Fall 2019 Instructions
Important Note: This project may be completed individually or with ONE other person and is worth 100 points. If you team up with another person, only ONE person should submit the assignment in Moodle. However, please be sure BOTH of your names are on it.
A file entitled “ACC 2000 Fall 2019 EXCEL Project Template” has been placed on MOODLE for you to download and save along with a rubric. This file contains 9 worksheet tabs (the first tab is just for your name).
You have been given the unadjusted trial balance for your company as of 12/31/19. Each company prepares financial statements annually.
1. Using the information in the Worksheet (1) tab, Aging Analysis (2) tab, and Adjustments (3) tab, prepare the adjusting journal entries for the period. Record the entries in the Adjusting Journal Entries (4) tab. (Round all numbers to the nearest dollar.) SHOW YOUR WORK FOR THE ADJUSTMENT IN THE CELL OR YOU WILL NOT RECEIVE CREDIT FOR THE ENTRY. Use formulas and link the values to the adjustment.
2. After the above adjusting entries are entered on the Adjusting Journal Entries (4) tab, the amounts should be linked to the Adjustments column of the Worksheet (1). Your adjustment amounts should be a formula so if you change the debit/credit amount on the Adjusting Journal Entries (4), the column amount will automatically change.
3. Complete the Adjusting Trial Balance columns of the by the Worksheet (1) using formulas. Think about the best way to do this. Your last three sets of columns should never contain constant numbers but will include formulas only.
4. Prepare a multiple-step income statement on the Income Statement (5) tab. Your Income Statement should be in good form (proper titles, etc., see text page 230) and well formatted. The accounts of the financial statements should follow the order of accounts on the trial balance. You should use formulas in all cells, not constant numbers. (That means, your income statement should be linked to the adjusted numbers on your worksheet.)
5. Prepare a Statement of Retained Earnings (6) on the proper worksheet. Your Statement should be formatted. You should use formulas in all cells, not constant numbers.
6. On the designated worksheet tab, prepare in journal entry form the Closing Entries (7) at the
end of 12/31/19. Link entries to the Worksheet (1) and/or financial statement tabs.
7. Prepare a Classified Balance Sheet (8) on the proper worksheet as of 12/31/19. Your Statement
should be formatted as shown on page 175. You should use formulas in all cells, not constant numbers.