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Objective : To improve your knowledge and/or technological application of the accounting cycle by displaying either your learned skills or using QuickBooks Software package. ( The accounting cycle consists of (i) Analyze transactions (ii) Prepare journal entries (iii) Post journal entries (iv) Prepare Trial Balance (v) Prepare adjusting entries (vi) Prepare Adjusted Trial Balance (vii) Prepare Financial Statements (viii) Close the Books (ix) Prepare post-closing Trial Balance ). Document Preview:

Accounting Cycle Project Objective : To improve your knowledge and/or technological application of the accounting cycle by displaying either your learned skills or using QuickBooks Software package. ( The accounting cycle consists of (i) Analyze transactions (ii) Prepare journal entries (iii) Post journal entries (iv) Prepare Trial Balance (v) Prepare adjusting entries (vi) Prepare Adjusted Trial Balance (vii) Prepare Financial Statements (viii) Close the Books (ix) Prepare post-closing Trial Balance ). Project: On March 1,2017you created a new travel agency, Your Name ___________Travel Agency. The following transactions occurred during the company’s first month. March 1:You invested $40,000 cash and computer equipment worth $80,000 in the company. March 2: The company rented furnished Office space by paying $3,400 cash for the first month’s (March) rent. March 3: The company purchased $2,200 of Supplies for cash. March 10: The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on March 11. March 14: The company paid $3,600 cash for two weeks, salaries earned by employees. March 24: The company collected $15,800 cash on commissions from airlines on tickets obtained from customers. March 28: The company paid $3,600 cash for two weeks’ salaries earned by employees. March 29: The company paid $500. cash for minor repairs to the company’s computer. March 30: The company paid $1,300. cash for this month’s telephone bill. March 31: You withdrew $3,000 cash from the company for personal use. The Company ‘s Chart of Accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense – Equip. 124 Supplies 622 Salaries Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment …

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