We will be using a Practice Set as the Apply What you Learned Problem for Modules 2, 3 and 4.
We will be completing the Practice Set to simulate the accounting process. It contains all the steps of the accounting cycle so that you can practice performing the full accounting process for a small business.
The Practice Set is broken into four parts. You will need the Instructions and the Excel Workbook. Instructions for downloading both are below.
Documents/Files (Download these):
Practice Set Instructions, click here for a copy
Practice Set Worksheets (Excel workbook you must download), click here for the excel workbook
Download Excel workbook and “save as” to your computer adding your last name to the end of the file. You will use the same excel workbook for the entire Practice Set, you will upload the worksheet for each step.
The assignment must be complete using Microsoft Excel. If it is not completed in Excel, your assignment may not be accepted. See the syllabus to download a free copy of Microsoft Excel.
If you have not completed a Practice Set before, review these helpful videos: These videos will help you to complete Part A of the Practice Set.
Instructions Practice Set Part A:
- Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600.
- Record the journal entries for the June transactions using General Journal Page 1. Make sure that you include explanations.
- Post the entries to the general ledger. When you post your entries to the general ledger, use J1 to indicate General Journal page 1 in the ref column.
- Calculate the balances in the general ledger accounts.
- Prepare the Unadjusted Trial Balance Columns in the worksheet by adding all the accounts from the general ledger. Make sure you properly complete the heading.
After completing the Unadjusted Trial Balance, compare the balance you calculated with the check figure, Unadjusted Trial Balance each column should be: $6,400. Do not move on until your trial balance agrees.
Resources: In your textbook, page 2-13 discusses the chart of accounts. Pages 2-7 to 2-9 contain step by step instructions on how to journalize transactions and pages 2-10 to 2-12 shows how to post the transactions to the general ledger and pages 4-2 to 4-4 contain instructions on how to complete the worksheet.
This assignment is graded for completion and the correct answers will be posted after the due date.
Submit your assignment by attaching your excel worksheet to this assignment.
I can provide PDF Book and additional material to use it as a reference .
I have attached excel previous practice set , excel sheet templet to pull out
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