{"id":11281,"date":"2023-03-30T01:46:54","date_gmt":"2023-03-30T01:46:54","guid":{"rendered":"https:\/\/www.goodacademic.com\/blog\/questions\/accounting-milestone-project-general-journal-income-statement-statement-of-stockholders-balance-sheet\/"},"modified":"2023-03-30T01:46:54","modified_gmt":"2023-03-30T01:46:54","slug":"accounting-milestone-project-general-journal-income-statement-statement-of-stockholders-balance-sheet","status":"publish","type":"questions","link":"https:\/\/www.goodacademic.com\/blog\/questions\/accounting-milestone-project-general-journal-income-statement-statement-of-stockholders-balance-sheet\/","title":{"rendered":"Accounting Milestone Project – General Journal, Income Statement, Statement of Stockholders, Balance Sheet"},"content":{"rendered":"

CORRECT INSTRUCTORS COMMENTS IN RED, THEN COMPLETE THE REMAINING EXCEL TABS!!! (B Toliver M1 excel)<\/i><\/u><\/b><\/p>\n


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You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner.\n<\/div>\n
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Directions
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Report Financial Results: Use the account balances from the Trial Balance generated through the recording process in Milestone One to prepare the income statement, statement of owner\u2019s equity, and balance sheet for the company. Then close temporary account balances using closing entries in the final step. Be sure to revisit any feedback received from Milestone One and make necessary corrections to ensure that statements are completed with accurate balance information. (You may refer to the blank Company Accounting Workbook Template if necessary, but keep in mind that your work for this milestone should be added to the work that was completed in your workbook for the previous milestone. You should also implement any feedback that was given during Milestone One.)\n<\/div>\n
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Specifically, you must address the following rubric criteria:\n<\/div>\n
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Income Statement: Prepare the income statement using the adjusted trial balance
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Statement of Owner\u2019s Equity: Prepare the statement of owner\u2019s equity using the adjusted trial balance.
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Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance.
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Balance Sheet Liabilities: Prepare the balance sheet liabilities entries using the adjusted trial balance.
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Closing Entries: Complete the \u201cClosing Entries\u201d tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.
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Guidelines for Submission
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Build on your work from Milestone One to complete the \u201cIncome Statement,\u201d \u201cStatement of Stockholder\u2019s Equity,\u201d \u201cBalance Sheet,\u201d and \u201cClosing Entries\u201d tabs<\/i><\/u><\/b> in your company accounting workbook. This should be completed and submitted using Microsoft Excel. Please refer to the video walkthrough linked below if you need more assistance with your submission.<\/div>\n

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\n<\/i><\/u><\/b><\/div>\n","protected":false},"excerpt":{"rendered":"

CORRECT INSTRUCTORS COMMENTS IN RED, THEN COMPLETE THE REMAINING EXCEL TABS!!! (B Toliver M1 excel) You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[644],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/11281"}],"collection":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/comments?post=11281"}],"version-history":[{"count":0,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/11281\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/media?parent=11281"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/disciplines?post=11281"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/paper_types?post=11281"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/tagged?post=11281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}