Repairs in trial balance

To complete the Milestone 2 of the Course Project (due at the end of Week 6), do the following.

Complete requirements 4–10 on the worksheets.
Type your work directly into the worksheets.
Save your workbook as "Milestone 2_CourseProject_ ACCT212_YourName."
Don't forget to submit your workbook by the end of Week 6.ACCT 212: Course Project Requirement 1 2 3 4 5 6 7 8 9 10 ACCT 212: Course Project Requirement Description Prepare the Journal Entries in the General Journal Post Journal Entries to the General Ledger Prepare a Trial Balance Prepare the Adjusting Entries Post Adjusting Entries to the General Ledger Prepare an Adjusted Trial Balance Prepare the Financial Statements Prepare the Closing Entries Post Closing Entries to the General Ledger Prepare the Post Closing Trial Balance Worksheet Name 1 - Journal Entries 2 - General Ledger 3 - Trial Balance 4 &5 - Adjusting Entries 4 &5 -Adjusting Entries ( Use worksheet #2) 6- Adjusted TB 7 - Financial Statements 8&9 - Closing Entries ( use worksheet #2) 8&9- General Ledger 10 - Post Closing Trial Balance Course Project Overview The Course Project consists of 10 Requirements for you to complete. Part 1 of the Course Project is due at the end of Week 4 and Part 2 at the end of Week 6. 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 eight worksheets 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. • Each worksheet has the Check Figures embedded as a comment. Before You Begin: • Review the Week 2 Lecture prior to starting work on this project. • Print the Chart of Accounts and July Transactions worksheets for your reference. You will need to refer to both throughout the project. • Review the Grading Criteria. • SAVE your work frequently in this workbook. Scenario You’ve just secured a new client in your accounting practice, Peter's Pool Corporation (PPC), a brand new small business specializing in pool service. The owner, Peter Peck, is a terrific swimmer and pool repair specialist, but definitely not an accountant. Your job is to help Peter put his affairs in order. Luckily, Peter has only been in operation for a month and things have not gotten too out of hand yet! Peter has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the PPC. Requirements ACCT 212: 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 7 Prepare an Adjusted Trial Balance Prepare the Financial Statements 6- Adjusted TB 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 Guidelines Use the embedded assistance in 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 4 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-10. You Begin: the Week 2 Lecture prior to starting work on this project. the Chart of Accounts and July Transactions worksheets for your reference. You will need to refer to both throughout the project. the Grading Criteria. your work frequently in this workbook. During its first month of operation, Peter's Pool Corporation, which specializes in pool repairs, completed the following transactions. July Transactions Date July 1 Transaction Description Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 July 1 July 6 Paid the premium on a 1-year insurance policy, $4,800. Paid the current month's store rent expense, $3,600. Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 July 11 Paid telephone bill, $300. Cash pool service revenue for the first third of July,