Accounting $101$ project

This project will be completed in two parts.$$ All answers should be submitted in the Excel template attached to this module.$$ Part $1$ contains an opening trial balance, list of business transactions, journaling all transactions into the general journal $($including the adjusting entries$),$ and updating each account in the T$-$Accts $($general ledger$).$ Upon submission, your instructor will indicate which journal entries and$/$or T$-$Acct entries are incorrect.$$

Part $2$ will have you correct any mistakes and then complete the project.$$ The remaining parts of the project include preparing the adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries, and post$-$closing trial balance.$$

December business transactions

Dec $1$st $$ Paid December rent of $$2,200$ with check #$801.$

Dec. $2$nd $$ Paid $$1,400$ on Jackson$$s Inc. invoice from a previously recorded transaction with check #$802.$

Dec. $3$rd $$ Collected $$600$ from Reynolds Co$.$ from a previous engagement in November.

Dec $4$th $$ Completed additional work for Auto Plus, sent invoice #Sp$24$a for $$1,400$ due in $1$ month.

Dec. $5$th $$ Paid employee from work previously expensed in Nov. with payment due Dec. $5$th using check #$803.$

Dec. $8$th $-$ Paid $$1,200$ to cover all utilities for the month of Dec using check #$804.$

Dec. $9$th $-$ Completed $$500$ worth of work for a repeat customer who pays cash immediately.

Dec. $10$th$-$ Collected $$850$ from Auto Plus from a previous engagement in Nov.

Dec. $11$th $-$ Jack Fredrick, the owner, withdrew $$3,300$ for personal use using check #$805.$

Dec. $12$th $-$ Our employee earned two weeks of pay amounting to $$1,700,$ to be paid Dec. $23$rd$.$

$*$employee took vacation from Dec. $15$th$-$Dec. $31$st$.$ No pay will accrue$*$

Dec. $15$th $$ Completed a large job for Reynolds Co$.$ for $$12,000.$ Sent invoice #Sp$24$b due Jan. $31$st$.$

Dec. $16$nd $$ Collected $$5,500$ from Reynolds to pay off some of their balance.

Dec. $22$md $$ Paid our employee for the work expensed Dec. $12$th using check #$806.$

Dec. $23$rd$-$ Purchased land on a note for $$50,000$ to be used for construction of a new office building.

$$ Land and Notes Payable will have account numbers of $150$ and $240,$ respectively.

Dec $24$th$-$Dec. $31$st $$ Owner took off the rest of the year.

Adjustments $($due with Part $1)$

$1.$ The equipment was used for the third year.

$2.$ Prepaid insurance was adjusted for Oct$-$Dec usage. $$

$3.$ Unearned revenue was updated to show $3$ months of work completed.

$4.$ A final count of supplies showed $$400$ remaining.

$$

Part $1$ instructions

$1.$ Open the Excel attachment named $$Student fill$-$in template$.$

$2.$ Transfer the opening trial balance amounts to the T$-$Accts.

$3.$ Journal and post to the T$-$Accts the December and adjusting transactions.

$4.$ Total each T$-$Acct and provide the equation total at the top in the highlighted cells.

Check Figure $$ The cash T$-$Acct final balance should be $ $38,650$

$*$A detailed video overview can be found within this assignment in IvyLearn.