You are a financial accountant for a small business and have been tasked with preparing a monograph for the company's financial statements. The monograph should include a list of economic events that have occurred over the course of one month, including: 1) receivables, 2)merchandising assets, 3)sales, 4)VAT, 5) prepaid expenses and revenues (these five categories have to be in your monograph as mandatory). Your list should include 15 economic events. For each economic event, you will need to create a general journal entry, post the entry to the general ledger, prepare a trial balance, and ultimately prepare the company's income statement and balance sheet. To complete this assignment, you will need to: 1. Create a list of at least 15 economic events that have occurred over the course of one month. Make sure to include the mandatory economic events mentioned above and any other important events that you can think of. 2. For each economic event, create a general journal entry and post the entry to the general ledger. Make sure you journalize adjusting entries as well. 3. Prepare a trial balance from the general ledger. 4. Prepare an income statement for the company. 5. Prepare a balance sheet for the company. Your monograph should be well-organized and include all relevant financial statements. Make sure to clearly label each statement and explain how you arrived at your final figures. I expect that you will show a deep understanding of the principles of financial accounting and be able to apply those principles to real-world economic events. Your financial statements should be accurate, complete, and reflective of the company's financial position over the course of a month.
You are a financial accountant for a small business and have been tasked with preparing a monograph for the company's financial statements. The monograph should include a list of economic events that have occurred over the course of one month, including: 1) receivables, 2)merchandising assets, 3)sales, 4)VAT, 5) prepaid expenses and revenues (these five categories have to be in your monograph as mandatory). Your list should include 15 economic events. For each economic event, you will need to create a general journal entry, post the entry to the general ledger, prepare a trial balance, and ultimately prepare the company's income statement and balance sheet. To complete this assignment, you will need to: 1. Create a list of at least 15 economic events that have occurred over the course of one month. Make sure to include the mandatory economic events mentioned above and any other important events that you can think of. 2. For each economic event, create a general journal entry and post the entry to the general ledger. Make sure you journalize adjusting entries as well. 3. Prepare a trial balance from the general ledger. 4. Prepare an income statement for the company. 5. Prepare a balance sheet for the company. Your monograph should be well-organized and include all relevant financial statements. Make sure to clearly label each statement and explain how you arrived at your final figures. I expect that you will show a deep understanding of the principles of financial accounting and be able to apply those principles to real-world economic events. Your financial statements should be accurate, complete, and reflective of the company's financial position over the course of a month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:You are a financial accountant for a small business and have been tasked with preparing a monograph for the company's
financial statements. The monograph should include a list of economic events that have occurred over the course of one
month, including: 1) receivables, 2)merchandising assets, 3)sales, 4)VAT, 5) prepaid expenses and revenues (these five
categories have to be in your monograph as mandatory). Your list should include 15 economic events. For each
economic event, you will need to create a general journal entry, post the entry to the general ledger, prepare a trial
balance, and ultimately prepare the company's income statement and balance sheet. To complete this assignment, you
will need to: 1. Create a list of at least 15 economic events that have occurred over the course of one month. Make sure
to include the mandatory economic events mentioned above and any other important events that you can think of. 2.
For each economic event, create a general journal entry and post the entry to the general ledger. Make sure you
journalize adjusting entries as well. 3. Prepare a trial balance from the general ledger. 4. Prepare an income statement
for the company. 5. Prepare a balance sheet for the company. Your monograph should be well-organized and include
all relevant financial statements. Make sure to clearly label each statement and explain how you arrived at your final
figures. I expect that you will show a deep understanding of the principles of financial accounting and be able to apply
those principles to real-world economic events. Your financial statements should be accurate, complete, and reflective
of the company's financial position over the course of a month.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education