"a) Journalize the transactions.
b) Post the entries to T-accounts; compute the ending balance for each account.
c) Post the ending balances to Unadjusted Trial Balance columns of the worksheet."you can use the excel sheet as a template, the one I have in the zip file.
Assignment
The first task is to determine what form of business organization she should choose.
Discuss the differences between a sole proprietorship and a corporation. What do you suggest for Monahan Media (MM) and why? Incorporate research from sources like: Journal of Accountancy, CPA Journal, Forbes, Wall Street Journal, Investopedia.com, or Yahoo Finance. Cite your sources since she'd like to investigate these references as a follow up. Cutting and pasting large areas of text from the web or other source is unacceptable, please restate what you learn in your own words. Credit will be based on the quality of the group discussion. Ideally, the class will form a consensus recommendation for Nicki.
Accounting Cycle, 3-part assignment:
PART 1:
a) Journalize the transactions.
b) Post the entries to T-accounts; compute the ending balance for each account.
c) Post the ending balances to Unadjusted Trial Balance columns of the worksheet.
PART 2:
d) Prepare the necessary adjusting entries and post them to the T-accts; compute adjusted ending balances where necessary.
e) Enter adjusting entries to the Adjustments columns of the trial balance.
f) Compute the adjusted balances and enter in the Adjusted Trial Balance columns of the worksheet. (All balances should reflect the ending balances in the T-accts from part d as a check.)
g) Transfer amounts from Adjusted TB columns to the Income Statement & Balance Sheet columns of worksheet.
h) Prepare the financial statements: Income Statement, Statement of Retained Earnings, and Balance Sheet.
PART 3:
i) Close the books by preparing the closing entries and post them to T-accounts.
j) Create the post-closing trial balance.
k) Provide a report to Nicki summarizing the first three months' operations. Make a recommendation regarding the feasibility of leaving her job at the sporting goods store.
Attachment:- Assignment.rar