September 2023 AccountingCycle Project Transaction PracticeSet B G Co ACC5100 7040 Fall

2024 ACC5100& 7040- Fall 2015-Accounting Cycle Project-B&GCo Assignment Help

AccountingCycle Project Transaction PracticeSet B G Co ACC5100 7040 Fall 2023

AccountingCycle Project Transaction PracticeSet – B&G Co. ACC5100 & 7040 – Fall 2015-ProfChung You have been hired as an accountant for B&G Co., a corporation performing diverse consulting services in Detroit, Michigan . B&G Co. prepare s financial statements on monthly bases. Project Scope: You are to record the transactions for December, prepare the monthly adjustments, and prepare the financial statements using the Excel workbook provided. Then you will close the fiscal yearand prepare the books for next year. Directions: The assignment encompasses two files: Project Directions and Transactions (this Word document) and Forms (a separate Excel workbook). Your solution should be worked in Exceland the completed Excel workbook submitted for grading. You should use Excel formula where appropriate and cell references to carry forward values and numbers between worksheets within the workbook. Simply typing values in Excel will result in a reduced score, even if the correct solution is provided. You should use formula wherever possible. 1. Analyze the narrative to prepare andrecord the transactions for December to the General Journal. 2. Post the journal entries to ledger accounts using T-accounts ( Don’t forget the opening balances from the information given on the post-closing trial balance on Nov. 30th . ) 3. Complete the trial balance on the worksheet. 4. Analyze the narrative to prepare Adjusting Entries and record them to the T-accounts and the worksheet. 5. Prepare the Adjusted Trial Balance on the worksheet. 6. Carry forward the appropriate balances to the Income Statement and Balance Sheet columns on the worksheet. 7. Prepare Income Statement andthe Retained Earnings Statement for the month ended December 31, 2015 and Balance Sheet as of December 31, 2015 in good form s . Use the multi-step format for the Income Statement. 8. Close the income statement accounts, posting any net income or loss to retained earnings. Post the closing entry to the general journal and the T-accounts. Due Date: Oct. 26 th ,2015 (11:00pm) . Note: You can work on this project individually or with your classmates as a team (the number of members up to three). The following is the post-closing trial balance of the B&G Co. on Nov. 30 th , 2015: B&G Co. Post-closing Trial Balance November 30th, 2015 ACCOUNT DEBIT CREDIT Cash $41,500 Accounts Receivable 20,000 Supplies 9,000 Equipment 10,000 Accumulated Depreciation $5,000 Land 10,500 Accounts Payable 8,000 Salaries Payable 10,000 Common Stock* 50,000 Retained Earnings 18,000 $91,000 $91,000 * 50,000 shares authorized, 20,000 shares issued and outstanding Transactions in December 2015 : Dec. 1 The equipment was completely destroyed by the regional earth quake. “Loss by earthquake” was recognized. Assume that the transaction meets the requirements of an extraordinary item. 1 Lent 20,000 to another company and received a 2 year note. The note has a 9% interest rate. Interest will be paid annually on Dec. 1 st of 2016 and2017. 2 Purchased new equipment that costs $12,000 and issued 1,000 shares of common stock (no-par stock) to the equipment seller. 3 Cash payment on accounts payable amounted to $6,000. 4 Sold land for $13,000 cash. 10 Collected $15,000 as payment for amounts previously billed. 15 Paid monthly salaries of $20,000 to employees 16 Issued 1,000 shares of preferred stock at $10 per share 17 Purchased 500 shares of ABC corporation’s common stock at $15 (per share) and classify the securities as available-for-sales securities 20 Found that the company incorrectly overstated its November account receivable and sales revenue by $1,000 and made a journal entry to correct the error. 31 Performed services for various customers for $30,000 cash and another $30,000 on account during December. 31 Dividends of $5,000 were declared and paid. $ 1,025 is paid to preferred stockholders and the rest is paid to the common stock holders. 31 ABC corporation declared $ 5 dividend per share (to common stock holders). It will be paid in 2016. * Additional information 1. Ignore tax effect. 2. Salaries expenses incurred but not paid prior to Dec. 31 st totaled $10,500. 3. The company received the bill for utility services (electricity) that the firm used during December in the amount of $6,000. The company will pay the bill in Jan. 2016. 4. $3,000 of supplies remained at the end of December. 5. The company decided to use the “Allowance” method for possible accounts receivable write-offs in the future and recorded the 5% of the outstanding account receivable as “Allowance for doubtful account” and “Bad debt expense”. Since the company did not use the method before, the beginning balance of the allowance is zero. 6. The equipment purchased on Dec. 2 nd depreciates $200 per month. 7. The common stock price of ABC Corporation on December 31st is still $ 15 per share.

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