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Section #: Acct 2001 Students From: Acct 2001 Instructors Re: Accounting Cycle Project (Phase II) Phase I of this project described how DeeDee...

Working papers were already sent to Michael the tutor for accounting. This accompanies the questions already asked. This is needed information
Name: Section #: To: Acct 2001 Students From: Acct 2001 Instructors Re: Accounting Cycle Project (Phase II) Phase I of this project described how DeeDee Dodson created DeeDee’s Designs on October 1, 2009. The company has been successful, and its number of customers has grown. In addition to decorating services, DeeDee has now decided to begin selling furniture. DeeDee has chosen to use a perpetual inventory system to manage her inventory. Phase II of the project includes journal entries for the January 2010. The beginning balances for January 1, 2010 can be obtained from the post closing trial balance as of December 31, 2009. The project requirements are as follows. Requirements: 1) Post beginning balances in ledger accounts (t-accounts) from the December 31, 2009 post-closing trial balance. 2) Prepare journal entries to record each transaction for DeeDee’s Designs. (A general journal is provided. Multiple pages will be needed.) 3) Post the journal entries from requirement 2. 4) Prepare an unadjusted trial balance as of January 31, 2010 5) Prepare a bank reconciliation for DeeDee’s Designs for January 31, 2010. Use the information on the “Bank Reconciliation Information” page following the January journal entries. 6) Prepare all necessary adjusting entries and entries associated with the bank reconciliation. Post these entries to the accounts in the ledger. 7) Prepare an adjusted trial balance as of January 31, 2010
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Chart of Accounts (Accounts will be used in Phase I and Phase II, not all accounts are used in Phase I) Balance Sheet Accounts Assets Current Assets 1001 Cash – checking account 1002 Accounts receivable 1003 Allowance for Doubtful Accounts 1004 Merchandise Inventory 1005 Supplies 1006 Prepaid Insurance 1007 Prepaid Rent 1008 Deposits Plant (Fixed) Asset 1020 Land 1021 Equipment 1023 Furniture and Fixtures 1024 Accumulated Depreciation Liabilities Current Liabilities 2001 Accounts Payable 2002 Unearned Revenue 2003 Salaries Payable 2004 FICA Taxes Payable 2005 Federal Income Tax Withholdings Payable 2004 Interest Payable Long Term Liabilities 2020 Notes Payable Shareholders’ Equity 3001 Common Stock 3002 Retained Earnings 3003 Dividends 3004 Income Summary Income Statement Accounts Revenues 4001 Decorating Fees 4002 Sales 4003 Sales Discount 4004 Sales Returns and Allowances Operating Expenses 5001 Cost of Goods Sold 5002 Salaries Expense 5003 Payroll Tax Expense 5004 Rent Expense 5005 Advertising Expense 5006 Automobile Expense 5007 Supplies Expense 5008 Insurance Expense 5009 Utilities Expense 50010 Telephone Expense 5011 Postage Expense 5012 Depreciation Expense 5013 Dues & Subscriptions Expense 5014 Bad Debts Expense 5015 Miscellaneous Expense Other Income 6001 Interest Income Other Expenses 7001 Interest Expense Income Tax 8001 Income Tax Expense
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