Description
Hi, I recently had some work completed by a Studypool tutor, and would like someone to check it for errors.
This is a project for my bookkeeping accounting class.
I'll provide the files from the Studypool tutor (attached): memorandum, project excel file, as well as the files and template from my professor.
If the project needs corrections, I'll invite you work on it.
Directions from Professor:
To receive full credit, you must build the spreadsheet using the Excel template provided in the "Files" section.
You will complete a Problem as your project on a multi-page, formulated, interconnected Excel sheet including the following tabs:
- General Journal Tab
- General Ledger - Asset Tab
- General Ledger - Liability Tab
- General Ledger - Equity Tab
- Worksheet Tab
- Income statement and Stock Holders’ Equity Tab
- Classified Balance Sheet Tab
- Post-Closing Trial Balance Tab
The Excel project of “Group X Consulting Inc.” must be submitted with a Business Memorandum.
A memorandum—usually known as a memo—is a document which is most commonly used for internal communication between coworkers or members of a department. In our case, the Board of Directors is concerned about this year profitability. Each issue in a memorandum needs one paragraph plus you should start with one introduction at the beginning and finish with one conclusion at the end of the memorandum. You do not write unnecessary information in the memorandum. You should write only about requested issues. You need to write a memo to the board of director about their concern based on your prepared financial reports.
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Explanation & Answer
Attached. Please let me know if you have any questions or need revisions.
A Complete Accounting Cycle Project
After graduating from College you have decided to open a Bookkeeping
Consulting Firm. You did some consulting during last few months and you recently filed a
corporation starting July 2016. You should choose a name: NAME Consulting Inc.
Your new firm entered into the following transactions starting July 1st, 2016
1-Jul Following assets were received from you in exchange for 1000 shares of common stock:
1
2
4
5
6
10
12
12
14
17
18
20
24
26
27
29
31
31
31
31
a
b
d
e
Use straight line of Depreciation
Office Equipment useful life: Years
3
Residual Value:
320.00
The firm paid 2 months' rent for a office space lease contract………...…….…… $
Paid one year insurance policy premium in advance
Received advance cash from a new clients for future services
Purchased additional office equipment on account from Office Depot
Received cash from clients on account
Paid cash for a local newspaper advertisement
Paid Office Depot for part of equipment purchased on account
Sent invoice #005 to a customer for 90 hrs consultation provided recently
Paid your receptionist for two weeks' salary
From a cash clients, you received cash after providing some consultation
You paid by your business debit card to purchase some supplies
Sent invoice #006 to a customer for the service provided during last few days
From a cash clients, you received cash after providing some consultation
Received cash from clients on account
Paid your receptionist for two weeks' salary
Received and paid telephone bill for July (Ch# 007)
Received and paid electricity bill for July (Ch# 008)
From a cash clients, you received cash after providing some consultation
Sent invoice #007 to a customer for the service provided during last few days
Declared and paid dividends (Ch# 009)
1 Instructions: Record the transactions & Post to the General Ledger accounts.
2 Prepare Bank Reconciliation and post the necessery General Journal Entries.
3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and
use these data to complete month-end adjustments.
Supply on hand………………………………………………………………………….…………...……… $
Record adjustments to Insurance, Rent and Equipment Depreciation
Accrual receptionist salary on July 31st for one day.
Unearned fees as of July 31 ……………………………………………
4 Journalize and post adjusting entries after completing the worksheet
5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet
6 Prepare, record, and post closing entries.
7 Prepare a Post-closing Trial Balance.
8 Write a Memorandum to your bank in regards to Profitability of your new corporation.
roject
recently filed a
mmon stock:
Cash
A/R
Supplies
Office Equipment
13500
20800
3200
7500
5000
4500
5500
6500
15300
400
5200
1750
450
600
200
12000
1750
300
600
150
1500
analyze and
………….…………...……… $
1525
2750
GENERAL JOURNAL ENTRIES
EAGLE CONSULTING CORPORATION
DATE
1-Jul
PARTICULARS
Cash
Accounts Recievables
Supplies On Hand
Office Equipment
DEBIT
13,500
20,800
3,200
7,500
Common Stock
CREDIT
45,000
(To record purchased of 1000 shares using cash and assets)
1-Jul
Pre-paid rent
5,000
Cash
5,000
(To record prepaid office rent paid by cash)
2-Jul
Prepaid insurance
4,500
DEBIT SIDE=CREDIT SIDE
(To record payment of one year insurance policy by cash
Cash
Unearned Revenue
5,500
5-Jul
(To record advance cash received from new clients )
Office Equipment
Accounts Payables
6,500
6-Jul
(Being purchase of office quipment on account)
cash
Accounts Recievables
15,300
4-Jul
10-Jul
12-Jul
(To record cash received from clients on account)
Advertising Expense
Cash
(To record payment of advertisement)
Accounts Payables
Cash
12-Jul
(To record the payment of part of equipment purchase)
Accounts Recievables
Revenue
14-Jul
(To record invoice#005 for Revenue - consultation serviceson account)
Salary expense
Cash
17-Jul
(To record payment of 2 weeks salaries to receptionist)
Cash
Revenue
18-Jul
20-Jul
Total Debits= $ 110,300
Total Credits=$ 110,300
4,500
Cash
(To record cash recieved from Revenue - consultation services)
Supplies On Hand
Cash
(To record the payment of debit card for purchased of supplies)
Accounts Recievables
Revenue
(To record invoice#006 for Revenue - consultation services on account)
5,500
6,500
15,300
400
400
5,200
5,200
13,500
13,500
1,750
1,750
450
450
600
600
6,600
6,600
110,300
110300
GENERAL JOURNAL ENTRIES
EAGLE CONSULATING INCORPORATION
DATE
24-Jul
PARTICULARS
Cash
JOURNAL ENTRY TWO
DEBIT
CREDIT
200
Revenue
26-Jul
(To record cash received from cash clients for services rendered)
Cash
Acconts Recievables
27-Jul
(To record cash received from clients on account)
salary expense
Cash
29-Jul
(TTo record payment of 2 weeks salaries to receptionist)
Telephone expense
Cash
31-Jul
31-Jul
31-Jul
31-Jul
(Being payment of telephone bill for July by cash)
Utility expense
Cash
(Being payment of electricity bill for July by cash)
cash
Revenue
(To record cash recived from cash customers)
Accounts Recievable
Revenue
Dividend
Total Debits =$ 21,000
Total Credits =$ 21,000
200
TOTAL DEBITS=TOTAL CREDITS
12,000
12,000
1,750
1,750
300
300
600
600
150
150
3,000
3000
1,500
Dividend Payables
Dividend Payables
1500
1,500
Cash
1500
(To record dividend declared and paid)
21000
31-Jul
31-Jul
Bank Charges - Service Fee
Software Charges - Intuit Quick Books
Interest Received
cash
(To record items in the bank statement but not taken up in book)
Supplies Expenses
15
44
2,275
Supplies On Hand
(To record month end adjustment for supplies expense)
31-Jul
Insurance Expense
2275
375
Prepaid Insurance
(To record month end adjustment for insurance expense)
31-Jul
Rent Expense
375
2,500
Prepaid Rent
(To record month end adjustment for rent expense)
31-Jul
31-Jul
2500
Depreciation - Office Equpiment
Accumulated Deprecaition - Office Equipment
(To record month end adjustment for depreciation expense)
380
Salary Expense
125
380
Accrued Salary
(To record month end adjustment for salary accural)
31-Jul
Unearned Revenue
Revenue
(To record month end adjustment for unearned fee into revenue)
21000
10
49
125
2,750
2750
Items for Determining Statement of Bank
Reconciliation
$
1
2
3
4
beginning balance
ending balance
deposit/credits
outstanding cheques
5
balance as per book, July 7
6
7
Bank service fee
intuit quick books
0
27,856
47,115
#7
#8
#9
25,500
10
49
$
300
600
1,500
EAGLE CONSULTING INC
STATEMENT OF BANK RECONCILIATION
AS AT 31/7/2016
$
$
27,856
Balance as per Bank ,July 31
Less:Outstanding Cheques
#7
#8
#9
Total
300
600
1,500
-2,400
Bank Balance Adjusted
Balance as per the cash books,July 31
Add:Interest from the bank
$25,456
25,500
15
25,515
Less:Bank Service Fee
Intuit Quick Books
10
49
-59
$25,456
CASH A/C
Dr
Date
1-Jul-16
4-Jul-16
6-Jul-16
17-Jul-16
24-Jul-16
26-Jul-16
31-Jul-16
31-Jul-16
Particulars
common stock
unearned rev
A/c recievables
Revenue
Revenue
Revenue
Revenue
interest received
1-Aug-16 Balance b/d
Cr
Amount
13,500
5,500
15,300
450
200
12,000
150
15
Date
1-Jul-16
2-Jul-16
10-Jul-16
12-Jul-16
14-Jul-16
18-Jul-16
27-Jul-16
28-Jul-16
31-Jul-16
31-Jul-16
31-Jul-16
31-Jul-16
31-Jul-16
Particulars
prepaid rent
prepaid insurance
advertising cash
a/c payables
salaries
suplies expense
salary expense
telephone expense
utility expenses
dividend
bank charges
software charges
Balance c/d
47,115
25,456
Amount
5,000
4,500
400
5,200
1,750
600
1,750
300
600
1,500
10
49
25,456
47,115
PREPAID RENT A/C
Dr
Date
Particulars
1/7/2016 cash
...