project 2 - ACC 3010 Project 2 Winter 2017 DUE Saturday...

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ACC 3010 Project 2 Winter 2017 6. Post the adjusting entries to the worksheet and complete the Adjusted Trial Balance. DUE Saturday March 10, 2017 – This project is due on March 10 before 8:00 pm and is to be submitted to the final project 2 submission link on Blackboard. The hours for help with the project will be posted on the class Blackboard site. Your file must be named - "Your name (first and last) Project 2. Your file must generate a preview when submitted so that it can be graded. This project is a continuation of Project 1, FigMint Consulting Inc. An additional 11 months have passed since Project 1 (we are now at August 31, 2017 the company’s yearend). The friends have expanded the shop to include sales of tablets as well as the consulting services activities. The new company name is FigMint Consulting and Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of tablets in August. You will be recording and posting those entries. Additionally, all monthly adjustments have been made EXCEPT for those related to accounting for bad debts and any inventory and cost of goods sold issues. You will be adding that information. You will then be making the required closing entries and preparing the yearend financial statements for the company. The following is a suggested series of steps for completing the project: 1. Complete the Perpetual Inventory card worksheets to reflect the August purchases and sales under the 3 different Inventory costing methods. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar. 2. Complete the August Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post. 3. Post the August entries to the worksheet columns for the August entries and complete the Trial Balance columns of the Worksheet. 4. Review the aging of accounts receivable included with the project and the current balance in the Allowance Account (see worksheet) to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included with your adjusting journal entries. 5. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These should be included on the journal entries sheet. 7. Prepare the necessary closing entries on the journal entries sheet.
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INCENTIVE POINTS 8. Prepare the 3 financial statements for the year ended August 31, 2017 (multi step income statement, classified balance sheet, and statement of retained earnings). Also you must include appropriate dollar signs and appropriate underlines and correct formatting for the statements to receive full credit.
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