Financial Account Assignment - Adjusting, Closing Entries, Financial Statements
$10-30 CAD
Paid on delivery
Using the data from Part 1 and Excel with all its functions you are required to do the following:
1). Review the first part of the assignment and make all the necessary corrections needed to correct this part since you will be marked it and its required to continue Part 2 from this point. Create a new worksheet (the first one to the left) call it Documentation that will have your name, student number and the name of the company.
2). Create a new Worksheet entitled T Accounts, and create T Accounts for all Part 1 transactions with references, this will help make the corrections for #1. Make sure that the T Account final Balances match the Trial Balance numbers in the Trail Balance Worksheet you created in Part1.
3). Create another Worksheet entitled Adjusting Entries. Create and add all of the necessary accounts in the Chart of Accounts. You have the following additional information at the end of the month:
a). Inventory of the Software Licenses found only 33 on hand.
b). Inventory of Office Supplies was $56 left on hand
c). Distribution of 50% of the Flyers to the surrounding area for a cost of $300 from the Post Office paid in cash.
d). On May 31 received very good news – Luke won the proposal for the York Board of Education to starting tomorrow (June 1st). Even better news is that he will be working on 700 computers for $49,000. Luke has placed an order for 800 additional licenses of antivirus software to be delivered June 1st same purchasing terms as the first order and fulfilled the agreement of the software license purchase May 5th when order is placed.
Do all of the Adjusting Entries for Part 1 in Journal form same as in Part 1 of the assignment using Excel functions to lookup accounts from the Chart of Accounts Worksheet. Remember to create and add all of the necessary accounts in the Chart of Accounts. (Marks are given for the use of Excel functions)
4). Apply the Adjusting Entries from number 3 to the T Accounts you created in number 2.
5). Create two Worksheets one entitled Closing Entries and the other entitled Income Summary. Make journal all of the Closing Entries and place them to the Income Summary Worksheet. Apply these journal transactions to the T Accounts Worksheet. Remember to create and add all of the necessary accounts in the Chart of Accounts.
6). Update the Trail Balance after all of the transactions from number 5 have been completed.
7). Create a Worksheet entitled Statement of Financial Position June 1, 2015. This Statement will show the Opening Balancing for June 1st.
Note: Part 2 will create six new worksheets plus the three you already created from Part 1. This is all on the same Excel Workbook.
Part 1 – Chart of Accounts – Journal Entries – Trail Balance
Part 2 – Documentation - T Accounts – Adjusting Entries – Closing Entries – Income Statement – Statement of Financial Position
This is all in one Excel workbook.
Project ID: #13526867
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