29 Jun INSTRUCTIONS Use the explanation below
Question
INSTRUCTIONS
Use the explanation below and the information in the assumption section to omplete the steps in the requirements for this accounting project.
Mike Hanson recently left his job at a local pool company to open his own pool and spa maintenance business. XXXXX XXXXXson took all of the money he and his wife had in their personal savings account and used it to open Aqua Elite, Inc., are true and accurate.
ASSUMPTIONS
*Because Aqua Elite, Inc. is a new start up business, the beginning balances in all the general ledger accounts are zero to start.
*The lenght of the accounting periods are three months using a fiscal calendar year.(Afiscal calendar is on a yearly basis other than than a calendar year-January 1st to December 31st. For example, a fiscal calendar year can be May 1, 2009, through April 30, 2010). Therefore, posting are made on a fiscal quarterly basis.
*Accounts Receivevable and Accounts Payable subsidiary ledgers aren’t being used. Any reference to invoicing, receipts, or payments “on account” assume changes to the running balance in the Accounts Receivable and Accounts Payable general ledger accounts.
*Payroll calculations aren’t neccessary. Assume the salary is the gross pay with no deductions taken. Therefore, the net pay is the same as the gross pay, requiring a simplified journal entry to record the expense.
*Use the information in the chart of Accounts that’s provided after Requirements section below. Add general ledger accounts if neccessary.
Requirements
1.Journalize the transactions. Omit explanations.
2.Post the transactions to the general ledger, creating new ledger accounts as neccessary. Calculate the new general ledger account balances.
3.Prepare the unadjusted trial balance for Aqua Elite, Inc., at the end of July.
4.Journalize and post the adjusting entries for July based on the following adjustme
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