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answered : Part 1: The Accounting Cycle Step Activity Page Number ( ? ) Step 1 Read Instructions 2 Step 2…

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Part 1: The Accounting Cycle Step Activity Page Number ( ? ) Step 1 Read Instructions 2 Step 2…

Part 1: The Accounting Cycle

Step

Activity

Page Number

(✓)

Step 1

Read Instructions

2

Step 2

Analyze Interim Transactions

3-6

Step 3

Journalize Interim Transactions

7-8

Step 4

Post Interim Transactions

9-14

Step 5

Create Unadjusted Trial Balance

15

Step 6

Analyze Adjustments

3

Step 7

Journalize Adjustments

7-8

Step 8

Post Adjusting Journal Entries

9-14

Step 9

Create Adjusted Trial Balance

15

Step 10

Create the Financial Statements

16-18

Step 11

Journalize Closing Entries

7-8

Step 12

Post Closing Entries

9-14

You are the accountant for Parker Company, a startup formed in December 2015. Parker Company offers industrial cleaning services and is a distributor for a cleaning product called Sure-Glow. The company is run by General Manager Michael Bryant.

You have been asked to record the transactions for the month of January 2016 in the accounting system.

Below are the accounts used by Parker Company and their balances on January 1, 2016.

Interim Transactions – January 1 to January 31, 2016

January 2: Parker Company purchased an additional plot of land in exchange for a $33,000 note payable which it will pay back in 9 months. The annual interest rate is 2%.

January 6: Refer to the Staples invoice (Document #1). Code the invoice and book the appropriate journal entry.

January 7: Refer to the Mason Heavy Equipment invoice (Document #2). Code the invoice and book the appropriate journal entry.

January 8: Refer to the Parker Company invoice (Document #3). This invoice was created manually and has not yet been entered into Parker Company’s accounting system. Code the invoice and book the appropriate journal entry.

January 10: Refer to the Parker Company check (Document #4) and book the appropriate journal entry.

January 11: Refer to the Parker Company check (Document #5) and book the appropriate journal entry.

January 12: Refer to the Parker Company invoice (Document #6). This invoice was created manually and has not yet been entered into Parker Company’s accounting system. The inventory sold was originally purchased for $25 per bottle. Code the invoice and book the appropriate journal entry.

January 19: Refer to the check (Document #7) and book the appropriate journal entry.

Adjusting Journal Entries – January 31, 2016

January 31: A supply count reveals that $500 worth remain.

January 31: Depreciation for Furniture is $170 per month. Depreciation for Equipment is $80 per month.

January 31: Record interest for the Note Payable in the January 2 transaction.

Closing Journal Entries – January 31, 2016

January 31: Close the temporary accounts using the Income Summary Account.

 

  

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