Hello guys, i have this accounting project and i have no idea what to do. Please help. You have been hired…

Hello guys, i have this accounting project and i have no idea what to do. Please help.

You have been hired as an accountant for FigMint Computer Consulting Inc. This business was created when Fig and several of his friends decided they wanted to start their own business. The business was created on April 1, 2012. The company will have a fiscal year end of March 31st. The initial formation transactions and early purchases for FigMint Computer Consulting Inc. resulted in the following balances prior to them starting the actual business operations:

Cash $ 40,800 Accounts Payable $ 19,000
Supplies 19,000 Mortgage Payable 120,000
Prepaid Insurance 19,200
Building 150,000
Land 10,000 Common Stock 100,000

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Total Assets $239,000 Total Lib + Equity $239,000

During April, the first month of operations, the following transactions occurred (use the item number for the date) :

1. Borrowed 30,000 from the bank for operating cash on April 2. The note has a 4% interest rate (simple interest) and is to be paid back in 4 years
2. Purchased computer equipment for $34,000 on April 2.
3. Signed a contract with GVSU Computer Products on April 3 for consulting work to be done over the next 12 months
4. Purchased $2,300 of additional office supplies on account on April 6.
5. Received $36,000 from GVSU Computer Products on April 8 for the consulting work to be performed over the next 12 months.
6. Paid $2,750 for maintenance on the computer equipment on April 10th.
7. Paid $19,000 to suppliers on April 12th for purchases previously made on account.
8. Paid $2,750 for travel expenses for information gathering trips related to the GVSU consulting contract on April 18th.
9. Performed services for various customers for $45,000 cash and another $75,700 on account. Record on April 20th.
10. Paid salaries to employees totaling $15,000 for services rendered on April 23rd.
11. Paid utility bill (water) totaling $1,470 on April 26th.
12. Collected $35,000 on April 28 as payment for amounts previously billed.
13. Dividends of $5,000 were declared and paid on April 30th.

At the end of April, the following additional information is available to help determine what adjustments are needed:

a) The Prepaid insurance account represents a 1 year policy purchased April 1, 2012.
b) One month of interest has accrued on the note payable.
c) Supplies on hand are $5,650.
d) Received the bill for utility services (electricity) that the firm used during April in the amount of 3,975. The company will pay the bill in May.
e) One month of the services for GVSU Computer Products have been performed (see item 5 above).
f) Depreciation expense for the equipment is $430 and for the building is $400
g) Additional work for customers of $12,500 has been performed during the last week of April but not yet billed
h) Salaries of $25,000 are paid every Friday (for a 5 day work week). April 30, 2012 was a Thursday.


• Prepare journal entries to record the April transactions given. (A chart of accounts has been provided for reference to help with account titles.)
• Post the journal entries to ledger accounts using T-accounts to represent ledger accounts. Don’t forget the opening balances from the information given.
• Prepare an unadjusted trial balance as of April 30, 2012.
• Prepare adjusting entries for the month of April given the information provided.
• Post the adjusting entries to the T-accounts.
• Prepare an adjusted trial balance as of April 30, 2012.
• Prepare financial statements for the month of April 30, 2012. (Income Statement, Classified Balance Sheet, Statement of Retained Earnings). These must be typed/printed. Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements.
• Prepare and post closing entries for the end of the period.
• Prepare a post closing trial balance as of April 30, 2012. This must be typed/printed.

REQUIRED TO BE SUBMITTED – IN THE INDICATED ORDER: Your name must be included in the upper right corner of all pages you are submitting. Neatness counts

1. Your 3 financial statements (income statement and statement of retained earnings for the month of April 2012, and classified balance sheet as of April 30, 2012 – in this order) and your post closing trial balance as of April 30, 2012. These statements MUST BE TYPED/PRINTED.
2. Your HANDWRITTEN 1) journal entries, 2) trial balance, 3) adjusting entries, 4) adjusted trial balance, and 5) closing entries, on journal pages – in this order. (You should prepare the journal entries on the journal pages and the trial balance and adjusted trial balance on the four column pages provided on the blackboard site. You should print additional pages as you need them.) These pages must be handwritten. Your name must be in the upper right corner of each page. Your handwritten submissions must be neat and legible, and presented in the order listed or points will be deducted. DO NOT SUBMIT YOUR T-ACCOUNTS.
3. Failure to submit your assignment in the proper order will result in points being deducted.
4. Failure to submit all parts of the assignment will result in points being deducted.
5. Submission of additional pages of information not requested will result in points being deducted.
6. The entire packet (stapled together) with the financial statements and post closing trial balance sheet on top and the remaining information in the indicated order is due February 1st before 4pm turned in to the Accounting Tutoring Lab in room 200 in the Rands House. You will sign a sign in sheet when you turn in your project. NO LATE ASSIGNMENTS WILL BE ACCEPTED. Failure to staple your assignment will result in points being deducted. Turning in your project other than in the Accounting Tutoring Lab will result in points being deducted.
8. Failure to submit your HANDWRITTEN journal entries and trial balances will result in a grade of ZERO for the project.
9. Each student must submit an ORIGINAL set of documents at the scheduled time. While students are encouraged to work together, each student must process and format his/her own set of statements. Duplicate submissions (format, not numbers) will result in the students receiving a 0 for the assignment.
10. Submissions will NOT be accepted via email attachment or fax unless you have made prior arrangements with the professor for this form of submission.


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