{"id":22962,"date":"2021-12-16T07:39:21","date_gmt":"2021-12-16T07:39:21","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/principles-of-accounting-i-acct-1010-homework-project\/"},"modified":"2021-12-16T07:39:21","modified_gmt":"2021-12-16T07:39:21","slug":"principles-of-accounting-i-acct-1010-homework-project","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/principles-of-accounting-i-acct-1010-homework-project\/","title":{"rendered":"Principles of accounting i acct 1010 homework project"},"content":{"rendered":"
\n

\u00a0PRINCIPLES OF ACCOUNTING I<\/strong>
ACCT 1010<\/strong>
HOMEWORK PROJECT<\/strong><\/p>\n

Project Data:<\/strong>
Callie Jamison owns and operates a consulting firm called Jamison Consulting. The business began operating in October 2016. Transactions for October and November 2016 have been recorded and posted.<\/p>\n

Jamison Consulting had the following transactions in December 2016.
Dec\u00a0\u00a0\u00a0 2\u00a0\u00a0\u00a0 Provided $3,950 consulting services to Gomez Company on account.
\u00a0\u00a0\u00a0 3\u00a0\u00a0\u00a0 Paid $1,025 cash to Hillside Mall for Jamison Consulting\u2019s share of mall advertising costs.
\u00a0\u00a0\u00a0\u00a0 4\u00a0\u00a0\u00a0 Paid $400 cash for minor repairs to the company’s computer.
\u00a0\u00a0\u00a0\u00a0 10\u00a0\u00a0\u00a0 Purchased $1,100 of computer supplies on credit from Harris Office Products.
\u00a0\u00a0\u00a0\u00a0 14\u00a0\u00a0\u00a0 Paid cash to employee for six days of work at the rate of $125 per day.
\u00a0 \u00a0\u00a0\u00a0 15\u00a0\u00a0\u00a0 Notified by Alex’s Engineering Co. that Jamison Consulting\u2019s’ bid of $7,000 on a proposed project has been accepted. Alex’s paid a $1,500 cash advance to Jamison Consulting.
\u00a0\u00a0\u00a0\u00a0 20\u00a0\u00a0\u00a0 Completed a project for Lyn Corporation and received $5,625 cash.
\u00a0\u00a0\u00a0\u00a0 28\u00a0\u00a0\u00a0 Received $3,000 cash from Gomez Co. on its receivable.
\u00a0\u00a0\u00a0\u00a0 29\u00a0\u00a0\u00a0 Reimbursed C. Jamison $193 for business automobile mileage.
\u00a0\u00a0\u00a0\u00a0 31\u00a0\u00a0\u00a0 C. Jamison withdrew $1,500 cash from the company for personal use.<\/p>\n

The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company’s first three months of operations:<\/strong><\/p>\n

a.\u00a0\u00a0\u00a0 The December 31 inventory count of computer supplies shows $320 still available.
b.\u00a0\u00a0\u00a0 Three of the four months’ prepaid rent has expired.
c.\u00a0\u00a0\u00a0 Three months have expired since the 12-month insurance premium was paid in advance.
d.\u00a0\u00a0\u00a0 As of December 31, the only employee of Jamison Consulting had not been paid for four days of work at $125 per day.
e.\u00a0\u00a0\u00a0 The computer system, acquired for $8,000 on October 1, is expected to have a four-year life with no salvage value.
f.\u00a0\u00a0\u00a0 The office equipment, acquired for $20,000 on October 1, is expected to have a five-year life with no salvage value.<\/p>\n

Required:<\/strong>
1.\u00a0\u00a0\u00a0 Journalize the December transactions for Jamison Consulting. You may omit explanations for the journal entries. Skip a line between each journal entry \u2013 see the journal entries for October \u2013 November as a formatting example.
2.\u00a0\u00a0\u00a0 Post the December transactions to the appropriate accounts in the ledger.
3.\u00a0\u00a0\u00a0 Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance. Check figure: $99,816. Consult your instructor if your trial balance does not balance before proceeding with the project.
4.\u00a0\u00a0\u00a0 Journalize the adjusting entries to reflect items a through f above.\u00a0
5.\u00a0\u00a0\u00a0 Post the adjusting entries to the appropriate accounts in the ledger.
6.\u00a0\u00a0\u00a0 Prepare an adjusted trial balance as of December 31, 2016. Check figure: $101,816. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project.
7.\u00a0\u00a0\u00a0 Prepare the three basic financial statements in good form.\u00a0 See pages 120-121 of your accounting text for a good example of financial statement formatting.
a.\u00a0\u00a0\u00a0 Prepare an income statement for the three months ended December 31, 2016.
b.\u00a0\u00a0\u00a0 Prepare a statement of owner’s equity for the three months ended December 31, 2016.
c.\u00a0\u00a0\u00a0 Prepare a balance sheet as of December 31, 2016.
8.\u00a0\u00a0\u00a0 Journalize and post the necessary closing entries for Jamison Consulting.
9.\u00a0\u00a0\u00a0 Prepare a post-closing trial balance as of December 31, 2016.\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00a0PRINCIPLES OF ACCOUNTING IACCT 1010HOMEWORK PROJECT Project Data:Callie Jamison owns and operates a consulting firm called Jamison Consulting. The business began operating in October 2016. Transactions for October and November 2016 have been recorded and posted. Jamison Consulting had the following transactions in December 2016.Dec\u00a0\u00a0\u00a0 2\u00a0\u00a0\u00a0 Provided $3,950 consulting services to Gomez Company on account.\u00a0\u00a0\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-22962","post","type-post","status-publish","format-standard","hentry","category-homework-help"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/22962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=22962"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/22962\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=22962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=22962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=22962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}