{"id":47818,"date":"2022-04-02T02:57:50","date_gmt":"2022-04-02T02:57:50","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/pf-061579-accounting-homework-help\/"},"modified":"2022-04-02T02:57:50","modified_gmt":"2022-04-02T02:57:50","slug":"pf-061579-accounting-homework-help","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/pf-061579-accounting-homework-help\/","title":{"rendered":"Pf 061579 | Accounting homework help"},"content":{"rendered":"
\n

PF\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 061579<\/p>\n

Lesson 1: Business, Accounting, and You<\/p>\n

The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.:<\/p>\n

\u00a0<\/p>\n

Balance sheet<\/p>\n

Income statement<\/p>\n

Statement of retained earnings<\/p>\n

Post-closing trial balance<\/p>\n

\u00a0<\/p>\n

The financial statements must be created in one Microsoft Word document (.doc or .docx \u00a0file). Alternatively, an Excel workbook may be \u00a0used (.xls or .xlsx file). The Word or Excel file will be \u00a0uploaded \u00a0for grading.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

INSTRUCTIONS<\/p>\n

The project is to be \u00a0done by \u00a0hand with a pencil and paper. Use the blank forms provided. At the end of the project, you\u2019ll be \u00a0given instructions \u00a0for creating \u00a0and uploading \u00a0the financial statements \u00a0in a Word or Excel file for grading.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

Note: \u00a0The formatting of financial statements is important. They follow \u00a0Generally Accepted Accounting Principles (GAAP), which creates a uniformity of financial statements for analyz- ing. This allows for an easier comparison, as all businesses follow \u00a0GAAP. Therefore, the financial statements should be created exactly the same way shown or referenced in the text- book. Failure to do \u00a0so will result in a loss of points.<\/p>\n

\u00a0<\/p>\n

The project references \u201cdebits equaling credits.\u201d This is a fun- damental principle of accounting that can\u2019t be \u00a0violated and if so is not \u00a0acceptable under any circumstance. Debits not equaling credits \u00a0allows for \u201ccooking of the books,\u201d which is presenting false information. It also allows for embezzlement, which is theft by \u00a0management or employees. If debits don\u2019t equal credits, the cause may be \u00a0a lack of understanding of accounting principles, such as those presented in the text- book and assigned homework problems, or a lack of focus<\/p>\n

and concentration when making journal entries, posting to ledger accounts, or completing math. Remember\u2014instructors are available to help you with material you may be \u00a0struggling with. Mistakes of the lack-of-focus variety are best corrected by \u00a0going back over the work until the error is found.<\/p>\n

\u00a0<\/p>\n

The accounting equation must balance on the balance sheet. This is another fundamental principle of accounting that can\u2019t be \u00a0violated and if so is completely unacceptable. When the equation doesn\u2019t balance and the numbers are \u201cfudged,\u201d<\/p>\n

this is easily detectable by \u00a0someone who knows accounting. If your debits equal your credits and you understand \u00a0which general ledger accounts belong on which financial state- ments, then the accounting equation should balance. It\u2019s really all about understanding the concepts and applying<\/p>\n

that understanding.<\/p>\n

\u00a0<\/p>\n

The following financial statements are provided from the prior accounting period for J & L Accounting, Inc.:<\/p>\n

\u00a0<\/p>\n

a) \u00a0Post-closing trial balance b) \u00a0Balance sheet<\/p>\n

c) \u00a0Income statement<\/p>\n

\u00a0<\/p>\n

d) \u00a0Statement of retained earnings<\/p>\n

\u00a0<\/p>\n

J & L Accounting, Inc. Post-Closing Trial Balance December 31, 2012<\/p>\n

\u00a0<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0BALANCE \u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0ACCOUNT TITLE\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0DEBIT\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0CREDIT \u00a0\u00a0<\/p>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Cash, Business Checking<\/p>\n<\/td>\n

\n

20,500.00<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Accounts Receivable<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid Rent<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Vehicles<\/p>\n<\/td>\n

\n

48,000.00<\/p>\n<\/td>\n<\/tr>\n

\n

Accumulated Depreciation, Vehicles<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

12,000.00<\/p>\n<\/td>\n<\/tr>\n

\n

Equipment<\/p>\n<\/td>\n

\n

3,600.00<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Accumulated Depreciation, Equipment<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

600.00<\/p>\n<\/td>\n<\/tr>\n

\n

Accounts Payable<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Common Stock<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

38,000.00<\/p>\n<\/td>\n<\/tr>\n

\n

Retained Earnings<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

21,500.00<\/p>\n<\/td>\n<\/tr>\n

\n

Dividends<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Service Revenue<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Advertising Expense<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Rent Expense<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Office Supplies Expense<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Telephone Expense<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Utilities Expense<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Depreciation Expense<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

TOTALS<\/p>\n<\/td>\n

\n

72,100.00<\/p>\n<\/td>\n

\n

72,100.00<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

J & L Accounting, Inc.<\/p>\n

Balance Sheet<\/p>\n

\"\"<\/span>As of December 31, 2012<\/p>\n

\u00a0<\/p>\n

ASSETS<\/p>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n
\n

Cash, Business Checking<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

20,500.00<\/p>\n<\/td>\n<\/tr>\n

\n

Accounts Receivable<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

0.00<\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid Rent<\/p>\n

Vehicles<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

48,000.00<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

0.00<\/p>\n<\/td>\n<\/tr>\n

\n

Less: Accumulated Depreciation, Vehicles<\/p>\n<\/td>\n

\n

12,000.00<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

36,000.00<\/p>\n<\/td>\n<\/tr>\n

\n

Equipment<\/p>\n<\/td>\n

\n

3,600.00<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Less: Accumulated Depreciation, Equipment<\/p>\n<\/td>\n

\n

600.00<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

3,000.00<\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/p>\n

TOTAL ASSETS<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

59,500.00<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

LIABILITIES<\/p>\n

Accounts Payable\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a00.00<\/p>\n

\u00a0<\/p>\n

TOTAL LIABILITIES\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a00.00<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

STOCKHOLDERS\u2019 EQUITY<\/p>\n

\u00a0<\/p>\n\n\n\n\n\n
\n

Common Stock<\/p>\n<\/td>\n

\n

38,000.00<\/p>\n<\/td>\n<\/tr>\n

\n

Retained Earnings<\/p>\n<\/td>\n

\n

21,500.00<\/p>\n<\/td>\n<\/tr>\n

\n

TOTAL STOCKHOLDERS\u2019 EQUITY<\/p>\n<\/td>\n

\n

59,500.00<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\"\"<\/span>TOTAL LIABILITIES AND STOCKHOLDERS\u2019 EQUITY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a059,500.00<\/p>\n

J & L Accounting, Inc. Income Statement<\/p>\n

For the Month Ending December 31, 2012<\/p>\n

\u00a0<\/p>\n

REVENUES<\/p>\n

\u00a0<\/p>\n

\"\"<\/span>Service Revenue\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a010,275.00<\/p>\n

\u00a0<\/p>\n

EXPENSES<\/p>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

Advertising Expense<\/p>\n<\/td>\n

\n

2,300.00<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Rent Expense<\/p>\n<\/td>\n

\n

1,000.00<\/p>\n<\/td>\n<\/tr>\n

\n

Office Supplies Expense<\/p>\n<\/td>\n

\n

300.00<\/p>\n<\/td>\n<\/tr>\n

\n

Telephone Expense<\/p>\n<\/td>\n

\n

750.00<\/p>\n<\/td>\n<\/tr>\n

\n

Utilities Expense<\/p>\n<\/td>\n

\n

3,200.00<\/p>\n<\/td>\n<\/tr>\n

\n

Depreciation Expense<\/p>\n<\/td>\n

\n

1,100.00<\/p>\n<\/td>\n<\/tr>\n

\n

TOTAL EXPENSES<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

8,650.00<\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/p>\n

NET INCOME<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

1,625.00<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

J & L Accounting, Inc. Statement of Retained Earnings<\/p>\n

1) \u00a0Using the following blank forms (make as many copies as necessary), set up the general ledger accounts for the general ledger and insert the beginning balances for the accounts from the post-closing trial balance. The balances from the post-closing trial balance become the beginning balances of the accounts for the next account period.<\/p>\n","protected":false},"excerpt":{"rendered":"

PF\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 061579 Lesson 1: Business, Accounting, and You The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.: \u00a0 Balance sheet Income statement Statement of retained earnings Post-closing trial balance \u00a0 The financial statements must be created in one Microsoft Word document (.doc or .docx \u00a0file). […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-47818","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47818","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=47818"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47818\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=47818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=47818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=47818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}