Reference no: EM131509322

Project Assignment

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 September 1, 2016. The company will have a fiscal year end of August 31st. 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)

During September, the first month of operations, the following transactions occurred:

1-Sep Paid $10,800 for 12 months rent on office space
2-Sep Purchased office furniture for $11,650.
3-Sep Purchased $13,950 of additional office supplies on account.
5-Sep Signed a contract with Imagine Inc. for work to be done over the next 12 months
8-Sep Borrowed 40,000 from the bank for operating cash. The note has a 3% interest rate (simple interest) and is to be paid back in 4 years
15-Sep Received $26,400 from Imagine Inc. for the work to be performed over the next 12 months.
20-Sep Paid $1,560 for maintenance on the equipment.
21-Sep Performed services for various customers for $16,200 cash and another $20,100 on account.
25-Sep Paid $9,750 to suppliers for purchases previously made on account.
27-Sep Paid salaries to employees totaling $6,800 for services rendered for 1 week.
29-Sep Paid utility bill totaling $1,790.
30-Sep Collected $16,700 as payment for amounts previously billed.
30-Sep Dividends of $2,000 were declared and paid.

At the end of September, the following additional information is available to help determine what adjustments are needed:

30-Sep One month of interest has accrued on the note payable for the bank loan.
30-Sep Salaries of $6,800 are paid every Friday (for a 5 day work week). September 30, 2016 was a Thursday.
30-Sep One month of the prepaid rent has been used up
30-Sep Supplies on hand are $10,300.
30-Sep Additional work for customers of $11,680 has been performed during the last week of September but not yet billed
30-Sep Depreciation expense for the computer equipment is $280 and for the office furniture is $190
30-Sep One month of the services for the Imagine Inc. has been performed (see above).

SUGGESTED STEPS FOR COMPLETION OF THE PROJECT:

1. Prepare journal entries to record the September transactions given. Please refer to the Worksheet tab for Account Titles.

2. Post the journal entries to ledger accounts using T-accounts to represent ledger accounts. Don't forget the opening balances from the information given on the Worksheet. There is a tab to use for T Accounts if you want

3. Add the September journal entry information to the Worksheet in the September columns

4. Prepare an unadjusted trial balance as of September 30, 2016. 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.

5. Prepare adjusting entries for the month of September given the information provided.

6. Post the adjusting entries to the T-accounts and to the Adjusting entries columns on the worksheet

7. Prepare an adjusted trial balance as of September 30, 2016. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this.

8. Prepare financial statements for the month of September 30, 2016. (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.

9. Prepare and post closing entries for the end of the period and to the T Accounts

10. 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.

REQUIRED TO BE SUBMITTED - You must submit your excel file which must include all Journal entries, trial balances, the worksheet and the financial statements to the correct assignments link on the class Blackboard site by 11 pm Friday May 26. Your file must be named - "Your name (first and last) Project 1". Failure to name your file correctly will result in a 1 point deduction.

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.

Attachment:- Accounting_Project.rar