ACC 3010
ACC 3010
Project 2
Fall 2013
DUE Friday November 1, 2013– This project is due on November 1st before 4:00 pm and is to be submitted in the Accounting Lab – room 200 in the Rands House. The hours for submission of and help with the project will be posted on the class Blackboard site. You will sign your project in to create a record of its being submitted. Be sure your name and the name of your TA are on the front page of the project.
This project is a continuation of Project 1, FRM Consulting Inc. An additional 11 months have passed since Project 1 (we are now at June 30, 2013 the company’s yearend). The friends have expanded the shop to include sales of electronic tablets. The new company name is FRM Consulting & Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of electronic tablets in June. You will be recording and posting those entries. Additionally, all monthly adjustments have been made EXCEPT for those related to accounting for bad debts, inventory, and cost of goods sold. You will be adding that information. You will then be making the required closing entries and preparing the yearend financial statements for the company. The following is a suggested series of steps for completing the project:
1. Complete the Perpetual Inventory card worksheets to reflect the June purchases and sales under the 3 different Inventory costing methods. These must be typed
2. Complete the June Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post. These must be handwritten. You should use the Journal Entry pages posted to the class blackboard site for your journal entries. Don’t forget to include all of the account balances included in the Partially Adjusted Trial Balance in your beginning T accounts.
3. Complete the worksheet included in the project
Project 2
Fall 2013
DUE Friday November 1, 2013– This project is due on November 1st before 4:00 pm and is to be submitted in the Accounting Lab – room 200 in the Rands House. The hours for submission of and help with the project will be posted on the class Blackboard site. You will sign your project in to create a record of its being submitted. Be sure your name and the name of your TA are on the front page of the project.
This project is a continuation of Project 1, FRM Consulting Inc. An additional 11 months have passed since Project 1 (we are now at June 30, 2013 the company’s yearend). The friends have expanded the shop to include sales of electronic tablets. The new company name is FRM Consulting & Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of electronic tablets in June. You will be recording and posting those entries. Additionally, all monthly adjustments have been made EXCEPT for those related to accounting for bad debts, inventory, and cost of goods sold. You will be adding that information. You will then be making the required closing entries and preparing the yearend financial statements for the company. The following is a suggested series of steps for completing the project:
1. Complete the Perpetual Inventory card worksheets to reflect the June purchases and sales under the 3 different Inventory costing methods. These must be typed
2. Complete the June Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post. These must be handwritten. You should use the Journal Entry pages posted to the class blackboard site for your journal entries. Don’t forget to include all of the account balances included in the Partially Adjusted Trial Balance in your beginning T accounts.
3. Complete the worksheet included in the project