Acct 1110 – Financial Accounting 1
The assignment that was chosen to be presented for our E-Portfolio is the Comprehensive problem 1. This problem covers the entire accounting cycle for a small business. The assignment is to journalize transactions that have occurred through out the entire month. Followed by posting all journal entires into a ledger to keep track of the informations. Next, was to create an Unadjusted Trial Balance sheet to organize the information. The next objective for the company was to journalize expenses, earned revenue, office supplies used, etc. and to post them to the ledger. Next, with the new information on the ledger is to build an Adjusted Trial Balance sheet. With the information from the Adjusted Trial Balance the Financial Statement can be complete which is the Income Statement, Statement of Owner’s Equity, and Classified Balance Sheet. Once that is completed additional journal entires are done to close of temporary accounts. Once those accounts are closed the final step of the Accounting Cycle is done which is creating the Post-Closing Trial Balance. This assignment helped be get a better understanding of the entire Accounting Cycle.