ACCT-2301: LAB PROJECT - PART 2: Adjusting Entries & Adjusted Trial Balance (Due done to upload your projectes 2012.23 The scenario for Your Lab Project Part 2 is described below (Note: This project is based on material from Chapter 23 of the textbook. You must complete Chapter 3 prior te beginning work on this problemi Background Data: The Horizon Consulting company shows the following usted trial balance at the end of the 7" Quarter 2021: Horizon Consulting Company Unadjusted Trial Balance For Quarter ended June 30, 2021 Account Title Cash Accounts Receivable Supplies Prepaid Rent Land hading Accumulated Depression Building Accounts Payable Uneared Service Revenge Common Stock Retained frings Dividends Service Revenue Salary Expense Rent Expense Miscellaneous perve Totat Debit Credit $131.000 S104.000 S4000 $27.000 $45.000 $200 000 $155.000 $159.000 $40,000 550.000 $52.000 $7.000 $450.000 $255.000 525.000 S8.000 $906,000 $906,000 Horizon must make adjusting entries for the following items at the end of the 2 quarter a. Supplies on hand $1.000 b. Nine months of rent ($27.000) were paid in advance on April 1, 2021 Depreciation expense on the building of $12.000 has not been recorded d. Salary expense of $1.000 must be accrued Service revenue of $15.000 must be accrued. 1. Horizon received $40.000 in advance for consulting services to be provided evenly from January 1, 2021. through August 31, 2021. None of the revenue from this client has been recorded Requirements Create the T-accounts with their unadjusted balances Journalize Horizon's adjusting entries at June 30, 2021 (2 quarter Post the entries to the accounts Total all of the accounts in the ledger Prepare the Adjusted Trial Balance Prepare the income Statement, the Statement of Stockholders' Equity, and the Balance Sheet Refer to your textbook Chapter 3 pages for an understanding of how to prepare the Adjusted Trial Balance plus the three flancial statements Noteproper excel formatting is a requirement for this project Important Hotel You should collaborate only with your group to complete this problem. However, note that you will upload your completed spreadsheet to 2 individually. It is Important to understand that you are expected to work on this problem only with your group Ne two groups should submit the same spreadsheet Your Class Project will be graded based on the following rubric CATEGORY Excellent Good Fair Grade Max 6.25 Max 4.25 Max 3.25 Poor Max 1.25 Your Adjusting Entries & Adjusted Trial Balance (Due date 11.21.21) Background Data: This project is a continuation of Horizon Consulting Company financial closing entries from your Project Part 2 Requirements 1. Begin with the data from your part 2 Adjusted Trial Balance (copy your Adjusted Trial Balance into Part 3) 2. Now use the Adjusted Trial Balance from #1 above and demonstrate how this report is used to prepare the three financial statements. /Note: Your completed report should resemble the reports shown on page 133 of your textbook). 3. Record Horizon's closing journal entries/Refer to the Textbook (Pages 138-139. for an understanding of how to prepare these entries 4. Record Horizon's final T-accounts for the expense accounts. Dividends. Income Summary and Retained Eamings (Note: all final expense accounts, dividend and Income Summary should total to zero. Only the Retained Earnings account should have a balance). You must show the debits/credits plus ending balances in the correct columns. Note: Proper Excel Formatting (for all reports) is a requirement for this project Important Note: You should collaborate only with your group to complete this problem. However, note that you will upload your completed spreadsheet to D2L individually. It is important to understand that you are expected to work on this problem only with your group. No two groups should submit the same spreadsheet. The following rubric will be used to grade your project: CATEGOR Girl Max 6.25 M. Nas Tiere and Canathan A Core Trial sia | haline line theme themet be Bolo com www.com Compared preth prode ideer rother heal pada pering prepare the mbalo barom but also y (Isai can Choring an samostly prepared my prepared for the produto prepared ww wwwww The property The Free properly The Topper Paletes paper coated wall still call cented and balance pure The Face che lower ce o ACCT-2301: LAB PROJECT - PART 2: Adjusting Entries & Adjusted Trial Balance (Due done to upload your projectes 2012.23 The scenario for Your Lab Project Part 2 is described below (Note: This project is based on material from Chapter 23 of the textbook. You must complete Chapter 3 prior te beginning work on this problemi Background Data: The Horizon Consulting company shows the following usted trial balance at the end of the 7" Quarter 2021: Horizon Consulting Company Unadjusted Trial Balance For Quarter ended June 30, 2021 Account Title Cash Accounts Receivable Supplies Prepaid Rent Land hading Accumulated Depression Building Accounts Payable Uneared Service Revenge Common Stock Retained frings Dividends Service Revenue Salary Expense Rent Expense Miscellaneous perve Totat Debit Credit $131.000 S104.000 S4000 $27.000 $45.000 $200 000 $155.000 $159.000 $40,000 550.000 $52.000 $7.000 $450.000 $255.000 525.000 S8.000 $906,000 $906,000 Horizon must make adjusting entries for the following items at the end of the 2 quarter a. Supplies on hand $1.000 b. Nine months of rent ($27.000) were paid in advance on April 1, 2021 Depreciation expense on the building of $12.000 has not been recorded d. Salary expense of $1.000 must be accrued Service revenue of $15.000 must be accrued. 1. Horizon received $40.000 in advance for consulting services to be provided evenly from January 1, 2021. through August 31, 2021. None of the revenue from this client has been recorded Requirements Create the T-accounts with their unadjusted balances Journalize Horizon's adjusting entries at June 30, 2021 (2 quarter Post the entries to the accounts Total all of the accounts in the ledger Prepare the Adjusted Trial Balance Prepare the income Statement, the Statement of Stockholders' Equity, and the Balance Sheet Refer to your textbook Chapter 3 pages for an understanding of how to prepare the Adjusted Trial Balance plus the three flancial statements Noteproper excel formatting is a requirement for this project Important Hotel You should collaborate only with your group to complete this problem. However, note that you will upload your completed spreadsheet to 2 individually. It is Important to understand that you are expected to work on this problem only with your group Ne two groups should submit the same spreadsheet Your Class Project will be graded based on the following rubric CATEGORY Excellent Good Fair Grade Max 6.25 Max 4.25 Max 3.25 Poor Max 1.25 Your Adjusting Entries & Adjusted Trial Balance (Due date 11.21.21) Background Data: This project is a continuation of Horizon Consulting Company financial closing entries from your Project Part 2 Requirements 1. Begin with the data from your part 2 Adjusted Trial Balance (copy your Adjusted Trial Balance into Part 3) 2. Now use the Adjusted Trial Balance from #1 above and demonstrate how this report is used to prepare the three financial statements. /Note: Your completed report should resemble the reports shown on page 133 of your textbook). 3. Record Horizon's closing journal entries/Refer to the Textbook (Pages 138-139. for an understanding of how to prepare these entries 4. Record Horizon's final T-accounts for the expense accounts. Dividends. Income Summary and Retained Eamings (Note: all final expense accounts, dividend and Income Summary should total to zero. Only the Retained Earnings account should have a balance). You must show the debits/credits plus ending balances in the correct columns. Note: Proper Excel Formatting (for all reports) is a requirement for this project Important Note: You should collaborate only with your group to complete this problem. However, note that you will upload your completed spreadsheet to D2L individually. It is important to understand that you are expected to work on this problem only with your group. No two groups should submit the same spreadsheet. The following rubric will be used to grade your project: CATEGOR Girl Max 6.25 M. Nas Tiere and Canathan A Core Trial sia | haline line theme themet be Bolo com www.com Compared preth prode ideer rother heal pada pering prepare the mbalo barom but also y (Isai can Choring an samostly prepared my prepared for the produto prepared ww wwwww The property The Free properly The Topper Paletes paper coated wall still call cented and balance pure The Face che lower ce o