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Hub City Crossfit (HCCF) is a Box (Gym) in Lubbock, Texas. In the project, you

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Hub City Crossfit (HCCF) is a Box (Gym) in Lubbock, Texas.  In the project, you 
will perform similated accounting for HCCF.  You will record transactions in the 
journal, post to the ledger, prepare an unadjusted trial balance, perform the
necessary adjustments, prepare an adjusted trial balance, and the four required 
financial statements (the entire accounting cycle).
Assume HCCF started April 1, 2014. This will allow all accounts to have a zero
beginning balance.
Transactions (record in the journal in the same order as below):
April 1.HCCF is created as corporation. The original investment of $ 75,000 
is made in exchange for 1,000 shares of $20 par common.
Apr 1 – HCCF signed an operating lease on a building, $1,000 per month.
31-Dec
1-AprHCCF purchased $50,000 of equipment from Rogue Fitness.  Payment
was made by using a $30,000 note payable to Capital One and remainder
was paid in cash. (3yr, 5%  annual, N/P payments recorded later; asset is 
deemed to have an 8 year useful life).
10-AprPaid $7,500 to welder to build a system of Pullup Bars throughout the box.
(Asset is deemed to have a 15 year life).
Apr 1 –Utilities average $250 per month. Just one summarizing entry.
31-Dec
May 1 –Open for business. HCCF will average 100 Box members at an average 
31-Decof $90 per month membership.  Just record one summarizing entry
for this event. Use Members Fees account.
May 1 –HCCF pays trainers an average of $2800 per month to teach classes.
31-DecEmployees are paid at the end of each day in cash. Use Trainer Expense 
as account title. Just record one summarizing entry for these.
May 1 –Internet and Web page cost $90 per month. HCCF uses the account
31-DecInternet Expense. Just record one summarizing entry.
May 1 –HCCF pays dividends of $3,000 per month. Just record one summarizing entry.
31-Dec
10-DecOrdered 100 t-shirts from House of Ink to be sold to members.  Cost was 
$490 plus $10 shipping. Paid Cash
15-DecOrdered another 100 t-shirts from Cardinal’s Sports Center on account, 
$680 plus $20 shipping.  This is also to be sold to members. Credit
terms are n/30. Will pay the invoice in January.
Dec 15 –Sold 120 of the various t-shirts for $20 each.  HCCF uses the periodic
31-Decinventory method with LIFO assumption.
At this point, POST all accounts if you have not done so.  Then prepare the
UNADJUSTED TRIAL BALANCE portion.
End of year adjustments:
Accrue Interest Expense on long-term Note Payable. Take interest payable
to the actual Note Payable account. However, report on Cash Flow as Current.
Adjust Merchandise Inventory for the amount sold.
Record depreciation on Gym Equipment and Pullup Bars.   GE and PB 
have 8 and 15 years of useful life respectively.  HCCF uses Straight-
Line method for depreciation. No Residuals. Consider all equipment
as placed into service as of May 1st.  Round to nearest dollar for each.
Prepare the Adjusted Trial Balance (extra columns to help see closing entries, not necessary
 to record in this project), then the four required financial statements.
 
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