You have been called in to help James Miller who has operated a part-time architectural business from his home. His accountant has decided to quit working for him and Miller has decided he needs a more organized approach to keeping his accounting records.
You have been called in to help James Miller who has operated a part-time architectural business from his home. His accountant has decided to quit working for him and Miller has decided he needs a more organized approach to keeping his accounting records. (Miller has kept his accounting records in a big file cabinet). Miller has decided to move to a rented office space and is planning to operate the business on a full-time basis. The business will be known as Miller Architects, Inc. Miller also has the following transactions that took place during the month of June 20XX:
· June 1. The following assets were received from James Miller in exchange for common stock: Cash, $ 23,400; accounts receivable, $ 4,000; supplies, $1,900 and Office Equipment, $ 15,500. There were no liabilities received.
· June 1. Paid six months’ rent in advance on a lease rental contract, $ 6,000.
· June 2. Paid the premiums on property and casualty insurance policies, $ 2,400. ( The policy is for six months)
· June 4. Received cash from the Smith Company as an advance payment for services to be provided and it will be recorded as unearned fees for $ 5,000.
· June 5. Purchased a new computer on account from Stone’s Computer Nook for $ 3,000. The useful life has been determined to be 5 years.
· June 6. Received cash from clients on account for $ 2,200.
· June 9. Paid cash to Greenfield Tribune for a newspaper advertisement, $ 150.
· June 12. Recorded services provided on account to various clients for the period of June 1 thru 12, for $ 4,900.
· June 13. Paid Stone’s Computer Nook for part of the liability incurred on June 5, $ 750.
· June 14. Paid part-time receptionist for two weeks’ salary, $ 900.
· June 17. Paid cash for supplies, $ 900.
· June 20. Purchased additional office equipment on account from Merrick Office Supply store for $ 2,500.
· June 20. Recorded services provided on account to various clients for the period of June 13-20, $ 3,100.
· June 24. Received cash from clients for fees earned during the period of June 17 thru 24, $ 5,400.
· June 26. Received cash from clients on account from June 12 services, $ 2,000.
· June 27. Paid part-time receptionist for two weeks salary, $ 900.
· June 29. Paid telephone bill for June, $ 320.
· June 29. Paid electricity bill for June, $ 485.
· June 30. Recorded cash from clients for fees earned for the period of June 25-30, $ 3,200.
· June 30. Recorded services provided on account for the remainder of June, $ 1,700.
· June 30. Paid dividends of $ 3,000.
Possible adjustment data for Miller Architects as of June 30, 20XX:
a. Insurance expired during June is $400.
b. Supplies on hand on June 30 is $ 2,250.
c. Monthly depreciation of office equipment is $ 300.
d. Monthly depreciation of computer is $ 50
e. Rent expired during June is $1,000.
f. Accrued receptionist salary on June 30 is $ 150.
g. Unearned fees on June 30 is $ 4,000.
Deliverables for this project:
· Your job is to review the transactions and help Miller Architects, Inc. develop a chart of accounts that Miller Architects, Inc. will utilize in the future.
· Your next task to record these transactions using Excel. You will need to create a general journal and a general ledger for Miller Architects
After the recording the transactions and posting the transactions into the general journal and general ledger that you have created, please complete the following tasks:
· Prepare an unadjusted trial balance.
· Prepare the adjusting entries and post to the general ledger.
· Prepare an adjusted trial balance.
· Prepare the financial statements for the month of June.
· Prepare the closing entries for the month of June and post to the general ledger.
· Prepare a post-closing trial balance for the month of June.
Suggested practice: Create tabs in the excel worksheet to help with each of these tasks. Use Excel Template as provided by your instructor.
Final Requirement: Once these tasks are completed please prepare a PowerPoint presentation using VoiceThread or Webex that will highlight the following:
· General Journal Entry Presentation
· Creation of General Ledger which highlights posting of transactions for the month along with posting the adjusting and closing entries.
· Unadjusted Trial Balance
· Adjusted Trial Balance
· Financial Statement Preparation
· Closing Entry Preparation
· Post-Closing Trial Balance
Submit one item to be graded:
1. Excel template completed with your entries.
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