Project Assignment
Part 1: Record the following transactions for Classic Canine Cuts for the month of December in the General Journal.
Transaction Date Description
1 12/1 Issued 100,000 shares of common stock for $100,000.
2 12/2 A retail space is rented. Paid for one year of rent in advance totaling $24,000. (rent is $2,000 per month)
3 12/4 Purchased equipment for the business totaling $36,000.
4 12/5 Purchased $1,500 of supplies on account.
5 12/7 Provided services to customers for cash totaling $5,000.
6 12/9 Purchased an ad in the local newspaper to run during December for $400.
7 12/12 Customers purchased $1,000 of gift certificates for services to be provided in the future (pre-paid for future services).
8 12/15 Paid employee salaries for the first half of December totaling $1,200.
9 12/17 Paid $1,000 for the supplies that were purchased on December 5th.
10 12/20 Provided $2,500 of services to customers on account.
11 12/25 Paid a cash dividend of $800 to the shareholders.
12 12/30 Received $1,500 on account for services provided on 12/20.
Part 2: Post all of the transactions for the month of December from the General Journal to the General Ledger.
Part 3: Complete a Trial Balance as of December 31, 2019.
Part 4: Record the adjusting entries for Classic Canine Cuts for the month of December in the General Journal.
Transaction Date Description
Adj. 1 12/31 One month of rent that was prepaid has been used for the month of December.
Adj. 2 12/31 The equipment purchased for $36,000 has a useful life of 5 years and no salvage value. (Monthly depreciation is $600.)
Adj. 3 12/31 At the end of December, $1,000 of supplies remain on hand.
Adj. 4 12/31 By the end of December $700 worth of the gift certificates had been redeemed by customers (revenue earned) for grooming services and had not been recorded.
Adj. 5 12/31 Salaries for the second half of December are $1,400, but they will not be paid until January 3rd.
Part 5: Post all of the adjusting entries for the month of December from the General Journal to the General Ledger.
Part 6: Complete an Adjusted Trial Balance as of December 31, 2019.
Remember a balance in an account on the trial balance will carry over to the adjusted trial balance if it was not changed by an adjusting journal entry.
Part 7: Complete an Income Statement for the month ended December 31, 2019.
Part 8: Complete a Statement of Retained Earnings for the month ended December 31, 2019.
Part 9: Prepare a Balance Sheet as of December 31, 2019.
Part 10. Record the closing entries for the year ending December 31, 2019.
Part 11. Post all of the year end closing entries from the General Journal to the General Ledger.
Part 12. Prepare a Post-Closing Trial Balance.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Project-Chart-of-Accounts.rar