Assignment Details Using the data provided, perform the steps below to complete the final project. On December 1, 2019, SoccerBox Inc. started operations. The following transactions occurred during December 2019. NOTE: There are no beginning balances-this is a new company. Randol Espy invested $80,000 cash in the company for common stock. Dec 1 |2 SoccerBox purchased soccer equipment for $20,000 cash. SoccerBox rented an old warehouse for $30,000 cash for the first year's (December 2019-November 2020) rent. 2 3 SoccerBox purchased $500 of office supplies with cash. SoccerBox paid $12,000 cash for an annual insurance policy. 10 SoccerBox paid $4,000 cash for the first payroll earned by its employees. 14 SoccerBox received $85,000 cash from soccer fees paid by parents for a private youth soccer lesson. 24 SoccerBox paid $4,000 cash for 2 weeks' salaries earned by its employees. 28 SoccerBox paid $200 cash for minor repairs to its soccer equipment. 29 SoccerBox paid $150 cash for this month's telephone bill. 30 30 Dividends of $1,000 cash were paid by SoccerBox to its current shareholders. Using this spreadsheet and the information above, complete the following: 1. Record the journal entries that occurred during the month of December. 2. Prepare an unadjusted trial balance. 3. Create adjusting journal entries at the end of the year (December 31) based on the following adjustment data: a. One month's insurance coverage has expired (refer to the December 10 entry). b. The company occupied the warehouse space for the month of December (refer to the December 2 entry). C. At the end of the month, $100 worth of office supplies are still available (refer to the December 3 entry). d. This month's depreciation on the soccer equipment is $250. e. Employees earned $300 of unpaid and unrecorded salaries as of month-end. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of retained earnings, and a classified balance sheet as of December 31, 2019.
Assignment Details Using the data provided, perform the steps below to complete the final project. On December 1, 2019, SoccerBox Inc. started operations. The following transactions occurred during December 2019. NOTE: There are no beginning balances-this is a new company. Randol Espy invested $80,000 cash in the company for common stock. Dec 1 |2 SoccerBox purchased soccer equipment for $20,000 cash. SoccerBox rented an old warehouse for $30,000 cash for the first year's (December 2019-November 2020) rent. 2 3 SoccerBox purchased $500 of office supplies with cash. SoccerBox paid $12,000 cash for an annual insurance policy. 10 SoccerBox paid $4,000 cash for the first payroll earned by its employees. 14 SoccerBox received $85,000 cash from soccer fees paid by parents for a private youth soccer lesson. 24 SoccerBox paid $4,000 cash for 2 weeks' salaries earned by its employees. 28 SoccerBox paid $200 cash for minor repairs to its soccer equipment. 29 SoccerBox paid $150 cash for this month's telephone bill. 30 30 Dividends of $1,000 cash were paid by SoccerBox to its current shareholders. Using this spreadsheet and the information above, complete the following: 1. Record the journal entries that occurred during the month of December. 2. Prepare an unadjusted trial balance. 3. Create adjusting journal entries at the end of the year (December 31) based on the following adjustment data: a. One month's insurance coverage has expired (refer to the December 10 entry). b. The company occupied the warehouse space for the month of December (refer to the December 2 entry). C. At the end of the month, $100 worth of office supplies are still available (refer to the December 3 entry). d. This month's depreciation on the soccer equipment is $250. e. Employees earned $300 of unpaid and unrecorded salaries as of month-end. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of retained earnings, and a classified balance sheet as of December 31, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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Transcribed Image Text:Assignment Details
Using the data provided, perform the steps below to complete the final project.
On December 1, 2019, SoccerBox Inc. started operations. The following transactions occurred during December 2019.
NOTE: There are no beginning balances-this is a new company.
Dec 1 Randol Espy invested $80,000 cash in the company for common stock.
SoccerBox purchased soccer equipment for $20,000 cash.
SoccerBox rented an old warehouse for $30,000 cash for the first year's (December 2019-November 2020) rent.
2.
SoccerBox purchased $500 of office supplies with cash.
3.
SoccerBox paid $12,000 cash for an annual insurance policy.
10
SoccerBox paid $4,000 cash for the first payroll earned by its employees.
14
SoccerBox received $85,000 cash from soccer fees paid by parents for a private youth soccer lesson.
24
SoccerBox paid $4,000 cash for 2 weeks' salaries earned by its employees.
28
SoccerBox paid $200 cash for minor repairs to its soccer equipment.
29
SoccerBox paid $150 cash for this month's telephone bill.
30
Dividends of $1,000 cash were paid by SoccerBox to its current shareholders.
30
Using this spreadsheet and the information above, complete the following:
1. Record the journal entries that occurred during the month of December.
2. Prepare an unadjusted trial balance.
3. Create adjusting journal entries at the end of the year (December 31) based on the following adjustment data:
a. One month's insurance coverage has expired (refer to the December 10 entry).
b. The company occupied the warehouse space for the month of December (refer to the December 2 entry).
C. At the end of the month, $100 worth of office supplies are still available (refer to the December 3 entry).
d. This month's depreciation on the soccer equipment is $250.
e. Employees earned $300 of unpaid and unrecorded salaries as of month-end.
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a statement of retained earnings, and a classified balance sheet as of December 31, 2019.
2.
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