My Accounting Corporation My Accounting Corporation does basic bookkeeping, payr

Question

My Accounting Corporation My Accounting Corporation does basic bookkeeping, payroll service and financial statement preparation for small to mid-sized companies. My Accounting Corporation serves a five-state area including Illinois, Indiana, lowa, Michigan and Wisconsin. The company has been in business for 20 years. In recent years, annual revenues at My Accounting Corporation have exceeded $5 million. Luciano Mastriano is the VP in charge of New Client Accounts at My Accounting Corporation He recently hired you as an intern. Luciano held a meeting with all the interns to explain what the intern responsibilities will be. At the meeting he introduced you to Maggie Kim, Manager- in-Charge for new client accounts in Ilinois Maggie gave your intern group an assignment to do the bookkeeping and limited-scope financial statement preparation for four start-up companies. All four of the companies started business January 1, 2018. [This activity involves doing the work for Dog 'N Cat Corp only.] Required 1. 2. 3. Complete the Transaction Worksheet. Post all journal entries to T-accounts. Prepare a set of properly formatted journal entries for the transactions listed 4 Complete a Transaction Analysis indicating how each transaction affected total assets, total liabilities and total equity. 5. 6. 7. Prepare a Trial Balance Prepare the January 31 Balance Sheet Prepare the Statement of Cash Flows for the Month Ending January 31.

Explanation / Answer

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Transaction Worksheet Trans. No. Account Name(s) Amount Clasification Increase/Decrease Debit/Credit 1 Cash 325000 Asset Increase Debit Common Stock 325000 Equity Increase Credit 2 Cash 467500 Asset Increase Debit Common Stock 467500 Equity Increase Credit 3 Cash 287500 Asset Increase Debit Bank Loan 287500 Liability Increase Credit 4 Land 164225 Asset Increase Debit Building 421775 Asset Increase Debit Cash 117200 Asset Decrease Credit Mortgage Loan 468800 Liability Increase Credit 5 Computer Equipment 46000 Asset Increase Debit Accounts Payable - Brain Trust Co. 46000 Liability Increase Credit 6 Office Furniture 56400 Asset Increase Debit Supplier Loan 56400 Liability Increase Credit 7 Fixtures and fittings 140300 Asset Increase Debit Cash 140300 Asset Decrease Credit 8 Supplies 128800 Asset Increase Debit Cash 128800 Asset Decrease Credit 9 Merchandise Inventory 223100 Asset Increase Debit Accounts Payable 223100 Liability Increase Credit 10 Fixtures and fittings 700 Asset Increase Debit Cash 700 Asset Decrease Credit 11 Accounts Payable 12500 Liability Decrease Debit Merchandise Inventory 12500 Asset Decrease Credit 12 Prepaid Insurance 66000 Asset Increase Debit Cash 66000 Asset Decrease Credit 13 Accounts Payable 111500 Liability Decrease Debit Merchandise Inventory 4014 Asset Decrease Credit Cash 107486 Asset Decrease Credit

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