FINANCE

Helpful Hints: A. All journal entries should be in whole numbers. Cents should not be used for any of the entries, journals, or financial statements. B. Do not move forward if you do not match the check figures. You will get graded down for not correcting items as you go. This is a job skills application and requires you to utilize your critical thinking, problem solving, and detail-orientation skills. Just like in real life, you should not continue in the project if you know you have an error somewhere. Find it, fix it, and then move on. C. I suggest you create a Worksheet in Excel equivalent to the 10-column worksheet you are required to complete. While the worksheet must be completed by hand in the practice set workpapers to turn in, you can get all the numbers/entries right, check calculations, and be prepared for statements. Also, match up with the check figures BEFORE you begin completing the worksheets by hand to avoid excessive erasing or other errors.  D. Remember that when you use journals other than the General Journal, you only post those related transactions in those journals and post directly to the General Ledger from there…and in total, not transaction by transaction. For example, all cash receipts will only be journalized in the Cash Receipts Journal.  E. For journal activity, you will post individual journal entries from the General Journal to the General Ledger. For the four other Journals you will post column totals directly to the ledger (you will not post any activity from another Journal into the General Journal). Sundry accounts will also go directly the ledger, but as individual entries from the journals. The Journal column headings somewhat guide you in this process:  Purchase Journal – one entry posting to ledger (debit Inventory, credit Accounts Payable).  Sales Journal – two entries posted to the ledger (debit Accounts Receivable/credit Sales Revenue…debit Cost of Goods Sold/credit Inventory).  Cash Receipts Journal – you will post the totals from the following columns: Cash, Sales Discounts, Accounts Receivable, and Sales Revenue (see column for debit/credit information). Post the Sundry items individually straight to the ledger. Cash Disbursements Journal – you will post the totals from the Cash, Accounts Payable, and Inventory columns (see column for debit/credit information). Sundry accounts posted individually to the ledger. F. For a good example of the Income Statement format, see Illustration 4-2 (pg 159) in the textbook. For Balance Sheet, see Illustration 5-16 from the textbook (pg 215). The first five chapters of the textbook have examples of all basic formats. You are required to do a Multi-Step Income Statement and Classified Balance Sheet. G. Check Figures to help keep you on track are provided in the following attachments for both versions. Please make sure you hit the check figure before moving forward on tasks.  H. You do not have to complete the Statement of Cash Flows. Ignore the work paper related to this activity.

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