Accounting Homework – MGMT 210

I need someone to do 3 SHEETS of accounting homework Please let me know..

This is for course project and I am looking forward to use your services later on again.

Sheets Need to be completed

#1 Journal Entries

#2 General Ledger

#3 Trial Balance

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: Course Project Requirement Requirement Description Worksheet Name

1

Prepare the Journal Entries in the

General Journal

1 – Journal Entries

2

Post Journal Entries to the General Ledger

2 – General Ledger

3 Prepare a Trial

Balance

3 – Trial Balance

4 Prepare the Adjusting Entries 4 – Adjusting Entries 5 Post Adjusting Entries to the General Ledger

2 – General Ledger
6 Prepare an Adjusted Trial Balance 5 – Adjusted TB 7 Prepare the Financial Statements 6 – Financial Statements 8 Prepare the Closing Entries 7 – Closing Entries 9 Post Closing Entries to the General Ledger

2 – General Ledger
10 Prepare the Post Closing Trial Balance 8 – Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios

Project Instructions

Course Project Overview

The Course Project consists of 12

Requirements

for you to complete. The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook.
• There are eight worksheets in the workbook you will need to complete.
• A list of March transactions
• A

Chart of

Account

s

reference sheet
• A

Grading Rubric

to help explain what is expected.
• Each worksheet has the Check Figures embedded as a comment.

Scenario You’ve just secured a new client in your accounting practice,

Howard’s Flight Radio Management Corporation

(HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements
Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project. Should you have any questions contact your professor. Milestone 1

is due in Week 3 – This includes project requirements 1-3. Milestone 2

is due in Week 6 – This includes project requirements 4-7. Milestone 3

is due in Week 9 – This includes project requirements 8-12.

Before You Begin:
 Review the Week 2 Lecture prior to starting work on this project.
 Print the Chart of Accounts and October Transactions worksheets for your reference. You will need to refer to both throughout the project.
 Review the Grading

Criteria

.
 SAVE your work frequently in this workbook.

March Transactions

March Transactions

,000, in exchange for 2,000 shares of $10 par value common stock.

March 1

March 1

for the Balance Due.

0.

flight management system (FMS) repair revenue for the first third of March, $1,650.

March 31

March 31

During its first month of operation, HFRM completed the following transactions.
			Date	Transaction Description
		March 1	Began business by making a deposit in a company bank account of $	20
Paid the premium on a 1-year insurance policy, $2,400.
Paid the current month’s rent expense, $1,900.
March 3	Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use		Accounts Payable
March 8	Purchased repair supplies from Gary Company on credit, $650.
March 10	Paid telephone bill for March, $	34
March 11			Cash
March 18	Made payment to Gary Company, $400.
March 20	Cash FMS repair revenue for the second third of March, $2,450.
			March 31	Cash FMS repair revenue for the last third of March, $1,250.
Paid the current month’s electice bill, $250.
Declared and paid cash dividend of $1,000.

Chart of Accounts

Chart of Accounts

Cash

Debit

Debit

Debit

Accounts Payable Credit

Credit

Credit

Credit

Debit

Credit

Debit

Debit

Debit

Debit

Debit

Debit

Debit

Use the following account descriptions for journal entries.
Account Type	Account			Number	Account			Title	Normal Balance
Assets
111																		Debit
1	17		Prepaid Insurance
119		Repair Supplies
144		Repair Equipment
145	Accum Dep -Repair Equipment												Credit
Liabilities
212
2	13	Income Tax Payable
Stockholders Equity
311		Common Stock
312		Retained Earnings
313	Dividends
Revenue
411	Bicycle Repair Revenue
Expenses
511		Store Rent Expense
512		Telephone Expense
513		Insurance Expense
514	Repair Supplies Expense
5	15	Dep Expense – Repair Equipment
516	Income Tax Expense
517		Electric Expense

1 – Journal Entries

General Journal
Date

Debit Credit

REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance.
		Account Number from Chart of Accounts tab			Account Title from Chart of Accounts tab
Harris, Nicole: Debits = $38,090	Harris, Nicole: Credits = $38,090

Journal Entries

Once you’ve completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.

2 – General Ledger

REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances.
DeVry: The balance of the Cash account after posting journal entries for Part A should be $18,060 .	Elizabeth Rolison: Adjusting entries in blue type

This worksheet will be used to complete Requirements #2, #5 and #9. Instructions for #5 can be found on the Adjusting Entries Worksheet. Instructions for #9 can be found on the Closing Entries Worksheet.

3 – Trial Balance

Account Account Balance
Number Title Debit Credit

REQUIREMENT #3: Prepare a trial balance for March in the space below.
Howard’s Flight Radio Management Corporation Trial Balance March 31
0 User: Debit Balance = $30,400	0 User: Credit Balance = $30,400

Journal Entries

Only enter accounts that have a balance.

4 & 5 Adjusting Entries

General Journal
Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit

0
Bruce: Balance $406.00

Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month’s insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65.
Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.
	0 Bruce: Balance $406.00

Journal Entries

6 – Adjusted TB

Account Account Balance
Number Title Debit Credit

REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Howard’s Flight Radio Management Corporation Adjusted Trial Balance March 31
0 User: Debit Balance = $30,585	0 User: Credit Balance = $30,585

Journal Entries
Only enter accounts that have a balance.

7 – Financial Statements

, Statement of Retained Earning, and the

.
The Statement of Cash Flows is a required Financial Statement, but is not required for this project.

Howard’s Flight Radio Management Corporation Howard’s Flight Radio Management Corporation Howard’s Flight Radio Management Corporation
Income Statement

Balance Sheet

For the Month Ending March 31 March 31

Cash

Revenue

Prepaid Insurance

Repair Supplies

Repair Equipment

Store Rent Expense

Telephone Expense

Insurance Expense

Accounts Payable

Electric Expense

Net Income

Common Stock
Retained Earnings

Requirement #7: Prepare the financial statements for Howard’s Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the	Income Statement	Balance Sheet
Statement of Retained Earnings
	For the Month Ending March 31
Revenues:	Retained Earnings, March 1	Assets:
FMS Repair Revenue	Add:	Net Income
			Total	Subtotal
Less: Dividends
Expenses:	Retained Earnings, March 31	User: Retained Earnings = $1,025
Less: Accum. Depr.
Total Assets
User: $26,140
Repair Supplies Exp.	Liabilities and Stockholders’ Equity
Depreciation Exp.	Liabilities:
Income Taxes Expense
Income Taxes Payable
Total Expenses	Total Liabilities
User: Net Income = $2,025	Stockholders’ Equity:
Total Stockholders’ Equity
Total Liabilities & Stockholders’ Equity
User: $26,140

8 & 9- – Closing Entries

General Journal
Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit

Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.
Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed.
0 Bruce: Debit $9,675	0 Bruce: Credit $9,675

Journal Entries

10 – Post Closing Trial Balance

Account Account Balance
Number Title Debit Credit

Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below.
Howard’s Flight Radio Management Corporation Post-Closing Trial Balance March 31
– 0 User: Debits = $26,260	– 0 User: Credits = $26,260

Journal Entries

11- Ratios

Requirement #11: Ratios

Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios.

Current Ratio

Leverage Ratio

Asset Turnover Ratio

Net Profit Margin Ratios

Rate of Return on Total Assets

12- Interpretaion of Ratio

Grading Rubric

Criteria

Milestone 1

20

Milestone 1

The submission does not meet this requirement. Little-to-no work was completed.

13

Milestone 1 Total

Milestone 2

Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. The submission does not meet this requirement. Little-to-no work was completed.

0 8

Milestone 2

Posting is correct leading to an accurate trial balance.

Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed.

8-7 6-5 4-3

10

Milestone 2

The submission does not meet this requirement. Little-to-no work was completed.

15

Milestone 2 Total 33
Milestone 3

Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. The submission does not meet this requirement. Little-to-no work was completed.

1 0 7

Milestone 3

Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed.

10-9 8-7 6-5 4-3 2-0 10

Milestone 3

17-15 14-12 11-9

17

Milestone 3 Total 34

Project 1 Grading Rubric – Students

Excellent

Good

Poor

Very Poor

Unacceptable

Points Available

Step 1 —Journal Entries (20 points)

Journal entries use accurate accounts and amounts; and debits and credits are used correctly.

Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.

Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly.

Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed.

Step 1 Grading Scale

20-18

17-15

14-12

11-9

8-0

Steps 2 and 3 —Posted an Unadjusted Trial Balance. (13 points)

Posting is correct leading to an accurate trial balance.

Posting is mostly correct leading to a mostly correct trial balance.

Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance.

Step 2 & 3 Grading Scale

13-11

10-8

7-5

4-2

1-0

33

Step 4 —Adjusting Journal Entries (8 points)

Step 4 Grading Scale

8-7

6-5

4-3

2-1

Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points)

Posting is mostly correct leading to a mostly correct trial balance.

Step 5 & 6 Grading Scale

10-9

2-0

Step 7 —Financial Statements (15 points)

All four financial statements are prepared accurately and in an appropriate format.

Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors.

Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors.

One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.

Step 7 Grading Scale

15-13

12-10

9-7

6-4

3-0

Step 8 —Closing Journal Entries (7 points)

Step 8 Grading Scale

7-6

5-4

3-2

Steps 9 and 10 —Posted a Post-closingTrial Balance. (10 points)

Step 9 & 10 Grading Scale

Steps 11 and 12 —Ratios and Interpretation. (17 points)

Ratios are calculated correctly. Math process is present. Interpretation of ratios are accurate.

Ratios are calculated mostly correctly. Math process is present. Interpretation of ratios are mostly accurate.

Ratios calculations have some errors. Math process is present. Interpretation of ratios is flawed.

Ratios calculations have various errors. Math process is present. Interpretation of ratios is severely flawed.

The submission does not meet this requirement. Little-to-no work was completed. No math process is present.

Step 11 & 12 Grading Scale

8-6

5-0