This project will be completed in two parts. All answers should be submitted in the Excel template also attached to this module. Part 1 will contain a chart of accounts with opening account balances, list of business transactions, journaling all transactions into the general journal, and updating each account balance. Upon submission, your instructor will indicate which journal entries and/or T-Acct entries are incorrect.
Part 2 will have you correct any mistakes and then complete the project. The remaining parts of the project will include preparing an adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries, and post-closing trial balance.

Dec. 1st – Collected $ 550 from Franklin from a previous engagement in Oct.
Dec. 2nd – Paid $ 1,525 on Gusto’s Inc. invoice from a previously recorded transaction with check #1301.
Dec 3rd – Paid December rent of $ 2,100 with check #1302.
Dec 4th – Completed additional work for Washington, sent invoice #Y77P for $ 1,300 due in 1 month.
Dec. 5th – Paid employee from work previously expensed in Nov. with payment due Dec. 5th using check #1303.
Dec. 8th – Purchased land on a note for $ 31,000 to be used for future construction of a new office building.
Land and Notes payable will have account numbers of 150 and 240, respectively.
Dec. 9th – Paid $ 1,300 to cover all utilities for the month of Dec using check #1304.
Dec. 10th - Completed $ 550 worth of work for a repeat customer who pays cash immediately upon completion.
Dec. 11th - Collected $ 800 from Washington from a previous engagement in Nov.
Dec. 12th – Our employee earned two weeks of pay amounting to $ 1,800 , to be paid Dec. 23rd.
*employee took vacation from Dec. 15th-Dec. 31st. No pay will accrue*
Dec. 15th - Leah Tyler, the owner, withdrew $ 3,200 for personal use using check #1305.
Dec. 16th – Completed a large job for Franklin for $ 12,000 . Sent invoice #Y78P due Jan. 31st.
Dec. 22nd – Franklin paid $ 2,500 to pay off some of his balance due.
Dec. 23rd – Paid our employee for the work expensed Dec. 12th.
Dec 24th-Dec. 31st – Owner took off the rest of the year.


Adjustments
1. The equipment was used for the third year.
2. Prepaid insurance was adjusted for Oct-Dec usage.
3. Unearned revenue was updated to show 3 months of work completed.
4. A final count of supplies showed $ 450 remaining.
Part 1 instructions (Module 3)
1. Open the Excel attachment named “Student fill-in template”
2. Transfer the opening trial balance amounts to the T-Accts
3. Journal and post to the T-Accts the December and adjusting transactions
4. Total each T-Acct and provide the equation total at the top in the highlighted cells.
Check Figure – The cash T-Acct final balance should be $ 19,375

Part 2 instructions (Module 5)
1. Using the feedback provided from your instructor in the gradebook, update any incorrect items.
2. Prepare the Adjusted trial balance
3. Prepare the Income statement, Statement of owner’s equity, and the balance sheet.
4. Prepare the Closing journal entries and Post-closing trial balance