Balance Sheet v2 (2) - Balance Sheet Assignment v.2 Due...

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Balance Sheet Assignment v.2 Due 4/29 in hard copy at the start of class. The transactions on the next page are for Info Summit Exploration Co and they all occur in 2016. These are the same transactions that you evaluated in Balance Sheet Assignment v1 so use your solutions to that assignment to determine the accounts to use and whether they are debited or credited. I have replicated the balance sheet template for Info Summit Exploration in this document but it is the same as the one I sent you so it doesn’t matter which you use. This assignment takes you through Stage 2 of the process. Stage 2: You will “translate” what you did in Stage 1 into journal entries and then post them to the accounts. I have provided two pages of accounts using the T-account format we used in class to mimic journal pages with debit and credit columns, for your convenience, with the beginning balances already entered. PURPOSE: Use the journaling and account posting process so to see how the mechanics help ensure a systematic presentation of the firm’s assets, claims on those assets, and the effects of changes on those assets and claims (liabilities + owners’ equity). This helps you understanding the connection between the operations of the business and the way the financial reports provide information on those operations.
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