Prepare an adjusted trial balance as of december

Assignment Help Accounting Basics

Reference no: EM131307160

Accounting Practice Set -

This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation of general purpose financial statements.

You are tasked with the preparation of a set of 2015financial statements for BRONX BOMBERS, INC. a company that purchases merchandise inventory for resale.

You will be required to prepare journal entries (utilizing a general journal along with a set of special journals), the posting of those entries to both general and subsidiary ledger accounts, and preparation of month-end adjustments, an adjusted trial balance, financial statements, and closing entries in order to ready the general ledger for 2015 activity. BRONX BOMBERS, INC.

Bronx Bombers, Inc. is a calendar-year firm that has been in business in the USA for the past ten years. Your job is to maintain the accounting records of Bronx Bombers, Inc. for the month of December, prepare the annual financial statements (income statement, balance sheet, and statement of cash flows-using the direct method) as of December 31, 2015, and then close the nominal accounts to prepare the accounting records for 2015 entries.

BRONX BOMBERS, INC. utilizes the following five journals:

Sales journal - this journal is exclusively used to record all credit sales
Purchases journal - this journal is exclusively used to record all purchases of inventory items on credit
Cash Receipts journal - this journal is exclusively used to record all transactions that involve a receipt of cash
Cash Disbursements journal - this journal is exclusively used to record all transactions that involve a cash payment
General journal - this journal is used to record all transactions that are not recorded in one of the special journals above

Case Requirements: Please prepare the following for turn-in:

1. Five journals (SJ, PJ, CRJ, CDJ, and the GJ) with December transactions, year-end adjustments, and closing entries recorded appropriately,

2. The two subsidiary ledgers (A/R and A/P) and the General Ledger with December postings and year-end balances,

3. An adjusted trial balance as of December 31, 2015

4. An Income Statement for the year ended December 31, 2015,

5. A Balance Sheet as of December 31, 2015, and

6. A Statement of Cash Flows (Direct Method) for the year ended December 31, 2015, with required supplementary disclosures.

Attachment:- Assignment.rar

Reference no: EM131307160

Questions Cloud

Make capital budgeting decision using average rate of return : Two investment proposals are submitted for approval of $25,000 each in initial investment. Their estimated profits after taxes are:- Make a capital budgeting decision using the average rate of return method.

Discuss how your topic impacts child development : You will create a multimedia presentation using approximately eight- to ten-slides discussing how your topic impacts child development. You are encouraged to use Prezi for your discussion.

Find the in-plane stresses at this point : A rosette composed of three strain gages measures strain at a point on the surface of a flat sheet of annealed stainless steel loaded in plane stress.

Would you prefer to send your kids to a public school : What are the benefits of education being privatized? What are the drawbacks? What are the benefits of public education? What are the drawbacks? Would you, personally, prefer to send your kids to a public or a private school?

Prepare an adjusted trial balance as of december : Acct 6031 - Fall 2016 Accounting Practice Set. Case Requirements: Please prepare the following for turn-in: An adjusted trial balance as of December 31, 2015

Determine the principal planes : Determine the normal and shear stresses after the element has been rotated through an angle of 30? clockwise

Make capital budgeting decision based on the payback period : Make a capital budgeting decision based on the payback period criteria if both projects require a $25,000 initial investment.

Define the functions and role of law in business and society : Define the functions and role of law in business and society.

What may have inspired the image of the male figure : Which event does this respond to and what statement does it make? What may have inspired the image of the male figure? What issues did this artist address in her work? What series does this particular image belong to?

User Account

All Pages