Fast Track Tutoring Service is owned and operated by Jennifer Rachael.

Fast Track Tutoring Service provides tutoring for students of all levels.

You are the accountant for Fast Track Tutoring Service

Fast Track Tutoring Service earns revenue from fees charged for private instruction as well as group instruction.

ASSETS OWNER'S EQUI TY

101 Cash in Bank 301 J ennifer Rachael, Capital

110 Accts Rec - Carla DiSario 305 J ennifer Rachael, Withdrawals

120 Accts Rec - George McGarty 310 I ncome Summary

140 Offi ce Supplies

150 Offi ce Equipment REVENUE

155 I nstructional Equipment 401 Group Lessons Fees

405 Private Lessons Fees

LI ABI LI TI ES

210 Accts Pay - Educational Sof tware EXPENSES

215 Accts Pay - T&N School Equipment 505 Maintenance Expense

510 Miscellaneous Expense

515 Rent Expense

525 Utilities Expense

Fast Track Tutoring Service

Chart of Accounts

Your job responsibilities are

(1) Open a General Ledger account for each account.(2) Using the source documents provided, enter each

transaction in the General Journal, starting on page 1.(3) After the General journal is complete, post each entry in

the General Ledger.(4) Reconcile the bank statement dated December 30. the

checkbook has a current balance of $9,631. the bank statement shows a balance of $9,844. The bank service charge is $15. These checks are outstanding: check 108 $183 and check 109 $45. There are no outstanding deposits.

(5) Make necessary adjustments to the checkbook balance.(6) Journalize and post the entry for the bank service

charge.(7) Prepare 6 column work sheet.(8) Prepare and Income Statement, a Statement of Changes

in Owner’s Equity, and a Balance sheet.(9) Journalize and post the closing entries.(10)Prepare a Post-Closing Trial Balance.

This is not a group project. You are expected to work on your own each day

in class.If you have any pages from a project other than your own on your desk at any time,

you and that person will each have 5 points deducted from that day’s class

work grade.You will work on the project in class only. It will be collected at the end of every period,

and you will be given a class work grade every day.

You will be told at the end of every period what was expected to be finished by that

day, and what you are being graded on for that day.

You will also receive a grade for the entire completed project when the project is complete.

Daily class work grades will be kept, but you can make up for bad daily grades by completing the project correctly and getting a good grade for the entire

project at the end.Final project grades will be as follows:

Open Ledger Accts 34 I ncome Statement 25

General J ournal 138 Statement of Changes 20

General Ledger 180 Balance Sheet 30

Reconcile Bank Statement 10 J ournalize Closing Entries 37

Checkbook Adjustments 5 Closing Entries to Ledger 72

Service Charge Entry 8 Post-Closing Trial Balance 25

Work Sheet 35 Neatness 6

Project Total = 625 Points