PROBLEMS 1 - 6 are already completed NOW I NEED HELP WITH THE 1. T-ACCOUNTS, 2.

Question

PROBLEMS 1 - 6 are already completed

NOW I NEED HELP WITH THE 1. T-ACCOUNTS, 2. POST-CLOSING TRIAL BALANCE, AND 3. CALCULATING THE AVERAGE TOTAL ASSET IN THE LAST TWO PICTURES THE ANSWER IS NOT THE DISPLAYED NUMBER

AVERAGE TOTAL ASSETS IS NOT 548935 I NEED HELP CALCULATING THIS.

ACT205 Cycle Project Instructions This Cycle Project assignment is a combination of Connect problems, a T-account worksheet, and a post- closing trial balance. The total assignment is worth 30 points towards your semester grade. You will have 2 attempts and can check your work 3 times. The amount of help you can get from the tutors will be limited. Please follow these steps to complete the assignment. Go to Connect and click on the Cycle Project assignment. 2. 1. Post the General Ledger account balances listed in question 1 as the beginning balances in t he T- accounts. 3. Complete Question 1 by preparing journal entries for the transactions listed. 4. Post your journal entries into the T-accounts. 5. Complete Question 2 by preparing adjusting entries using the information provided 6. Post your adjusting entries into the T-accounts. (Use AJE1, AJE2, etc. instead of a date) 7. Complete question 3 by preparing an adjusted trial balance using the balances in the T-accounts. 8. Complete Questions 4 and 5 by preparing a Multi-step Income statement and a Classified Balance Sheet. 9. Complete Question 6 by preparing Closing entries for revenues and expenses. 10. Post your closing entries into the T-accounts and calculate ending balances. (Use CE1 and CE2 instead of dates) 11. Complete a Post-closing trial balance by hand on the form provided 12. Complete question 7 about ratios using the information in Questions 4 and 5 (Income statement and Balance Sheet). Note: Ratios will be covered in class on December 5 13. Hand in your completed T-accounts and Post-closing Trial Balance to Sally Whitney by Thursday December 7. You have until 5 PM to hand in your assignment. Late assignments will NOT be accepted. This assignment is worth 30 points, but you MUST hand in the T-account sheet to get credit for the Connect problems.

Explanation / Answer

1. T-accounts

2.

3. Average total assets: $370722.50

Average total assets = (Beginning total assets + Ending total assets)/2

Beginning total assets = $305200 - Allowance for uncollectible accounts $2900 = $302300

Ending total assets = $439145

Average total assets = ($302300 + $439145)/2 = $741445/2 = $370722.50

Cash Accounts receivable Jan. 1 Bal. 59400 Jan. 1 20200 Jan. 1 Bal. 26400 Jan. 15 22700 Jan. 15 22700 Jan. 4 10200 Jan. 30 227000 Jan. 19 30500 Jan. 28 17200 Jan. 31 Bal. 4000 Jan. 31 Bal. 230700 Inventory Notes Receivable Jan. 1 Bal. 37000 Jan. 30 118500 Jan. 1 Bal. 20400 Jan. 8 89900 Jan. 31 Bal. 8400 End. Bal. 20400 Interest Receivable Allowance for Uncollectible Accounts Jan. 31 85 Jan. 1 Bal. 2900 Jan. 31 3490 Jan. 31 Bal. 85 Jan. 31 Bal. 6390 Land Equipment Jan. 1 Bal. 162000 Jan. 1 20200 Jan. 31 Bal. 162000 Jan. 31 Bal. 20200 Accumulated Depreciation Accounts payable Jan. 31 250 Jan. 4 10200 Jan. 1 Bal. 15500 Jan. 31 Bal. 250 Jan. 8 89900 Jan. 31 Bal. 95200 Salaries payable Income tax payable Jan. 31 33300 Jan. 31 9700 Jan. 31 Bal. 33300 Jan. 31 Bal. 9700 Common Stock Retained Earnings Jan. 1 Bal. 227000 Jan. 31 212940 Jan. 1 Bal. 59800 Jan. 31 227085 Jan. 31 Bal. 227000 Jan. 31 Bal. 73945 Sales Revenue Interest Revenue Jan. 31 227000 Jan. 30 227000 Jan. 31 85 Jan. 31 85 0 0 Salaries Expense Utilities Expense Jan. 19 30500 Jan. 31 63800 Jan. 28 17200 Jan. 31 17200 Jan. 31 33300 0 0 Cost of Goods Sold Bad debt Expense Jan. 30 118500 Jan. 31 118500 Jan. 31 3490 Jan. 31 3490 0 0 Depreciation Expense Income tax Expense Jan. 31 250 Jan. 31 250 Jan. 31 9700 Jan. 31 9700 0 0

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