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Hope all you guys are having a good fall break (you all deserve a little R&R). I wanted to help you with the accounting cycle project (try to use excel). Follow this guide and you guys will be fine:
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1) Read the problem
2) Read the problem properly ( this time without going to youtube )
3) Journalize all entries, if you are using excel sum the debit and credit columns to make sure they are equal.
4) Create ledger accounts using as beginning balances the amounts in the trial balance provided
5) Post journal entries to ledger, make sure you don’t forget any.
6) Create unadjusted trial balance from the ledger
7) Prepare adjusting entries and post to ledger
8) Prepare adjusted trial balance
9) Prepare closing entries, remembering to close Income summary to Retained earnings
10) Create the final trial balance
11) Prepare Income statement, Statement of retained earnings, and Balance sheet in that order
*** YOU DON’T NEED TO MAKE A CASHFLOW STATEMENT*****
12) Add a couple of short footnotes explaining the depreciation and which inventory choices you made.
