $1,025 of baking supplies was used.
8. A cell phone invoice is received for $75. The invoice is for services provided during the month of December and is due on January 15.
9. Because the cookie-making class occurred unexpectedly on December 28 and is for such a large group of children, Natalie’s assistant helps out. Her assistant worked 7 hours at a rate of $8 per hour.
10. An analysis of the unearned revenue account reveals that two of the five classes paid for by the local school board on December 9 still have not been taught by the end of December. The $60 deposit received on December 19 for another class also remains unearned.
General Ledger (GRADED) A B C D E F G H I J
1This Sheet will be used for Part B of Chapter 3
2
3 REQUIREMENT #2:
4
5
Post the journal entries to the following general ledger accounts and compute the account balances
6 7 8
9 Cash Dividends Unearned Service Revenue
Retained Earnings
10 Nov. 30 Bal. 340
Dec. 15 50
Dec. 23 500
Nov. 30 Bal. 60
11 Dec. 5 90Dec. 16 600
Dec. 31 Bal. 500
Dec. 9 750
12 Dec. 8 300Dec. 23 1250
Dec. 19 60
13 Dec. 9 750Dec. 23 800
Dec. 31 870
14 Dec. 19 60Dec. 28 500
Dec. 31 Adj. 360
15 Dec. 23 3000
Dec. 31 Bal. 1230
16 Dec. 31 Bal. 1340
17 18 19
20 Accounts Receivable Income Summary Supplies Expense Amortization