Accounting Workbook Assignment

Attached to the assignment are the instructions and the required template. 

ACC 201 Accounting Data Appendix

The following events occurred in March:

·
March 1: Owner borrowed $125,000 to fund/start the business. The loan term is 5 years.

·
March 1: Owner paid $250 to the county for a business license.

·
March 2: Owner signed lease on office space; paying first (March 20XX) and last month’s rent of $950 per month.

· March 5: Owner contributed office furniture valued at $2,750 and cash in the amount of $15,000 to the business.

·
March 6: Owner performed service for client in the amount of $650. Customer paid in cash.

· March 8: Owner purchased advertising services on account in the amount of $500.

· March 10: Owner provided services to client on account, in the amount of $1,725.

· March 15: Owner paid business insurance in the amount of $750.

·
March 20: The owner received first utility bill in the amount of $135, due in April.

·
March 20: Office copier required maintenance; owner paid $95.00 for copier servicing.

·
March 22: Owner withdrew $500 cash for personal use.

·
March 25: Owner paid $215 for office supplies.

·
March 25: Owner provided service to client in the amount of $350. Client paid at time of service.

·
March 30: Owner paid balance due for advertising expense purchase on March 8.

·
March 30: Received payment from customer for March 10 invoice in the amount of $1,725.

·
March 31: Last day of pay period; owner owes part-time worker $275 for the March 16 through March 31 pay period. This will be paid on April 5.

·
March 31: Provided service for client on account in the amount of $3,500.

·
March 31: Record depreciation of the office furniture at $45.83.

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Chart of

Account

s

Accounts

Acct #

Acct #

(contra asset)

Accounts

Acct #

Acct #

Cash
Prepaid Rent
Office Supplies
Accounts Receivable
Accumulated Depreciation
Notes Payable
Accounts Payable
Wages Payable
Insurance Expense
Business License Expense
Advertising Expense
Wages Expense
Depreciation Expense

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.

Asset

Accounts

Liability Accounts

Equity

Acct #

Cash

101

Notes Payable

201

Owner’s Capital

301

Accounts Receivable

102

Accounts Payable

202

Owner Draws

302

Prepaid Rent

103

Wages Payable

203

Office Furniture

104

Office Supplies

105

Accumulated Depreciation

106

Revenue

Service Revenue

401

Expense Accounts

Rent expense

501

Business License Expense

502

Insurance Expense

503

Repairs and Maintenance

504

Advertising Expense

506

Wages Expense

507

Utilities Expense

508

Depreciation Expense

509

Baking Supplies

Prepaid Insurance

Baking Equipment

Merchandise Inventory

Interest Payable

Common Stock

Dividends

Bakery Sales

Merchandise Sales

Baking Supplies Expense

Rent Expense

Misc. Expense

Telephone Expense

Interest Expense

Office Supplies Expense

Cost of Goods Sold

General Journal

s and credits must always equal!

Accounts
Debit

– 0

A Company

General Journal Entries

Journal Entry Tips

The debited account is recorded first, credited account recorded second.

Debit

Date

Credit

There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account.

Be sure to use your chart of accounts (the first page of this workbook).

Each account you will record to is already listed and organized by classification of the account.

Total

– 0

If Red, this means your debits and credits do not equal. Be sure to review for errors.

Ledger Accounts

Assets Liabilities

Equity

Revenue

Expenses

Cash

Notes Payable

Owner’s Capital

Service Revenue

Rent Expense
$ – 0

$ – 0

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0

$ – 0

$ – 0

$ – 0

$ – 0
Accounts Rec.

Accounts Payable

Owner Draws

Business License Expense

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0

$ – 0

$ – 0

$ – 0

Prepaid Rent

Wages Payable

Insurance Expense
Posting to the ledger/t accounts Don’t overthink it! You are just posting each debit and credit from the journal entries to the account you identified in the entry. These accounts are set to calculate your balances for you. Please be careful not to delete the running totals as those will calculate the ending balance.

The ending balance will transfer to the

Trial Balance

sheet.

If you have posted all entries and your trial balance is not in balance (total debits = total credits),

$ – 0
$ – 0

$ – 0
$ – 0

this means that there is an error.

$ – 0
$ – 0

$ – 0

$ – 0

$ – 0

Office Furniture

Repairs & Maint.

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0

$ – 0

Office Supplies

Advertising Expense

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0

$ – 0

Accumulated Depreciation

Wages Expense

$ – 0
$ – 0

$ – 0
$ – 0

$ – 0

$ – 0

Utilities Expense

$ – 0
$ – 0

$ – 0

Depreciation Expense

$ – 0
$ – 0

$ – 0

Trial Balance

Trial Balance
Account
Debit
Credit

Trial Balance

Cash
– 0

Accounts Receivable
– 0

Prepaid Rent
– 0

Office Furniture
– 0

Office Supplies
– 0
Accumulated Depreciation

– 0

Notes Payable

– 0

Accounts Payable

– 0

Wages Payable

– 0

Owner’s Capital

– 0

Owner Draws
– 0
Service Revenue

– 0

Rent Expense
– 0
Business License Expense
– 0
Depreciation Expense
– 0
Insurance Expense
– 0

– 0

Advertising Expense
– 0
Wages Expense
– 0
Utilities Expense
– 0

– 0
– 0

As of 03/31/20XX

Unadjusted trial balance

Balances from the t accounts will autofill your trial balance.

If total debits do not equal total credits in the trial balance, you know you have an error.

These are the balances that will be used to prepare the financial statements.

Be sure to implement feedback provided by your instructor for this Milestone One submission!

Repairs and Maintenance Expense

Retained Earnings

Total:

Debits should equal credits

`

Income Statement

A Company

Income Statement

$ – 0

– 0

– 0

For Month ending 3/31/20XX

Revenues

Total Revenues

Operating Expenses:

Total Operating Expenses:

Net Income

Statement of Stockholder Equity

$ – 0

$ – 0

Owner Draws

$ – 0

Company Name
Statement of	Owner’s Equity
Period Ending 03/31/20XX
Beginning Capital on 3/01/20XX
Increases to capital
Net income/loss:
Owner Contributions
Subtotal:
Decreases to capital
Ending Equity as of 03/31/20XX

Balance Sheet

A Company

Balance Sheet

Assets

– 0

– 0

– 0

– 0

Owner’s Equity

– 0

– 0

– 0

– 0

As of March 31, 20XX
Liabilities and Owners’ Equity
Current Assets:	Current Liabilities:
Total Current Liabilities
Long Term Liabilities:
Total Current Assets	Total Long Term Liabilities:
Total Liabilities:
Non-Current Assets:
Total Equity
Total Non Current/Fixed Assets
Total Assets:	Total Liabilities & Equity	<== Total Assets on the left should equal Liabilities + Owner's Equity on the right.

Closing Entries

A Company

Date
Accounts
Debit
Credit

31-Mar

31-Mar

31-Mar

– 0
– 0

Closing Entries
Month ending 03/31/20XX
			31-Mar
Close revenues
Close Expenses
Close Income Summary
Close Owner Draws

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