7-2 Project: Company Accounting Workbook and Summary Report ACC-201

  Competencies In this project, you will authenticate your ability of the afterward competencies: Almanac and present banking advice by applying the adapted framework and guidelines of accounting for business transactions Determine asset accounts and their acknowledgment in the banking statements Determine accountability and disinterestedness accounts and their acknowledgment in the banking statements Scenario You are a certified accessible accountant (CPA) who is alive with a baby bakery to adapt their banking statements for three months of the accustomed budgetary year. Because the aggregation is a startup and so small, the accounting is done manually in Microsoft Excel. You accept been accustomed the accounts and advice you charge to adapt their banking statements, but you will charge to use the accounting aeon to abode authentic advice to the accounts department. The business owners accept additionally asked you to abridge the company’s achievement based on the banking statements. Directions Company Accounting Workbook Use accustomed accounting attempt to chase and almanac your business affairs for a three-month aeon from the aboriginal footfall of the accounting aeon through the advertisement process. You will body on your assignment from Milestones One and Two to complete your workbook application the Aggregation Accounting Workbook Arrangement (linked in the What to Abide section). Your completed accounting workbook will abide of annual entries for anniversary transaction and postings of affairs to annual ledgers. You will advance a balloon antithesis from antithesis balances and acclimatize acquirement and amount accounts, as necessary, to ensure that revenues and costs are appear in the adapted aeon beneath the accretion accounting method. The adapted balloon antithesis will be acclimated to adapt the assets statement, the account of owner’s equity, and the antithesis sheet. After the alertness of the banking statements, closing entries will be entered to alteration antithesis to disinterestedness and adapt acting accounts for the new accounting period. Use the instructions beneath to complete your workbook. Almanac Banking Data: Use accustomed accounting attempt to accurately abduction business affairs for October, November, and December application the abstracts provided in the accounting abstracts addendum (linked in the Supporting Materials section). You will charge to abode the following: Accuracy: Adapt entries that are authentic in that they absolutely reflect the adapted information. Completeness: Adapt entries that are complete for anniversary month, including appointment acquaint entries to T accounts. Inventory Valuation: Adapt entries for the ages of December to reflect the new band of articles offered by the company, which includes application the abstracts from the “Inventory Valuation” tab of the aggregation accounting workbook. Accretion Basis: Apply the accretion base of accounting and adapt adjusting entries to ensure authentic accounting for costs that abridgement affairs in the accustomed period. Unadjusted Balloon Balance: Adapt the unadjusted balloon antithesis allocation of the “Trial Balance” tab of the aggregation accounting workbook, ensuring that the absolute debits and credits match. Adjusting Entries: Adapt the “Adjusting Entries” tab of the aggregation accounting workbook. Adapted Balloon Balance: Adapt the adapted balloon antithesis on the “Trial Balance” tab, ensuring that the debit and acclaim totals match. Banking Statements: Actualize banking statements application adapted methods based on accustomed accounting principles. Be abiding to adapt these banking statements in the adjustment listed, as there are important interdependencies amid them. Assets Statement: Adapt the assets account application the adapted balloon balance. Account of Owner’s Equity: Adapt the account of owner’s disinterestedness application the adapted balloon balance. Antithesis Sheet: Adapt the antithesis area application the adapted balloon balance. Closing Entries: Complete the “Closing Entries” tab of the aggregation accounting workbook by closing all acting assets account amounts to actualize closing entries. Post-Closing Balloon Balance: Adapt the “Post-Closing Balloon Balance” tab of the aggregation accounting workbook in alertness for the abutting accounting period. Summary Report After you accept completed advancing all the banking statements, assay the statements and address a abbreviate abode summarizing your findings. Use the arrangement provided in the What to Abide area to complete your report. Summary: Address a arbitrary of what the banking statements announce about the company’s banking bloom and performance. Purpose: What affectionate of advice would these banking statements accommodate to assorted aspects of the business? Analysis: What is the company’s banknote position, its net assets as a allotment of sales, and its accustomed liabilities to accustomed assets position? What to Submit To complete this project, you charge abide the following: Company Accounting Workbook Spreadsheet Your workbook should be completed and submitted as a Microsoft Excel book based on the arrangement provided. Project Arbitrary Abode Word Document Use this arrangement to abide a 1- to 2-page Word certificate summarizing the banking statements you created. Supporting Materials The afterward assets abutment your assignment on the project: Resource: Accounting Abstracts Addendum Word Document This ability includes all of the absolute banking advice bare to complete your project. Tutorial: Infobase Microsoft Excel Tutorial This tutorial from Infobase provides accessible advice on how to use the basal appearance of Microsoft Excel. Use the table of capacity to baddest the tutorials that best clothing your needs.

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