Accounting Cycle Project ONS plete the comprehensive accounting cycle for Jackso
ID: 2548659 • Letter: A
Question
Accounting Cycle Project ONS plete the comprehensive accounting cycle for Jackson Corporation by following the instructions found on Pages 1 and 2, and the Project scenario items found on Page 3 pertains to Jackson Corporation's accounting cycle for the month of January 201s . The Project o RECORDING TRANSACTIONS Record all journal entries (initial, adjusting, and closing entries) in the General Journal. Use three (3) General Journal pages and number them 1, 2, and 3. PAGE 1-Initial transactions PAGE 2-Adjusting entries, PAGE 3-Closing entries No explanations necessary when recording journal entries. Use the appropriate following chart of accounts to record the journal entries: o o 101-Cash 102-Accounts Receivable 103-Supplies .104 Office Furniture 05-Accumulated Depreciation-Office Furniture 201-Accounts Payable 202-Unearned Revenue 203-Wages Payable 204-Interest Payable 205-Notes Payable · .301 Capital Stock 302-Retained Earnings 401-Dividends 501-Revenue 601-Wages Expense 602-Supplies Expense 603-Depreciation Expense-Office Furniture 604-Interest Expense 999- INCOME SUMMARY o POSTING: Use the General Ledger for posting general journal entries (initial, adjusting, and closing). Need 10 sheets (2 accounts per sheet). ***Print Sheets from Blackboard** o Setup general ledger accounts for all 19 accounts listed above. Set up ledger in order stated above using their account numbers. o When posting from the General Journal to the General Ledger . In the LEDGER "POST REF" the General Journal page number 1, 2, or 3 In the JOURNAL, "POST REP" = the account's account number. o When POSTING Adjusting Entries *Write "Adjusting Entry" in the Description. o When POSTING Closing Entries: "Write "Closing Entry" in the Description. Page 1 of 4Explanation / Answer
Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-Jan Cash 15,000.00 Capital Stock 15,000.00 (To record the issue of capital stock) 2-Jan Cash 10,000.00 Notes Payable 10,000.00 (To record the amount borrowed from loan) 3-Jan Supplies 3,000.00 Accounts Payable 3,000.00 (To record the supplies purchased) 4-Jan Office Furniture 3,000.00 Cash 3,000.00 (to record the furniture purchased) 15-Jan Wages Expense 2,000.00 Cash 2,000.00 (To record the wages expense) 17-Jan Accounts Receivable 2,500.00 Revenue 2,500.00 (To record the revenue) 20-Jan Cash 3,000.00 Unearned Revenue 3,000.00 (record the advance received) 23-Jan Cash 5,000.00 Revenue 5,000.00 (To record the revenue) 27-Jan Cash 1,500.00 Accounts Receivable 1,500.00 (To record the cash received) 30-Jan Dividends 1,000.00 Cash 1,000.00 (To record the cash paid) Answer 4. Adjusting Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. Supplies Expenses 500.00 Supplies 500.00 (To record the supplies expense) b. Accounts Receivable 3,000.00 Revenue 3,000.00 (To record the revenue) c. Unearned revenue 1,000.00 Revenue 1,000.00 (To record the revenue) d. Wages Expense 2,000.00 Wages Payable 2,000.00 (To record the wages expense) e. Interest Expesne 100.00 Interest Payable 100.00 (To record the interest expense) f. Depreciation Expense - Office Fur. 50.00 Accumulated Depreciation - Office Fur 50.00 (To record the depreciation expense) Answer 2 & 5. Cash Accounts Receivable Supplies Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance 1-Jan 15,000.00 15,000.00 Dr. 17-Jan 2,500.00 2,500.00 Dr. 3-Jan 3,000.00 3,000.00 Dr. 2-Jan 10,000.00 25,000.00 Dr. 27-Jan 1,500.00 1,000.00 Dr. a. 500.00 2,500.00 Dr. 4-Jan 3,000.00 22,000.00 Dr. b. 3,000.00 4,000.00 Dr. 15-Jan 2,000.00 20,000.00 Dr. 20-Jan 3,000.00 23,000.00 Dr. 23-Jan 5,000.00 28,000.00 Dr. 27-Jan 1,500.00 29,500.00 Dr. 30-Jan 1,000.00 28,500.00 Dr. Office Furniture Accumulated Depreciation - Office Furniture Accounts Payable Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance 4-Jan 3,000.00 3,000.00 Dr. f. 50.00 50.00 Cr 3-Jan 3,000.00 3,000.00 Cr. 3,000.00 Dr. Unearned Revenue Wages Payable Interest Payable Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance 20-Jan 3,000.00 3,000.00 Cr. d. 2,000.00 e. 100.00 c. 1,000.00 2,000.00 Cr. Notes Payable Capital Stock Retained Earnings Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance 2-Jan 10,000.00 10,000.00 Cr. 1-Jan 15,000.00 15,000.00 Cr. Dividends Revenue Wages Expesne Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance 30-Jan 1,000.00 1,000.00 Dr. 17-Jan 2,500.00 2,500.00 Cr. 15-Jan 2,000.00 2,000.00 Dr. 23-Jan 5,000.00 7,500.00 Cr. d. 2,000.00 4,000.00 Dr. b. 3,000.00 10,500.00 Cr. c. 1,000.00 11,500.00 Cr. Supplies Expense Depreciation Expense - Office Furniture Interest Expense Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance a. 500.00 500.00 Dr. f. 50.00 50.00 Dr. e. 100.00 100.00 Dr. Answer 3. Jackson Corporation Unadjusted Trial Balance For the Month Ended Jan 31, 2018 Dr. Amt. Cr. Amt. Cash 28,500.00 Accounts Receivable 1,000.00 Supplies 3,000.00 Office Furniture 3,000.00 Accumulated Depreciation - Office Furniture - Accounts Payable 3,000.00 Unearned Revenue 3,000.00 Wages Payable - Interest Payable - Notes Payable 10,000.00 Capital Stock 15,000.00 Retained Earnings - Dividends 1,000.00 Revenue 7,500.00 Wages Expesne 2,000.00 Supplies Expense - Depreciation Expense - Office Furniture - Interest Expense - Total 38,500.00 38,500.00
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