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ACCT 2301 JW's Lock & Key Background JW's Lock & Key is owned and operated by Jake Walters and is located in Odessa, TX. Jake is a locksmith and provides locksmith services and has a store that sells everything from keys to safes. You have just been hired as the accountant as of December 1, 2020. Required 1. The general ledger contains the current balances for all accounts as of November 30, 2020. The subsidiary ledgers for A/R and A/P also contain the current balances as of November 30, 2020. Review the information in these accounts before beginning the project. Journalize the December transactions in the general journal. Descriptions are not required. 3. Post daily to the Accounts Receivable Subsidiary Ledger and the Accounts Payable Subsidiary Ledger. Place a checkmark in the Post Reference column of the General Ledger next to the GL account number; L.e. 201/V. The checkmark denotes that you have posted to the Subsidiary Ledger account. On December 31, post to the General Ledger. 4. Prepare an Unadjusted Trial Balance, using the worksheet. Complete the worksheet using the following adjustment information for December: a. Office supplies on hand on December 31 are $1,058. b. A physical count of inventory showed an ending inventory cost of $44,500. c. Recorded depreciation on equipment for the month, $4,200 d. Insurance expired during December is $300. e. Eaned $1,500 worth of the uneamed service revenue f. Sales refunds estimated for the year $10,000 g. Cost of estimated returns for the year $2,000 5. Journalize and post the adjusting entries. 6. Prepare JW's Lock & Key's financial statements for the year ended December 31, 2020. Note: Jake Walter's Capital at January 1, 2020 was $262,643. 7. Journalize and post the closing entries. 8. Prepare a Post-Closing Trial Balance Note: This is a group project and you may work in groups up to 4 members. In the Accounting Project Module you will find group signup sheets. Once a group is full, please join the next available group. Every group member needs to turn in a completed set of project documents to his or her own drop box. Since the project results should be the same for each group member in a respective group, I will grade the groups' project once and up load the grading sheet to the individual drop box for each member The project needs to be scanned if you are using the pdf documents and turned in through Blackboard. ACCT 2301 JW's Lock & Key Background JW's Lock & Key is owned and operated by Jake Walters and is located in Odessa, TX. Jake is a locksmith and provides locksmith services and has a store that sells everything from keys to safes. You have just been hired as the accountant as of December 1, 2020. Required 1. The general ledger contains the current balances for all accounts as of November 30, 2020. The subsidiary ledgers for A/R and A/P also contain the current balances as of November 30, 2020. Review the information in these accounts before beginning the project. Journalize the December transactions in the general journal. Descriptions are not required. 3. Post daily to the Accounts Receivable Subsidiary Ledger and the Accounts Payable Subsidiary Ledger. Place a checkmark in the Post Reference column of the General Ledger next to the GL account number; L.e. 201/V. The checkmark denotes that you have posted to the Subsidiary Ledger account. On December 31, post to the General Ledger. 4. Prepare an Unadjusted Trial Balance, using the worksheet. Complete the worksheet using the following adjustment information for December: a. Office supplies on hand on December 31 are $1,058. b. A physical count of inventory showed an ending inventory cost of $44,500. c. Recorded depreciation on equipment for the month, $4,200 d. Insurance expired during December is $300. e. Eaned $1,500 worth of the uneamed service revenue f. Sales refunds estimated for the year $10,000 g. Cost of estimated returns for the year $2,000 5. Journalize and post the adjusting entries. 6. Prepare JW's Lock & Key's financial statements for the year ended December 31, 2020. Note: Jake Walter's Capital at January 1, 2020 was $262,643. 7. Journalize and post the closing entries. 8. Prepare a Post-Closing Trial Balance Note: This is a group project and you may work in groups up to 4 members. In the Accounting Project Module you will find group signup sheets. Once a group is full, please join the next available group. Every group member needs to turn in a completed set of project documents to his or her own drop box. Since the project results should be the same for each group member in a respective group, I will grade the groups' project once and up load the grading sheet to the individual drop box for each member The project needs to be scanned if you are using the pdf documents and turned in through Blackboard

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