1. Analyze the transactions and record journal entries in General Journal.
2. Open accounts in General Ledger and post from the General Journal to the general ledger accounts.
3. Record adjusting entries in General Journal and post to the general ledger accounts.
Additional information:
At the end of March, $900 of supplies remained.
The furniture and fixtures have a useful life of six years and will be worthless at the end of their useful life.
Salaries for the month of March are $4,600, and will be paid in April.
The company’s management estimated that of the $1,400 remaining on account from St.
Jude’s School, $200 would be uncollectible.
Income tax rate applied to the company is 21%.
4. For Davis Uniform Corporation as of Mar 31, 2021, prepare the financial statements
including Income Statement (multiple-step with EPS section), Classified Balance Sheet,
and Statement of Stockholders’ Equity. Statement of Cash Flows is not required.
5. Prepare closing entries to close the temporary accounts and post to the general ledger accounts.
note:
You are required to use Excel to complete this project (including the uses of functions for calculations). use the Excel template for Accounting Cycle Project posted on Canvas.
An electronic copy of your Accounting Cycle Project must be submitted through Canvas as an attached file.
refer to Page 3-10 of the textbook for the format of General Journal;
Page 3-13 of the textbook for the format of T-accounts in General Ledger;
Page 4-8 of the textbook for the format of a multiple-step Income Statement;
Page 4-24 of the textbook for the format of Statement of Stockholders’ Equity,
and you need to add one column for Additional Paid-in Capital;
Page 5-15 and 5-16 of the textbook for the format of Balance Sheet.
