Janelle - Comprehensive Project Hub City Crossfit(HCCF is a Box(Gym in Lubbock Texas In the project you will perform similated accounting for HCCF You

Janelle - Comprehensive Project Hub City Crossfit(HCCF is a...

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Comprehensive Project Hub City Crossfit (HCCF) is a Box (Gym) in Lubbock, Texas. In the project, you will perform similated accounting for HCCF. You will record transactions in the journal, post to the ledger, prepare an unadjusted trial balance, perform the necessary adjustments, prepare an adjusted trial balance, and the four required financial statements (the entire accounting cycle). Assume HCCF started April 1, 2014. This will allow all accounts to have a zero beginning balance. Transactions (record in the journal in the same order as below): April 1. HCCF is created as corporation. The original investment of $ 75,000 is made in exchange for 1,000 shares of $20 par common. Apr 1 - HCCF signed an operating lease on a building, $1,000 per month. 31-Dec 1-Apr HCCF purchased $50,000 of equipment from Rogue Fitness. Payment was made by using a $30,000 note payable to Capital One and remainder was paid in cash. (3yr, 5% annual, N/P payments recorded later; asset is deemed to have an 8 year useful life). 10-Apr Paid $7,500 to welder to build a system of Pullup Bars throughout the box. (Asset is deemed to have a 15 year life). Apr 1 - Utilities average $250 per month. Just one summarizing entry. 31-Dec May 1 - Open for business. HCCF will average 100 Box members at an average 31-Dec of $90 per month membership. Just record one summarizing entry for this event. Use Members Fees account. May 1 - HCCF pays trainers an average of $2800 per month to teach classes. 31-Dec Employees are paid at the end of each day in cash. Use Trainer Expense as account title. Just record one summarizing entry for these. May 1 - Internet and Web page cost $90 per month. HCCF uses the account 31-Dec Internet Expense. Just record one summarizing entry. May 1 - HCCF pays dividends of $3,000 per month. Just record one summarizing entry.
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