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Linda_us
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 6995
Experience:  Post Graduate Diploma in Management (MBA)
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FOR LINDA If you need the pdf instructions, I can upload it

Resolved Question:

FOR LINDA
If you need the pdf instructions, I can upload it or email it to you
Assumptions
Because Aqua Elite, Inc. is a new startup business, the
beginning balances in all the general ledger accounts are
zero to start.
The length of the accounting periods are three months
using a fiscal calendar year. (A fiscal calendar is on a
yearly basis other than a calendar year—January 1st to
December 31st. For example, a fiscal calendar year can
be May 1, 2009, through April 30, 2010). Therefore,
posting to the general ledger, adjustments and closing
entries are made on a fiscal quarterly basis.
Accounts Receivable and Accounts Payable subsidiary
ledgers aren’t being used. Any references to invoicing,
receipts, or payments “on account” assume changes to
the running balance in the Accounts Receivable and
Accounts Payable general ledger accounts.
Payroll calculations aren’t necessary. Assume the salary
is the gross pay with no deductions taken. Therefore, the
net pay is the same as the gross pay, requiring a simplified
journal entry to record the expense.
Use the information in the Chart of Accounts that’s provided
after the Requirements section below.
Requirements
1. Journalize the transactions. Omit explanations.
2. Post the transactions to the general ledger, creating new
ledger accounts as necessary. Calculate the new general
ledger account balances.
3. Prepare the unadjusted trial balance for Aqua Elite, Inc.,
at the end of July.
4. Journalize and post the adjusting entries for July based
on the following adjustment information:
a. Record the expired rent.
b. Supplies on hand, $350.
c. Depreciation: $400 equipment, $210 furniture, $650
vehicles.
d. Services performed but unbilled, $1,900.
e. Accrued salaries, $675.
f. Unearned service revenue earned as of July 31, $800.
5. Prepare an adjusted trial balance for Aqua Elite, Inc., at
the end of July.
6. Prepare the Income Statement, Statement of Retained
Earnings, and Balance Sheet for the three-month period
May through July 20XX.
7. Prepare, journalize, and post closing entries.
8. Prepare a Post-Closing Trial Balance for the end of the
period.
4 Graded Project Instructions
May
1 Mike invested $15,000 cash and a used truck worth $13,500 in the business in exchange
for company stock.
3 Paid $4,700 cash to purchase office equipment.
7 Purchased $860 of supplies on account.
12 Performed services for cash customers and received $850.
15 Paid salaries of $675 to the office receptionist.
16 Sold the company truck for $13,500.
18 Signed a note payable for $31,000 to purchase a new truck.
21 Performed $3,200 of services on account for a local hotel chain.
27 Paid $500 of the amount owed from the purchase of supplies on May 7.
30 Received $2,000 on account from credit customers.
31 Received the utility bill for the month of May, $480. The bill is not due until the 15th
of June.
31 Paid $1,000 dividends to the shareholder, XXXXX XXXXXson.
June
1 Paid receptionist’s salary, $675.
2 Paid cash to acquire land for a future office site, $15,000.
3 Moved into a new location for the business and paid the first month’s rent, $1,800.
4 Performed service for a customer and received cash, $1,700.
5 Received $500 on account.
8 Purchased $750 of supplies on account.
11 Billed customers for services performed, $3,800.
13 Sold an additional $10,000 of stock to XXXXX XXXXXson.
16 Paid receptionist’s salary, $675.
17 Received $1,350 cash for services performed.
18 Received $1,500 from customers on account.
19 Paid $325 to be listed in the yellow pages telephone directory.
21 Paid $1,000 on account.
22 Purchased office furniture on account, $3,300.
24 Paid miscellaneous expenses, $275.
26 Billed customers for services provided, $1,000.
28 Received $300 from customers on account.
30 Paid utility bill, $745.
30 Paid receptionist’s salary, $675.
30 Paid $1,800 of dividends.
July
1 Paid three months’ rent, $4,500.
4 Performed service for a customer and received cash, $2,100.
9 Received $3,600 from customers for services to be performed later.
12 Purchased $750 of supplies on account.
15 Billed customers for services performed, $2,800.
16 Paid receptionist’s salary, $675.
22 Received $3,100 on account.
25 Paid $2,800 on account.
28 Received $1,200 cash for services performed.
30 Paid $600 of dividends.
Graded Project Instructions 5
Aqua Elite, Inc.
Chart of Accounts
May 1, 20XX
ACCOUNTS
Cash
Accounts Receivable
Supplies
Prepaid Rent
Land
Office Furniture
Accumulated Depreciation, Office Furniture
Equipment
Accumulated Depreciation, Equipment
Vehicles
Accumulated Depreciation, Vehicles
Accounts Payable
Salaries Payable
Unearned Service Revenue
Common Stock
Dividends
Service Revenue
Notes Payable
Salary Expense
Rent Expense
Supplies Expense
Utilities Expense
Depreciation Expense, Office Furniture
Depreciation Expense, Equipment
Depreciation Expense, Vehicles
Advertising Expense
Miscellaneous Expense
Submitted: 1 year ago.
Category: Homework
Expert:  Linda_us replied 1 year ago.

Hello and welcome to the Site.

Thank you for requesting me.
I will post the solution in a few minutes.

Customer: replied 1 year ago.


Hello Linda, thanks so much for replying so quickly. I assume you've had this completed already. I'd like to make sure it is most up to date to my specific lesson. The last project you sent me got me only a 75%. Because it was a final assignment, I did not receive the wrong answers only the score. Can you guarantee me a better score with this current assignment?

Expert:  Linda_us replied 1 year ago.
Yes I have done this assignment in past and always got good grade. Even the past assignment I posted I always got excellent feedback from customers A grade (95%+) not sure why you got 75%. I can review this assignment again.

If this assginment needs to posted in a specific format please post that so that I can assure you good grades.
Customer: replied 1 year ago.

Is there somewhere I can upload the entire instruction pkt?

Expert:  Linda_us replied 1 year ago.
You can upload it using the paperclip icon in reply tool bar or use external site like www.mediafire.com or www.box.com and post the link here.
Customer: replied 1 year ago.

The grading criteria for the project is as follows:


The



formatting of the four financial statements is worth


4 points each for a total of



16 points (4 × 4 = 16).


Calculations on the financial statements are based on


28 figures


from your general ledger account. Each of those


figures that came from the general ledger account is worth


3 points for a total of



84 points (28 × 3 = 84).


Thus, the



formatting of the financial statements (worth 16


points total) plus the



figures used for the financial statements


(worth 84 points total) provide the 100 points for the project.


Formatting



+ 16 points


Figures + 84 points


Total Points 100

Expert:  Linda_us replied 1 year ago.
OK. I will look into it.
Expert:  Linda_us replied 1 year ago.
Will you be uploading the PDF version in which I have to provide the solution.
Customer: replied 1 year ago.

Sorry, the attachment tool isn't working well for me. I will submit what I have and just wait formy grade in a few days. Thanks

Expert:  Linda_us replied 1 year ago.
Sure. Let me know if you need any other help.
Customer: replied 1 year ago.

http://www.mediafire.com/view/?4hcx23bobq31e4v


 


Please click the above link for the exact submission format needed. Thank you and sorry it's taking so long.

Expert:  Linda_us replied 1 year ago.
Thanks I got it.
Expert:  Linda_us replied 1 year ago.
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Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 6995
Experience: Post Graduate Diploma in Management (MBA)
Linda_us and 10 other Homework Specialists are ready to help you

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