Case Study [to be submitted in an excel sheet. Attached] Accenture PLC is a multinational professional services company that specialises in information technology services and consulting. Following are the transactions for the year 2014. 2014 Details of Transactions Jan- 01 Accenture Co acquired $385,000 from the issue of common stock. Collected $60,000 as an advance for technical services yet to be provided over one year Feb-02 starting May 1. Feb-25 Provided $26,460 of Technical Assistance Services on account. Mar-31 Paid $120,000 cash for the extension the Office Building. Apr-15 Purchased $24,000 cash for a one-year insurance policy with coverage initiating 1st of July. Jun-10 Collected $18,400 from accounts receivable. Jul-25 Purchased $3,000 of Stationary for office use on the account. Aug-15 Paid $32,000 Cash for Wages to employees. Nov-10 Paid a dividend of 3% of Total Equity. Dec-01 Paid $3,000 to settle accounts payable related to stationery. Dec-20 $3,500 is recognized as Utility Bill expenses on account. Adjustments As of 31st December 2014, 1 Stationery of value $1,000 was found left in store that could be used next year. 2 Earned $40,000 of the $60,000 of revenue deferred on Feb 2. 3 Recognized $1,200 Rent revenue which is not received until 31" December 2014. 4 $8000 was found accrued of Wages. Had used half of the $24,000 of insurance coverage that it had paid for on 15th April. 6. Accenture PLC had the following Balances at the beginning of 1st January 2014. a. Cash: $15,000, b. Common Stock $15,000 c. There was no Retained Earnings opening balance. Required: Prepare [In the attached excel sheet] a) Journal b) T Account (Ledger Account) c) Trial Balance d) Statement of Changes in Equity e) Balance Sheet

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Case Study [to be submitted in an excel sheet. Attached]
Accenture PLC is a multinational professional services company that specialises in information
technology services and consulting. Following are the transactions for the year 2014.
2014
Details of Transactions
Jan- 01 Accenture Co acquired $385,000 from the issue of common stock.
Collected $60,000 as an advance for technical services yet to be provided over one year
Feb-02
starting May 1.
Feb-25
Provided $26,460 of Technical Assistance Services on account.
Мar-31
Paid $120,000 cash for the extension of the Office Building.
Apr-15
Purchased $24,000 cash for a one-year insurance policy with coverage initiating 1st of July.
Jun-10
Collected $18,400 from accounts receivable.
Jul-25
Purchased $3,000 of Stationary for office use on the account.
Aug-15
Paid $32,000 Cash for Wages to employees.
Nov-10
Paid a dividend of 3% of Total Equity.
Dec-01
Paid $3,000 to settle accounts payable related to stationery.
Dec-20
$3,500 is recognized as Utility Bill expenses on account.
Adjustments
As of 31st December 2014,
1
Stationery of value $1,000 was found left in store that could be used next year.
2
Earned $40,000 of the $60,000 of revenue deferred on Feb 2.
3
Recognized $1,200 Rent revenue which is not received until 31" December 2014.
4
$8000 was found accrued of Wages.
Had used half of the $24,000 of insurance coverage that it had paid for on 15th April.
6.
Accenture PLC had the following Balances at the beginning of 1st January 2014.
a. Cash: $15,000,
b. Common Stock $15,000
c. There was no Retained Earnings opening balance.
Required: Prepare [In the attached excel sheet]
a) Journal
b) T Account (Ledger Account)
c) Trial Balance
d) Statement of Changes in Equity
e) Balance Sheet
Transcribed Image Text:Case Study [to be submitted in an excel sheet. Attached] Accenture PLC is a multinational professional services company that specialises in information technology services and consulting. Following are the transactions for the year 2014. 2014 Details of Transactions Jan- 01 Accenture Co acquired $385,000 from the issue of common stock. Collected $60,000 as an advance for technical services yet to be provided over one year Feb-02 starting May 1. Feb-25 Provided $26,460 of Technical Assistance Services on account. Мar-31 Paid $120,000 cash for the extension of the Office Building. Apr-15 Purchased $24,000 cash for a one-year insurance policy with coverage initiating 1st of July. Jun-10 Collected $18,400 from accounts receivable. Jul-25 Purchased $3,000 of Stationary for office use on the account. Aug-15 Paid $32,000 Cash for Wages to employees. Nov-10 Paid a dividend of 3% of Total Equity. Dec-01 Paid $3,000 to settle accounts payable related to stationery. Dec-20 $3,500 is recognized as Utility Bill expenses on account. Adjustments As of 31st December 2014, 1 Stationery of value $1,000 was found left in store that could be used next year. 2 Earned $40,000 of the $60,000 of revenue deferred on Feb 2. 3 Recognized $1,200 Rent revenue which is not received until 31" December 2014. 4 $8000 was found accrued of Wages. Had used half of the $24,000 of insurance coverage that it had paid for on 15th April. 6. Accenture PLC had the following Balances at the beginning of 1st January 2014. a. Cash: $15,000, b. Common Stock $15,000 c. There was no Retained Earnings opening balance. Required: Prepare [In the attached excel sheet] a) Journal b) T Account (Ledger Account) c) Trial Balance d) Statement of Changes in Equity e) Balance Sheet
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