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Accounting Cycle Assignment: Journal Entries, T-Accounts, Trial Balances, Balance Sheets, Income Sta

Assignment Guidelines

It is a beginning accounting course and I need help making an entire assignment that has, journal entries, T-accounts, trial balances, adjusted entries and balances, balance sheets, income statements and then closing entries

You will be completing a full accounting cycle for the project. Please note that you will complete the project and then you will use your project to answer 8 short-answer questions. Which will make up the majority of your mark.

1. At the due date and time, group members will go to your instructor’s office (Main 2606) to get a submission sheet asking for several specific numbers or entries (eg. Balance in an account, a number from one of the financial statements, account used in a journal entry). You will not have time to calculate or change numbers, you will simply copy the numbers you already have from your project onto the submission form. These numbers will be the only ones checked and will comprise most of your mark, with the remainder being for professionalism – spelling, neatness, presentation, format, etc.

Assignment must be typed, using both Excel and Word applications

Must be stapled or bound

Remember to use proper journal entry format

Remember to use proper presentation for Financial Statements


1.a)Set up T-Accounts with opening balances

b)Prepare journal entries to record the September transactions and post to T-Accounts.

c) Prepare a trial balance at September 30.

d) Prepare and post the adjusting journal entries for the month.

e) Prepare an adjusted trial balance at September 30

f) Prepare (1) an Income Statement, (2) a Statement of Owners Equity, and (3) a Balance Sheet.

g) Prepare the closing journal entries.

h) Post the closing entries to T accounts.

j) Prepare a post-closing trial balance

On August 31, 2021, Right Handy Corporation’s opening trial balance was as follows. The company adjusts in accounts monthly. During September, the following transactions were completed: Sept. 4 Paid employees $2,200 for salaries due, of which $1,400 was for August salaries payable and $800 for September.

6 Received $5,400 cash from customers in payment of accounts.

11 Received $8,800 cash for services performed in September.

12 Owner invested $5,000 into the company.

17 Purchased Supplies on account, $2,000.

21 Paid creditors $7,000 of accounts payable due.

24 Paid September and October rent, $2,000 ($1,000 per month).

25 Paid salaries, $2,200.

26 Performed services on account, $1,600.

27 Received $1,300 from customers for services to be provided in the future.

28 Owner withdrew, $500 from the company.

28 Paid Income tax for the month, $600.

Adjusting entries data for the end of the month:

1. Supplies on hand total $800.

2. Accrued Salaries payable are $1,600.

3.Accrued Service Revenue for $600.

4. The equipment has a useful life of 10 years and the company uses straight-line depreciation.

5. Unearned revenue of $800 has been earned.

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