Instructions Read Firstmanagement Tools Assignment 1 And 2addition ✓ Solved

Instructions-Read First! Management Tools Assignment # 1 and #2 Additional Notes: Use this Excel Workbook for Units 02 & 03 Assignments 1) All Journal Entries MUST include the "Explanation" line. 2) All Debit account entry lines MUST be fully left-justified. Due Dates: 3) All Credit account entry lines MUST be indented 4 or 5 spaces, UNIFORMLY. Assignment #1-Due Unit ) You will be required to create at least ONE additional general Ledger Account to accommodate a few Journal Entries.

Assignment #2-Due Unit 3 You may create one "Miscellaneous Expense" account in the General Ledger to accommodate all of the otherwise unspecified entries, OR you may create 2 or 3 new G/L accounts. For example "Utilities." The Unit 2 Assignment is worth 40 points 4) Be sure that you use proper formatting when you create the Financial Statements. For example, The Unit 3 Assignment is worth 40 points all underlining and "$" signs must be properly formatted. 5) These templates are NOT fully "pre-formatted". You must re-format them for proper presentation in many places.

BE SURE TO COMPLETE ALL REQUIREMENTS LISTED BELOW. There are 11 Sheets in the Workbook including this one. The Final 2 sheets are the Unit 2 and Unit 3 rubrics. They will help you understand the assessment values. All of the Information you need for successful completion the Project is located in the Unit readings, Assignment Instructions and this Workbook.

Requirements Assignment #1 Due in Unit 02 Sheet in Workbook Requirement 1 - Prepare the Journal Entries in the General Journal Journal Entries Requirement 2 - Post Journal Entries to the General Ledger General Ledger <-- VERY IMPORTANT NOTE: You must revise the General Ledger in Unit 3 to include the Adjusting & Closing Entries. Requirement 3 - Prepare an Unadjusted Trial Balance Unadjusted TB Assignment #2 - Due in Unit 03 Requirement 4 - Prepare the Adjusting Entries Adjusting Entries Requirement 5 - Post Adjusting Entries to the General Ledger General Ledger Requirement 6 - Prepare an Adjusted Trial Balance Adjusted TB Requirement 7 - Prepare the Financial Statements Financial Statements Requirement 8 - Prepare the Closing Entries Closing Entries Requirement 9 - Post Closing Entries to the General Ledger General Ledger Requirement 10 - Prepare the Post Closing Trial Balance Post Closing TB Journal Entries-Due in Unit 2 Requirement # 1 Prepare journal entries to record the June transactions in the General Journal below.

General Journal Date Description(Account Name) Debit Credit Note: Remember that Debits must equal Credits - All of your Journal Entries should balance. General Ledger - Due in Unit 2 This Sheet will be used for Requirements 2, 5 and 9 Important Note: You may need to add accounts to this General Ledger. Be sure to properly format any added accounts here. GENERAL LEDGER ACCOUNT: CASH ACCOUNT NO. POST.

BALANCE MONTH DAY ITEM REF. DEBIT CREDIT DEBIT CREDIT June 1 ACCOUNT: ACCOUNTS RECEIVABLE ACCOUNT NO. 12 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: SUPPLIES ACCOUNT NO.

14 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: PREPAID RENT ACCOUNT NO. 15 POST. BALANCE DATE ITEM REF.

DEBIT CREDIT DEBIT CREDIT ACCOUNT: PREPAID INSURANCE ACCOUNT NO. 16 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: OFFICE EQUIPMENT ACCOUNT NO. 18 POST.

BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: ACCUMULATED DEPRECIATION ACCOUNT NO. 19 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: ACCOUNTS PAYABLE ACCOUNT NO.

21 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: SALARIES PAYABLE ACCOUNT NO. 22 POST. BALANCE DATE ITEM REF.

DEBIT CREDIT DEBIT CREDIT ACCOUNT: UNEARNED FEES ACCOUNT NO. 23 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: DUSTIN LARKIN, CAPITAL ACCOUNT NO. 31 POST.

BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: DUSTIN LARKIN, DRAWING ACCOUNT NO. 32 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 20-- ACCOUNT: INCOME SUMMARY ACCOUNT NO.

33 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: FEES EARNED ACCOUNT NO. 41 POST. BALANCE DATE ITEM REF.

DEBIT CREDIT DEBIT CREDIT ACCOUNT: SALARY EXPENSE ACCOUNT NO. 51 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: RENT EXPENSE ACCOUNT NO. 52 POST.

BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: SUPPLIES EXPENSE ACCOUNT NO. 53 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: DEPRECIATION EXPENSE ACCOUNT NO.

54 POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: INSURANCE EXPENSE ACCOUNT NO. 55 POST. BALANCE DATE ITEM REF.

DEBIT CREDIT DEBIT CREDIT Unadjusted TB Due in Unit 2 REQUIREMENT #3: Prepare an Unadjusted Trial Balance for June in the space below. Debit Credit Note: Do these column totals match? Adjusting Entries-Due in Unit 3 Requirement #4: Remember to post these to the G/L, too. General Journal Date Description(Account Name) Debit Credit Note: Remember that Debits must equal Credits - All of your Journal Entries should balance. Adjusted TB - Due in Unit 3 Requirement #6: Prepare an Adjusted Trial Balance in the space below.

Debit Credit Financial Statements - Unit 3 Requirement #7: VERY IMPORTANT NOTE: Insert rows as needed You will have to MODIFY the spreadsheet to properly include all accounts and formatting. Income Statement Hint: Remember, Quixote Company is NOT a corporate business. Therefore, any terminology that would not be associated with Quixote Company MUST be revised. Revenues: Expenses: Total Expenses Net Income Statement of Owners Equity Owner's Equity, Add: Additional Investment Add: Net Income Subtotal Less: Owner Withdrawals Owner's Equity VERY IMPORTANT NOTE: You will have to MODIFY the spreadsheet to properly include all accounts and formatting. Balance Sheet Assets: Liabilities: Total Liabilities Equity: Total Equity Total Liabilities & Equity Note: Does Total Assets Match this total?

Closing Entries - Unit 3 Requirement #8: Remember to post these to the G/L, too. Prepare the closing entries at June 30 in the General Journal below. Hint: use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. General Journal Date Description (Account Name) Debit Credit Requirement #9: Post the closing entries to the General Ledger accounts (See Tab titled "General Ledger - Due in Unit 2") and compute ending balances. Just add to the adjusted balances already listed.

Post Closing TB - Unit 3 Requirement #10: HINT: Only "Permanent" or "Real" account balance should remain Prepare a post-closing trial balance as of June 30 in the space below. at this point in the Acocunting Cycle. To be specific, only Balance Sheet Accounts should be here. Post-Closing Trial Balance Unit 2 Comments & Rubric AC 499 Unit 2 Rubric: Category Your score Possible Points Instructor Comments 1-Prepare the Initial Journal Entries. Scoring Criteria: (13 – 15 Points): Entries use accurate accounts and amounts; and debits and credits are used correctly. (10 – 12 Points): Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. (7.5 – 9 Points): Journal Entries have some errors in use of accounts and amounts; debits and credits are only somewhat used correctly. (0 – 7 Points): Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. -Post the journal entries to the G/L.

Scoring Criteria: (13 – 15 Points): Posting is correct - trial balance is accurate. (10 – 12 Points): Posting and T/B are mostly correct. (7.5 – 9 Points): Posting and T/B have several errors. (0 – 7 Points): Posting and T/B have significanr errors. -Prepare the Unadjusted Trial Balance. Scoring Criteria: (9 - 10 Points): All Accounts properly presented in correct order with correct balances. Points): Trial Balance mostly correct, 1 or 2 accounts listed incorrectly, 1 or 2 balances incorrect, and based on carry-forward errors from Parts 1 & 2. (5 - 6 Points): Trial Balance has several errors, but they are independent of any carry forward errors. (0 - 4 Points): Trial Balance is poorly prepared, numerous errors, balances incorrect, accounts out of order.

Preliminary Totals 0 40 Additional Items: Deductions for uncorrected errors from Unit 2 (Enter a negative amount -->) Late Penalty (If applicable) (Enter as a negative amount -->) Final Total 0 40 Unit 3 Comments & Rubric AC 499 Unit 3 Rubric: Category Your score Possible Points Instructor Comments 1-Prepare the Adjusting entries A-F. -Journalize and Post the adjusting entries. -Prepare: a. an income statement, 0 5 b. a statement of owner's equity, 0 5 c. a balance sheet. -Journalize and post the closing entries. -Prepare a post-closing trial balance. 0 5 Preliminary Totals 0 40 Additional Items: Deductions for uncorrected errors from Unit 2 (Enter a negative amount -->) Late Penalty (If applicable) (Enter as a negative amount -->) Final Total 0 40 AC499: Bachelors Capstone in Accounting | Unit 2 Unit 2 Assignment: Management Tools Application For the past several years, Dustin Larkin has operated a part-time consulting business from his home.

As of June 1, 2013, Dustin decided to move to rented quarters and to operate the business, which was to be known as Quixote Consulting, on a full-time basis. Quixote Consulting entered into the following transactions during June: Date Transaction June 1 The following assets were received from Dustin Larkin: Cash, ,000; Accounts receivable ,500; supplies, ,250; and office equipment, ,500. There were no liabilities received. June 1 Paid three months' rent on a lease rental contract, ,500. June 2 Paid the premiums on property and casualty insurance policies, ,800.

June 4 Received cash from clients as an advance payment for services to be provided (Record it as unearned fees),