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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please write in clearly hand writing
And please Solve In 20mins
Thank you
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d982a58-1608-4893-a544-1e5b7ce59c2e%2F6d2ac7d2-67a4-4495-9c62-7a572069a59d%2F5sgh4lk_processed.jpeg&w=3840&q=75)
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education