Class Project

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Class Project

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Overview:

The project is to demonstrate how financial transactions are recorded in a Journal and posted to a General Ledger and how Financial Statements are created from the financial transactions.

The month of  June Journal Entries were done in class.  The posting to the ledger was provided as an example.

Now, the project is to enter the Journal Entries for July, post the General Ledger, make a Trial Balance, Prepare the Income Statement, Statement of Retained Earnings, and Balance Sheet for July.

The General Ledger is posted and  balanced for June.  Continue posting for July and balance the two months and balance the accounts before preparing the financial statements.

Instructions:

1. Use the file supplied to you in the SAKAI on the UB web site.
   1. File identified as “BOOKS_Service Masters #2 Class 9/13/18”.
      1. PRINT the file. Fill out the formats as described below.
   2. A copy of this instruction sheet will also be provided on SAKAI”
2. The data is on the following page of these instructions. The data was handed out in class and is provided on the SAKAI: “Class Exercise – Service Masters” . The July data for his project is on page 2 (We did the June transactions on page one in class.)
   1. Make the Journal indicates for July as indicated.
      1. Use the General Journal provided
   2. Post to the General Ledger.
      1. Use the General Ledger provided (June entries are already posted)
      2. Continue to post July and balance the accounts for both months.
   3. Prepare a Trial Balance.
      1. Use the Trial Balance provided
         1. Your General Ledger balance must agree with the balances on the Trial Balance.
         2. The Trial Balance must balance.
      2. Prepare an Income Statement
         1. Use the Income Statement provided
      3. Prepare the Retained Earnings Statement.
         1. Use the statement provided
      4. Prepare the Balance Sheet
         1. Use the format provided
      5. This must be HANDWRITTEN! You must MANUALLY prepare all the items.  Excel worksheets are not acceptable.
      6. This is the project described on the Syllabus. It is due October 4 after class.