Project 1

1. Project 1

1.4. Page 4

Project 1: The Worksheet

Time to Work

Let your teacher know when you are ready to complete the following assignments.

Create a new folder in your FIN1030 Course Folder called “Project 1 Training Room 1.” All of the answers to the following questions must be saved in this folder for your teacher to mark.

Assignment 1 requires you to complete a general ledger before completing the trial balance section of the worksheet. Assignment 2 provides the balances in the ledger for you to complete the trial balance section of the worksheet.

Refer to the Worksheet Trial Balance Rubric for a checklist to make sure you have included everything you need.

Assignment 1

Step 1: The numbers to complete a worksheet come from the general ledger. Open the Assignment 1 Ledger and save in your new folder as “Project 1: Training Room 1: Assignment 1 Ledger.”

Step 2: Complete this ledger by calculating any new balances and indicating either a DR or CR balance in the indicator column.

Step 3: Open Worksheet Template, and save it in your course folder as “Project 1: Training Room 1: Assignment 1 Worksheet.”

Step 4: Complete the heading of the worksheet for Mojuta Services for the month ended September 30 of the current year.

Step 5: Complete the trial balance section of the worksheet and save.

Assignment 2

The account titles and balances for Uni-Care Repairs are as follows:

Cash:
Accounts Payable, T. Tools Ltd.:
Accounts Receivable, B. Jones:
Accounts Receivable, D. White:
Sales:
Supplies Expense:
Furniture and Equipment:
Utilities Expense:
Office Supplies:
Building:
J. C. Lim, Capital:
Rent Expense:
Accounts Payable, S. Brake Co.:
J. C. Lim, Drawing:

19 067.00
345.60
75.00
1256.00
3750.00
1250.00
2104.50
576.25
350.60
41 676.00
62 809.50
1500.00
1450.25
500.00

Hint: Sort these accounts into the appropriate types first; e.g., assets, liabilities, owner’s equity, revenue, and expenses.

Step 1: Open Worksheet Template, and save in your course folder as “Project 1: Training Room 1: Assignment 2 Worksheet.”

Step 2: Complete the heading of the worksheet for Uni-Care Repairs for the year ended December 31 of the current year.

Step 3: Give each account an appropriate account number. Use a four-digit account numbering system. For example, Cash will be 1001.

Step 4: Complete the trial balance section of the worksheet and save.