Problem 5-1A - Due In 20 Hours

Complete the attached, Problem 5-1A Template.  Please refer to Ch. 5, in your textbook for detailed instructions.  Save your completed work .

I'm going to paste the book below:

5-1Basic Accounting Systems

Obj. 1

In Chapters 1, 2, 3, 4, an accounting system for NetSolutions was described and illustrated. An accounting system is the methods and procedures for collecting, classifying, summarizing, and reporting a business's financial and operating information. Most accounting systems, however, are more complex than NetSolutions'. For example, Southwest Airlines's accounting system not only records basic transaction data but also records data on such items as ticket reservations, credit card collections, frequent-flier mileage, and aircraft maintenance.

As a business grows and changes, its accounting system also changes in a three-step process. This three-step process is as follows:

1. Step 1.Analyze user information needs.
2. Step 2.Design the system to meet the user needs.
3. Step 3.Implement the system.

For NetSolutions, our analysis determined that Chris Clark needed financial statements for the new business (Step 1). In Chapters 1, 2, 3, and 4, we designed the system using a basic manual system that included a chart of accounts, a two-column journal, and a general ledger (Step 2). Finally, we implemented the system to record transactions and prepare financial statements (Step 3).