Hello, I need you to help me solve these questions for the pages can you answer them All please and send me back the answers thank you ?
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Part 1: The Accounting Cycle
Step
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Step 7
Step 8
Step 9
Step 10
Step 11
Step 12
Activity
Read Instructions
Analyze Interim Transactions
Journalize Interim Transactions
Post Interim Transactions
Create Unadjusted Trial Balance
Analyze Adjustments
Journalize Adjustments
Post Adjusting Journal Entries
Create Adjusted Trial Balance
Create the Financial Statements
Journalize Closing Entries
Post Closing Entries
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Number
2
3-6
7-8
9-14
15
3
7-8
9-14
15
16-18
7-8
9-14
(?)
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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.
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Interim Transactions ? January 1 to January 31, 2016
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: Parker Company purchased an additional plot of land in exchange for a $34,000 note payable
which it will pay back in 9 months. The annual interest rate is 3%.
January 10: Refer to the Parker Company invoice (Document #3). 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 10: Refer to the Parker Company check (Document #5) and book the appropriate journal entry.
January 12: Refer to the Parker Company invoice (Document #6). The inventory sold was originally
purchased for $25 per bottle. Code the invoice and book the appropriate journal entry.
January 12: Refer to the check (Document #7) and book the appropriate journal entry.
Adjusting Journal Entries ? January 31, 2016
January 31: Depreciation for Furniture is $200 per month. Depreciation for Equipment is $90 per month.
January 31: Record interest for the Note Payable in the January 8th transaction (record a full month).
January 31: A supply count reveals that $450 worth remain.
Closing Journal Entries – January 31, 2016
January 31: Close the temporary accounts using the Income Summary Account.
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Document #1
Document #2
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Document #3
Document #4
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Document #5
Document #6
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Document #7
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Date
Parker Company
General Journal
Account
Debit
Credit
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Date
Parker Company
General Journal
Account
Debit
Credit
General Ledger
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Cash
Date
1/1/2016
Account 100
Balance
Debit
Credit
Debit
35,000.00
Accounts Receivable
Date
1/1/2016
Account 110
Balance
Debit
Credit
Debit
Credit
Debit
Debit
1,200.00
Credit
Account 120
Balance
Credit
Furniture
Date
1/1/2016
Credit
Account 115
Balance
Inventory – Sure Glow
Date
1/1/2016
Debit
0.00
Office
Supplies
Date
1/1/2016
Credit
Debit
2,000.00
Credit
Account 130
Balance
Debit
Credit
Debit
10,500.00
Credit
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