Buy Kodiak Enterprises Case Study

Kodiak Enterprises Case Study

Value: This is worth 10% of your final grade in ACC 1170

Part 1 (5%) Due: July 12, 2020 @ 11:30 p.m.

Complete the following:

1. Review the opening account balances in the ledger accounts provided. Account names, numbers, and opening balances have been entered into the ledger accounts.

Kodiak Enterprises Case Study

2. Enter the following transactions for May in the general journal and post to the ledger accounts.

3. Prepare a trial balance based on your ledger accounts and compare it to the check-sums provided with this assignment. Correct any ledger and journal errors you may have found. The transactions and postings in your accounts must match the totals from the check sums. If you only correct the trial balance, you will lose marks.

4. Transfer the now corrected ledger balances from Step # 3 into the Unadjusted Trial Balance columns of the provided 10 column worksheet and complete the worksheet using the following information for your adjusting entries.

Ending merchandise inventory

$47,026

Ending store supplies inventory

$9,800

Kodiak Enterprises Case Study

Ending office supplies inventory

$2,975

Estimated monthly depreciation of store equipment

$900

Estimated monthly depreciation of office equipment

$278

Expired insurance

$333

Bank Service charges for May

$80

Overdraft fee for when your cash account went negative in May

$125

Kodiak Enterprises Case Study

Interest Earned in the month of May

$10

If you need additional ledger accounts, there is a page of blank ledgers at the end of ledgers so that you can add the additional accounts. Do no worry that the new account(s) are not in correct order. Be sure to give the account(s) appropriate account numbers.

5. Prepare a May classified, multiple-step income statement, a May statement of owner’s equity, and a May 31 classified balance sheet.

6. Prepare and post adjusting and closing entries (omit explanations).

7. Prepare a post-closing trial balance. Also prepare a list of the outstanding Accounts Receivable and Accounts Payable.

· All of your work must be neat, easy to read, in correct order and format, on the correct forms.

· You can complete this case in Excel, Word, or paper/pencil.

o If you are completing it paper/pencil, you must print out the correct forms and use them.

o Do NOT submit this case on loose leaf paper.

Part 2 (5%): Due: July 17, 2020 @ 1 p.m.

Kodiak Enterprises Case Study

Complete an online quiz on Canvas based on the work that you have completed in Part 1. There is no additional work to do, only answer the questions in the quiz.

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