Scribd
Upload
22 views

Assingment

This document provides instructions for a complete accounting cycle assignment for ACN 201. Students must: 1) Analyze transactions, prepare journal entries, and T-accounts for the month. 2) Prepare an initial trial balance on March 31. 3) Make adjusting entries, prepare adjusted accounts and an adjusted trial balance. 4) Complete a worksheet and prepare financial statements. 5) Make closing entries and a post-closing trial balance. The assignment is worth 100 points and is due on the mid-term exam date.

Uploaded by

ABM MOZAHID
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
22 views

Assingment

This document provides instructions for a complete accounting cycle assignment for ACN 201. Students must: 1) Analyze transactions, prepare journal entries, and T-accounts for the month. 2) Prepare an initial trial balance on March 31. 3) Make adjusting entries, prepare adjusted accounts and an adjusted trial balance. 4) Complete a worksheet and prepare financial statements. 5) Make closing entries and a post-closing trial balance. The assignment is worth 100 points and is due on the mid-term exam date.

Uploaded by

ABM MOZAHID
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

ACN 201, AUTUMN 2022

ASSIGNMENT -THE COMPLETE ACCOUNTING CYCLE

Marks: 100 POINTS

The assignment is due on mid- term exam date.


This assignment is a hand- written and individual assignment.

This assignment is related to the understanding of the concept of chapter 1, 2,3 &4.

MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.

Requirements HINTS
Requirement 1 – Make a tabular analysis of the transactions. Tabular analysis
Requirement 2—Prepare the Journal Entries in the General Journal Journal Entries
Requirement 3—Post Journal Entries to the Ledger T Accounts
Requirement 4—Prepare a Trial Balance Trial Balance
Requirement 5—Prepare the Adjusting Entries Adjusting Entries
Requirement 6— Prepare an adjusted trial balance Adjusted trial balance
Requirement 7—Prepare a work sheet Worksheet
Requirement 8— Prepare an income statement, owner’s equity statement and
balance sheet Financial Statements
Requirement 9—Prepare the Closing Entries Closing Entries
Requirement 10— Prepare the Post Closing Trial Balance Post Closing TB
During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping,
completed the following transactions.

March 1 Owner invested $72000 cash in the business.

March 2 Paid the current month's rent, $4,500.

March 3 Paid the premium on a 1-year insurance policy, $3,300.

March 7 Purchased supplies on account from Parkview Company, $900.

March 10 Paid employee salaries, $2,200.

Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance
March 14 was placed on account.

Note: Use accounts payable for the balance due.

March 15 Received cash for landscaping revenue for the first half of March, $4,896.

March 19 Made payment on account to Parkview Company, $450.

March 31 Received cash for landscaping revenue for the last half of March, $5,304.

Requirements:
1. Make a tabular analysis of the transactions using the following column headings: cash, prepaid
insurance, supplies, equipment, accounts payable, owner’s capital, owner’s drawings, revenue and
expense.
2. Prepare journal entries to record the March transactions.
3. Prepare necessary T Accounts
4. Prepare a trial balance on March 31

Other data:
a) One month's insurance has expired.
b) The remaining inventory of supplies is $475.
c) The estimated depreciation on equipment is $150.

Requirements:
5. Prepare appropriate adjusting entries on March 31.

6. Prepare adjusted T-accounts on March 31.


7. Prepare an adjusted trial balance on March 31.
8. Enter the adjusted trial balance on the worksheet and complete the worksheet
9. Prepare an income statement, owner’s equity statement for March and a balance sheet on March 31.
10. Prepare the closing entries.
11. Prepare a post -closing trial balance.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy