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ACC 112-Principles of Accounting II Excel Project

ACC 112-Principles of Accounting II Excel Project
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ACC 112- Principles of Accounting II Excel Project

On January 2, 2010 Mr. Burns decided to incorporate his business to Mr. Burns Good Old Fashion Cookies.

Complete the following tasks:
1. Prepare all journal entries on word/excel document.
2. Post all journal entries to the worksheet
3. Post all adjusting journal entries to the worksheet
4. In good form, produce an income statement, statement of retained earnings,
balance sheet and statement of cash flows.
5. Post the necessary closing entries to the proper accounts and update the retained
earnings account accordingly.

Instructions:
Post the regular journal entry amounts in columns G and I, post the adjusting journal entry amounts in columns O and Q, and post the closing entry amounts in columns W and Y.

Do not touch the columns with the account balances for they are formula driven. You will not have to calculate anything!

For tracking purposes post the journal entries as they appear. The regular transaction numbers will be posted in columns F and H. The adjusting transaction numbers will be posted in columns N and P. The closing transaction numbers will be posted in columns V and X. Regular transactions will have just the number (1, 2, 3, etc). Adjusting transactions will have A in front of the number (A1, A2, A3, and etc). Closing transactions will have C in front of the number (C1, C2, and C3). Failure to put in transaction numbers where instructed will automatically result in 15 point reduction in grade.

For the statements: use only the cells marked in yellow to put in numbers. The totals will calculate for you. You will not be required to do any formatting.

Check Figures:
Unadjusted Net Income: $171,268
Adjusted Net Income: $74,928
Ending Retained Earnings Balance: $203,860
Journal Entries


1. January 2: Mr. Burns sold 100,000 shares of common stock @ $10. The stock had a par value of $8
2. January 5: Mr. Burns collected $20,000 of prior accounts receivables by acquiring help from Fat Tony and the Mob.
3. January 5: Mr. Burns issued a bond (new bond) to raise the needed capital to enhance his evil empire in Springfield USA. The new bond is a five year 12%, $100,000 semi annual bond with an effective market rate of 10%. Payments are to be made semi-annually. The bond will be amortized using the effective interest method. Record the issuance of the new bond. Round to the nearest dollar.
4. February 4: Mr. Burns bought a new truck to speed up delivery time. Mr. Burns bought the truck outright for $20,000. The truck is expected to have a useful life of 150,000 miles.
5. February 10: Mr. Burns bought $200,000 of inventory on account. The freight cost was $2,000. The terms were FOB Destination.
6. March 1: Mr. Burns paid off what he originally owed in accounts payable at the beginning of the year.
7. March 15: Mr. Burns paid income tax from last year.
8. April 1: Mr. Burns wrote off a $1,000 of accounts receivable that he knew that he would never be able to collect from Homer Simpson. Record the write-off.
9. April 15: Mr. Burns sold on account $700,000 (2/10, n30) to city of Springfield. The cost of merchandise sold was $300,000
10. April 20: Because a couple of cookie batches had radiation contamination, they were returned. $100,000 of inventory was returned. The cost of merchandise sold was $40,000.
11. May 1: The city of Springfield paid Mr. Burns for the shipment of cookies in entry 9 and 10.
12. July 1: Mr. Burns made the third interest payment and amortized using the effective interest method on the old bond from January 1, 2009. This bond was a five year, semi annual bond with a face value of $100,000, effective market rate of 8%, and coupon rate of 6%. Payments are made semi-annual. Record the interest payment and the amortization. Round to the nearest dollar.
13. July 1: Mr. Burns made his first semi-annual interest payment on the new bond and amortized using effective interest method. Record the interest payment. Round to the nearest dollar.
14. July 1: Mr. Burns bought back 20,000 shares of treasury stock for $7 a share.
15. August 10: Mr. Burns paid the following expenses: Wage Exp $10,000, Rent Exp $20,000, Professional Fees $40,000, Sales Salary Exp $10,000, and Advertising Exp $60,000. (Combine the amounts into ONE cash entry)
16. August 25: Homer won some money in a trumped up lawsuit. He was able to pay off the debt he owed to Mr. Burns. This was the debt Mr. Burns previously wrote off.
17. September 15: Mr. Burns declared dividends of $50,000 because of an ether induced hallucination of Popping Fresh.
18. September 30: Mr. Burns sold 10,000 of the treasury stock with a cost $7 for $12 per share.
19. October 20: Mr. Burns paid off the entire Notes Payable which was due in 2012. The amount Mr. Burns paid included the face value of Note plus $10,000 of interest.
20. November 1: Mr. Burns paid off the Notes Payable due in December 2011. Mr. Burns paid full carrying value of the Note plus $500 of interest.
21. December 31: Mr. Burns made a semi annual interest payment on the old bond and amortized. Round to the nearest dollar.
22. December 31: Mr. Burns made a semi annual interest payment on the new bond and amortized. Round to the nearest dollar.
23. December 31: Mr. Burns paid the dividends previously declared.

Adjusting Entries
At December 31, 2010, Mr. Burns made the following adjusting entries to update the books.
A1. At year end, it was estimated that 6% of the year end accounts receivable will not be collected.
A2. Mr. Burns accrued for 2010 income taxes which are to be paid March 15, 2011, $70,000
A3. Mr. Burns earned the remaining amount of unearned revenue in 2009.
A4. Mr. Burns incurred the following depreciation expenses for the year:
Equipment (10 year straight line bought in 2007)
Machinery (10 year double decline bought in 2007)
Truck (driven 75,000 miles during the year)
Combine depreciation expense into one entry
A5. All prepaid expenses expired during the year.
A6. Office supplies were counted by Homer Simpson because he was caught skipping work. He counted $3,000 worth at year end.
A7. Accounts Receivables not recorded, $10,000

Closing Entries
At December 31, 2010, the following closing entries were needed:
C1. & C2. Close all revenue and expense accounts.
C3. Close income summary to retained earnings.
C4. Close the Dividends account.

 

FILE: MS WORD & MS EXCEL

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