FigMint Consulting Inc worksheet Need help with Accounting homework. Please look at the attached file and complete part 3 of the project. ACC 3010 PROJECT

FigMint Consulting Inc worksheet Need help with Accounting homework. Please look at the attached file and complete part 3 of the project. ACC 3010
PROJECT 1
WINTER 2019
Submission 1 – due Monday January 21 before 5pm – You must submit your completed
January Journal entries, the Worksheet complete through the Trial Balance, and the worksheet
formulas tab complete through the Trial Balance. Your file must be named correctly – “Your
name (first and last) Project 1 part 1. Failure to name your file correctly will result in a 1 point
deduction
Submission 2 – due Monday January 28 before 5pm – You must submit your completed
Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted
Trial Balance Columns, and the Worksheet formulas tabs completed . Your file must be named
correctly – “Your name (first and last) Project 1 part 2. Failure to name your file correctly will
result in a 1 point deduction
Submission 3 – due Monday February 4 before 5pm – You must submit your completed
Closing entries, the financial statements completed, and the financial statements formulas tab
completed. Your file must be named correctly – “Your name (first and last) Project 1 part 3.
Failure to name your file correctly will result in a 1 point deduction
YOU MUST USE FORMULAS AND/OR CELL REFERENCES TO BE CONSIDERED FOR
FULL CREDIT ON THE PROJECTS
PROJECT INFORMATION
You have been hired as an accountant for FigMint Consulting Inc. This business was created when some
friends decided to make use of their newly minted college degrees and go into business together. The
business was created on January 1, 2018. The company will have a fiscal year end of December 31. The
initial formation transactions and early purchases for FigMint Consulting Inc. resulted in the balances
that are included in the first 2 columns of the Worksheet. (see the worksheet tab)
Date
1-Jan
3-Jan
4-Jan
8-Jan
10-Jan
14-Jan
15-Jan
26-Jan
28-Jan
29-Jan
31-Jan
During January, the first month of operations, the following transactions occurred:
Event
Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid
back in 5 years
Paid for 12 months rent on office space
Purchased office furniture.
Paid for utilities.
Received cash in advance from Stanley Inc. for work to be performed over the next 12 months.
Performed services for various customers for cash and on account.
Paid the bill for supplies purchased previously.
Collected payments for amounts previously billed.
Purchased additional office supplies on account.
Paid salaries to employees for 1 week.
Dividends were declared and paid.
Amount
30,000
11,820
10,895
1,455
13,200
11,650
11,295
13,655
8,950
4,650
1,000
At the end of January, the following additional information is available to help determine what
adjustments are needed:
Amount
31-Jan
31-Jan
31-Jan
31-Jan
31-Jan
31-Jan
31-Jan
Supplies were counted at month end
One month of the services for Stanley Inc. has been performed (see above).
One month of interest has accrued on the note payable for the bank loan.
Additional work for customers has been performed during the last week of January but hasn’t been billed
One month of the prepaid rent has been used up
Depreciation expense needs to be recognized for the computer equipment and for the office furniture
Salaries are paid every Friday (for a 5 day work week). January 31, 2018 was a Thursday.
You are encouraged to get help from the tutors in the Accounting Lab. You can also get help by email.
You can email your professor and you can email the accounting lab (accountinglab@wayne.edu). If you
email both please do so in the same email. Replies will be a reply all so whoever replies the other will
know. You will likely get a faster response if you email both.
Response time for emails sent to the accounting lab should be within 7-8 hours. Also, there will be no
timely response to project emails sent after 2p on the project due dates. Don’t wait until the last minute.
There will be no response to accounting lab emails on Sundays.
1
2
3
4
5
6
7
8
9
SUGGESTED STEPS FOR COMPLETION OF THE PROJECT:
Prepare journal entries to record the January transactions given. Please refer to the Worksheet tab for
Account Titles you may need.
Add the January journal entry information to the Worksheet in the January columns. You can do this in
one of 2 ways – (1) Post the journal entries to ledger accounts using T-accounts to represent ledger
accounts and then use those totals to post to the worksheet or (2) use excel to add all entries for a
particular account into the correct column in the worksheet (ie., add all cash debits from the journal
entries into the cash debit column for January entries). There is a tab to use for T Accounts if you want
but the T Accounts are NOT required
Prepare an unadjusted trial balance as of January 31, 2018. This will be part of the Worksheet you
prepare. There is a tab in this file that you will use for this. Excel formulas must be used throughout the
project to obtain full credit.
Prepare adjusting entries for the month of January given the information provided.
Post the adjusting entries to the Adjusting entries columns on the worksheet
Prepare an adjusted trial balance as of January 31, 2018. This will be part of the Worksheet you prepare.
There is a tab in this file that you will use for this.
Prepare financial statements for the month ending January 31, 2018. (Income Statement, Statement of
Retained Earnings, Classified Balance Sheet ). Formatting is important and will be graded so be sure you
use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage
for all statements. There is a tab for these statements. Heading are PARTIALLY completed for the 3
statements.
Prepare closing entries for the end of the period
Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab and the Financial Statements
from the Financial Statements tab to the Financial Statements tab. Highlight the entire
worksheet/financial statements area respecively and press the “ctrl” key and the “~” key. This will cause
the formulas used to display instead of the numbers. Save your file with the formulas displayed.
Each student must submit an ORIGINAL excel file that is their own work. While students are
encouraged to work together, each student must process and format his/her own set of excel
worksheets. Duplicate submissions (format, not numbers) will result in the students receiving a 0
for the assignment. And possibly other consequesces as stated inthe University Integrity policies.
Submissions will NOT be accepted via email attachment. Submission to other than the correct link
on Canvas will result in a 10% point deduction.
7860
5980
165
EXCEPT AS PROVIDED IN THE INSTRUCTIONS FOR THIS
PROJECT, NO LATE SUBMISSIONS WILL BE ACCEPTED
Amount
loan amount
cash
0.04 interest rate
18690 on account
Amount
supplies on hand month end
comp equip
135 off furn
JOURNAL ENTRIES – FigMint Consulting Inc
DATE
ACCOUNT
DEBIT
CREDIT
30,000
1-Jan Cash
30,000
Long-term Notes Payables
(To reccord the receipt of loan)
3-Jan Prepaid Rent
11,820
11,820
Cash
(To record rent prepayments)
10,895
4-Jan Office Furniture
10,895
Cash
(To record the purchase of furniture)
1,455
8-Jan Utilities Expense
Cash
1,455
(To record utilities payments)
10-Jan Cash
13,200
Uearned Revenue
13,200
(To record the amount received in advance)
14-Jan Cash
11,650
18,690
Accounts Receivables
30,340
Revenues
(To record the service revenue generated)
11,295
15-Jan Accounts Payabeles
11,295
Cash
(To record the cash paid on supplies)
13,655
26-Jan Cash
13,655
Accounts Receivables
(To record the receipt from accounts receivables)
8,950
28-Jan Office Supplies
8,950
Accounts Payables
(To record the office supplies on account)
4,650
29-Jan Salaries Expense
4,650
Cash
(To record the amount of salary paid)
31-Jan Dividends
1,000
Cash
1,000
Page 2
(To record the dividends paid)
Page 2
ADJUSTING JOURNAL ENTRIES – FigMint Consulting Inc
DATE
Jan-31
ACCOUNT
DEBIT
Supplies Expense
12385
Office Supplies
(Record supplies expense)
Jan-31
CREDIT
12385
1100
Uearned Revenue
Revenues
1100
(Record service revenue received)
Jan-31
Interest Expense
100
100
Interest Payable
(Record the interest expense for the month)
Jan-31
Accounts Receivables
5980
Service Reveneue
5980
(Record revenues)
Jan-31 Rent Expense
985
Prepaid Rent
985
(Record rent expense for the month)
Jan-31
Depreciation expense:
Computer Equipment
165
Office Furniture
135
165
Acc. Depreciation-Computer Equipment
135
Acc. Depreciation-Office Furniture
Jan-31 Salaries Expense
3,720
Salaries Payables
3,720
(Record salaries payables for the month)
24570
Page 3
24570
Worksheet – FigMint Consulting Inc
ACCOUNT
Cash
BEGINNING
NUMBERS
DEBIT
CREDIT
58,500
Accounts Receivable
Supplies
11,295
Prepaid Rent
January
Unadjusted Trial Balance
Entries
68,505
41,115
85,890
18,690
13,655
5,035
Adjustments
Adjusted Trial Balance
85,890
11,015
5,980
8,950
20,245
12,385
7,860
11,820
11,820
985
10,835
Land
15,000
15,000
15,000
Computer Equipment
26,500
26,500
26,500
Accumulated Depreciation, Comp Equip
–
Office Furniture
10,895
165
Accumulated Depreciation, Off Furn
–
Accounts Payable
11,295
11,295
165
10,895
10,895
135
135
8,950
8,950
8,950
Salaries Payable
–
3,720
3,720
Interest Payable
–
100
100
Unearned Revenue
13,200
13,200
Long-term Notes Payable
30,000
30,000
30,000
100,000
100,000
Common Stock
100,000
Retained Earnings
1,100
12,100
–
Dividends
1,000
Service Revenue
30340
Salaries Expense
1,000
1,000
4,650
30,340
4,650
Supplies Expense
1,455
37,420
8,370
3,720
Rent Expense
Utilities Expense
7,080
985
985
12,385
12,385
1,455
1,455
Interest Expense
100
100
Depreciation Expense, Comp Equip
165
165
Depreciation Expense, Office Furniture
135
135
111,295
111,295
137,260
137,260
Page 9
182,490
182,490
24,570
24,570
192,590
–
192,590
ACCOUNT
Cash
Accounts Receivable
Supplies
Prepaid Rent
Land
Computer Equipment
Accumulated Depreciation, Comp Equip
Office Furniture
Accumulated Depreciation, Off Furn
Accounts Payable
Salaries Payable
Interest Payable
Unearned Revenue
Long-term Notes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Rent Expense
Supplies Expense
Utilities Expense
Interest Expense
Depreciation Expense, Comp Equip
Depreciation Expense, Office Furniture
Worksheet – FigMint Consulting Inc
BEGINNING
NUMBERS
DEBIT
CREDIT
58500
January
=JE!C3+JE!C19+JE!C23+JE!C32
=JE!C24
11295
=JE!C36
=JE!C7
15000
26500
=JE!C11
11295
=JE!C28
100000
=JE!C44
=JE!C40
=JE!C15
=SUM(B4:B29)
=SUM(C4:C29)
=SUM(D4:D29)
Worksheet – FigMint Consulting Inc
Unadjusted Trial Balance
Entries
=JE!D8+JE!D12+JE!D16+JE!D29+JE!D41+JE!D45
=D4+B4-E4
=JE!D33
=D5+B5-E5
=D6+B6-E6
=D7+B7-E7
=D8+B8-E8
=D9+B9-E9
=D10+B10-E10
=D11+B11-E11
=D12+B12-E12
=C13+E13-D13
=JE!D37
=C14+E14-D14
=C15+E15-D15
=JE!D20
=C16+E16-D16
=JE!D4
=C17+E17-D17
=C18+E18-D18
=C19+E19-D19
=D20
=JE!D25
=E21
=D22
=D25
=SUM(E4:E29)
=SUM(F4:F29)
=SUM(G4:G29)
Adjustments
Adjusted Trial Balance
=F4+H4
=’ADJUSTING JE’!C15
=F5+H5
=’ADJUSTING JE’!C3
=F6+H6-I6
=’ADJUSTING JE’!D20
=F7+H7-I7
=F8+H8
=F9+H9
=’ADJUSTING JE’!D26
=F11+H11
=’ADJUSTING JE’!D27
3720
=’ADJUSTING JE’!D12
=’ADJUSTING JE’!C7
=F20+H20
=’ADJUSTING JE’!D8+’ADJUSTING JE’!D16
3720
=F22+H22
=’ADJUSTING JE’!C19
=F23+H23
=’ADJUSTING JE’!C3
=F24+H24
=F25+H25
=’ADJUSTING JE’!C11
=F26+H26
=’ADJUSTING JE’!C24
=F28+H27
=’ADJUSTING JE’!C25
=F29+H28
=SUM(H4:H29)
=SUM(I4:I29)
=SUM(J4:J29)
Adjusted Trial Balance
=I10
=I12
=G13+I13
=I14
=I15
=G16-H16
=G17-H17
=G18-H18
=G21+I21
=H30-I30
=SUM(K4:K29)
CLOSING JOURNAL ENTRIES -FigMint Consulting Inc
DATE
ACCOUNT
DEBIT
Page 4
CREDIT
FigMint Consulting Inc
Income Statement
FigMint Consulting Inc
Statement of Retained Earnings
FigMint Consulting Inc
Balance Sheet
ASSETS
Cash
Accts Rec Supplies
Prepaid Rent
Land
Comp EquipAcc Depr Off Furn
=
Acc Depr
LIABILITIES
Accts Pay Sal Pay
Int Pay
EQUITY
Unearn Rev LT Note Pay Com Stk
Ret Earn
REV, EXP, DIV
Revenue
Expenses Dividends

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