Transfer the now corrected ledger balances from Step # 3 into the Unadjusted Trial Balance columns of the provided 10 column worksheet and complete the worksheet using the following information for your adjusting entries.
accounting
Description
Kodiak Enterprises
Case Study
Value: This is
worth 10% of your final grade in ACC 1170
Part 1 (5%) Due: July 12, 2020 @ 11:30 p.m.
Complete the following:
1.
Review the opening account balances in the
ledger accounts provided. Account names, numbers, and opening balances have
been entered into the ledger accounts.
2.
Enter the following transactions for May in the
general journal and post to the ledger accounts.
3.
Prepare a trial balance based on your ledger
accounts and compare it to the check-sums provided with this assignment.
Correct any ledger and journal errors you may have found. The transactions and
postings in your accounts must match the totals from the check sums. If you only correct the trial balance, you
will lose marks.
4.
Transfer the now corrected ledger balances from
Step # 3 into the Unadjusted Trial Balance columns of the provided 10 column worksheet
and complete the worksheet using the following information for your adjusting
entries.
|
Ending merchandise inventory |
$47,026 |
|
Ending store supplies
inventory |
$9,800 |
|
Ending office supplies
inventory |
$2,975 |
|
Estimated monthly depreciation
of store equipment |
$900 |
|
Estimated monthly depreciation
of office equipment |
$278 |
|
Expired insurance |
$333 |
|
Bank Service charges for May |
$80 |
|
Overdraft fee for when your
cash account went negative in May |
$125 |
|
Interest Earned in the month
of May |
$10 |
If you need additional
ledger accounts, there is a page of blank ledgers at the end of ledgers so that
you can add the additional accounts. Do no worry that the new account(s) are
not in correct order. Be sure to give the account(s) appropriate account
numbers.
5.
Prepare a May classified, multiple-step income
statement, a May statement of owner's equity, and a May 31 classified balance
sheet.
6.
Prepare and post adjusting and closing entries
(omit explanations).
7.
Prepare a post-closing trial balance. Also
prepare a list of the outstanding Accounts Receivable and Accounts Payable.
·
All of your work must be neat, easy to read, in
correct order and format, on the correct forms.
·
You can complete this case in Excel, Word, or
paper/pencil.
o If
you are completing it paper/pencil, you must print out the correct forms and
use them.
o Do
NOT submit this case on loose leaf paper.
Part 2 (5%): Due:
July 17, 2020 @ 1 p.m.
Complete an online quiz on
Canvas based on the work that you have completed in Part 1. There is no
additional work to do, only answer the questions in the quiz.
