project 1 - Date 1-Sep 2-Sep 3-Sep 5-Sep 8-Sep 15-Sep...

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Date 1-Sep 2-Sep 3-Sep 5-Sep 8-Sep 15-Sep 20-Sep 21-Sep 25-Sep 27-Sep 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep
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ACC 3010 PROJECT 1 WINTER 2017 DUE February 3 by 8pm submitted to the assignment link in Blackboard During September, the first month of operations, the following transactions occurred: Event Paid $10,800 for 12 months rent on office space Purchased office furniture for $11,650. Purchased $13,950 of additional office supplies on account. Signed a contract with Imagine Inc. for work to be done over the next 12 months Received $26,400 from Imagine Inc. for the work to be performed over the next 12 months. Paid $1,560 for maintenance on the equipment. Performed services for various customers for $16,200 cash and another $20,100 on account. Paid $9,750 to suppliers for purchases previously made on account. Paid salaries to employees totaling $6,800 for services rendered for 1 week. Paid utility bill totaling $1,790. Collected $16,700 as payment for amounts previously billed. Dividends of $2,000 were declared and paid. One month of interest has accrued on the note payable for the bank loan. Salaries of $6,800 are paid every Friday (for a 5 day work week). September 30, 2016 was a Thursday. One month of the prepaid rent has been used up Supplies on hand are $10,300. Additional work for customers of $11,680 has been performed during the last week of September but not yet billed Depreciation expense for the computer equipment is $280 and for the office furniture is $190 One month of the services for the Imagine Inc. has been performed (see above). SUGGESTED STEPS FOR COMPLETION OF THE PROJECT: You have been hired as an accountant for FigMint Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on September 1, 2016. The company will have a fiscal year end of August 31st. The initial formation transactions and early purchases for FigMint Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab) Borrowed 40,000 from the bank for operating cash. The note has a 3% interest rate (simple interest) and is to be paid back in 4 years At the end of September, the following additional information is available to help determine what adjustments are needed:
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Prepare journal entries to record the September transactions given. Please refer to the Worksheet tab for Account Title Add the September journal entry information to the Worksheet in the September columns Prepare adjusting entries for the month of September given the information provided. Post the adjusting entries to the T-accounts and to the Adjusting entries columns on the worksheet Prepare and post closing entries for the end of the period and to the T Accounts Post the journal entries to ledger accounts using T-accounts to represent ledger accounts. Don’t forget the opening balances from the information given on the Worksheet. There is a tab to use for T Accounts if you want
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