Solution
Suvrat answered on
Dec 03 2021
Instructions & Transactions
Instructions
Complete the Final Accounting Project in proper form. Be sure to follow the section due dates on the course schedule.
1. Each section will be submitted to the same Final Project submission page in canvas.
2. Complete and submit the sections as per the course sechedule.
3. It is recommended that you complete the Journalizing and Posting for each individual transaction.
4. You can submit each section early so unexpected circumstances do not prohibit you from turning in your work.
5. No part of this Final Project will be accepted after the April 9th, 5:00pm deadline.
Transactions
On January 1, 2020, Adam Adams created a new self-storage business, Safe Storage Co. The following transactions occu
ed during the company's first month.
Jan.
1 Adams invested $30,000 cash and buildings worth $150,000 in the company.
2 The company rented equipment by paying $2,000 cash for the remainder of January.
5 The company purchased $2,400 of office supplies for cash.
10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on January 11.
14 The company paid an employee $1,000 cash for two weeks' salary earned.
24 The company collected $9,800 cash for storage fees from customers.
28 The company paid an employee $1,000 cash for two weeks' salary earned.
29 The company paid $950 cash for minor repairs to a leaking roof.
30 The company paid $400 cash for this month's telephone bill.
31 Adams withdrew $2,000 cash from the company for personal use.
Required:
1 Journalize and Post the transactions completed during January using the listed Chart of Accounts
2 Prepare an unadjusted trial balance as of January 31.
3 Use the following information to journalize and post adjusting entries for the month:
4 a. Two-thirds of one month's insurance coverage has expired.
b. At the end of the month, $1,525 of office supplies are still available.
c. This month's depreciation on the buildings is $1,500
d. An employee earned $100 of unpaid and unrecorded salary as of month-end.
e. The company earned $1,150 of storage fees that are not yet billed at month-end.
Prepare the adjusted trial balance as of January 31. Prepare the income statement and the Statement of owner's equity for the month of January and the balance sheet at January 31, 2020
5 Prepare journal entries to record the adjustments and post these entries to the ledger.
6 Prepare journal entries to close the temporary accounts and post these entries to the ledger.
7 Prepare a post-closing trial balance.
Simplifying the Final Project in Excel
One way to make this project a little bit simpler is to be able to see two or more pages in Excel on the screen at a time. There are a couple of ways to do so and your choice might depend on if you have two monitors on your computer system.
Splitting your window would allow you to view the Transactions page as at the same time you are viewing the General Journal page, or Ledger page etc. This works quite well when journalizing and when posting. Both pages are “live” and you can copy from one window to the other.
To engage multiple windows simply click View from the menu bar, then click New Window. It is so quick and simple you might not notice a change. However, looking at the Taskbar at the bottom of the screen you should see a slight overlay on the Excel Icon. Indicating two Windows. Scroll over that icon and two thumbnail views will appear.
Additional notes:
1. It is the same file, clicking save on one window is saving all of them.
2. You can adjust window size and place them side-by-side. Click A
ange All from the View Menu tab. Select Vertical. Each window scrolls and operates independently.
3. If you are set on with two monitors, simply drag one of the windows to the second screen. (Don't click A
ange All)
4. You can close individual windows without closing the entire worksheet.
5. AS Always.. Save your work often!
Chart of Accounts
ACCT 127 - 403W
Final Project: Safe Storage Co. Chart of Accounts
ACCT NO. ACCOUNT NAME ACCT NO. ACCOUNT NAME
101 Cash 401 Storage Fees Earned
106 Accounts Receivable 606 Depreciation Expense - Building
124 Office Supplies 622 Salaries and Wages Expense
128 Prepaid Insurance 637 Insurance Expense
173 Buildings 640 Equipment Rental Expense
174 Accumulated Depreciation - Buildings 650 Office Supplies Expense
209 Salaries Payable 684 Repairs Expense
301 A. Adams, Capital 688 Telephone Expense
302 A. Adams,...