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Set up your General Ledger (using the Chart of Accounts provided) and subsidiary ledgers (A/R and A/P) as indicated. Then, complete the following components of a service-business accounting cycle simulation
Completing the Accounting Cycle
Walk through the following project expectations, and if you are unfamiliar with any tasks, build in time for necessary review of the accounting cycle to ensure success in completion by the assigned class calendar.
1. Journalize transactions in the “General Journal,” and post to the General Ledger and subsidiary ledgers to record historical transactions for the period.
2. Complete petty cash replenishment at the end of the period and verify that accounts receivable (A/R) and accounts payable (A/P) are in balance to controlling accounts by completing respective “Schedules”.
3. Complete the worksheet
a) Trial Balance
b) Adjustments
c) Adjusted Trial Balance
d) Income Statement
e) Balance Sheet
4. Use your completed worksheet to
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a) Journalize and post to the G/L all adjusting and closing entries
b) Complete financial statements
i. Income Statement
ii. Statement of Owner’s Equity
iii. Balance Sheet
5. Complete the Post-closing Trial Balance
6. Journalize and post any reversing entries that would be appropriate

Chart of Accounts

101 Cash
103 Petty Cash
110 Accounts Receivable
115 Repair Shoe Supplies-
119 Office Supplies
120 Prepaid Insurance
130Repair Tools & Equipment
150 Cabinets, Lights & Tables
160 Office Furniture & Equipment
170 Computer
171 Accumulated Depreciation-Computer
180 Truck
181 Accumulated Depreciation-Truck


201 Accounts Payable
210 Salaries & Wages Payable
220 Federal Income Tax Payable
225 Social Security Tax Payable
230 Medicare Tax Payable
235 FUTA Payable
240 SUTA Payable
250 Unearned Revenue


Owner’s Equity
301 Melvin Holden, Capital
305 Melvin Holden, Drawing
310 Income Summary
410 Repair Revenue
420 Interest Income
440 Rental Income
505 Depr.Exp-Computer
507 Depr. Exp.- Truck
510 Gas & Repair Expense
515 Insurance Expense-Truck
525 Internet & Telephone Expense
535 Marketing Expense
539 Miscellaneous Expense
540 Payroll Taxes Expense
545 Professional Services Expense
547 Rent Expense
550 Salaries Expense
560 Supplies Expense-Office
561 Supplies Expense-Repair Shop
565 Utilities Expense

Subsidiary Ledgers
Set up Subsidiary ledgers for the following customers and vendors

Charlie Brown Shoes Mary & Mary Handcrafted Shoes
Daniel Spring’s Custom Shoes Wilson & Smith Custom & Repair

Vendors: (2/10, n/30 terms on all purchases)

Leather & Buckles, Etc. Middle-of-the Road Tools & Equipment
Madison Shop Furniture Office Depot
Western Materials & Supplies
Transaction Analysis
Remember the expanded accounting equation, using (A) for Assets, (L) for Liabilities, (O) for Owner’s Equity, (R) for Revenue/Income, and (E) for Expenses is manipulated by adding Drawing and Expenses to both sides of the equation to eliminate the negative balance affect these classifications have on Owner’s Equity. We will end up with a POSITIVE or NORMAL BALANCE affect for all classifications to help you readily prepare for transaction analysis.
June 1 To start his new business, Melvin Holden invested $15,000 cash, $2.500 in tools, and a pick-up truck valued at $12,500. Opened business checking account with Wells Fargo Bank; no service fees and fee duplicate checks, starting #6001 (issuance of actual checks will NOT be completed in this simulation)
Melvin’s uncle, John Holden, agreed to rent him a small, corner building at $550 a month, with an option to apply all rent towards a down payment should Melvin later decide to purchase the building under an owner’s contract. Pay rent, check #6001.
Melvin agreed to sublet a small, unused office space that has separate access from the rest of the building, for $250 a month. Cyndi Wycoff was retained for $1,000 to oversee the facilitation of a legal rental agreement, and manage the receipt of monthly fees and oversight of any typical rental-related issues. Ms. Wycoff collected the first month’s rent due.
Prepaid six months of insurance for truck, with Progressive Ins. At $75 a month, check #6002.
Received advance payment of $12,000 from Wilson & Smith Custom & Repair, to be earned/evenly pro-rated over a 3-month period.
June 4 Purchased $5,000 of repair shop tables and cabinets form Madison Shop Furniture, $2,500 down (check #6003)

Purchased $500 in office supplies from Office Depot, check #6004

Purchased $1,000 in cutlery tools from Middle-of-the-Road Tools & Equipment

June 5 Purchased $1,000 cleaning and clamping equipment from Middle-of-the-Road Tools & Equipment

June 6 Melvin purchased $2,500 of computer and $1,000 in computer furniture from Office Depot

Purchased $1,000 in repair supplies from Western Materials & Supplies

Melvin bought $800 of special lighting from Madison Shop Furniture

June 7 Provided $1,000 repair services to Mary & Mary Handcrafted Shoes

June 8 Provided $500 repair services to Charlie Brown Shoes

Establish petty cash for $300 and maintain a petty cash journal

Reimburse Melvin from petty cash for purchasing $34 of office supplies

Weekly CASH services provided, $1,490
Employed Joseph Riggs at an hourly wage of $12.50/hr and 8 hours per day, starting June 11. Joe will provide general shop duties and customer service, and help Melvin with shoe repair as needed. Payroll will be processed on the 10th and 25th of each month.
June 11 Reimburse Joe from petty cash for truck gas $45

Provided $500 services to Charlie Brown Shoes

June 12 Provided $750 services to Mary & Mary Handcrafted Shoes

Paid Middle-of-the-Road balance in full, check #6005

June 13 Purchased $500 shoe repair supplies form Leather & Buckles, Etc.

Paid balance due to Office Depot, Check #6006

Provided $1,150 services to Daniel Spring’s Custom Shoes

June 14 Provide $1,300 services to Charlie Brown Shoes

Paid balance due to Madison Shop Furniture (Check #6007) and Western Materials & Supplies (Check #6008)

Reimbursed Joe for $24 in postage stamps

June 15 Paid utility bills to Crane Utilities Co., including $35 for water and $130 for electricity (Check #6009)

Paid balance due to Office Depot (Check #6010) and Western Materials & Supplies (Check #6011)

Melvin needed $25 for personal use

Weekly CASH services provided, $1,950

June 18 Provided $750 services to Charlie Brown Shoes

Purchased $500 in shoe repair supplies from Curtis Supplies (Check #6012)

June 19 Received payment from Mary & Mary Handcrafted Shoes for balance sue

Provided $500 services to Daniel Spring’s Custom Shoes

June 20 Purchased $1,000 crafting tools from Middle-of-the-Road Tools & Equipment

June 21 Provided $750 services to Wilson & Smith Custom Repair

Reimbursed Joe for $35 for truck gas

June 22 Paid balance in full to Leather & Buckles, Etc. (Check #6013)

Weekly CASH services provided, $2,200

June 25 Reimburse Joe for truck gas, $35
Issued payroll per the following payroll register (refer to June 8 notes on payroll; Check #6014). Include payroll entries for both employee and employer payroll. Compute unemployment taxes for FUTA at 0.8% and SUTA at 5.4%
Joseph Riggs 1,000 1,000 154 62 14.50 230.50 769.50
June 26 Provided $1,000 services to Charlie Brown Shoes

Purchased $25 business cards from Office Stationaries, check #6015

June 27 Provided $750 services to Mary & Mary Handcrafted Shoes

June 28 Purchased $1,000 supplies from Western Materials and Supplies

Reimbursed Joe $25 for truck gas
June 29 $500 payment received from Daniel Spring’s Custom Shoes

Weekly CASH services provided, $1,950

Complete end-of-period processes as follows
A. Replenish Petty Cash: balance out Petty Cash journal and replenish; journalize and post entries as required.
B. Verify the controlling accounts balance to subsidiary ledgers for receivables and payables by completing
1. Schedule of Accounts Receivable
2. Schedule of Accounts Payable
C. Complete the WORKSHEET 

1. Prove equality of the general ledger by completing the Trial Balance
2. Determine internal adjustments needed:
• Ensure that all revenue earned for this period has been recognized.
• Supplies on hand at month end: Shoe Repair Supplies $140 and Office Supplies $80
• Depreciate assets, using the straight-line method, assuming no trade-in or salvage value will apply(round to the nearest dollar)

a) Truck: 5 years useful life
b) Computer: 3 years useless life
• Expired one month of truck insurance
• Accrued wages: $500
3. Complete worksheet and determine periodic performance (profit or loss)
D. Journalize and post “Adjusting and Closing” entries
E. Prepare financial statements (Income Statement, Statement of Owner’s Equity, and Balance Sheet)
F. Prepare Post-Closing Trial Balance
G. Journalize any necessary reversing entries at the start of the next period
Audit Test:
_____________1. As of June 30, what is the book value of the company truck?
_____________2. During the month of June, how much did the owner withdraw from the company?
_____________3. What is the balance in the Cash account at the end of June?
_____________4, What account is the Income Summary closed into?
_____________5. What is the balance of Federal Income Tax Payable at the end of June?
_____________6. How much was left in the Petty Cash Fund before it was reimbursed at the end of June?
_____________7. What was Sam’s Shoe Repair had a net income or loss amount for June?
_____________8.What was the total of the owner’s initial investment in the company?
_____________9. Does a debit to depreciation expense increase, decrease or have no effect on Capital?
_____________10. What is the total of ALL revenue for the month?
_____________11. What amount was purchased in Office Supplies for June?
_____________12. What is the balance of unearned revenue AFTER June adjustments?
_____________13. For the month of June, what was the amount of increase or decrease to Capital?
_____________14. What is the balance of Capital on the post-closing Trial Balance?
_____________15. What is the ending balance of Accounts Payable?
_____________16. What is the book value of Computer at the end of June?
_____________17. What amount does Assets EQUAL Liabilities + Owner’s Equity at the end of June?
_____________18. What is the balance of Income Summary after Revenue and Expenses are closed for June?
_____________19. Does Income Summary have a debit or credit balance after closing revenue and expenses?
_____________20. What is the balance of Accounts Receivable on June 30?
_____________21. What classifications of accounts are closed at the end of an accounting cycle?
_____________22. What was the TOTAL cost of payroll for June (all relative costs)?
_____________23. What was the adjustment amount from unearned revenue for the end of une?
_____________24. What is the amount of depreciation expense for the computer in June?
_____________25. What is the balance of unexpired insurance after the June adjustment?
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