set up chart of accounts, general ledger, journalize actions for document

Project Description:

ben a. round started a taxi service to help pay for his college expenses. the name of the business is ben a. round taxi service. a list of transactions for the month of december are listed below.

invested $4,000 cash to start the business. purchased a used car for $25,000, paying $500 down and issuing a note for the balance.
paid $900 for annual insurance premium on auto.

bought fuel for $40.

paid $250 for ads on local radio station.

collected $280 in fares.

bought fuel $48.

collected $89 in fares.

12-6 paid for oil change $25.

collected $142 in fares.

paid $126 for business cards (advertising).

bought fuel on account at the trusty service station $49.

replace left front tire $122.

collected $301 in fares.

paid $28 to have cab cleaned.

collected $198 in fares.

bought fuel on account from gomer pile quick stop, $46.

paid $1,900 for overhaul of engine in cab.( debit automobile).

paid $162 for office supplies.

collected $280 in fares.

bought fuel $51.

collected $194 in fares.

bought fuel $48.

collected $225 in fares.

collected $268 in fares

bought fuel $86.

paid trusty service station $46 on account.

12-23 received $1,300 from carry us through inc. for shuttle service contract from december 23, to january 31.

collected $180 in fares.

12-25 bought fuel $56.

12-26 collected fares$450.

collected fares $320.

bought fuel on account from fillmore store $65.

bought fuel $45.

paid $68 for a new battery.

12-26 collected $299 in fares.

12-26 collected $430 in fares.

bought fuel $56.

collected $180 in fares.

collected $350 in fares.

paid advertising $189.

12-26 paid $88 to bruno for services rendered to reset taxi meter to pre-holiday rates!!

12-27 bought fuel $67.

12-27 collected $340 in fares.

12-27 bought fuel $42.

12-27 collected $98 in fares.

12-28 paid 246 for a tune-up.

12-28 collected $155 in fares.

12-28 bought fuel $ 29.

12-29 collected $242 in fares.

12-29 withdrew $1200 for personal use.

12-31 paid $300 on automobile note.

required:

manually: (use excel to complete the following.) you may use accounting forms provided under content.
set up a chart of accounts for ben a. round taxi service.
set up a general ledger.
journalize all transactions in general journal format.
post all transactions to the general ledger (keep a running balance).
prepare a trial balance using a 10 column worksheet.
enter adjusting entries in the adjustment column based on the following data at 12-31:
office supplies on hand $26.
insurance expired $80.
earned $800 from shuttle contract as of 12-31.
record depreciation for the cab. the cab has an estimated life of 5 years with a salvage value of $1,000. (do not round this computation-show dollars and cents).
prepare the following:
income statement (net income should be 3303.34). make corrections if needed before proceeding.
statement of owner’s equity
balance sheet (total assets should be 30917.34). ). make corrections if needed before proceeding.

enter adjusting entries in the general journal and post to the general ledger.
enter closing entries in the general journal and post to the general ledger.
prepare a post- closing trial balance.
Skills Required:
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