Posted: August 17th, 2022
Trial Balance Assignment
Assessment Brief
See below for assignment and Rubric. APA guidelines. Use a minimum of 2 sources. I check for plagiarism with TurnItInUse the transactions to complete the following tasks:
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July 1
Hunter begins his
marketing company as a corporation and invests $50,000
cash in return for 50,000 shares of $1 par value stock.
July 5
Purchases computers
and office equipment on account from OfficeMax for $10,250.
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July 6
Pays rent for office
space at $800 for the month.
July 6
Employs a secretary,
Mary Jones.
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July 8
Purchases office
supplies for cash at $960.
July 9
Receives $2,430 from
customer for services performed.
July 11
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Pays miscellaneous
office expenses at $375.
July 13
Bills customers
$4,900 for services performed.
July 15
Pays Office Max
$3,500 on account.
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July 18
Pays himself a
dividend of $2,000
from business for personal use.
July 20
Hunter appeared on
the cover of a local news magazine. The related article extolled Hunter’s
expertise, as well as the new company’s values and the customer service that
it brings to companies in the community. This exposure led to increased
inquiries from prospective clients, and Hunter hopes this will increase
future sales.
July 20
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Receives $1,900 from
customers on account.
July 23
Bills customers
$6,320 for services performed.
July 30
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Pays the following
expenses in cash: office salaries $2,300; utilities $400.
1.Enter the transactions shown above in appropriate general ledger accounts (use t-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies on Hand, Office Equipment, Accumulated Depreciation, Accounts Payable, Common Stock, Retained Earnings, Service Revenue, Rent Expense, Miscellaneous Office Expense, Office Salaries Expense, Supplies Expense, Utilities Expense, Depreciation Expense, and Income Summary.2.Prepare an unadjusted trial balance.3.Record depreciation using a 5-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Also, record an adjustment for office supplies used in the amount of $510.4.Prepare an adjusted trial balance.5.Prepare an income statement, a statement of retained earnings, and an unclassified balance sheet.6.Close the ledger.7.Prepare a post-closing trial balance.8.Which transaction do you think had the most or potential significant economic impact on the company? Why are all economically relevant events not recorded in the financial records? Explain.Your submission must be well organized and written responses must be formatted according to the APA Requirements. Be sure to submit only one document to be graded for this assignment.In addition, please begin your paper by writing a short narrative, with citations and references, describing the accounting cycle.Next, write your journal entries using proper format.Finally, complete each step 1-8 above.If you do your work in an Excel spreadsheet, then cut and paste your work into a Word document. You want to only upload one document when you submit the CT projects.
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