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ACC 317 Project Two Workbook Template Completed

.xlsx
School
Southern New Hampshire University**We aren't endorsed by this school
Course
ACC 317
Subject
Accounting
Date
Jan 2, 2025
Pages
22
Uploaded by Niambi863
Asset AccountsAcct #Cash105Construction Equipment106Accumulated Depreciation - Construction Equipment107Vehicles108Accumulated Depreciation - Vehicles109Long-term Investments and Intangibles110Accumulated Amortization111Right of Use Lease Asset112Accumulated Amortization - Right of Use Lease Asset113This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.
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Liability AccountsEquity AccountsAcct #Acct #Bank Loan203 Retained Earnings301Lease Liability204Interest Payable205Revenue AccountsAcct #Sales Revenue401Expense AccountsAcct #Rent Expense501Interest Expense502Depreciation Expense503Impairment Expense504Loss on Disposal of Equipment505
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Lou's CrewGeneral Journal Entries DateAccountsDebitCredit1-Jan Vehicles$ 350,000.00 Loan Payable$ 350,000.00 6-Feb Impairment Loss on Patent $ 50,000.00 Patent$ 50,000.00 25-Mar Investment in Bond$ 45,000.00 Cash$ 45,000.00 5-Apr Construction Equipment$ 120,000.00 Account Payable$ 120,000.00 1-May Right of Use Asset$ 510,800.00 Lease Liability$ 510,800.00 14-Jun Accumulated Dedpreciation$ 5,200.00 Loss on Disposal$ 2,300.00 7500-5200=2300 Forklift$ 7,500.00 30-Jun Depreciation Expense $ 29,166.67 58,333.33/2 Accumulated Depreciation$ 29,166.67 30-Jun Depreciation Expense $ 4,285.71 120,000/7*3/12 Accumulated Depreciation$ 4,285.71 30-Jun Interest Expense$ 7,525.00 15,050/2 Interest Payable$ 7,525.00 30-Jun Amortization Expense$ 14,188.89 85,133.33/12*2 Accumulated Amortization$ 14,188.89 ######<== Do the debits e
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Lou's CrewGeneral Journal Entries DateAccountsDebitCredit1-Jan [Insert text][Insert value] [Insert text][Insert value] 6-Feb [Insert text][Insert value] [Insert text][Insert value] 25-Mar [Insert text][Insert value] [Insert text][Insert value] 5-Apr [Insert text][Insert value] [Insert text][Insert value] 1-May [Insert text][Insert value] [Insert text][Insert value] 14-Jun [Insert text][Insert value] [Insert text][Insert value] * [Insert text][Insert value] 30-Jun [Insert text][Insert value] * [Insert text][Insert value] 30-Jun [Insert text][Insert value] * [Insert text][Insert value] 30-Jun [Insert text][Insert value] * [Insert text][Insert value] 30-Jun [Insert text][Insert value] * [Insert text][Insert value] *If you received a perfect score on the Project One Milestone, please shade this box green. Then you do not have to complete this tab because all entries on the Milestone Journal Entries tab are correct.
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$ -$ -<== Do the debits eq
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AssetsLiabiliDatesCash DatesBanBeginning Bal$ 185,000.00 1-Jan25-Mar$ 45,000.00 5-Apr$ 120,000.00 $ 185,000.00 $ 165,000.00 $ -$ 20,000.00 Construction Equipment LeaseBeginning Bal$ 50,000.00 1-May5-Apr $ 120,000.00 14-Jun$ 7,500.00 $ 170,000.00 $ 7,500.00 $ -$ 162,500.00 IntereBeginning Bal$ 22,000.00 30-Jun14-Jun $ 5,200.00 30-Jun$ 4,285.71 $ 5,200.00 $ 26,285.71 $ -$ (21,085.71)VehiclesBeginning Bal$ 200,000.00 1-Jan $ 350,000.00 Accumulated Depreciation -Construction Equipment
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$ 550,000.00 $ -$ 550,000.00 Accumulated depreciation- Vehicles Beginning Bal$ 80,000.00 30-Jun$ 29,166.67 $ -$ 109,166.67 $ (109,166.67)Right of Use Asset 1-May $ 510,800.00 $ 510,800.00 $ -$ 510,800.00 30-Jun$ 14,188.89 $ -$ 14,188.89 $ (14,188.89)Beginning Bal$ 120,000.00 6-Feb$ 50,000.00 25-Mar$ 45,000.00 Accumulated Amortization- Right of Use asset Long term investments and intangibles
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$ 165,000.00 $ 50,000.00 $ 115,000.00 Beginning Bal$ 24,000.00 $ -$ 24,000.00 $ (24,000.00)Accumulated Amortization- Intangible
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itiesEquitynk Loan DatesRetained Earnings $ 350,000.00 Beginning Bal$ 429,000.00 $ 350,000.00 $ -$ 429,000.00 $ 350,000.00 $ 429,000.00 e Liability$ 510,800.00 $ 510,800.00 $ 510,800.00 est Payable $ 7,525.00 $ 7,525.00 $ 7,525.00
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RevenueExpensesDatesSales Revenue DatesRent Expense 30-Jun$ 14,188.89 $ -$ -$ 14,188.89 $ -$ -$ 14,188.89 Interest Expense 30-Jun$ 7,525.00 $ 7,525.00 $ -$ 7,525.00 Depreciation Expense 30-Jun$ 29,166.67 30-Jun$ 4,285.71 $ 33,452.38 $ -$ 33,452.38 Impairment Expense 6-Feb$ 50,000.00
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$ 50,000.00 $ -$ 50,000.00 14-Jun$ 2,300.00 $ 2,300.00 $ -$ 2,300.00 Loss on Disposal of Equipment
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Lou's CrewIncome StatementFor Month ending June 30, 20XXRevenuesTotal Revenues$ -Operating Expenses:Rent Expense$ 14,188.89 Interest Expense$ 7,525.00 Depreciation Expense$ 33,452.38 Impairment nExpense$ 50,000.00 Loss on Disposal Equipment$ 2,300.00 Total Operating Expenses:$ 107,466.27 Net Income$ (107,466.27)
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Lou's CrewBalance SheetAs of June 30, 20XXAssetsCurrent Assets:Cash$ 20,000.00 Total Current Assets$ 20,000.00 Non-Current Assets:Construction Equipment$ 120,000.00 Accumulated Depreciation - Construction Equipment $ (21,085.71)Net Construction Equipment$ 98,914.29 Vehicles$ 350,000.00 Accumulated Depreciation - Vehicles$ (80,000.00)Net Vehicles$ 270,000.00 Investment in Bond$ 45,000.00 Net Rigt of use Asset$ 510,800.00 Accumulated Amortization - Right of Use Asset$ (14,188.89)Total Non-Current/Fixed Assets$ 1,279,439.69 Total Assets:$ 1,299,439.69
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Liabilities and Owners' EquityCurrent Liabilities:Account Payable$ 120,000.00 Total Current Liabilities$ 120,000.00 Long-Term Liabilities:Loan Payable $ 350,000.00 Lease Liability$ 510,800.00 Total Long-Term Liabilities:$ 860,800.00 Total Liabilities:$ 980,800.00 Owner's EquityOwner's Capital$ 361,139.69 Total Equity $ 361,139.69 Total Liabilities & Equity $ 1,341,939.69 <== D
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