Document500473147.docxScenario You were recently hired as an entry-level bookkeeper for a service...

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Document500473147.docxScenario You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner. Prompt Record Financial Data: Use accepted accounting principles to accurately capture business transactions for the month in the Company Accounting Workbook Template using the data provided in the Accounting Data Appendix document. Specifically, you must address the following rubric criteria: · Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.  · Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.  · Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the “Trial Balance” tab of the company accounting workbook, ensuring that the total debits and credits match.  Guidelines for Submission Using the provided template, submit your company accounting workbook with the following portions completed: the General Journal tab, the Ledger Accounts tab, and the Trial Balance tab. This should be completed and submitted using the Microsoft Excel workbook template. Please note that the first tab of the workbook provides you with the chart of accounts. These are the accounts you will use in recording transactions for the month. Supporting Materials The following resources support your work on the project: Video: Milestone One Walkthrough (14:40)   This video walkthrough is available if you need additional assistance completing this milestone. The video uses a sample data set for illustrative purposes.  A video transcript is available: Transcript for ACC 201 Milestone One Walkthrough   Chart of Accounts 	This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. 	Asset Accounts		Liability Accounts		Equity Accounts 		Acct #		Acct #		Acct # 	Cash	101	Notes Payable	201	Owner's Capital	301 	Accounts Receivable	102	Accounts Payable	202	Owner Draws	302 	Prepaid Rent	103	Wages Payable	203 	Office Furniture	104 	Office Supplies	105 	Accumulated Depreciation (contra asset)	106 					Revenue Accounts 						Acct # 					Service Revenue	401 					Expense Accounts 						Acct # 					Rent expense	501 					Business License Expense	502 					Insurance Expense	503 					Repairs and Maintenance	504 					Advertising Expense	506 					Wages Expense	507 					Utilities Expense	508 					Depreciation Expense	509 	Cash 	Baking Supplies 	Prepaid Rent 	Prepaid Insurance 	Baking Equipment 	Office Supplies 	Accounts Receivable 	Accumulated Depreciation 	Merchandise Inventory 	Notes Payable 	Accounts Payable 	Wages Payable 	Interest Payable  	Common Stock 	Dividends 	Bakery Sales 	Merchandise Sales 	Baking Supplies Expense 	Rent Expense 	Insurance Expense 	Misc. Expense 	Business License Expense 	Advertising Expense 	Wages Expense 	Telephone Expense 	Interest Expense 	Depreciation Expense 	Office Supplies Expense 	Cost of Goods Sold General Journal 		A Company 		General Journal Entries 				Journal Entry Tips 						The debited account is recorded first, credited account recorded second. 						Debits and credits must always equal! 	Date	Accounts	Debit	Credit		There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account. 						Be sure to use your chart of accounts (the first page of this workbook).  						Each account you will record to is already listed and organized by classification of the account. 		Total	- 0	- 0	If Red, this means your debits and credits do not equal. Be sure to review for errors. Ledger Accounts 	Assets					Liabilities					Equity					Revenue					Expenses 		Cash					Notes Payable					Owner's Capital					Service Revenue					Rent Expense 		$   - 0	$   - 0				$   - 0	$   - 0				$   - 0	$   - 0				$   - 0	$   - 0				$   - 0	$   - 0 		$   - 0						$   - 0					$   - 0					$   - 0				$   - 0 		Accounts Rec.				Accounts Payable						Owner Draws									Business License Expense 		$   - 0	$   - 0				$   - 0	$   - 0				$   - 0	$   - 0									$   - 0	$   - 0 		$   - 0						$   - 0				$   - 0										$   - 0 		Prepaid Rent					Wages Payable															Insurance Expense 											Posting to the ledger/t accounts 											Don't overthink it!  											You are just posting each debit and credit from the journal entries to the account you identified in the entry. 											These accounts are set to calculate your balances for you.  											Please be careful not to delete the running totals as those will calculate the ending balance. 											The ending balance will transfer to the Trial Balance sheet. 											If you have posted all entries and your trial balance is not in balance (total debits = total credits),  		$   - 0	$   - 0				$   - 0	$   - 0			this means that there is an error.											$   - 0	$   - 0 		$   - 0						$   - 0														$   - 0 		Office Furniture																				Repairs & Maint. 		$   - 0	$   - 0																			$   - 0	$   - 0 		$   - 0																				$   - 0 		Office Supplies																				Advertising Expense 		$   - 0	$   - 0																			$   - 0	$   - 0 		$   - 0																				$   - 0 		Accumulated Depreciation																				Wages Expense 		$   - 0	$   - 0																			$   - 0	$   - 0 			$   - 0																			$   - 0 																						Utilities Expense 																						$   - 0	$   - 0 																						$   - 0 																						Depreciation Expense 																						$   - 0	$   - 0 																						$   - 0 Trial Balance 	Trial Balance 	As of 03/31/20XX 		Unadjusted trial balance 	Account	Debit	Credit		Trial Balance 	Cash	- 0			Balances from the t accounts will autofill your trial balance. 	Accounts Receivable	- 0			If total debits do not equal total credits in the trial balance, you know you have an error. 	Prepaid Rent	- 0			These are the balances that will be used to prepare the financial statements. 	Office Furniture	- 0			Be sure to implement feedback provided by your instructor for this Milestone One submission! 	Office Supplies	- 0 	Accumulated Depreciation		- 0 	Notes Payable		- 0 	Accounts Payable		- 0 	Wages Payable		- 0 	Owner's Capital		- 0 	Owner Draws	- 0 	Service Revenue		- 0 	Rent Expense	- 0 	Business License Expense	- 0 	Depreciation Expense	- 0 	Insurance Expense	- 0 	Repairs and Maintenance Expense	- 0 	Advertising Expense	- 0 	Wages Expense	- 0 	Utilities Expense	- 0 	Retained Earnings 	Total:	- 0	- 0 		Debits should equal credits 	` Income Statement 	A Company 	Income Statement 	For Month ending 3/31/20XX 	Revenues 	     Total Revenues	$   - 0 	Operating Expenses: 	Total Operating Expenses:	- 0 	Net Income	- 0 Statement of Stockholder Equity 	Company Name 	Statement of Owner's Equity 	Period Ending 03/31/20XX 	Beginning Capital on 3/01/20XX				$   - 0 	     Increases to capital 		Net income/loss: 		Owner Contributions 		Subtotal:			$   - 0 	     Decreases to capital 		Owner Draws 	Ending Equity as of 03/31/20XX				$   - 0 Balance Sheet 			A Company 			Balance Sheet 			As of March 31, 20XX 	Assets				Liabilities and Owners' Equity 	Current Assets:				Current Liabilities: 					Total Current Liabilities	- 0 					Long Term Liabilities: 	Total Current Assets	- 0			Total Long Term Liabilities:	- 0 					Total Liabilities:	- 0 					Owner's Equity 	Non-Current Assets: 					Total Equity 	- 0 	Total Non Current/Fixed Assets	- 0 	Total Assets:	- 0			Total Liabilities & Equity 	- 0

Himanshu · Accepted Answer

Journal Entries 
Ledger and Trial Balance

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