The writer is very fast, professional and responded to the review request fast also. Thank you.
Book/movie review
22/08/2022
Company Information
Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company provides accounting services and sells accounting software. Hampton Accounting Service Inc. is authorized to issue 100,000 shares of $1 par value common stock. The current inventory consists of 30 units of software at a cost of $40.00 each. Inventory is cost using LIFO and the perpetual inventory system. The company uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net sales on account will be uncollectible. Employees are paid $1,500 salary twice a month, on the 16th for the first half of the month and on the 2nd of the following month for the last half of the month.
Project Requirements
Opening balances- The opening balances for select accounts are provided in the appropriate ledger accounts.
Record the following transactions in the journal and post to the ledger:
01/01/15- Issued 1,000 shares of common stock for $5,000
01/02/15- Paid for 3 months of Building Rent, $3,000
01/02/15- Paid employees Salaries owed
01/02/15- Provided Accounting Service on Account, $4,500
01/05/15- Purchased Computer Equipment on Account, $6,800
Note: The equipment has an estimated useful life of 4 years and residual value of $50.
01/08/15- Purchased Supplies for $800 cash
01/10/15- Received $300 payment on account
01/11/15- Sold 15 units of Inventory on Account, $1,500
01/11/15- Made payment on Account, $1,000
01/12/15- Purchased 20 units of Inventory on Account, $900
01/14/15- Paid for Advertising, $450
01/15/15- Provided Accounting service for Cash, $2,500
01/16/15- Paid employees salary for Jan 1-15
01/17/15- Received $1,400 payment on Account
01/19/15- Sold 10 units of Inventory on Account, $1,000
01/22/15- Received $1,500 payment on Account
01/23/15- Made payment on Account, $2,500
01/25/15- Paid monthly Utility bills, $850
01/27/15- Received $2,000 cash in advance for Accounting service
01/29/15- Paid for Advertising, $350
01/31/15- Declared and paid $2/share cash dividend
Prepare a trial balance to verify that total debits equal total credits. Use Excel formulas to calculate balances.
Record the necessary adjustments in the worksheet, journal and ledger for the following items:
01/31/15- Employees salary for Jan 16-31.
01/31/15- Depreciation on Computer Equipment, use DDB method (calculate for 1 month)
01/31/15- January’s Rent
01/31/15- Supplies on hand equal $625
01/31/15- Inventory count shows 23 units, some damaged units were disposed of during the month
01/31/15- $500 of advance payment was earned in January
01/31/15- Uncollectible Account expense
Prepare an Adjusted trial balance to verify debits equal credits at the end of the month
Prepare the 3 main Financial statements for the month of January. For the income statement, use a Multi- step format. For the balance sheet, prepare a classified balance sheet. Enter Excel formulas for all calculations. The format of all 3 statements should be neat and consistent.
Extra Credit (10 points)
Use Cell referencing between the worksheets
Notes:
The ledger balances will automatically calculate with the formulas that are present. If your trial balance is not in balance, you must go back and check your postings to the ledger and the posting of ledger balances to the worksheet. All numerical fields should be formatted for currency using whole dollars. Decimal points and cents are not required.
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more