Complete?requirements ?11 through 12 of the Jane’s Skateboards case for the third milestone of ?the course project. Use the file you completed in milestone two. Make ?sure you have u

 Complete requirements  11 through 12 of the Jane's Skateboards case for the third milestone of  the course project. Use the file you completed in milestone two. Make  sure you have updated the file if you have received feedback from your  instructor about any errors found when your previous milestones were  graded. 

Instructions

Course Project Overview
The Course Project consists of 12 Requirements for you to complete. Part 1 of the Course Project is due at the end of Week 2 and Part 2 at the end of Week 4 and Part 3 is due at the end of week 7. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are ten (12) assignments in the workbook you will need to complete. • A list of July transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected.
Scenario
You’ve just secured a new client in your accounting practice, Jane's Skate Boards Inc., a brand new small business specializing in selling skate boards. The owner, Jane Jones, is good at selling but she needs your help with accounting. You have decided to use the perpetual inventory method to account for inventory and Cost of Goods Sold.
Requirements
ACCT 105: Course Project
Requirement Requirement Description Worksheet Name
1 Prepare the Journal Entries in the General Journal 1 – Journal Entries
2 Post Journal Entries to the General Ledger 2 – General Ledger
3 Prepare a Trial Balance 3 – Trial Balance
4 Prepare the Adjusting Entries 4 &5 – Adjusting Entries
5 Post Adjusting Entries to the General Ledger 4 &5 -Adjusting Entries ( Use worksheet #2)
6 Prepare an Adjusted Trial Balance 6- Adjusted TB
7 Prepare the Financial Statements 7 – Financial Statements
8 Prepare the Closing Entries 8&9 – Closing Entries ( use worksheet #2)
9 Post Closing Entries to the General Ledger 8&9- General Ledger
10 Prepare the Post Closing Trial Balance 10 – Post Closing Trial Balance
11 Prepare ratio analysis 11 -Ratio Analysis
12 Prepare Break-Even Analysis 12 – Break Even
Guidelines
Use the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor.
Milestone 1 is due in Week 2 – This includes project requirements 1-3.
Milestone 2 is due in Week 4 – This includes project requirements 4-10.
Milestone 3 is due in Week 7- This includes project requirements 11-12.

Chart of Accounts

Account Name Number Account Type Increase with Decrease with
Cash 111 Asset Debit Credit
Store Supplies 117 Asset Debit Credit
Prepaid Insurance 119 Asset Debit Credit
Merchandise Inventory 130 Asset Debit Credit
Store Fixtures 144 Asset Debit Credit
Accumulated Depreciation -Fixtures 145 Contra Asset Credit Debit
Accounts Payable 212 Liability Credit Debit
Income Tax Payable 213 Liability Credit Debit
Common Stock 311 Owners Equity Credit Debit
Retained Earnings 312 Owners Equity Credit Debit
Dividends 313 Contra Owners Equity Debit Credit
Sales Revenue 411 Revenue Credit Debit
Cost of Good Sold 505 Expense Debit Credit
Store Rent Expense 511 Expense Debit Credit
Telephone Expense 517 Expense Debit Credit
Depreciation Expense 520 Expense Debit Credit
Electric Expense 522 Expense Debit Credit
Insurance Expense 525 Expense Debit Credit
Supplies Expense 530 Expense Debit Credit
Income Tax Expense 535 Expense Debit Credit

Transaction

During its first month of operation, Jane's Skateboards completed the following transactions.
Record these transactions in the Journal entries page
Journal entry # Date of transaction July Transactions
JE01 July 1 Begin business by making a $100,000 deposit into the companies bank account
in exchange for 10,000 shares of common stock -Par value $10
JE02 July 2 Paid $16,000 for Shelves for the Store
JE03 July 3 Paid $6,000 for the premium on a 1-year Insurance policy
JE04 July 5 Paid $3,000 for the July store rent
JE05 July 6 Purchased on Credit – 1000 skateboards costing $25 each from Acme MFG Note: This is different from the videos you watched
JE06 July 8 Purchased on Credit – Store supplies costing $600 from Mikes Supply
JE07 July 10 Paid $200 for for July telephone bill
JE08 July 11 Sold 24 skateboards for $50 each to a customer who paid cash
JE09 July 18 Paid $300 for 1/2 of the Store Supplies purchased on July 8
JE10 July 20 Sold 140 skateboards for $50 each to a customer who paid cash
JE11 July 25 Sold 100 skateboards for $50 each to a customer who paid cash
JE12 July 26 Paid $500 for for July electric bill
JE13 July 30 Paid $1,500 for divident declared on July 30

Journal Entries

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Date Description Post Ref. Debit Credit Post Ref. Account Name Acct #
1 7/1/22 Cash 111 100,000 JE01 Cash 111
Common Stock 311 100,000 JE01 Store Supplies 117
2 7/2/22 Store fixtures 144 16,000 JE02 Prepaid Insurance 119
Cash 111 16,000 JE02 Merchandise Inventory 130
3 7/3/22 Prepaid Insurance 119 6,000 JE03 Store Fixtures 144
Cash 111 6,000 JE03 Accumulated Depreciation -Fixtures 145
4 7/5/22 Store Rent Expense 511 3,000 JE04 Accounts Payable 212
Cash 111 3,000 JE04 Income Tax Payable 213
5 7/6/22 Merchandise Inventory 130 25,000 JE05 Common Stock 311
Accounts Payable 212 25,000 JE05 Retained Earnings 312
6 7/8/22 Store Supplies 117 600 JE06 Dividends 313
Accounts Payable 212 600 JE06 Sales Revenue 411
7 7/10/22 Telephone Expense 517 200 JE07 Cost of Good Sold 505
Cash 111 200 JE07 Store Rent Expense 511
8 7/11/22 Cash 111 1200 JE08 Telephone Expense 517
Sales Revenue 411 1200 JE08 Depreciation Expense 520
7/11/22 Cost of Good Sold 505 600 JE08 Electric Expense 522
Merchandise Inventory 130 600 JE08 Insurance Expense 525
9 7/18/22 Accounts Payable 212 300 JE09 Supplies Expense 530
Cash 111 300 JE09 Income Tax Expense 535
10 7/20/22 Cash 111 7000 JE10
Sales Revenue 411 7000 JE10
7/20/22 Cost of Good Sold 505 3500 JE10
Merchandise Inventory 130 3500 JE10