Scenario

You have taken a position at KBS Company that wantsa basic set ofaccountingbooksusing Excel.This work will take you through the accounting process. You will classify accountswhilemaintainingjournal entries and postings. Additionally, you willcomplete payroll entries,execute a bank statement,and adjust entries and balances.Lastly, you will close the entries and post the balance.

Requirements and Formatting

Your Portfolio Project must be formatted as follows:

Use theWord templates providedfor the Classification Exercise.Use theExcel templates providedforthe remaining sectionsof project.

Deadline Deliverable items for the Portfolio Project will be required at different points during the course. Details for each submission are included below in the Deliverable Descriptions.

Deliverable Descriptions

Week 1: Classification Exercise

Due by the end ofWeek 1 at 11:59 pm, ET.

You must identify what accounts you are going to need and how to classify them.In order for you to comprehend what accounts you will need in thecompany,you will complete the classification exercise on the separateWord documentprovided.Youwill also do a trial balance to help with this classificationprocess.

Week 2:Journalization, Posting, and Trial Balance

Due by the end of Week 2 at 11:59 pm, ET.

Using the informationfrom theClassification Exercise, younowhavefigured out which accounts you will need.Put the transactions belowin pro formaand complete therequired journal entries, posting, and check your work with a trial balance.Use theExcel templatesprovidedin Blackboard.

May 1 Owner invested $20,000 cash into the business.

May 3 Purchased equipment on account for $10,000.

May 5 Paid 12 months insurance in advance for $1,200.

May 9 Paid $1,000 for supplies.

May 11 Performed a service for $13,000 of which we collected $500 and the balance will be paid on account.

May 15 Paid the telephone bill $200.

May 22 The owner withdrew $400 for personal use.

May 24 Paid $1,000 on account that we owed for May 3 purchase.

May 29 Received $1,500 in advance for a service to be completed at a later date.

May 31 Received $1,500 on account from a customer for work performed on May 11.

Week 3:PayrollEntries

Due by the end of Week 3 at 11:59 pm, ET.

Youwill complete the necessary payroll entries for the company at the end of the month. Below, you have been given a payroll register.Pleasejournalize and post to the appropriate ledger accountsin the excel templates provided.