Course Project B Essay

708 Words Apr 26th, 2013 3 Pages
Financial Accounting Course Project B
Stephanie Joy Dungo
DeVry University
Course Number: ACCT212
Instructor: Tanya Haddad
July 27, 2012

Financial Accounting Course Project B For Financial Accounting Course Project B I worked on six charts, the adjusted entries, general ledger, adjusted trial balance, financial statements, closing entries, and post-closing trial balance. These are the final charts I did to finish the accounting process. After preparing the trail balance I worked on the adjusted entries for October 31st. I did calculations to figure out the insurance expired and remaining inventory of repair supplies. To figure out how much the cost for one month’s insurance was, I took the one-year
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The statement of retained earnings is the net income $1,072 less the dividends $800 and got a retained earnings of $272. The balance sheet I needed to add all the assets together and liabilities and stockholders’ equity together to be able to do the accounting equation (assets=liabilities+stockholders’ equity). Under assets I added cash $10,678, prepaid insurance $1,100, repair supplies $194, repair equipment $4,400, and subtract the accumulated deprecition $70 and came up with the total assets $16,302. I added the liabilities and stockholders’ equity, liabilities is accounts payable $3,990 plus income taxes payable $40 and got a total liabilities of $4,030. Stockholders’ equity is the common stock $12,000 plus retained earnings $272 and got a total stockholders’ equity of 12,272. I added the total liabilities $4,030 and stockholders’ equity $12,272 and got a total of $16,302. I looked at both the total assets of $16,302 and total liabilities and equity of $16,302, they both equal up which means the balance sheet is correct. I closed the temporary accounts, the closing process applies only to temporary accounts (revenues, expenses, and dividends). Closing entries transfer the revenue, expense, and dividends balances to Retained Earnings (Harrison Jr., Horngren, & Thomas, 2010). First I debit each revenue account for the balance amount on the credit side and we credit retained earnings for the revenues

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