Question

I need help with Part 6 (closing journal entries) and Part 7 (post closing trial balance)

3:02 PM Thu Feb 27 4796% AC 321 Intl - FA19 - Comprehensive Project Insert Draw Formulas Data Review View 8 Q o Calibri (Body) 12 B U Home B ^ A = 1 EE tx ã į 19 2 3 4 All work must be completed using this Excel spreadsheet. All journal extries, financial statements, etc. must be prepared in clean, proper form. Reference your textbook and past courses for examples or templates to model. Use the current year for dating purposes. This project is valued at 120 points. The grading rubric is available on the last sheet labeled "Grading Rubric." Information on using Excel can be found in the Excel Notes section below. Please be aware, points are allocated for the use of Excel (see rubric). Click on the tabs at the bottom of the bottom to familiarize yourself with the project. Check figures are provided for 3 key items to help ensure you are on the correct track 6 7 & 10 EXCEL NOTES: *Use Excel to link all of your journal entries and financial statements. This will be great practice and it reduces the likelihood of errors. There is a video available in Blackboard to guide you on using Excel and navigating the project. * Also be sure to take advantage of Excel by using formulas to calculate/sum groups of numbers. * DO NOT force any cells to match check figures given. Any adjustments in the T-Accounts or financial statements not supported by legitimate adjusting or closing entries will be considered financial statement misrepresentation, sufficient to result in a failing grade. *Use the format button to add dollar signs, underlining and double underlining when appropriate. DO NOT put dollar signs on every line as it will cost you points. REQUIREMENTS: Part 1 Post the Unadjusted Trial Balance totals to the T-Accounts on the sheet labeled "T-Accounts." These numbers will represent your beginning balances. 22 Part 2 Record the adjusting journal entries required for items AND post them to the T-accounts. Add or extend lines on any T-Accounts if necessary. 24 Part 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated T Accounts Adjusted TB check figure: $1,279,200 26 Part 4 Prepare, in good form, financial statements on each specified sheet in the following order: a Multi-Step Income Statement and prepare a bar or ple chart for a visual representation of expenses. b Statement of Stockholders' Equity Classified Balance Sheet Total Assets check figure: $850,750 31 Part 5 Using the financial statements, calculate the 5 following ratios on the specified sheet and briefly ( 2 or 3 sentences) interpret the ratios for Gatsby, Inc. a Working Capital b Current Ratio C Quick Ratio (Acid Test d Debt to Equity e Times Interest Earned 29 Part 6 Record closing journal entries AND post them to the T-accounts. Part 7 Prepare a Post-Closing Trial Balance using the updated T-accounts. 40 Total debit check figure: $924,750 Project Instructions Unadjusted Trial Bal... Adjusting Journal En.. T-Accounts Adjusted Trial Balance Income Statement Statement Shar +

Answer 1

NO Credit Credit $ 4,40,000 $ $ Closing Entries Accounts Title Debit Revenue $ 4,40,000 Income Summary Income Summary $ 3,39,450 Cost of Goods Sold Depreciation expenses Insurance Expenses Rent Expenses Interest Expenses Supplies Expenses Utilities Expenses Wages Expenses Income Summary $ 1,00,550 Retained Earnings Retained Earnings $ 7,000 Dividend 1,32,500 18,000 21,000 24,000 3,750 4,300 9,700 1.26.200 $ $ $ | $ Post Trial Balance Accounts Title Debit Cash $1,21,550 Accounts Receivable $2,65,000 Prepaid Insurance $ 18,000 Supplies $ 200 Inventory $ 85,000 Land $ 75,000 Building $2,00,000 Equipment $1,60,000 Accmulated Depreciation- Building Accmulated Depreciation- Equipment Accounts Payable 440000-339450 Interest Payable Wages Payable Unearned Revenue- Alarm Systems Long term Bank Note payable Common Stock Retained Earnings $9,24,750 13. $ 1,00,550 $ 50,000 $ 16,000 $ 1,60,500 $ 3,750 $ 1,200 $ 15,000 $ 1,50,000 $ 3,10,000 $ 2.18,300 $ 9.24,750 4. $ 7,000