Financial Accountant

Assignment Details

Assignment Description

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

Key Assignment

Finalize your Key Assignment for submission.

Incorporate the following into your paper:

· Feedback received from your classmates and the instructor on the Key Assignment for Part 1

· Your completed Part 2

Part 1 Tasks From Phase 4

Scenario

It is time for the staff accountants to begin preparing daily accounting transactions. In preparation of the upcoming audit, the accountants must ensure that these transactions are correct and are free from any misstatement. Because this is a new subsidiary of the company, there are no beginning balances.

As a staff accountant, your job is to do the following:

· Prepare the 10 transactions below by posting to the general journal. You should use an Excel spreadsheet to accomplish this task.

· Post the general journal entries to the general ledger in the Excel spreadsheet.

· Prepare a trial balance from the ending balances on the ledger. You should also use an Excel file for the trial balance.

Transactions

1. Invested $50,000 in the business

2. Paid $100 for phone service

3. Purchased $35,000 equipment on credit

4. Paid $3,000 for 3 months rent

5. Paid $5,500 for 6 months of insurance

6. Paid $1,000 for advertising on credit (Note: This is an expense to the company)

7. Customer purchased $2,000 on account

8. Customer in #7 paid $1,000 on account

9. Paid for #6 advertising

10. Sold to customer and received $5,000 cash

Click here for the General Journal Ledger template.

			LEDGER
	ACCOUNT					ACC. NO. 1100
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO.1200
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 1300
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 1600
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 1600
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 1600
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
	ACCOUNT					ACC. NO. 1600
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
	ACCOUNT					ACC. NO. 1600
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 3100
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 4100
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 5300
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 5400
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 5400
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit
			LEDGER
	ACCOUNT					ACC. NO. 5400
						Balance
	Date	Item	Ref	Debit	Credit	Debit	Credit