Using the data provided, perform the steps below to complete the final project.

User Generated

OvtFghqrag

Economics

Chicago State University

Description

Using the data provided, perform the steps below to complete the final project. On December 1, 2019, SoccerBox Inc. started operations. The following transactions occurred during December 2019. NOTE: There are no beginning balances-this is a new company.

Unformatted Attachment Preview

Dec 1 Cash Common Stock $ 80,000.00 2 Soccer Equipment Cash $ 20,000.00 2 Prepaid Rent Cash $ 30,000.00 3 10 14 24 $ 80,000.00 $ 20,000.00 $ 30,000.00 Student Instruction Transaction December 1 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 2 Step 3: Enter the Account Name on Credit Side in the Column C Raw 3 Step 4: Enter the Amount on Debit Side in the Column E Raw 2 Step 6: Enter the Amount of Credit Side in the Column F Raw 3 Major Steps Step 1 Transaction December 2 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 5 Step 3: Enter the Account Name on Credit Side in the Column C Raw 6 Step 4: Enter the Amount on Debit Side in the Column E Raw 5 Step 5: Enter the Amount of Credit Side in the Column F Raw 6 Step 2 Transaction December 2 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 8 Step 3: Enter the Account Name on Credit Side in the Column C Raw 9 Step 4: Enter the Amount on Debit Side in the Column E Raw 8 Step 5: Enter the Amount of Credit Side in the Column F Raw 9 Step 3 Transaction December 3 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 11 Step 3: Enter the Account Name on Credit Side in the Column C Raw 12 Step 4: Enter the Amount on Debit Side in the Column E Raw 11 Step 5: Enter the Amount of Credit Side in the Column F Raw 12 Step 4 Transaction December 10 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 14 Step 3: Enter the Account Name on Credit Side in the Column C Raw 15 Step 4: Enter the Amount on Debit Side in the Column E Raw 14 Step 5 28 29 30 30 Once the journal entries have been completed, you'll need to transfer the balances (both Debit and Credit) to the "Unadjusted Trial Balance" tab. Note: Because the Cash Account has so many transactions, you'll want to complete the Cash T-Account tab in order to derive the correct Cash balance. Step 5: Enter the Amount of Credit Side in the Column F Raw 15 Transaction December 14 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 17 Step 3: Enter the Account Name on Debit Side in the Column C Raw 18 Step 4: Enter the Amount on Debit Side in the Column E Raw 17 Step 5: Enter the Amount of Credit Side in the Column F Raw 18 Step 6 Transaction December 24 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 20 Step 3: Enter the Account Name on Credit Side in the Column C Raw 21 Step 4: Enter the Amount on Debit Side in the Column E Raw 20 Step 5: Enter the Amount of Credit Side in the Column F Raw 21 Step 7 Transaction December 28 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 23 Step 3: Enter the Account Name on Debit Side in the Column C Raw 24 Step 4: Enter the Amount on Debit Side in the Column E Raw 23 Step 5: Enter the Amount of Credit Side in the Column F Raw 24 Step 8 Transaction December 29 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 26 Step 3: Enter the Account Name on Credit Side in the Column C Raw 27 Step 4: Enter the Amount on Debit Side in the Column E Raw 26 Step 5: Enter the Amount of Credit Side in the Column F Raw 27 Step 9 Transaction December 30 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 29 Step 3: Enter the Account Name on Credit Side in the Column C Raw 30 Step 4: Enter the Amount on Debit Side in the Column E Raw 29 Step 5: Enter the Amount of Credit Side in the Column F Raw 30 Step 10 Transaction December 30 Step 1: Read Transaction December 1 - Picture A Step 2: Enter the Account Name on Debit Side in the Column C Raw 32 Step 3: Enter the Account Name on Credit Side in the Column C Raw 33 Step 4: Enter the Amount on Debit Side in the Column E Raw 32 Step 5: Enter the Amount of Credit Side in the Column F Raw 33 Step 11 Picture A Cash 1-Dec $ 80,000.00 $ 20,000.00 $ 30,000.00 1-Dec 2-Dec 3-Dec 10-Dec 14-Dec 24-Dec $ 30,000.00 28-Dec 29-Dec 30-Dec 31-Dec Ending cash (if done correctly) should equal $93,150. SoccerBox Inc. Unadjusted Trial Balance December 31, 2019 Cash Soccer Equipment Prepaid Rent Office Supplies Prepaid Insurance Salaries Expense Repairs Expense Telephone Expense Dividends Soccer Fee Revenue Common Stock Totals You'll need to record the transactions from the Journal Entries into the Unadjusted Trial Balance. Note: Cash and Soccer Equipment have been done for you. $ $ $ Debit 93,150.00 20,000.00 30,000.00 $ 143,150 Credit $ - The total Debit balance MUST equal the total Credit balance or you've missed something. Dec 31 31 Rent Expense Prepaid Rent $ 2,500.00 $ 2,500.00 31 31 31 There are 5 adjusting journal entries. These will be completed in the same way as the original 11 journal entries. Note: adjusting journal entry 2 has been completed for you. For journal entry #2, recall that we prepaid for one year's worth of rent ($30,000) on December 2nd. Now that we are at the end of December, we need to record one month's worth of rent. To do that, we divide $30,000 by 12 months, which equals $2,500. Once you complete the four remaining adjusting journal entries, you'll need to incorporate them into the "Adjusted Trial Balance." If you have an account in the "Unadjusted Trial Balance" that was not affected by the adjusting entries, simply transfer the same balance into the "Adjusted Trial Balance". Cash, for example, did not change so note that the cash balance is the same ($93,150) in both the "Unadjusted Trial Balance" and the "Adjusted Trial Balance". SoccerBox Inc. Adjusted Trial Balance December 31, 2019 Cash Soccer Equipment Prepaid Rent Office Supplies Prepaid Insurance Salaries Expense Repairs Expense Telephone Expense Dividends Soccer Fee Revenue Common Stock Insurance Expense Rent Expense Office Supplies Expense Depreciation Expense Salaries Payable Totals $ $ $ Debit 93,150.00 20,000.00 27,500.00 $ 2,500.00 $ 143,150 Credit $ - The total Debit balance MUST equal the total Credit balance or you've missed something. SoccerBox Inc. Income Statement For the year ended December 31, 2019 Revenues: $ - Expenses: Total Expenses - Net Income $ - SoccerBox Inc. Statement of Stockholder's Equity For the year ended December 31, 2019 Retained Earnings Common Stock Beginning Balance, December 1, 2019 $ - $ - Totral Stockholder's Equity $ - Ending Balance, December 31, 2019 $ SoccerBox Inc. Balance Sheet - $ - $ - December 31, 2019 Assets Liabilities Current Assets: Current Liabilities: $ Total Current Liabilities Total Current Assets $ - $ - $ - Long-term Assets: Stockholder's Equity Total Long-term Assets Total Assets $ $ - - $ - Total Stockholder's Equity - Total Liabilities and Stockholder's Equity $ - NOTE that there are THREE Statements Statement, Statement of Stockholder Note: The Retained Earnings is comprised of: Beginning Retained Earnings (there is no beginning retained earnings since this was a new + Common Stock Issued + Net Income (this will come from the Income Statement above) - Dividends = Ending Retained Earnings Note: The Balance Sheet MUST Balance, meaning that the Assets need to equa Note: this figure will come from the Statement of Retained Earnings above. EE Statements included on this sheet: Income of Stockholder's Equity and Balance Sheet rnings since this was a new company)
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

View attached explanation and answer. Let me know if you have any questions.

Dec

1 Cash
Common Stock

$

80,000.00

2 Soccer Equipment
Cash

$

20,000.00

2 Prepaid Rent
Cash

$

30,000.00

3 Office Supplies
Cash

$

10 Insurance Premium
Cash

$

12,000.00

14 Salaries
Cash

$

4,000.00

24 Cash
Fee Received

$

85,000.00

28 Salaries
Cash

$

4,000.00

29 Equipment Repair
Cash

$

30 Telephone Expenses
Cash

$

150.00

30 Dividend
Cash

$

1,000.00

Once the journal entries have been completed, you'll need to transfer the balances (both
Debit and Credit) to the "Unadjusted Trial Balance" tab.
Note: Because the Cash Account has so many transactions, you'll want to complete the Cash
T-Account tab in order to derive the correct Cash balance.

$

80,000.00

$

20,000.00

$

30,000.00

$

500.00

$

12,000.00

$

4,000.00

$

85,000.00

$

4,000.00

$

200.00

500.00

200.00

$

150.00

$

1,000.00

Student Instruction
Transaction December 1
Step 1: Read Transaction December 1 - Picture A
Step 2: Enter the Account Name on Debit Side in the Column C Raw 2
Step 3: Enter the Account Name on Credit Side in the Column C Raw 3
Step 4: Enter the Amount on Debit Side in the Column E Raw 2
Step 6: Enter the Amount of Credit Side in the Column F Raw 3

Major Steps
Step 1

Transaction December 2
Step 1: Read Transaction December 1 - Picture A
Step 2: Enter the Account Name on Debit Side in the Column C Raw 5
Step 3: Enter the Account Name on Credit Side in the Column C Raw 6
Step 4: Enter the Amount on Debit Side in the Column E Raw 5
Step 5: Enter the Amount of Credit Side in the Column F Raw 6

Step 2

Transaction December 2
Step 1: Read Transaction December 1 - Picture A
Step 2: Enter the Account Name on Debit Side in the Column C Raw 8
Step 3: Enter the Account Name on Credit Side in the Column C Raw 9
Step 4: Enter th...


Anonymous
Just the thing I needed, saved me a lot of time.

Studypool
4.7
Indeed
4.5
Sitejabber
4.4

Related Tags