Start by reading and following these instructions:
1. Quickly skim the questions or assignment below and the assignment rubric to help you focus.
2. Read the required chapter(s) of the textbook. Â Some answers may require you to do additional research on the Internet or in other reference sources. Â Choose your sources carefully.
3. Consider the discussion and the any insights you gained from it.
4. Produce the Assignment submission in a single Microsoft Word or Open Office document. Â Be sure to cite your sources, use APA style as required, check your spelling.
Assignment:
1. Sanchez Computer Center, continued.
 At the end of September, Tony took a complete inventory of his supplies and found the following:
5 dozen ¼” screws at a cost of $8.00 a dozen
2 dozen ½” screws at a cost of $5.00 a dozen
2 cartons of computer inventory paper at a cost of $14 a carton
3 feet of coaxial cable at a cost of $4.00 per foot
After speaking to his accountant, he found that a reasonable depreciation amount for each of his long-term assets is as follows:
Computer purchased July 5, 201X Depreciation $33 a month
Office equipment purchased July 17, 201X Depreciation $10 a month
Computer workstations purchased Sept. 17, 201X Depreciation $20 a month
Tony uses the straight-line method of depreciation and declares no salvage value for any of the assets. If any long-term asset is purchased in the ï¬rst 15 days of the month, he will charge depreciation for the full month. If an asset is purchased on the 16th of the month, or later, he will not charge depreciation in the month it was purchased.
August and Septemberâs rent has now expired.
Tasks
Use your trial balance from the completed problem previously and the adjusting information given here to complete the worksheet for the three months ended September 30, 201X. From the worksheets, prepare the financial statements.
Tony decided to end the Sanchez Computer Centerâs ï¬rst year as of September 30, 201X. Following is an updated chart of accounts.
Chart of Accounts
Assets                                                    Revenue
1000 Cash                                             4000 Service Revenue
1020 Accounts Receivable                    Expenses
1025 Prepaid Rent                                5010 Advertising Expense
1030 Supplies                                       5020 Rent Expense
1080 Computer Shop Equipment          5030 Utilities Expense
1081 Accum. Depr. C. S. Equip. Â Â Â Â Â Â Â Â Â Â 5040 Phone Expense
1090 Office Equipment                         5050 Supplies Expense
1091 Accum. Depr. Office Equip. Â Â Â Â Â Â Â Â 5060 Insurance Expense
Liabilities                                              5070      Postage Expense
2000 Accounts Payable                        5080 Depr. Exp. C. S. Equip.
Ownerâs Equity                                     5090 Depr. Exp. Office Equip.
3000 T. Freedman, Capital                  Â
3010 T. Freedman, Withdrawals           Â
3020 Income Summary                        Â
Complete the following:
a. Journalize the adjusting entries.
b. Post the adjusting entries to the ledger.
c. Journalize the closing entries.
d. Post the closing entries to the ledger.
e. Prepare a post-closing trial balance.
2. As the bookkeeper of Parkerâs Plowing, you have been asked to complete the entire accounting cycle for Parker from the following information.
 201X
Jan. 1Â Â Â Parker invested $14,000 cash and $9,000 worth of snow equipment into the plowing company.
Jan. 1Â Â Â Paid rent for five months in advance for garage space, $3,500.
Jan. 4Â Â Â Purchased office equipment on account from Liliis Corp., $12,600.
Jan. 6Â Â Â Purchased snow supplies for $500 cash.
Jan. 8Â Â Â Collected $15,000 from plowing local shopping centers.
Jan. 12Â Parker Muroney withdrew $5,000 from the business for his own personal use.
Jan. 20Â Plowed Holiday Co. parking lots, payment not to be received until March, $7,000.
Jan. 26Â Paid salaries to employees, $1,400.
Jan. 28Â Paid Liliis Corp. one-half amount owed for office equipment.
Jan. 29Â Advertising bill received from Carter Co. but will not be paid until March, $600.
Jan. 30Â Paid telephone bill, $200.
Use the following chart of accounts.
Chart of Accounts
Assets                                                                      Owner Equity
111  Cash                                                               311 Parker Muroney, Capital
112  Accounts Receivable                                     312 Parker Muroney, Withdrawals
114  Prepaid Rent                                                  313 Income Summary
115  Snow Supplies                                                 Revenue
121  Office Equipment                                           411 Plowing Fees
122  Accumulated Depreciation, Office Equipment  Expenses
123  Snow Equipment                                            511 Salary Expense
124Â Â Accumulated Depreciation, Snow Equipment 512Â Â Â Â Â Â Advertising Expense
Liabilities                                                                513 Telephone Expense
211  Accounts Payable                                          514 Rent Expense
212  Salaries Payable                                            515 Snow Supplies Expense
                                                                       516 Depreciation Expense, Office Equipment
                                                                               517 Depreciation Expense, Snow Equipment
From the following transactions as well as additional data, please complete the entire accounting cycle for Parkerâs Plowing (use the chart of accounts above) for 201X.
Jan. 1Â Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing company.
Jan. 1Â Paid rent for six months in advance for garage space, $6,000.
Jan. 4Â Purchased office equipment on account from Lumen Corp., $12,600.
Jan. 6Â Purchased snow supplies for $800 cash.
Jan. 8Â Collected $14,000 from plowing local shopping centers.
Jan. 12Â Â Â Â Â Parker Muroney withdrew $4,000 from the business for his own personal use.
Jan. 20Â Â Â Â Â Plowed Alton Co. parking lots, payment not to be received until May, $1,500.
Jan. 26Â Â Â Â Â Paid salaries to employees, $1,900.
Jan. 28Â Â Â Â ÂArticle Summary,Social Science,,
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