Project Requirements Opening balances- The opening balances for select accounts are provided in the appropriate ledger accounts.

Project Requirements
Opening balances- The opening balances for select accounts are provided in
the appropriate ledger accounts.

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1.
Record the following transactions in the journal 2. and post to the ledger:
12/02/xx- Purchased 10 Units of Software on Account for $1,300
12/02/xx- Paid employees Salaries owed
12/02/xx- Provided Accounting Service on Account, $3,200
th nd
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12/05/xx- Purchased Computer Equipment on Account, $4,800
Note: The equipment has an estimated useful life of 4 years, residual value of $50
and uses the DDB method.
12/08/xx- Purchased Supplies for $800 cash
12/10/xx- Received $3,000 payment on account
12/11/xx- Sold 15 units of Inventory on Account, $4,500
Note: This transaction requires two journal entries. The first entry should deal
with the sale, and the second should deal with the inventory
12/11/xx- Made payment on Account, $1,000
12/12/xx- Purchased 20 units of Inventory on Account, $2,400
12/14/xx- Received a bill for Advertising and paid it, $250
12/15/xx- Provided Accounting service for Cash, $8,000
12/16/xx- Paid employees salary for Dec. 1-15
12/17/xx- Provided Accounting Service on Account, $6,000
12/19/xx- Sold 10 units of Inventory on Account, $3,000
Note: This transaction requires two journal entries. The first entry should deal
with the sale, and the second should deal with the inventory
12/22/xx- Received $2,500 payment on Account
12/23/xx- Made payment on Account, $2,500
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12/24/xx- Received and paid monthly Utility bills, $850
12/27/xx- Received $2,000 cash in advance for accounting services
12/29/xx- Provided Accounting Service for Cash, $5,000
12/30/xx- Issued 1,000 shares of Common Stock at $15 per share
12/31/xx- Declared dividends of $1.50 to outstanding shareholders as of 12/31/xx.
Note: Be sure to debit retained earnings and credit dividends payable.
Prepare a trial balance to verify that total debits 3. equal total credits.
Record the following adjustments in the journal and in the trial balance. DO
NOT post the adjusting entries to the ledger. Instead, post them directly as
adjustments to the trial balance.
4.
12/31/xx- Employees salary for Dec. 16-31
12/31/xx- Depreciation on Building, use SL method (calculate for entire year)
12/31/xx- Depreciation on Furnishings, use DDB method (calculate for entire
year)
12/31/xx- Depreciation on Computer Equipment, use DDB method (calculate for
one month)
12/31/xx- Supplies on hand equal $1,625
12/31/xx- Inventory count shows 33 units, some damaged units were disposed of
during the month
12/31/xx- $500 of advance payment was earned in December
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12/31/xx- Uncollectible Account expense for December
Prepare an Adjusted trial balance to verify debits equal credits at the end of
the month
5.
Prepare the 3 main financial statements for the year ending December 31,
20xx.
6.
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