Financial Accounting Cycle Group Project

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Accounting Cycle Project

T-Accounts Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Statement of Retained Earning Balance Sheet Closing Entries Post-Closing Trial Balance

2. Post Entries in T-Account 3. Prepare Unadjusted Trial Balance 4. Prepare Adjusting Entries 5. Prepare Adjusted Trial Balance 6. Prepare Income Statement 7. Prepare Statement of Retained Earnings 8. Prepare Balance Sheet 9. Post Closing Entries 10.Prepare Post Closing Trial Balance

General Journal
DATE ACCOUNT TITLE 10 1 Cash Equipment Furniture and Fixtures Common Stock (Issued stock for cash, equipment, and furniture) 10 2 Prepaid Rent Rent Expense Deposit Cash (Paid cash for rent - Check 100) 2 Office Supplies Cash (Paid cash for office supplies - Check 101) 5 Prepaid Insurance Cash (Paid cash for general liability and property insurance check 102) 7 Accounts Receivable Decorating Fees (Revenue Earned on Account) ACCT NO. 1002 1021 1023 3001 DEBIT CREDIT 25,000 13,000 7,000 45,000

1013 5005 1015 1002

435 435 435 1,305

10

1009 1002

500 500

10

1011 1002

950 950

10

1004 4001

5,400 5,400

10 11 Cash Decorating Fees (Received Cash for Services) 10 12 Accounts Receivable Decorating Fees (Revenue Earned on Account) 10 15 Advertising Expense Cash (Paid cash for advertising fees - check 103 10 21 Cash Unearned Revenue (Received advance from client for future services) 10 29 Postage Expense Cash (Paid cash for Postage expense - check 104) 29 Utilities Expense Cash (Paid cash for utilities expense - check 105) 29 Telephone Expense Cash (Paid cash for telephone expenses - check 106) 29 Automobile Expense Cash (Reimbursed for automobile expenses - check 107) 29 Salary Expense Cash (Paid salary to date - check 108) 10 31 Dividends Cash (Paid cash dividend - check 109)

1002 4001

2,500 2,500

1004 4001

6,000 6,000

5006 1002

1,200 1,200

1002 2003

1,300 1,300

5012 1002

260 260

5010 1002

104 104

5011 1002

20 20

5007 1002

100 100

5004 1002

1,000 1,000

3008 1002

475 475

General Journal
DATE ACCOUNT TITLE 11 3 Supplies Accounts Payable (Purchased supplies on account) 11 4 Rent Expense Cash (Paid cash for November office rent - check 110 6 Cash Accounts Receivable (Received cash for account) 8 Unearned Revenue Decorating Fees (Revenue earned for prepaid services) ACCT NO. 1009 2001 DEBIT CREDIT 1,400 1,400

5005 1002

435 435

11

1002 1004

6,000 6,000

11

2003 4001

650 650

11 11 Cash Decorating Fees (Received cash for services) 11 13 Cash Accounts Receivable (Received cash for account) 11 14 Advertising Expense Cash (Paid cash for advertising fees - check 111) 11 18 Accounts Receivable Decorating Fees (Revenue earned on account) 11 20 Cash Decorating Fees (Received cash for services) 11 28 Postage Expense Cash (Paid cash for postage expenses - check 112) 28 Utilities Expense Cash (Paid cash for posting utilities expenses - check 113) 28 Telephone Expense Cash (Paid cash for telephone expenses - check 114) 28 Automobile Expense Cash (Reimbursed for automobile expenses - check 115) 28 Salary Expense Cash (Paid salary to date - check 116) 11 30 Dividends Cash (Paid cash dividend - check 117)

1002 4001

2,000 2,000

1002 1004

5,400 5,400

5005 1002

600 600

1004 4001

7,200 7,200

1002 4001

2,700 2,700

5012 1002

260 260

5010 1002

104 104

5011 1002

20 20

5007 1002

100 100

5004 1002

1,200 1,200

3008 1002

600 600

General Journal
DATE ACCOUNT TITLE 12 1 Rent Expense Cash (Paid cash for November office rent - check 118) 12 2 Land Notes Payable (Purchased land on note) 5 Accounts Payable Cash (Paid cash for account due - check 119) 7 Advertising Expense Cash (Paid cash for advertising fees - check 120) 8 Miscellaneous Expense Cash (Paid cash for donation - check 121) ACCT NO. 5005 1002 DEBIT CREDIT 435 435

1020 2020 2001 1002

12,000 12,000 1,400...
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