Prepare an unadjusted trial balance uisng given data

Reference no: EM132333263

Assignment: Final Project Overview

Throughout this course, you have learned various components of accounting. These components work hand-in-hand to create the accounting cycle - the process of recording, summarizing and reporting transactions. The final project will provide you the opportunity to apply the skills covered in this course through the completion of the accounting cycle. In addition, you will be able to demonstrate your understanding through analysis of the completed information. This project will be completed in two parts in Units 3 and 5.

Final Project Data

On December 1, 2015 John Trap created a new travel agency, Trap Adventures, Inc. providing exclusive adventure trips. The following transactions occurred during December 2015.

(NOTE: There are no beginning balances - this is a new company.)

Dec 1 John Trap invested $60,000 cash in the company for common stock.2Purchase office equipment for $17,500 cash.2The company rented furnished office space by paying $18,000 cash for the first six months (December 2015 - May 2016) rent.3The company purchased $1,500 of office supplies on account.10The company paid $3,600 cash for the premium on a 12-month insurance policy.14The company paid $10,750 cash for two weeks' salaries earned by employees.24The company collected $54,000 cash on commissions from airlines on tickets obtained for customers.28The company paid $12,125 cash for two weeks' salaries earned by employees.29The company paid $350 cash for minor repairs to the company's computer.30The company paid $450 cash for this month's telephone bill.30Dividends of $3,000 cash were paid.

Adjustment Data:

• One month's insurance coverage has expired.

• The company occupied the office space for the month of December.

• At the end of the month, $600 of office supplies are still available.

• This month's depreciation on the computer equipment is $325.

• Employees earned $525 of unpaid and unrecorded salaries as of month-end.

Final Project Requirements

Using the spreadsheet found here and information above, complete the following:

1. Journal entries to record the transactions that occurred during the month of December.

2. Prepare an unadjusted trial balance.

Reference no: EM132333263

Questions Cloud

What governing bodies exist to help ensure timely : This assignment has 3 parts: What governing and oversight bodies exist to help ensure timely and accurate reporting of financial information by publicly traded.

Description of an image : Which of the following does NOT apply to the following description of an image?

Describe the key elements of research methodologies : Research Methodology for Health and Social Care-BN018467 – Specification – Edexcel Level 3 BTEC Nationals in Health and Social Care-NQF Level 3.

Write the formulation for model : Develop a model that will determine the total amount of money you will have in the account at: the end of first year; if you deposit $5000 in a saving

Prepare an unadjusted trial balance uisng given data : The final project will provide you the opportunity to apply the skills covered in this course through the completion of the accounting cycle.

Describe what actions the supplier : a. Describe what actions the supplier should have taken to keep you informed. b. What actions should you have taken as the project manager?

Hyperlink to one federal statute which influences commerce : The hyperlink to one federal statute which influences commerce on the internet and summarize in not less than 100 words what that statute accomplishes.

Describe the motivation behind government intervention : Compare and contrast the public interest and special interest theories that describe the motivation behind government intervention in the health care market.

Explain concepts of nutritional health : Nutrition for Health and Social Care- BN018467 – Specification – Edexcel Level 3 BTEC Nationals in Health and Social Care-NQF Level 3.explain nutritional Health

User Account

All Pages