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PRINCIPLES OF ACCOUNTING I ACCT 1010 HOMEWORK PROJECT

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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.

Paul Koulakov

Business Technologies Department

Nashville State Community College

120 White Bridge Road

Nashville, TN  37209

 

Due Date:

See syllabus

 

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:

Item

Points

Journal Entries

20 points (1 point for each correct account)

Adjusting Entries

17 points (1 point for each correct account; 1 point for each correct amount calculation)

Closing Entries

10 points (2 points for each entry; 2 points for correct amounts)

Ledger Acct Balances

12 points (1/2 point for each correct balance)

Unadjusted Trial Balance

3 points for preparation

Adjusted Trial Balance

3 points for preparation

Income Statement

10 points

Statement of Owner’s Equity

5 points

Balance Sheet

10 points

Post-Closing Trial Balance

3 points for preparation

Neatness and format

7 points

Total Possible Points

100

 

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.

Dec

2

Provided $3,950 consulting services to Gomez Company on account.

3

Paid $1,025 cash to Hillside Mall for Jamison Consulting’s share of mall advertising costs.

 

4

Paid $400 cash for minor repairs to the company's computer.

 

10

Purchased $1,100 of computer supplies on credit from Harris Office Products.

 

14

Paid cash to employee for six days of work at the rate of $125 per day.

  

15

Notified 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.

 

20

Completed a project for Lyn Corporation and received $5,625 cash.

 

28

Received $3,000 cash from Gomez Co. on its receivable.

 

29

Reimbursed C. Jamison $193 for business automobile mileage.

 

31

C. 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 JOURNAL

PAGE

1

DATE

ACCOUNT

POST REF

DEBIT

CREDIT

 2016

 

 

 

 

 

 

 

 Oct

Cash

101

45,000 

 

 

 

 

 

Office Equipment

163

20,000 

 

 

 

 

 

 

Computer Equipment

167

8,000

 

 

 

 

     C. Jamison, Capital

301

 

73,000

 

 

 

 

 

 

 

 

 

1

Prepaid Insurance

128

2,220

 

 

 

 

     Cash

101

 

2,220

 

 

 

 

 

 

 

 

 

2

Prepaid Rent

131

3,300

 

 

 

 

     Cash

101

 

3,300

 

 

 

 

 

 

 

 

 

9

Computer Supplies

126

2,545

 

 

 

 

     Accounts Payable

201

 

2,545

 

 

 

 

 

 

 

 

 

16

Accounts Receivable

106

4,800

 

 

 

 

     Computer Services Revenue

403

 

4,800

 

 

 

 

 

 

 

 

 

31

Wages Expense

623

875

 

 

 

 

     Cash

101

 

875

 

 

 

 

 

 

 

 

Nov

2

Mileage Expense

676

320

 

 

 

 

     Cash

101

 

320

 

 

 

 

 

 

 

 

 

5

Accounts Payable

201

2,545

 

 

 

 

     Cash

101

 

2,545

 

 

 

 

 

 

 

 

 

8

Cash

101

4,800

 

 

 

 

     Accounts Receivable

106

 

4,800

 

 

 

 

 

 

 

 

 

14

Cash

101

4,633

 

 

 

 

     Computer Services Revenue

403

 

4,633

 

 

 

 

 

 

 

 

 

23

Accounts Receivable

106

5,208

 

 

 

 

     Computer Services Revenue

 

 

5,208

 

 

 

 

 

 

 

 

 

30

C. Jamison, Withdrawals

302

2,000

 

 

 

 

     Cash

101

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homework Project 1 –                                          Name:_______      ____________
Working Papers

General Journal for Requirements 1, 4 & 10

GENERAL JOURNAL

PAGE

2

DATE

ACCOUNT

POST REF

DEBIT

CREDIT

 2016

 

December Transactions (20 points)

 

 

 

 Dec

2

Accounts Receivable

106

3,950

 

 

 

     Computer Services Revenue

403

 

3,950

 

 

 

 

 

 

 

3

Advertising

 

1,025

 

 

 

      Cash

101

 

1,025

 

 

 

 

 

 

 

4

Repairs

684

400

 

 

 

     Cash

101

 

400

 

 

 

 

 

 

 

10

Computer Supplies

126

1,100

 

 

 

    Accounts Payable

201

 

1,100

 

 

 

 

 

 

 

14

Wages Expense

623

150

 

 

 

     Cash

101

 

150

 

 

 

 

 

 

 

15

Cash

101

1,500

 

 

 

     Computer Services Revenue

403

 

1,500

 

 

 

 

 

 

 

20

Cash

101

5,625

 

 

 

Computer Services Revenue

403

 

5,625

 

 

 

 

 

 

 

28

Cash

101

3,000

 

 

 

    Accounts Receivable

106

 

3,000

 

 

 

 

 

 

 

29

Mileage Expense

676

193

 

 

 

   Cash

101

 

193

 

 

 

 

 

 

 

31

C. Jamison, Withdrawals

302

1,500

 

 

 

     Cash

101

 

1,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GENERAL JOURNAL

PAGE

3

DATE

ACCOUNT

POST REF

DEBIT

CREDIT

 2016

 

Adjusting Entries (17 points)

 

 

 

 Dec

31

shrinkage

 

3,325

 

 

 

    Computer supplies

 

 

3,325

 

31

Rent expense

 

2,475

 

 

 

   Prepaid rent

 

 

2,475

 

 

Insurance expense

 

555

 

 

 

     Prepaid insurance

 

 

555

 

 

Wage expense

 

500

 

 

 

    Wages payable

 

 

500

 

 

Depreciation expense- computer system

 

500

 

 

 

 Acc. Depreciation- computer system

 

 

500

 

 

Depreciation expense- Office eqp.

 

1000

 

 

 

 Acc. Depreciation Office eqp

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing Entries (10 points)

 

 

 

 Dec

31

shrinkage

 

3,325

 

 

 

    Computer supplies

 

 

3,325

 

31

Rent expense

 

2,475

 

 

 

   Prepaid rent

 

 

2,475

 

 

Insurance expense

 

555

 

 

 

     Prepaid insurance

 

 

555

 

 

Wage expense

 

500

 

 

 

    Wages payable

 

 

500

 

 

Depreciation expense- computer system

 

500

 

 

 

 Acc. Depreciation- computer system

 

 

500

 

 

Depreciation expense- Office eqp.

 

1000

 

 

 

 Acc. Depreciation Office eqp

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

                            Cash

Acct. No. 101

 

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

1

 

J1

45,000

 

45,000

 

1

 

J1

 

2,220

42,780

 

2

 

J1

 

3,300

39,480

 

31

 

J1

 

875

38,605

Nov.

2

 

J1

 

320

38,285

 

5

 

J1

 

2,545

35,740

 

8

 

J1

4,800

 

40,540

 

14

 

J1

4,633

 

45,173

 

30

 

J1

 

2,000

43,173

Dec

3

 

J1

 

1,025

42,148

 

4

 

J1

 

400

41,748

 

14

 

J1

 

150

41,598

 

15

 

J1

1,500

 

43,098

 

20

 

J1

5,625

 

48,723

 

28

 

J1

3,000

 

51,723

 

29

 

J1

193

 

51,916

 

31

 

J1

 

1,500

50,416

 

 

 

 

 

 

 

 

                               Accounts Receivable

Acct. No. 106

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

16

 

J1

4,800

 

4,800

Nov.

8

 

J1

 

4,800

0

 

23

 

J1

5,208

 

5,208

Dec

2

 

J1

3,950

 

9,158

 

28

 

J1

 

3,000

6,158

 

 

 

 

 

 

 

 

                         Computer Supplies

 

Acct. No. 126

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

9

 

J1

2,545

 

2,545

Dec

10

 

J1

1,100

 

3,645

Dec

31

 

J1

 

3,325

320

 

                       Prepaid Insurance

Acct. No. 128

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

1

 

J1

2,220

 

2,220

Dec

31

 

J1

 

555

1,665

 

 

 

 

 

 

 

Ledger (Continued)

 

                        Prepaid Rent

 

 

Acct. No. 131

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

2

 

J1

3,300

 

3,300

Dec

31

 

J1

 

2,475

825

 

 

 

 

 

 

 

                      Office Equipment

Acct. No. 163

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

1

 

J1

20,000

 

20,000

 

 

 

 

 

 

 

 

                 Accumulated Depreciation—Office Equipment

Acct. No. 164

Date

 

     Explanation

PR

Debit

Credit

Balance

Dec

31

 

J1

 

1,000

1,000

 

 

 

 

 

 

 

 

                         Computer Equipment

Acct. No. 167

Date

 

     Explanation

PR

Debit

Credit

Balance

 

Oct.

1

 

J1

8,000

 

8,000

 

 

 

 

 

 

 

 

 

 

             Accumulated Depreciation—Computer Equipment

 

Acct. No. 168

Date

 

     Explanation

PR

Debit

Credit

Balance

 

Dec

31

 

J1

 

500

500

 

 

 

 

 

 

 

 

 

 

                              Accounts Payable

Acct. No. 201

Date

 

     Explanation

PR

Debit

Credit

Balance

 

Oct.

9

 

J1

 

2,545

2,545

 

Nov.

5

 

J1

2,545

 

0

 

Dec

10

 

J1

 

1,100

1,100

 

 

 

 

 

 

 

 

 

                                Wages Payable

Acct. No. 210

Date

 

     Explanation

PR

Debit

Credit

Balance

 

Dec

31

 

J1

 

500

500

 

 

 

 

 

 

 

 

 

 

 

                          Unearned Consulting Revenue

Acct. No. 236

Date

 

     Explanation

PR

Debit

Credit

Balance

 

Dec

15

 

J1

 

1,500

1,500

 

 

 

 

 

 

 

 

 

 

Ledger (Continued)

 

                        C. Jamison, Capital

 

Acct. No. 301

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

1

 

J1

 

73,000

73,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                    C. Jamison, Withdrawals

 

Acct. No. 302

Date

 

     Explanation

PR

Debit

Credit

Balance

Nov.

30

 

J1

2,000

 

2,000

Dec

31

 

J1

1,500

 

3,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                Consulting Revenue

Acct. No. 403

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

16

 

J1

 

4,800

4,800

Nov.

14

 

J1

 

4,633

9,433

 

23

 

J1

 

5,208

14,641

Dec

2

 

J1

 

3,950

18,591

 

15

 

J1

 

1,500

20,091

 

20

 

J1

 

5,625

25,716

 

 

 

 

 

 

 

                        Depreciation Expense—Office Equipment

Acct. No. 612

Date

 

     Explanation

PR

Debit

Credit

Balance

Dec

31

 

J1

1,000

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   Depreciation Expense—Computer Equipment

Acct. No. 613

Date

 

     Explanation

PR

Debit

Credit

Balance

Dec

31

 

J1

500

 

500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                Wages Expense

Acct. No. 623

Date

 

     Explanation

PR

Debit

Credit

Balance

Oct.

31

 

J1

875

 

875

Dec

14

 

J1

150

 

1,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledger (Continued)

 

                                   Insurance Expense

Acct. No. 637

Date

 

     Explanation

PR

Debit

Credit

Balance

Dec

31

 

J1

555

 

555

 

 

 

 

 

 

 

 

                                   Rent Expense

Acct. No. 640

Date

 

     Explanation

PR

Debit

Credit

Balance

Dec

31

 

J1

2,475

 

2,475

 

 

 

 

 

 

 

 

                                 Computer Supplies Expense

 

Acct. No. 652

Date

 

     Explanation

PR

Debit

Credit

Balance

Dec

10

 

J1

1,100

 

1,100

 

 

 

J1

 

 

 

 

 

 

 

 

 

 

                                  Advertising Expense

Acct. No. 655

Date

 

     Explanation

PR

Debit

Credit

Balance

Dec

3

 

J1

1,025

 

1,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                Mileage Expense

Acct. No. 676

Date

 

     Explanation

PR

Debit

Credit

Balance

Nov.

2

 

J1

320

 

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[Solved] PRINCIPLES OF ACCOUNTING I ACCT 1010 HOMEWORK PROJECT

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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. Paul Koulakov Business Technologies Department Nashville State Community College 120 White Bridge Road Nashville, TN 37209 Due Date: See syllabus 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: Item Points Journal Entries 20 points (1 point for each correct account) Adjusting Entries 17 points (1 point for each correct account; 1 point for each correct amount calculation) Closing Entries 10 points (2 points for each entry; 2 points for correct amounts) Ledger Acct Balances 12 points (1/2 point for each correct balance) Unadjusted Trial Balance 3 points for preparation Adjusted Trial Balance 3 points for preparation Income Statement 10 points Statement of Owner’s Equity 5 points Balance Sheet 10 points Post-Closing Trial Balance 3 points for preparation Neatness and format 7 points Total Possible Points 100 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. Dec 2 Provided $3,950 consulting services to Gomez Company on account. 3 Paid $1,025 cash to Hillside Mall for Jamison Consulting’s share of mall advertising costs. 4 Paid $400 cash for minor repairs to the company's computer. 10 Purchased $1,100 of computer supplies on credit from Harris Office Products. 14 Paid cash to employee for six days of work at the rate of $125 per day. 15 Notified 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. 20 Completed a project for Lyn Corporation and received $5,625 cash. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed C. Jamison $193 for business automobile mileage. 31 C. 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: a. The December 31 inventory count of computer supplies shows $320 still available. b. Three of the four months' prepaid rent has expired. c. Three months have expired since the 12-month insurance premium was paid in advance. d. As of December 31, the only employee of Jamison Consulting had not been paid for four days of work at $125 per day. e. The computer system, acquired for $8,000 on October 1, is expected to have a four-year life with no salvage value. f. The office equipment, acquired for $20,000 on October 1, is expected to have a five-year life with no salvage value. ...
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