Prepare journal entries to record the November transactions

Prepare journal entries to record the November transactions

Instructions
Final Project Instructions and Templates
Name: _______________________
Final Project
Due by Day 7 of Week 6
This project is worth 20 points
MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW.
It is recommended that you complete the non-graded requirements for additional practice
All of the templates you need for the project are located in this Workbook.
The instructions and data for the problem is in your Textbook (the “Continuing Cookie Chronicle” at the end of the chapter).
Use the arrow buttons (lower left corner of the window) to navigate through the tabs.
Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project
Column1 Column2
Requirements Sheet in Workbook
Week One
Chapter 1 and 2 “Continuing Cookie Chronicle” – Review the problem and make notes of your answers. Chapter 1 & 2 Notes (PRACTICE)
Week Two
Chapter 3, Part A, prepare journal entries to record the November transactions Journal Entries (PRACTICE)
Chapter 3, Part B, post the journal entries to the general ledger accounts General Ledger (PRACTICE)
Chapter 3, Part C, prepare a trial balance at November 30, 2017 Trial Balance (PRACTICE)
Week Three
Chapter 4, Part A, Journalize the transactions Journal Entries (GRADED)
Chapter 4, Part B, Post the December transactions to the general ledger accounts General Ledger (GRADED)
Chapter 4, Part C, Prepare a trial balance at December 31, 2017 Trial Balance (GRADED)
Chapter 4, Part D, Prepare and post adjusting journal entries for the month of December Adjusting Entries (GRADED)
Chapter 4, Part E, Prepare an adjusted trial balance as of December 31, 2017 Adjusted Trial Balance (GRADED)
Chapter 4, Part F, Prepare an income statement and a retained earnings statement for the 2-month period ending December 31, 2017, and a classified balance sheet as of December 31, 2017 Financial Statements (GRADED)
Chapter 4, Part G, Prepare and post closing entries as of December 31, 2017 Closing Entries (GRADED)
Chapter 4, Part H, Prepare a post-closing trial balance Post Closing TB (GRADED)
Week Six
Chapter 13 – Part A, Prepare a horizontal and vertical analysis of the income statement for Cookie & Coffee Creations Inc. Horiz. & Vert. Analysis (GRADED)
Chapter 13 – Part B, Calculate several financial ratios as indicated Financial Ratios (GRADED)
Chapter 1 & 2 Notes
Make any notes from Chapters 1 or 2 here.
NOTE: These notes will NOT be included in your grade for the project. They are for your own reference.
Journal Entries (PRACTICE)
REQUIREMENT #1:
Use the following template for the journal entries from Chapter 3: Continuing Cookie Chronicle.
NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”).
a) Prepare journal entries to record the November transactions
General Journal
Date Description(Account Name) Debit Credit
General Ledger (PRACTICE)
This sheet will be used for Part B of Chapter 3.
NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”)
b) Post the journal entries to the following general ledger accounts and compute the account balances
Cash Equipment
Accounts Receivable Website
Accounts Payable Supplies
Unearned Service Revenue Prepaid Insurance
Notes Payable Common Stock
Servcice Revenue Utilities Expense
Trial Balance (PRACTICE)
Part C (Chapter 3)
c) Prepare a trial balance for November 30, 2014
NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”)
Cookie Creations, Inc.
Trial Balance
November 30, 2017
Debit Credit
Total 3,910 3,910
*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.
Journal Entries (GRADED)
REQUIREMENT #1:
Use the following template for the journal entries from Chapter 4: Continuing Cookie Chronicle.
a) Prepare journal entries to record the December transactions.
NOTE: This sheet WILL be graded when you submit your assignment.
General Journal
Date Description (Account Name) Debit Credit
General Ledger (GRADED)
This sheet will be used for Part B of Chapter 3.
REQUIREMENT #2:
Post the journal entries to the following general ledger accounts and compute the account balances.
NOTE: This sheet WILL be graded when you submit your assignment.
Cash Dividends Unearned Service Revenue Retained Earnings
Accounts Receivable Income Summary Supplies Expense Amortization Expense
Service Revenue Supplies
Utilities Expense Prepaid Insurance
Salaries & Wages Expense Equipment
Accumulated Depreciation Equipment Website
Insurance Expense Interest Expense
Accounts Payable Depreciation Expense
Interest Payable Notes Payable
Common Stock Salaries & Wages Payable
Trial Balance (GRADED)
Part C (Chapter 4)
kbliss: kbliss: Use a consistent header/title style for these (e.g., “This sheet will be used for Part C in Chapter 4”).
NOTE: This sheet WILL be graded when you submit your assignment.
kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
c) Prepare a trial balance for December 31, 2017
Cookie Creations, Inc.
Trial Balance
December 31, 2017
Debit Credit
Total 0 0
*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.
Adjusting Entries (GRADED)
Chapter 4, Part D: Prepare and post adjusting entries for December.
NOTE: This part WILL be graded when you submit your assignment to the instructor.
kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
General Journal
Date Description (Account Name) Debit Credit
Adjusted TB (GRADED)
Chapter 4, Part E: Prepare an adjusted trial balance.
Note: This part WILL be graded when you submit your assignment to the instructor.
kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
Cookie Creations Inc
Adjusted Trial Balance
December 31, 2017
0 0
*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.
Financial Statements (GRADED)
Chapter 4, Part F: Prepare financial statement.
Note: This part WILL be graded when you submit your assignment to the instructor.
kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
You will only be preparing the income statement, statement of retained earning and the balance sheet.
Cookie Creations, Inc. Cookie Creations
kbliss: kbliss: I believe the name of this company should be the same as the other company names listed. If the name should be Cookie Creations, Inc., be sure to include the comma and the period in the correct places. Cookie Creations
kbliss: kbliss: I believe the name of this company should be the same as the other company names listed. If the name should be Cookie Creations, Inc., be sure to include the comma and the period in the correct places.
Income Statement Statement of Retained Earnings Balance Sheet
For the Month Ending December 31, 2017 For the Month Ending December 31, 2017 December 31, 2017
Revenues: Retained Earnings, December 1 Current Assets
Add: Net Income
Subtotal
Operating Expenses: Less: Dividends
Retained Earnings, December 31
Total Current Assets 0
Property, Plant & Equipment
Intangible Assets
Total Operating Expenses 0 Total Assets 0
Net Income $ – Liabilities & Stockholder’s Equity
Total Current Liabilities 0
Long- Term Liabilities
Total Liabilities 0
Stockholder’s Equity
Total Stockholder’s Equity 0
Total Liabilities & Stockholder’s Equity $ –
*Remember, assets and liabilities MUST be the same amount. If they are different, then there is an error somewhere. Double-check your calculations and entries.
Closing Entries (GRADED)
Chapter 4 – Part G: Prepare closing entries.
Note: This part WILL be graded when you submit your assignment to the instructor.
kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
Hint: Use the balances for each account which appear on the adjusted trial balance for your closing entries.
General Journal
Date Description (Account Name) Debit Credit
Post Closing TB (GRADED)
Chapter 4 – Part H: Prepare post-closing trial balance.
Note: This part WILL be graded when you submit your assignment to the instructor.
kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
Cookie Creations, Inc.
Post-Closing Trial Balance
December 31, 2017
Horiz. & Vert Analysis (GRADED)
Chapter 13, Part A of the Continuing Cookie Chronicle: Prepare a horizontal and vertical analysis
Note: This part WILL be graded when you submit your assignment to the instructor
Instructions: Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using 2019 as a base year (which is a continuation of the Continuing Cookie Chronicle)
Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab.
COOKIE & COFFEE CREATIONS INC.
Income Statement
For the Year Ended October 31
Horizontal
2020 2019 Difference Analysis
Sales $485,625 $462,500
Cost of goods sold 222,694 208,125
Gross profit 262,931 254,375
Operating expenses
Salaries & wages expense 147,979 146,350
Depreciation expense 17,600 9,100
Other operating expenses 48,186 42,925
Total operating expenses 213,765 198,375
Income from operations 49,166 56,000
Other expenses
Interest expense 413 0
Loss on sale of computer
equipment 2,500 0
Total other expenses 2,913 0
Income before income tax 46,253 56,000
Income tax expense 9,251 14,000
Net income $37,002 $42,000
Prepare a vertical analysis of the income statement for Cookie & Coffee Creations for 2020 and 2019
COOKIE & COFFEE CREATIONS INC.
Income Statement
For the Year Ended October 31
Vertical Vertical
2020 Analysis 2019 Analysis
Sales $485,625 $462,500
Cost of goods sold 222,694 208,125
Gross profit 262,931 254,375
Operating expenses
Salaries & wages expense 147,979 146,350
Depreciation expense 17,600 9,100
Other operating expenses 48,186 42,925
Total operating expenses 213,765 198,375
Income from operations 49,166 56,000
Other expenses
Interest expense 413 0
Loss on sale of computer
equipment 2,250 0
Total other expenses 2,663 0
Income before income tax 46,253 56,000
Income tax expense 9,251 14,000
Net income $37,002 $42,000
Finantial Ratios (GRADED)
Chapter 13, Part B of the Continuing Cookie Chronicle: Calculate the following financial ratios using the information from the financial statements below.
Note: This part WILL be graded when you submit your assignment to the instructor
Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab.
Instructions: Using the financial statements below, compute the following ratios for 2019 only: Current Ratio, Debt to total Assets, Gross Profit Rate, Profit Margin, Return on Assets, and Return on Common Stockholder’s Equity. Enter your computations in the yellow boxes following the format in the example.
COOKIE & COFFEE CREATIONS INC. EXAMPLE:
Income Statement Name of Ratio = 1,234 = 1.00
For the Year Ended October 31 Ratio 1,234
2020 2019 Your Answers (2019):
Sales $485,625 $462,500 Current = =
Cost of goods sold 222,694 208,125 Ratio
Gross profit 262,931 254,375
Operating expenses Debt to = =
Salaries & wages expense 147,979 146,350 Total Assets
Depreciation expense 17,600 9,100
Other operating expenses 48,186 42,925 Gross Profit = =
Total operating expenses 213,765 198,375 Rate
Income from operations 49,166 56,000
Other expenses Profit = =
Interest expense 413 0 Margin
Loss on sale of computer
equipment 2,500 0 Return on = =
Total other expenses 2,913 0 Assets
Income before income tax 46,253 56,000
Income tax expense 9,251 14,000
Net income $37,002 $42,000 Return on common = =
Stockholder’s Equity
COOKIE & COFFEE CREATIONS INC. NOTE: Dividends on preferred stock were $16,800 in 2019
Balance Sheet
October 31, 2012
Assets 2020 2019
Cash $ 22,324 $ 5,550
Accounts Receivable 3,250 2,710
Inventory 7,897 7,450
Prepaid Expenses 5,800 6,050
Equipment 102,000 75,500
Accumulated depreciation (25,200) (9,100)
Total assets $ 116,071 $ 88,160
Liabilities and Stockholders’ Equity
Accounts Payable 9,251 7,200
Income taxes payable 27,000 27,000
Salaries payable 7,250 1,280
Interest payable 188 0
Note payable – current portion 4,000 0
Note payable – long-term portion 6,000 0
Preferred stock, no par, $6 cumulative – 3,000 and 2,800 shares issued, respectively 15,000 14,000
Common stock, $1 par – 25,180 shares issued 25,180 25,180
Additional paid-in capital – treasury stock 250 250
Retained earnings 20,802 10,800
Total liabilities and stockholders’ equity $ 116,071 $ 88,160
Grading Rubric
Final Project Grading Rubric – 20 points total (20% of overall course grade)
Criteria Excellent Good Poor Very Poor
Parts: 90% to 100% 70% to 89% 50% to 69% Less than 50%
Chapter 4 Part A & B – Journal Entries (4pts) 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.
Chapter 4 Part C – Unadjusted Trial Balance. (1pt) 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.
Chapter 4 Part D – Adjusting Journal Entries (2pts) 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.
Chapter 4 Part E – Posted Adjusted Trial Balance. (2pts) 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.
Chapter 4 Part F – Financial Statements (4pts) All three Financial Statements are prepared accurately and in an appropriate format. Two of three Financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors. One of three Financial Statements are prepared accurately and mostly in an appropriate format, two statements have some errors. One or fewer of three Financial Statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.
Chapter 4 Part G – Closing Journal Entries (2pts) 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.
Chapter 4 Part H- Posted and Post-closingTrial Balance. (1pt) 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.
Chapter 13 Horizontal & Vertical Analysis (2pts) Horizontal and Vertical analysis is 90% to 100% correct Horizontal and Vertical analysis is 70% to 89% correct Horizontal and Vertical analysis is 50% to 69% correct Horizontal and Vertical analysis has less than 50% correct answers.
Chapter 13 Financial Ratios (2pts) All ratios are properly calculated with none or only one ratio being incorrect. Most of the ratios are properly calcluated with only two or three ratios being incorrect. There are three or four errors in the calculation of financial ratios There are more than four errors in the calculation of the financial ratios.
Journal Entries Solutions
Solutions for the Practice Exercise (From Chapter 3 of Continuing Cookie Chronicles)
Solutions
kbliss: kbliss: Why is Solutions written twice?
a) Prepare journal entries to record the December transactions.
General Journal
Date Description (Account Name) Debit Credit
Nov. 8 No journal entry required
Nov 8. No journal entry required
Nov. 8 Cash 500
Common Stock 500
Nov. 11 Supplies 95
Cash 95
Nov. 14 Supplies 125
Cash 125
Nov. 15 Equipment 300
Common Stock 300
Nov. 16 Cash 2,000
Notes Payable 2,000
Nov. 17 Equipment 900
Cash 900
Nov. 18 No journal entry required
Nov. 25 Cash 60
Unearned Service Revenue 60
Nov. 29 Cash 100
Service Revenue 100
Nov. 30 Website 600
Accounts Payable 600
Nov. 30 Prepaid Insurance 1,200
Cash 1,200
Nov. 30 Accounts Receivable 300
Servcie Revenue 300
Nov. 30 Utilities Expense 50
Accounts Payable 50
Total 6,230 6,230
General Ledger Solutions
This sheet will be used for Part B of Chapter 3.
Solutions
kbliss: kbliss: Why is Solutions written here?
Post the journal entries to the following general ledger accounts and compute the account balances.
Cash Equipment
Nov. 8 500 Nov. 11 95 Nov. 15 300
Nov. 16 2,000 Nov. 14 125 Nov. 17 900
Nov. 25 60 Nov. 17 900 Nov. 30 Bal 1,200
Nov. 29 100 Nov. 30 1,200
Nov. 30 Bal. 340
Accounts Receivable Website
Nov. 30 300 Nov. 30 600
Nov. 30 Bal. 300 Nov. 30 Bal. 600
Accounts Payable Supplies
Nov. 30 600 Nov. 11 95
Nov. 30 50 Nov. 11 125
Nov. 30. Bal 650 Nov. 30 Bal 220
Unearned Service Revenue Prepaid Insurance
Nov. 25 60 Nov. 30 1,200
Nov. 30. Bal. 60 Nov. 30 Bal. 1,200
Notes Payable Common Stock
Nov. 16 2,000 Nov. 8 500
Nov. 30. Bal. 2,000 Nov. 15 300
Nov. 30. Bal 800
Service Revenue Utilities Expense
Nov. 29 100 Nov. 30 50
Nov. 30 300 Nov. 30 Bal. 50
Nov. 30 Bal. 400
Trial Balance Solutions
Part C (Chapter 3)
Solutions
kbliss: kbliss: Why is Solutions written here? There is no context.
Prepare a trial balance for November 30, 2014.
Cookie Creations, Inc.
Trial Balance
November 30, 2014
Debit Credit
Cash $ 340
Accounts Receivable 300
Supplies 220
Prepaid Insurance 1,200
Equipment 1,200
Website 600
Accounts Payable $ 650
Unearned Service Revenue 60
Notes Payable 2,000
Common Stock 800
Service Revenue 400
Utilities Expense 50
Total $ 3,910 $ 3,910
*Note that debits equal credits.

The post Prepare journal entries to record the November transactions appeared first on graduatepaperhelp.

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"