This project will be submittedin 3 parts. The submission dates and required parts to be completedfor each submission are:

Submission 1 - due MondaySeptember 10 before 5pm - You must submit your completed JulyJournal entries, the Worksheet complete through the Trial Balance,and the worksheet formulas tab complete through the Trial Balance.Your file must be named correctly - "Your name (first and last)Project 1 part 1. Failure to name your file correctly will resultin a 1 point deduction

Submission 2 - due MondaySeptember 17 before 5pm - You must submit your completed AdjustingJournal Entries, the worksheet with the Trial Balance andadjustments and Adjusted Trial Balance Columns, and the Worksheetformulas tabs completed .   Your file must be namedcorrectly - "Your name (first and last) Project 1 part 2. Failureto name your file correctly will result in a 1 point deduction

Submission 3 - due MondaySeptember 24 before 5pm - You must submit your completed Closingentries, the financial statements completed, and the financialstatements formulas tab completed.   Your file must benamed correctly - "Your name (first and last) Project 1 part 3.Failure to name your file correctly will result in a 1 pointdeduction

YOU MUST USE FORMULAS TO BECONSIDERED FOR FULL CREDIT ON THE PROJECTS

PROJECT INFORMATION

You have been hired as anaccountant for KTZFIG Consulting Inc. This business was createdwhen some friends decided to make use of their newly minted collegedegrees and go into business together. The business was created onJuly 1, 2018. The company will have a fiscal year end of June30.   The initial formation transactions and earlypurchases for KTZFIG Consulting Inc. resulted in the balances thatare included in the first 2 columns of the Worksheet. (see theworksheet tab)

During July, the first monthof operations, the following transactions occurred:

Event

Borrowed 25,000 from the bankfor operating cash. The note has a 6% interest rate (simpleinterest) and is to be paid back in 5 years

Purchased office furniture for$9,865.

Paid $13,800 for 12 monthsrent on office space

Received $11,400 from SBoardInc. for work to be performed over the next 12 months.

Paid $1,275 forutilities.

Paid $8,975 for purchases ofsupplies previously made on account.

Performed services for variouscustomers for $12,750 cash and another $15,780 onaccount.

Collected $11,680 as paymentfor amounts previously billed.

Purchased $10,660 ofadditional office supplies on account.

Paid salaries to employeestotaling $3,850 for 1 week.

Dividends of $1,000 weredeclared and paid.

At the end of July, thefollowing additional information is available to help determinewhat adjustments are needed:

Additional work for customersof $5,980 has been performed during the last week of July but notyet billed

One month of interest hasaccrued on the note payable for the bank loan.

Supplies on hand are$4,785.

One month of the prepaid renthas been used up

One month of the services forSBoard Inc. has been performed (see above).

Salaries of $3,850 are paidevery Friday (for a 5 day work week). July 30, 2018 was aTuesday.

Depreciation expense for thecomputer equipment is $140 and for the office furniture is$120

SUGGESTED STEPS FOR COMPLETIONOF THE PROJECT:

Prepare journal entries torecord the July transactions given. Please refer to the Worksheettab for Account Titles you may need.

Add the July journal entryinformation to the Worksheet in the July columns. You can do thisin one of 2 ways - (1) Post the journal entries to ledger accountsusing T-accounts to represent ledger accounts and then use thosetotals to post to the worksheet or (2) use excel to add all entriesfor a particular account into the correct column in the worksheet(ie., add all cash debits from the journal entries into the cashdebit column for July entries). There is a tab to use for TAccounts if you want but the T Accounts are NOT required

Prepare an unadjusted trialbalance as of July 31, 2018. This will be part of the Worksheet youprepare. There is a tab in this file that you will use for this.Excel formulas must be used throughout the project to obtain fullcredit.

Prepare adjusting entries forthe month of July given the information provided.

Post the adjusting entries tothe Adjusting entries columns on the worksheet

Prepare an adjusted trialbalance as of July 31, 2018. This will be part of the Worksheet youprepare. There is a tab in this file that you will use forthis.

Prepare financial statementsfor the month ending July 31, 2018. (Income Statement, Statement ofRetained Earnings, Classified Balance Sheet ). Formatting isimportant and will be graded so be sure you use dollar signs andunderlines as appropriate. Also be sure you have headings andproper column usage for all statements. There is a tab for thesestatements. Heading are PARTIALLY completed for the 3statements.

Prepare closing entries forthe end of the period

Copy the Worksheet from the Worksheet tab to the Worksheetformulas tab and the Financial Statements from the FinancialStatements tab to the Financial Statements tab. Highlight theentire worksheet/financial statements area respecively and pressthe "ctrl" key and the "~" key. This will cause the formulas usedto display instead of the numbers. Save your file with the formulasdisplayed. JOURNAL ENTRIES -KTZFIG Consulting Inc DATE ACCOUNT DEBIT CREDIT 1-Jul Cash 25,000 Cash DB         Notes Payable 25,000 Cash CR 3-Jul Office Furniture 9,865 Cash DB-CR         Cash 9,865 4-Jul Prepaid Rent 13,800 Accounts Receivable DB           Cash 13,800 Accounts Receivable CR 8-Jul Cash 11,400 Accounts Receivable DB-CR         Unearned ServiceRevenue 11,400 10-Jul Utilities 1,275 Accounts Payable DB           Cash 1,275 Accounts Payble CR 14-Jul Accounts Payable 8,975 Accounts Payable DB-CR          Cash 8,975 15-Jul Cash 12,750 Accounts Receivable 15,780          ServiceRevenue 28,530 26-Jul Cash 11,680          AccountsReceivable 11,680 28-Jul Supplies 10,660          AccountsPayable 10,660 29-Jul Wage Expenses 3,850          Cash 3,850 31-Jul Dividends 1,000          Cash 1,000 126,035 126,035 ADJUSTING JOURNALENTRIES - KTZFIG Consulting Inc DATE ACCOUNT DEBIT CREDIT Worksheet -KTZFIG Consulting Inc BEGINNING NUMBERS JULY ENTRIES UNADJUSTED TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 120,500 22,065 142,565 Accounts Receivable 4,100 4,100 Supplies 8,975 10,660 19,635 Prepaid Rent 13,800 13,800 Land 30,000 30,000 Computer Equipment 49,500 49,500 Accumulated Depreciation, Comp Equip Office Furniture 9,865 9,865 Accumulated Depreciation, Off Furn Accounts Payable 8,975 1,685 10,660 Salaries Payable Interest Payable Unearned Revenue 11,400 11,400 Long-term Notes Payable 25,000 25,000 Common Stock 200,000 200,000 Retained Earnings Dividends 1,000 1,000 Service Revenue 28,530 28,530 Salaries Expense 3,850 3,850 Rent Expense Supplies Expense Utilities Expense 1,275 1,275 Interest Expense Depreciation Expense, Comp Equip Depreciation Expense, OfficeFurniture 208,975 208,975 66,615 66,615 275,590       275,590 Please include formuals