Penn foster graded project exam 061689

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06168900: Graded Project Instructions & Worksheets 1

Lesson 1: Business

Accounting and You

OVERVIEW

The focus of this project is for the student to keep a set of books through an accounting period to perform the following functions:

n Set up the books of accounting

n Analyze and record transactions

n Post the journal entries to general ledger accounts

n Generate an unadjusted trial balance

n Calculate, journalize, and post adjusting entries

n Generate an adjusted trial balance

n Generate financial statements

n Create and post closing entries

n Generate a post-closing trial balance

INSTRUCTIONS

Use the explanation below and the information in the assumptions section to complete the steps in the requirements for this accounting project. XXXXX XXXXXson recently left his job at a local pool company to open his own pool and spa maintenance business. XXXXX XXXXXson took all of the money he and his wife had in their personal savings account and used it to open Aqua Elite, Inc., on May 1, 20XX.

Assume that the following transactions for the first three months of operations for the Hanson’s Aqua Elite, Inc., are true and accurate.

Assumptions

n Because Aqua Elite, Inc. is a new startup business, the beginning balances in all the general ledger accounts are zero to start.

n The length of the accounting periods are three months using a fiscal calendar year. (A fiscal calendar is on a yearly basis other than a calendar year—January 1st to December 31st. For example, a fiscal calendar year can be May 1, 2009, through April 30, 2010). Therefore, posting to the general ledger, adjustments and closing entries are made on a fiscal quarterly basis.

n Accounts Receivable and Accounts Payable subsidiary ledgers aren’t being used. Any references to invoicing, receipts, or payments “on account” assume changes to the running balance in the Accounts Receivable and Accounts Payable general ledger accounts.

n Payroll calculations aren’t necessary. Assume the salary is the gross pay with no deductions taken. Therefore, the net pay is the same as the gross pay, requiring a simplified journal entry to record the expense.

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