Opj mini project 12e

Mac Chapter 6 - OPJ Mini-Project

Solid Footing 10e

To activate your project, enter your: Software ID Code, First Name, and Last Name (press the Enter Key) -- then Click the Activate Project button.

Your Software ID Code is located in your Solid Footing book. Be sure to turn-in your blue Registration Slip to your instructor.

Software ID Code: 87425907 First Name: Lujia Last Name: Yang

Press the Enter key after you enter your Last Name

As you work on your project, be sure to save your file often.

Instructions: You will be recording the March 2017 transactions for OverPriced Jeans, Inc. (OPJ). After recording the March transactions you will be preparing a Pre-Closing Trial Balance, Income Statement, Calculation of Retained Earnings, Balance Sheet, and Post-Closing Trial Balance.

You are given the following:

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! :9(9$#. ;+6$(#. <#=9) 22 ;+6$(#. ▹#4

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! F+$1) 0+$ ▹&9 "#$%& GHI J$925.+)*(= ⌃$*#. K#.#(%9 L⌃$*#. K#. ▹#4M? /(%+19 N▹#▹919(▹ #(, Calculation of Retained Earnings (IS & RE tab), Balance Sheet (BalSht tab), and Post-Closing Trial Balance (Post Close TB tab)

To Complete Your Workbook do the following:

! J$*(▹ ▹&9 "#$%& ⌃$#()#%▹*+() L%.*%O ▹&9 ⌃$#() ▹#4 #(, ▹&9( %.*%O ▹&9 J$*(▹9$ /%+(M Use YOUR Transaction sheets -- do not use another student's sheets

! J$*(▹ ▹&9 5&#$▹ +0 -%%+6(▹) L%.*%O ▹&9 5&#$▹ -%%▹) ▹#4 #(, ▹&9( %.*%O ▹&9 J$*(▹9$ /%+(M

! C9%+$, ▹&9 "#$%& ▹$#()#%▹*+() *( ▹&9 :9(9$#. ;+6$(#.P 5.*%O ▹&9 ;+6$(#. ▹#4 #(, $9%+$, your entries directly into the General Journal. Look at the March 1 Common Stock transaction, which has already been entered, for an example of how to make your entries. Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system.

! ⌃+ 1#O9 <+)▹*(= 0$+1 ▹&9 :9(9$#. ;+6$(#. ▹+ ▹&9 :9(9$#. >9,=9$ 9#)*9$? *▹ *) $9%+119(,9, ▹&#▹ you print the General Journal -- click the Journal tab and then click the Printer Icon.

! J+)▹ ▹&9 9(▹$*9) 0$+1 ▹&9 <$*(▹9, :9(9$#. ;+6$(#. ▹+ ▹&9 :9(9$#. >9,=9$ #%%+6(▹)P 5.*%O ▹&9 GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. Record your postings directly into the General Ledger. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. See

>SAVING YOUR PROJECT -- Immediately after Activation Save your project in a file that uses your name as the file name. The file name should be in the form: LastNameFirstName-OPJ For example, Mary Smith would save her project with the file name SmithMary-OPJ

Mac Excel 2016 and Mac Excel 2011, follow these directions: - Click File - Click Save As - In Save As: enter LastNameFirstName-OPJ - Format must be Excel Macro-Enabled Workbook (xlsm) - Before clicking Save, be sure the file is being saved to the Solid Footing 10e folder on your Mac, and not to an online location such as OneDrive - Click Save

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the first posting to the Cash-Big Bank account for an example. After you post an amount to a General Ledger account, then hand write an "X" in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted.

! @(▹9$ ▹&9 QRQ)? 7&*%& B+6 &#(, 7$+▹9 +( B+6$ :9(9$#. ;+6$(#. <#=9)? *(▹+ ▹&9 General Journal. Click the Journal tab and enter the "X"s in the Posted column

Pg. 2 ! J$9<#$9 ▹&9 "#$%& GH #,S6)▹*(= 9(▹$B 0+$ *(▹9$9)▹ ,69 +( ▹&9 8+▹9 J#B#4.9 ▹+ K*= K#(OP The information for this adjusting entry is under the heading "Additional Information" on the page that printed when you printed the Trans tab. Click the Journal tab and record the adjusting entry in the General Journal. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system.

! J+)▹ ▹&9 #,S6)▹*(= 9(▹$B 0$+1 ▹&9 :9(9$#. ;+6$(#. ▹+ ▹&9 :9(9$#. >9,=9$ #%%+6(▹)P Click the GL Liab-Equity and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal.

! J$*(▹ TJ;U) :9(9$#. >9,=9$ 4BI %.*%O*(= ▹&9 :> -))9▹) ▹#4 #(, ▹&9( %.*%O*(= ▹&9 J$*(▹9$ *%+(? clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the GL Rev-Exp tab and then clicking the Printer icon.

! ⌥)*(= ▹&9 <$*(▹9, :9(9$#. >9,=9$? 9(▹9$ ▹&9 9(,*(= #%%+6(▹ 4#.#(%9) *(▹+ ▹&9 "#$%& GH Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the March 31 Pre-Closing Trial Balance by clicking the Printer icon.

! ⌥)*(= ▹&9 <$*(▹9, "#$%& GH J$925.+)*(= ⌃$*#. K#.#(%9? <$9<#$9 ▹&9 "#$%& WXHY Income Statement. Click the IS & RE tab and enter the amounts into the Income Statement.

! ⌥)*(= ▹&9 <$*(▹9, J$925.+)*(= ⌃$*#. K#.#(%9 #(, ▹&9 89▹ /(%+19 #1+6(▹? <$9<#$9 ▹&9 Calculation of Retained Earnings as of March 31 for the Balance Sheet. Click the IS & RE tab and enter the amounts into the schedule.

! ⌥)*(= ▹&9 <$*(▹9, "#$%& GH J$925.+)*(= ⌃$*#. K#.#(%9 #(, ▹&9 #1+6(▹ 0$+1 ▹&9 Calculation of Retained Earnings as of March 31, prepare the March 31, 2017 Balance Sheet. Click the BalSht tab and enter the amounts into the Balance Sheet.

! J$9<#$9 ▹&9 %.+)*(= 9(▹$*9)P 5.*%O ▹&9 ;+6$(#. ▹#4 #(, 9(▹9$ ▹&9 %.+)*(= 9(▹$*9) *(▹+ ▹&9 General Journal. Place your closing entries on Page # 3 of the General Journal.

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! J+)▹ ▹&9 %.+)*(= 9(▹$*9) 0$+1 ▹&9 :9(9$#. ;+6$(#. ▹+ ▹&9 :9(9$#. >9,=9$ #%%+6(▹)P Click the GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal.

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Your project is complete! Your instructor will provide you with directions on how to submit your project.

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Solid Footing 10e Copyright © 2017 Micro Solve, Inc.

Steps 1 and 2 in the Accounting Cycle

Step 1 For each business transaction that occurs during the accounting period, determine the effect of the transaction on the General Ledger accounts.

Step 2 Make an entry in the General Journal for each transaction and post the entry to the General

>SAVING YOUR PROJECT -- Immediately after Activation Save your project in a file that uses your name as the file name. The file name should be in the form: LastNameFirstName-OPJ For example, Mary Smith would save her project with the file name SmithMary-OPJ

Mac Excel 2016 and Mac Excel 2011, follow these directions: - Click File - Click Save As - In Save As: enter LastNameFirstName-OPJ - Format must be Excel Macro-Enabled Workbook (xlsm) - Before clicking Save, be sure the file is being saved to the Solid Footing 10e folder on your Mac, and not to an online location such as OneDrive - Click Save

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Ledger accounts.

Step 3 in the Accounting Cycle

At the end of the accounting period, before preparing the financial statements, determine if any of the General Ledger account balances need to be adjusted. Enter any required adjusting entries into the General Journal and post the adjusting entries to the General Ledger accounts.

Step 4 in the Accounting Cycle

Prepare a Pre-Closing Trial Balance to determine that the accounts in the General Ledger are in balance.

Step 5 in the Accounting Cycle Prepare an Income Statement from the ending balances in the General Ledger revenue and expense accounts.

Step 6 in the Accounting Cycle Calculate the ending balance of the Retained Earnings account that is needed for the preparation of the Balance Sheet

Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the General Ledger asset accounts, liability accounts, Common Stock account, and the calculated ending balance for the Retained Earnings account.

Step 8 in the Accounting Cycle Prepare and enter the revenue and expense closing

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entries into the General Journal, and post the closing entries to the General Ledger accounts.

Step 9 in the Accounting Cycle Prepare a Post-Closing Trial Balance to determine that the accounts in the General Ledger are in balance and ready to start a new Accounting Cycle.

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OverPriced Jeans, Inc. - Transactions - Additional Information S

March 2017 Transactions

Date Description of the Transaction

March 1 Owners of OPJ invested an additional $55,000 cash into the business. The cash is put into Big Bank. (As an example of how to journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger.)

March 1 THE MARCH TRANSACTIONS WILL APPEAR -- AFTER YOU ENTER YOUR ID CODE

March 1

March 2

March 10

March 15

March 16

March 17

March 20

March 22

March 26

March 30

Additional Information

Note Payable Big Bank:

✓

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