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Financial Accounting Cycle Group Project Essays

Accounting Cycle Project T-Accounts Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Statement of Retained Earning Balance Sheet Closing Entries Post-Closing Trial Balance 2. Post Entries in T-Account 3. Prepare Unadjusted Trial Balance 4. Prepare Adjusting Entries 5. Prepare Adjusted Trial Balance 6. Prepare Income Statement 7. Prepare Statement of Retained Earnings 8. Prepare Balance Sheet 9. Post Closing Entries 10. Prepare Post Closing Trial Balance General Journal
DATE ACCOUNT TITLE 10 1 Cash Equipment Furniture and Fixtures Common Stock (Issued stock for cash, equipment, and furniture) 10 2 Prepaid Rent Rent Expense Deposit Cash (Paid cash for rent – Check 100) 2 Office Supplies Cash (Paid cash for office supplies – Check 101) 5 Prepaid Insurance Cash (Paid cash for general liability and property insurance check 102) 7 Accounts Receivable Decorating Fees (Revenue Earned on Account) ACCT NO. 1002 1021 1023 3001 DEBIT CREDIT 25,000 13,000 7,000 45,000 1013 5005 1015 1002 435 435 435 1,305 10 1009 1002 500 500 10 1011 1002 950 950 10 1004 4001 5,400 5,400 0 11 Cash Decorating Fees (Received Cash for Services) 10 12 Accounts Receivable Decorating Fees (Revenue Earned on Account) 10 15 Advertising Expense Cash (Paid cash for advertising fees – check 103 10 21 Cash Unearned Revenue (Received advance from client for future services) 10 29 Postage Expense Cash (Paid cash for Postage expense – check 104) 29 Utilities Expense Cash (Paid cash for utilities expense – check 105) 29 Telephone Expense Cash (Paid cash for telephone expenses – check 106) 29 Automobile Expense Cash (Reimbursed for automobile expenses – check 107) 29 Salary Expense Cash (Paid salary to date – check 108) 10 31 Dividends Cash (Paid cash dividend – check 109) 1002 4001 2,500 2,500 1004 4001 6,000 6,000 5006 1002 1,200 1,200 1002 2003 1,300 1,300 5012 1002 260 260 5010 1002 104 104 5011 1002 20 20 5007 1002 100 100 5004 1002 1,000 1,000 3008 1002 475 475 General Journal DATE ACCOUNT TITLE 11 3 Supplies Accounts Payable (Purchased supplies on account) 11 4 Rent Expense Cash (Paid cash for November office rent – check 110 6 Cash Accounts Receivable (Received cash for account) 8 Unearned Revenue Decorating Fees (Revenue earned for prepaid services) ACCT NO. 1009 2001 DEBIT CREDIT 1,400 1,400 5005 1002 435 435 11 1002 1004 6,000 6,000 11 2003 4001 650 650 1 11 Cash Decorating Fees (Received cash for services) 11 13 Cash Accounts Receivable (Received cash for account) 11 14
Advertising Expense Cash (Paid cash for advertising fees – check 111) 11 18 Accounts Receivable Decorating Fees (Revenue earned on account) 11 20 Cash Decorating Fees (Received cash for services) 11 28 Postage Expense Cash (Paid cash for postage expenses – check 112) 28 Utilities Expense Cash (Paid cash for posting utilities expenses – check 113) 28 Telephone Expense Cash (Paid cash for telephone expenses – check 114) 28 Automobile Expense Cash (Reimbursed for automobile expenses – check 115) 28 Salary Expense Cash (Paid salary to date – check 116) 11 30 Dividends Cash (Paid cash dividend – check 117) 1002 4001 2,000 2,000 1002 1004 5,400 5,400 5005 1002 00 600 1004 4001 7,200 7,200 1002 4001 2,700 2,700 5012 1002 260 260 5010 1002 104 104 5011 1002 20 20 5007 1002 100 100 5004 1002 1,200 1,200 3008 1002 600 600 General Journal DATE ACCOUNT TITLE 12 1 Rent Expense Cash (Paid cash for November office rent – check 118) 12 2 Land Notes Payable (Purchased land on note) 5 Accounts Payable Cash (Paid cash for account due – check 119) 7 Advertising Expense Cash (Paid cash for advertising fees – check 120) 8 Miscellaneous Expense Cash (Paid cash for donation – check 121) ACCT NO. 5005 1002 DEBIT CREDIT 435 435 1020 2020 2001 1002 12,000 12,000 1,400 1,400 12 12 5005 1002 1,500 1,500 12 5018 1002 300 300 2 13 Cash Unearned Revenue (Received advance from client for future services) 12 14 Accounts Receivable Decorating Fees (Revenue earned on account) 12 16
Unearned Revenue Decorating Fees (Revenue earned for prepaid services) 12 20 Accounts Receivable Decorating Fees (Revenue earned on account) 12 29 Accounts Receivable Decorating Fees (Revenue earned on account) 29 Postage Expense Cash (Paid cash for postage expense – check 122) 29 Utilities Expense Cash (Paid cash for postage utilities expenses – check 123) 29 Telephone Expense Cash (Paid cash for telephone expense – check 124) 29 Automobile Expense Cash (Reimbursed for automobile expenses – check 125) 12 30 Dividends Cash (Paid cash divdend – check 126) 1002 2003 4,500 4,500 1004 4001 16,500 16,500 2003 4001 650 650 1004 4001 2,000 2,000 1004 4001 3,000 3,000 5012 1002 150 150 5010 1002 104 104 5011 1002 20 20 5007 1002 250 250 3008 1002 800 800 T Accounts 1002 – CASH Debit Date Amt Date 1021 – EQUIPMENT Credit Amt Date Debit Amt Date Credit Amt 2009-10-01 2009-10-11 2009-10-21 2009-11-06 2009-11-11 2009-11-13 2009-11-20 2009-12-13 25,000 2,500 1,300 6,000 2,000 5,400 2,700 4,500 009-10-02 2009-10-02 2009-10-05 2009-10-15 2009-10-29 2009-10-29 2009-10-29 2009-10-29 2009-10-29 2009-10-31 2009-11-04 2009-11-14 2009-11-28 2009-11-28 2009-11-28 2009-11-28 2009-11-28 2009-11-30 2009-12-01 2009-12-05 2009-12-07 2009-12-08 2009-12-29 2009-12-29 2009-12-29 2009-12-29 2009-12-30 1,305 500 950 1,200 260 104 20 100 1,000 475 435 600 260 104 20 100 1,200 600 435 1,400 1,500 300 150 104 20 250 800 2009-10-01 13,000 Bal $35,208. 00 Bal $13,000. 00 1023 – FURNITURE & FIXTURES Debit Credit Date Amt Date Amt Date 3001 – COMMON STOCK Debit Amt Date Credit Amt 2009-10-01 7,000 2009-10-01 45,000 Bal $7,000. 00 Bal $45,000. 00 1013 – PREPAID RENT Debit Date Amt Date 5005-RENT EXPENSE Credit Amt Date Debit Amt Date Credit Amt 2009-10-02 435 2009-10-02 2009-11-04 2009-12-01 35 435 435 Bal $435. 00
Bal $1,305. 00 1015 – DEPOSITS Debit Date Amt Date 1009 – SUPPLIES Credit Amt Date Debit Amt Date Credit Amt 2009-10-02 435 2009-10-02 2009-11-03 500 2009-12-31 1,400 1,700 Bal $435. 00 Bal $200. 00 T Accounts 1011 – PREPAID INSURANCE Debit Credit Date Amt Date Amt Date 1004 – ACCOUNTS RECEIVABLE Debit Credit Amt Date Amt 2009-10-05 950 2009-12-31 238 2009-10-07 2009-10-12 2009-11-18 2009-12-14 2009-12-20 2009-12-29 Bal Bal $712. 00 5,400 2009-11-06 6,000 2009-11-13 7,200 16,500 2,000 3,000 $28,700. 00 6,000 5,400 4001 – DECORATING FEES Debit Date Amt Date Credit Amt Date 5006 – ADVERTISING EXPENSE Debit Credit Amt Date Amt 009-10-07 2009-10-11 2009-10-12 2009-11-08 2009-11-11 2009-11-18 2009-11-20 2009-12-14 2009-12-16 2009-12-20 2009-12-29 Bal 5,400 2,500 6,000 650 2,000 7,200 2,700 16,500 650 2,000 3,000 $48,600. 00 2009-10-15 2009-11-14 2009-12-07 1,200 600 1,500 Bal $3,300. 00 5012 – POSTAGE Debit Date Amt Date 5010 – UTILITIES EXPENSE Credit Amt Date Debit Amt Date Credit Amt 2009-10-29 2009-11-28 2009-12-29 260 260 150 2009-10-29 2009-11-28 2009-12-29 104 104 104 Bal $670. 00 Bal $312. 00 5011 – TELEPHONE Debit Date Amt Date Credit Amt Date 5007 – AUTOMOBILE EXPENSE Debit Credit Amt Date Amt 2009-10-29 2009-11-28 2009-12-29 20 20 20 2009-10-29 2009-11-28 2009-12-29 100 100 250 Bal $60. 00 Bal $450. 00 5004 – SALARY EXPENSE Debit Date Amt Date 008 – DIVIDENDS Credit Amt Date Debit Amt Date Credit Amt 2009-10-29 2009-11-28 2009-12-31 1,000 1,200 1,200 2009-10-31 2009-11-30 2009-12-31 475 600 800 Bal $3,400. 00 Bal $1,875. 00 T Accounts 2003 – UNEARNED REVENUE Debit Credit Date Amt Date Amt Date 2001 – ACCOUNTS PAYABLE Debit Credit Amt Date Amt 2009-11-08 2009-12-16 650 2009-10-21 650 2009-12-13 1,300 4,500 2009-12-05 1,400 2009-11-03 1,400 Bal $4,500. 00 Bal $0. 00 1020 – LAND Debit Date Amt Date 2002 – NOTES PAYABLE Credit Amt Date Debit Amt Date Credit Amt 2009-12-02 12,000 2009-11-03 12,000 Bal $12,000. 00 Bal $12,000. 00 5018 – MISC EXPENSE Debit Date Amt Date 2005 – INTEREST PAYABLE Credit
Amt Date Debit Amt Date Credit Amt 2009-11-08 300 2009-12-31 80 Bal $300. 00 Bal $80. 00 7001 – INTEREST EXPENSE Debit Date Amt Date Credit Amt Date 5009 – INSURANCE EXPENSE Debit Credit Amt Date Amt 2009-12-31 80 2009-12-31 238 Bal $80. 00 Bal $238. 00 5013 – DEPRECIATION EXPENSE Debit Credit Date Amt Date Amt Date 1024 – ACCUMULATED DEPRECIATION Debit Credit Amt Date Amt 2009-12-31 2009-12-31 542 175 2009-12-31 2009-12-31 175 542 Bal $717. 00 Bal $717. 00 5008 – SUPPLIES EXPENSE Debit Date Amt Date 2004 – SALARY PAYABLE Credit Amt Date Debit Amt Date Credit Amt 2009-12-31 1,700 2009-12-31 1,200 Bal $1,700. 00 Bal $1,200. 00 Unadjusted Trial Balance
As of December 31, 2009 Balance Account Name Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Deposits Land Equipment Furniture & Fixtures Notes Payable Unearned Revenue Common Stock Dividends Decorating Fees Salaries Expense Rent Expense Advertising Expense Automobile Expense Utilities Expense Telephone Expense Postage Expense Miscellaneous Expense Acct # Debit Credit Initial Balance: 1002 35,208. 00 1004 28,700. 00 1009 1,900. 00 1011 950. 00 1013 435. 00 1015 435. 00 1020 12,000. 00 1021 13,000. 00 1023 7,000. 00 2002 12,000. 00 2003 4,500. 00 3001 45,000. 00 3008 1,875. 00 4001 48,600. 00 5004 2,200. 00 5005 1,305. 00 5006 3,300. 00 5007 450. 00 5010 312. 00 5011 60. 00 5012 670. 00 5018 300. 00 Totals: 110,100. 00 110,100. 00 (35,208. 00) (63,908. 00) (65,808. 00) (66,758. 00) (67,193. 00) (67,628. 00) (79,628. 00) (92,628. 00) (99,628. 00) (87,628. 00) (83,128. 00) (38,128. 0) (40,003. 00) 8,597. 00 6,397. 00 5,092. 00 1,792. 00 1,342. 00 1,030. 00 970. 00 300. 00 – Diff: – Ending Balance – Adjusting Entries DATE ACCOUNT TITLE 12 31 Interest Expense Interest Payable (Accured interest on notes payable) 12 31 Insurance Expense Prepaid Insurance (Record insurance expired) 12 31 Depreciation Expense Accumulated Depreciation (Record quarterly accumulated depreciation on computer) 12 31 Depreciation Expense Accumulated Depreciation (Record quarterly accumulated depreciation on office furniture) 12 31 Supplies Expense Supplies (Record supplies used) 12 31 Salaries Expense Salaries Payable (Record accured salaries) ACCT NO. 001 2005 DEBIT 80 80 CREDIT 5009 1011 238 238 5013 1024 542 542 5013 1024 175 175 5008 1009 1,700 1,700 5004 2004 1,200 1,200
Adjusted Trial Balance As of December 31, 2009 Balance Account Name Acct # Debit Credit Initial Balance: Cash 1002 35,208. 00 Accounts Receivable 1004 28,700. 00 Supplies 1009 200. 00 Prepaid Insurance 1011 712. 00 Prepaid Rent 1013 435. 00 Deposits 1015 435. 00 Land 1020 12,000. 00 Equipment 1021 13,000. 00 Furniture & Fixtures 1023 7,000. 00 Accumulated Depreciation 1024 717. 00 Notes Payable 2002 12,000. 00 Unearned Revenue 2003 4,500. 00 Salaries Payable 2004 1,200. 00 Interest Payable 2005 80. 00 Common Stock 3001 45,000. 0 Dividends 3008 1,875. 00 Decorating Fees 4001 48,600. 00 Salaries Expense 5004 3,400. 00 Rent Expense 5005 1,305. 00 Advertising Expense 5006 3,300. 00 Automobile Expense 5007 450. 00 Supplies Expense 5008 1,700. 00 Insurance Expense 5009 238. 00 Utilities Expense 5010 312. 00 Telephone Expense 5011 60. 00 Postage Expense 5012 670. 00 Depreciation Expense 5013 717. 00 Miscellaneous Expense 5018 300. 00 Interest Expense 5018 80. 00 Totals: 112,097. 00 112,097. 00 (35,208. 00) (63,908. 00) (64,108. 00) (64,820. 00) (65,255. 00) (65,690. 00) (77,690. 00) (90,690. 00) (97,690. 00) (96,973. 00) (84,973. 00) (80,473. 00) (79,273. 00) (79,193. 00) (34,193. 00) (36,068. 0) 12,532. 00 9,132. 00 7,827. 00 4,527. 00 4,077. 00 2,377. 00 2,139. 00 1,827. 00 1,767. 00 1,097. 00 380. 00 80. 00 – Diff: – Ending Balance – Income Statement Period Ending: December 31, 2009 REVENUE: 4001 4002 4003 4004 Decorating Fees Sales – Furniture Sales Discount Sales Returns and Allowances Net Sales 48,600 48,600. 00 48,600. 00
GROSS PROFIT (LOSS) EXPENSES: 5004 5006 5008 5005 5013 5012 5007 5010 5018 5009 7001 5011 Salaries Expense Advertising Expense Supplies Expense Rent Expense Depreciation Expense Postage Expense Automobile Expense Utilities Expense Misc Expense Insurance Expense Interest Expense Telephone Expense Total Expense ,400 3,300 1,700 1,305 717 670 450 312 300 238 80 60 12,532. 00 NET INCOME (LOSS) $ 36,068 Retained Earnings Statement For Year Ending December 31, 2009 Beginning Retained Earning Add: Net Income Less: Dividends Ending Retained Earnings $ – $ 36,068. 00 $ 1,875. 00 $ 34,193. 00 Dee Dee’s Designs Balance Sheet For Year Ending December 31, 2009 ASSETS LIABILITIES Current Assets 1001 – Petty Cash 1002 – Cash – Checking Account 1004 – Accounts Receivable 1005 – less allowance for doubtful accounts 1007 – Merchandise Inventory 1009 – Supplies 1011 – Prepaid Insurance 1013 – Prepaid Rent 1015 – Deposits Total Current Assets 35,208 28,700 200 712 435 435 $65,690 Current Liabilities 001 – Accounts Payable 2002 – Notes Payable 2003 – Unearned Revenue 2004 – Salaries Payable 2005 – Interest Payable 2006 – Accrued Payroll 2007 – WH Income Tax Payable 2008 – Income Tax Payable Total Current Liabilities 4,500 1,200 80 $5,780 Fixed Assets 1020 – Land 1021 – Equipment 1023 – Furniture & Fixtures Total Gross Fixed Assets (less accumulated depreciation) Total Net Fixed Assets TOTAL ASSETS 12,000 13,000 7,000 32,000 717 $31,283 $96,973 Long-term Liabilities 2020 – Notes Payable Total Long-Term Liabilities SHAREHOLDERS’ EQUITY 3001 – Common Stock 3007 – Retained Earnings Total Shareholders’ Equity TOTAL LIABILITIES & EQUITY 12,000 $12,000 45,000 34,193 $79,193 $96,973 Closing Entries
DATE ACCOUNT TITLE 12 31 Decorating Fees Income Summary (To close revenue account) 12 31 Income Summary Salaries Expense Advertising Expense Supplies Expense Rent Expense Depreciation Expense Postage Expense Automobile Expense Utilities Expense Misc Expense Insurance Expense Interest Expense Telephone Expense (To close expense accounts) 12 31 Income Summary Retained Earnings (To close Net Income to Retained Earning) 12 31 Retained Earnings Dividends (To close Dividends to Retained Earning) ACCT NO. 4001 DEBIT CREDIT 48,600 48,600 12,532 5504 5006 5008 5005 5013 5012 5007 5010 5018 5009 7001 5011 3,400 3,300 1,700 1,305 717 670 450 312 300 238 80 60 36,068 36,068 1,875 1,875 Post-Closing Trial Balance As of December 31, 2009 Balance Account Name Acct # Debit Credit Initial Balance: Cash 1002 35,208. 00 Accounts Receivable 1004 28,700. 0 Supplies 1009 200. 00 Prepaid Insurance 1011 712. 00 Prepaid Rent 1013 435. 00 Deposits 1015 435. 00 Land 1020 12,000. 00 Equipment 1021 13,000. 00 Furniture & Fixtures 1023 7,000. 00 Accumulated Depreciation 1024 717. 00 Notes Payable 2002 12,000. 00 Unearned Revenue 2003 4,500. 00 Salaries Payable 2004 1,200. 00 Interest Payable 2005 80. 00 Common Stock 3001 45,000. 00 Retained Earnings 3007 34,193. 00 Totals: 97,690. 00 97,690. 00 (35,208. 00) (63,908. 00) (64,108. 00) (64,820. 00) (65,255. 00) (65,690. 00) (77,690. 00) (90,690. 00) (97,690. 00) (96,973. 00) (84,973. 00) (80,473. 00) (79,273. 00) (79,193. 00) (34,193. 00) – Diff: – Ending Balance –

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