Stephanie Joy Dungo
Course Number: ACCT212
Instructor: Tanya Haddad
July 27, 2012
Financial Accounting Course Project B
For Financial Accounting Course Project B I worked on six charts, the adjusted entries, general ledger, adjusted trial balance, financial statements, closing entries, and post-closing trial balance. These are the final charts I did to finish the accounting process. After preparing the trail balance I worked on the adjusted entries for October 31st. I did calculations to figure out the insurance expired and remaining inventory of repair supplies. To figure out how much the cost for one month’s insurance was, I took the one-year prepaid insurance cost, which is $1,200 and divide that by 12 months to figure out how much the insurance cost was for a month, which comes out to $100. To find out the repair supplies expense, I took the purchased repair supplies $390 and subtract the remaining inventory $194, and I came out with the repair supplies expense of $196. When I completed the adjusted entries, I posted the information in the adjusted entries journal and journalize the adjusted entries on October 31st in the general ledger and compute the adjusted balances. I adjusted the general ledger by posting the adjusted entries and found the new balances. I journalized the new balances into the adjusted trial balance for October 31st. The calculations were made correctly and the accumulated total for the debit and credit balance each other out. I used the adjusted trial balance to prepare the financial statement. The income statement,I plugged in the bicycle repair revenue of $2,672 under the revenues and got a total revenue of $2,672. I jotted in the expenses which are: the store rent expense $1,040, utility expense $154, insurance expense $100, repair supplies expense $196, depreciation expense $70, and income taxes expense $40. Once I put in all the...