Accounting Homework

Assignment Details

Using the data provided, perform the steps below to complete the final project. 

On December 1, 2019, SoccerBox Inc. started operations. The following transactions occurred during December 2019.

NOTE: There are no beginning balances-this is a new company.

Dec 1

Randol Espy invested $80,000 cash in the company for common stock.

2

SoccerBox purchased soccer equipment for $20,000 cash.

2

SoccerBox rented an old warehouse for $30,000 cash for the first year’s (December 2019-November 2020) rent.

3

SoccerBox purchased $500 of office supplies with cash.

10

SoccerBox paid $12,000 cash for an annual insurance policy. 

14

SoccerBox paid $4,000 cash for the first payroll earned by its employees. 

24

SoccerBox received $85,000 cash from soccer fees paid by parents for a private youth soccer lesson. 

28

SoccerBox paid $4,000 cash for 2 weeks’ salaries earned by its employees.

29

SoccerBox paid $200 cash for minor repairs to its soccer equipment. 

30

SoccerBox paid $150 cash for this month’s telephone bill.

30

Dividends of $1,000 cash were paid by SoccerBox to its current shareholders.

Using this spreadsheet

and the information above, complete the following:

1. Record the journal entries that occurred during the month of December. 
2. Prepare an unadjusted trial balance. 
3. Create adjusting journal entries at the end of the year (December 31) based on the following adjustment data: 

   One month’s insurance coverage has expired (refer to the December 10 entry). 
   The company occupied the warehouse space for the month of December (refer to the December 2 entry). 
   At the end of the month, $100 worth of office supplies are still available (refer to the December 3 entry). 
   This month’s depreciation on the soccer equipment is $250. 
   Employees earned $300 of unpaid and unrecorded salaries as of month-end.

4. Prepare an adjusted trial balance. 
5. Prepare an income statement, a statement of retained earnings, and a classified balance sheet as of December 31, 2019

2

>Journal

Entries

2

2

30

		Dec	1
3
10
14
24
28
29
	30

Unadjusted Trial Balance

Unadjusted Trial Balance

, 2019

SoccerBox Inc.

December

31

Totals

$

– 0

$ – 0

Adjusting Entries

Dec

31

31

31

31

31

Adjusted Trial Balance

SoccerBox Inc.

Adjusted Trial Balance
Totals $ – 0 $ – 0

	December 31, 2019

Financial Statements

SoccerBox Inc.

$ – 0

– 0

$ – 0

SoccerBox Inc.

For the year ended December 31, 2019

$ – 0 $ – 0 $ – 0

– 0
– 0
– 0

$ – 0 $ – 0 $ – 0

SoccerBox Inc.

December 31, 2019

$ – 0

$ – 0

$ – 0

$ – 0

Stockholder’s Equity

$ – 0 $ – 0

– 0

$ – 0

$ – 0

NOTE that there are THREE Statements included on this sheet.
Income Statement
	For the year ended	December 31, 2019
Revenues:
Expenses:
Total Expenses
Net Income
Statement of	Stockholder’s Equity
Common Stock	Retained Earnings	Totral Stockholder’s Equity
Beginning Balance, December 1, 2019
Ending Balance, December 31, 2019
Balance Sheet
Assets	Liabilities
Current Assets:	Current Liabilities:
Total Current Liabilities
Total Current Assets
Long-term Assets:
Total Long-term Assets
Total Stockholder’s Equity
Total Assets	Total Liabilities and Stockholder’s Equity

Closing Entries

Dec 31

31

31

Post-Closing Trial Balance

SoccerBox Inc.

Post-Closing Trial Balance

December 31, 2019

Totals $ – 0 $ – 0