Student Essay examples
This was the Balance Sheet for the Peach Company on April 30, 2011 (the end of the last accounting period): 30-Apr-11 ASSETS
Current Assets Cash $18,079 Accounts Receivable 43,931 Inventory 41,388 Supplies on hand 590 Prepaid Rent 5,000 Prepaid Insurance 500 Total Current Assets $109,488 Equipment 67,278 less: Accumulated Depreciation - Equipment (25,800) Vehicles 31,800 less: Accumulated Depreciation (9,800) Total Non-current Assets 63,478 Total Assets 172,966 LIABILITIES AND OWNER'S EQUITY
Current Liabilities Accounts Payable $33,044 Bonuses Payable 500 Wages and salaries payable 2,200 Interest Payable 0 …show more content…
i. All the possible accounts and clearly delineated by category (i.e. Assets, Liabilities, Revenues, Expenses and Owners Equity) ii. Each account shall include a Title and Account Number iii. Enter the beginning balances (with “Beg” as a reference designator) iv. Enter each transaction for the month and include reference designators to the question number (so I can follow your entries);
v. Show the ending account balances;
Here is an example of what one Ledger account may look like:
Accounts Payable 2001 11,350 Beg. Bal. 125 #1
#2 125 1,750 #4
#5 120 25 #6
#14 850 3225 13250 10025 Ending Bal.
e. Complete Closing Entries. All these must be posted to the Journal and recorded in the Ledger.
i. Perform Closing Entries that will transfer all Revenue and Expense account balances to the Income Summary account and zero-out the temporary Revenue, Expense and periodic inventory-related accounts. ii. Perform Closing Entries that will transfer the Income and Expense Summary account to Retained Earnings.
f. Prepare an Income Statement for the month of May 31, 2011
g. Prepare a Balance Sheet as of May 31, 2011.
Make sure you check, and double-check your numbers (more than one member of your team should be responsible for checking the work). Also, check your formulas, pointer and references in Excel to ensure you did not