Discuss the Principles of Financial Accounting Case Study Project.

Words: 316
Pages: 2
Subject: Finance
1- Prepare the adjusting entries for these accounts:
– Art supplies (Supplies expense)
– Accumulated Depreciation – Printing Equipment
– Allowance for Doubtful Accounts (bad debt expense)
– Notes receivable (Interest revenue)
– Notes payables (Interest expense)
– Salaries expense
– Rent Expense
– Unearned Advertising Revenue
You need to set your own assumptions in order to adjust the accounts. Those assumptions should be in
consistency with your trial balance.
Example
The trial balance is showing the following balance for “Art Supplies”:
Dr Cr
Art Supplies 32,700
Your assumption could be formulated as follows:
1- Art Supplies: An inventory count at the end of the year reveals that $8,700 of supplies are still
on hand.
So the cost of supplies used = 32,700-8,700=24,000
Adjusting entry for supplies:
Dr: Supplies Expense 24,000
Cr: Art Supplies 24,000
You need to do same for the other adjustments. You can follow the textbook pages 3-6 to 3-16.
2- Post the adjusting entries to the ledger.
3- Prepare an adjusted trial balance.
Page 3 of 3
4- Prepare the worksheet.
5- Prepare financial statements: income statement, retained earnings statement and statement of
financial position (classified).
6- Journalize and post the closing entries.
7- Prepare a post-closing trial balance.
Submission and due date
– Each student should submit a report on Blackboard on April 24, 2023 or before in soft copy format
(Excel file).
– Late submission will not be accepted.
Assessment rubrics
– Format of the report: 05 points.
– Adjusting entries: 30 points.
– Ledger: 15 points.
– Worksheet: 10 points.
– Adjusted trial balance: 5 points.
– Financial statements: 25 points.
– Closing entries and post-closing trial balance: 10 points.

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