Journalize and fill up transactions, accounting homework help

Ed’s Surfside Hotdogs You have “volunteered” as an unpaid intern to keep the books for my company that sells hotdogs at the beach. I established the business on September 1 and officially started selling hotdogs 3 days later. Below are the transactions for September. September 1 The owner contributed $20,000 to the business to start the operations. September 2 Purchased a fully equipped hotdog cart for $15,000. Paid $5,000 upfront and put the remainder of the balance on account. September 3 Purchased hotdogs, sodas and consumable supplies for $500. September 3 Purchased 3 months of advertising services from the HB Times newspaper for $300. September 4 Sold $200 worth of hot dogs to customers for cash. September 5 Sold $300 worth of hot dogs to customers for cash. September 6 Sold $100 worth of hotdogs the HBPD on account. September 8 The HB surfing contest company asked me to supply hotdogs for their contests and paid $600 in advance for a total of 6 contests. September 9 Hired a person to help with the surf contest sales. Paid that person $100 for services performed. September 10 Purchased hotdogs, sodas and consumable supplies for $500. September 12 Sold $200 worth of hot dogs to customers for cash. September 18 The city of HB requested that you provide $500 worth of food for an event they are holding at the pier this coming weekend. The job was completed. The city of HB paid $200 and you billed the difference. September 25 HBPD paid the balance on account due from September 6. September 26 Received propane (utility) bill, $100, which was put on account. September 30 Took out a small business loan from the bank for $15,000 to expand the business. The bank approved the loan due one year from today. September 30 The owner withdrew $200 in the form of dividends. Adjustments 1. Expired advertising. 2. Provided hotdogs for 3 surfing contests 3. Depreciation of hotdog cart, $300. Instructions 1. Journalize all September transactions in the general journal. You may skip journal entry descriptions. 2. Post every journal entry recorded in #1 above to the general ledger. The first transaction on September 1 has been journalized in the general journal and posted to the general ledger as an example. 3. Prepare an unadjusted trial balance at September 30, 2016. 4. Journalize and post adjusted journal entries based on the adjustments data provided. 5. Prepare an adjusted trial balance at September 30, 2016 6. Prepare a set of financial statements for Ed’s Surfside Hotdogs for the month of September. 7. Journalize and post closing entries for September. 8. Prepare a post-closing trial balance at September 30, 2016. GENERAL JOURNAL DATE Sept. DESCRIPTION 1 Cash P/R DEBIT CREDIT 20,000 Common Stock 20,000 GENERAL JOURNAL DATE DESCRIPTION P/R DEBIT CREDIT GENERAL LEDGER Cash Dr. 09/1 Cr. 20,000 Accounts Receivable Dr. Cr. Prepaid Advertising Dr. Cr. Equipment Dr. Cr. GENERAL LEDGER Accumulated Depreciation Dr. Cr. Notes Payable Dr. Cr. Accounts Payable Dr. Cr. Unearned Service Revenue Dr. Cr. GENERAL LEDGER Common Stock Dr. Cr. 20,000 Retained Earnings Dr. Cr. Dividends Dr. Cr. 09/1 GENERAL LEDGER Income Summary Dr. Cr. Service Revenue Dr. Cr. Salaries Expense Dr. Cr. Utilities Expense Dr. Cr. GENERAL LEDGER Cost of Goods Sold Expense Dr. Cr. Advertising Expense Dr. Cr. Depreciation Expense Dr. Cr. ED’S SURFSIDE HOTDOGS TRIAL BALANCE SEPTEMBER, 30 2016 Debit Credit ED’S SURSIDE HOTDOGS ADJUSTED TRIAL BALANCE SEPTEMBER 30, 2016 Debit Credit ED’S SURFSIDE HOTDOGS INCOME STATEMENT FOR MONTH ENDED SEPTEMBER 30, 2016 Revenues: Expenses: Total Expenses Net Income ED’S SURSIDE HOTDOGS STATEMENT OF RETAINED EARNINGS FOR MONTH ENDED SEPTEMBER 30, 2016 ED’S SURFSIDE HOTDOGS BALANCE SHEET SEPTEMBER 30, 2016 Assets Current assets: Total current assets Non-current assets: Total non-current assets Total assets Liabilities Current liabilities: Total liabilities Stockholders’ Equity Total stockholders’ equity Total liabilities and stockholders’ equity ED’S SURFSIDE HOTDOGS POST-CLOSING TRIAL BALANCE SEPTEMBER 30, 2016 Debit Credit ACCOUNTING G101 – FINANCIAL ACCOUNTING ACCOUNTING CYCLE PROJECT TIPS AND GUIDELINES FOR SUCCESS General Complete the project in order according to the number instructions. If you start skipping around, you will break the link that exists from the journal to the ledger and to the trial balances. Even one breakage in this link in the project can result in sudden death. General Turn in a final project that has all the proper documents: general journal, general ledger, 3 trial balances, and financial statements. Do not turn in previously submitted drafts. All elements should be in one complete project. General Turn in a legible project. I will not grade anything that I cannot read. General Turn in your final project stapled in the correct order. Refer to the blank project on Blackboard for the proper order of documents in your project. Journal ALL journal entries are chronologically recorded in the journal. Thus, the regular monthly journal entries come first, followed by adjusting journal entries and closing entries at the end of the period. Each and every journal entry should have the necessary components. General ledger Every journal entry must be posted to the general ledger. General ledger Any postings here that didn’t originate in the journal = sudden death. General ledger Any ledger account balances that do not total up correctly = sudden death. Therefore, use your calculator and tabulate each general ledger account not once, but twice or thrice! General ledger Post all journal entries to the same general ledger. You will have to total general ledger balances to prepare the unadjusted trial balance. These balances are overridden when to you post adjusting entries, and you will have new balances to prepare the adjusted trial balance. These balances will get overridden again when you post closing entries, and you will have new balances once more when you prepare the post-closing trial balance. All trial balances Accounts must be listed in order of liquidity. If total debits ≠ total credits, it means sudden death. If columns are not footed (added) correctly, it means sudden death. Financial statements All financial statements have to be in the proper format. Accounts on the balance sheet must be listed in order of liquidity. 1 …