Complete the Unadjusted Trial Balance columns of the 10-column worksheet.

On course webs, I built a folder titled “DUDE FOLDER” where I will include everything you will need to complete the project.  The documents include:

Document #1 – This document.

Document #2 – Firm information sheet.  This file introduces you to the business and the owners and provides you with detailed information you will need to record various transactions.

Document #3– TDA’s chart of accounts.  This is listing of all the accounts by name and by account number the firm uses.

Document #4 – Student Excel workbook.  This is the file you will use to complete the assignment.  Please rename the workbook with your name.   This is a large Excel file so save your work as you go along.  It would be a good idea to save a second copy offsite just in case something terrible happens to your original file[1].

The relevant worksheets (tabs) in your Excel workbook for phase 1 are:

  • Navigation
  • Cash Receipts Journal
  • Cash Disbursements Journal
  • Sales Journal
  • Purchases Journal
  • Purchase Order Listing
  • General Ledger
  • A/R Detail Ledger
  • A/P Detail Ledger
  • Inventory Ledger
  • Trial Balance

Document #5 – Are the first two weeks of June’s transactions that I typed in (posted) for you in the workbook.  Review this document and trace the amounts into the workbook to see how things work.  These transactions have been posted in the proper journals but have NOT been posted to the proper subsidiary ledgers or to the General Ledger.  You are to perform those steps at the end of the month.

Document #6 – is the second two weeks of June.  You are required to post these transactions into the proper journals.

Document #7 – Is a listing of additional information you received at month-end.  You are to decide what items are relevant and record them as adjusting journal entries (AJEs).

Your practice case is broken out into two phases with different due dates.

Phase One – Accounting Records – 100 points – DUE Friday October 15, 2021 @ midnight:

  1. Read the company background/history document for details on accounting policies.  Review the Chart of Accounts and General Ledger and familiarize yourself with the company’s accounts.  You will refer to these documents to complete many of the June journal entries.
  • Review the completed transactions to see how they were treated during the first half of the month.  Transactions from June 1 through June 15 have been recorded in the proper journals, but have NOT been posted to the proper subsidiary journals or the General Ledger. The company only posts to the General Ledger at the end of the month.
  • Prepare the remaining journal entries for the month of June (June 15th through June 30th).
  • At the end of the month, total the special journals and post the amounts to their respective account(s) in the General Ledger.  Post all entries in the General Journal to the General Ledger. You must use proper cross-referencing in all journals and the General Ledger.
  • Compute (total) each account in the General Ledger as of June 30th.  This will give you the unadjusted balance for each account as of June 30th.
  • Complete the Unadjusted Trial Balance columns of the 10-column worksheet.
  • Compute and post the adjusting journal entries for June in the General Journal.
  • Post the adjusting journal entries to the 10-column worksheet and complete the Adjusted Trial Balance.
  • Update and prepare the Accounts Receivable Schedule, Inventory Schedule, and Accounts Payable Schedule.  The totals for the three schedules must agree to the ending balances in the General Ledger.
  1. Turn in project.

This is the end of phase one.

Phase Two – Financial Statement Preparation and Financial Analysis – 150 points DUE Monday December 6th @ midnight:

  1. I will provide you with a list of adjustments/corrections for your phase one project.   You must correct your errors before preceding forward. If you don’t fix your original mistakes, you will be lose the same points AGAIN.
  • From the corrected 10-column worksheet, prepare a Multi-step Income Statement, a Statement of Retained Earnings, the Balance Sheet, and the Cash Flow Statement.
  • I will provide you with a set of bowling alley industry averages, prior month financials, and a small set of business questions.  You are to compare and contrast the firm against the competition and interpret your results. Copy and paste your financials (from step 2) into and write your memo in Microsoft Word.

  • You’re done!  Turn in your financial statements and financial memo.

[1] Every semester someone loses their work and has to start over. The worst case happened in my office a couple years ago; a student’s PC “blue screened” in front of me the day before the project was due.  It is a very frustrating experience for all involved so the offsite backup copy (cloud, memory stick, etc.) of your file would serve as an insurance policy.  And please backup often.