AC1220 Accounting I Lab 2.2
A continuation of AC 1220 Accounting I Lab, focusing on advanced accounting practices.
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AC1220 ACCOUNTING I Lab 2.2
1
AC1220 Accounting I Lab 2.2
Using the information provided for Jake's Computer Repair Service in March 20x1, please complete the following tasks:
1. Journalize the transactions that occurred during March 20x1. Ensure that each transaction is recorded correctly, including references and proper
debits and credits. (Word Count: 150-200 words)
2. Post the journal entries made on March 31, 20x1 to the appropriate T-accounts. Use the journal entries from Requirement 2 for March 31. (Word
Count: 200-250 words)
3. Prepare an adjusted trial balance, taking into account the adjusting entries for March 31, 20x1. Provide the final adjusted balances and ensure they
align with the income statement and balance sheet. (Word Count: 250-300 words)
4. Complete the Income Statement and Statement of Owner's Equity for Jake's Computer Repair Service for the month ended March 31, 20x1. Use the
adjusted trial balance from Requirement 3. (Word Count: 150-200 words)
5. Prepare the closing entries for the period ending March 31, 20x1. Close all revenue and expense accounts to the Income Summary and transfer the
net income to the capital account. (Word Count: 100-150 words)
6. Calculate the current ratio for Jake’s Computer Repair Service as of March 31, 20x1. Show all your work, including the formula used. Briefly interpret
the result. (Word Count: 150-200 words)
Total Word Count Requirement: 1,100-1,400 words
1
AC1220 Accounting I Lab 2.2
Using the information provided for Jake's Computer Repair Service in March 20x1, please complete the following tasks:
1. Journalize the transactions that occurred during March 20x1. Ensure that each transaction is recorded correctly, including references and proper
debits and credits. (Word Count: 150-200 words)
2. Post the journal entries made on March 31, 20x1 to the appropriate T-accounts. Use the journal entries from Requirement 2 for March 31. (Word
Count: 200-250 words)
3. Prepare an adjusted trial balance, taking into account the adjusting entries for March 31, 20x1. Provide the final adjusted balances and ensure they
align with the income statement and balance sheet. (Word Count: 250-300 words)
4. Complete the Income Statement and Statement of Owner's Equity for Jake's Computer Repair Service for the month ended March 31, 20x1. Use the
adjusted trial balance from Requirement 3. (Word Count: 150-200 words)
5. Prepare the closing entries for the period ending March 31, 20x1. Close all revenue and expense accounts to the Income Summary and transfer the
net income to the capital account. (Word Count: 100-150 words)
6. Calculate the current ratio for Jake’s Computer Repair Service as of March 31, 20x1. Show all your work, including the formula used. Briefly interpret
the result. (Word Count: 150-200 words)
Total Word Count Requirement: 1,100-1,400 words
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Document Details
University
ITT Technical Institute Chantilly
Subject
Accounting