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Unformatted text preview: First Name: Patrick Last Name: Hill Project is Activated ID Code: 46225416 Fiona Chang I F 12:45 C Before you begin working on your project, BB S save your activated project by following the directions in the Saving Your Project box. Instructions: You will be recording the July 2011 transactions for Lenny's Lawn Service, Inc. After recording the July transactions you will be preparing a Pre-Closing Trial Balance, Income Statement, Statement of Stockholders' Equity, Balance Sheet, and Post-Closing Trial Balance. As you work on your project, be sure to save your Excel file often. You are given the following: Statement of Stockholders' Equity, Balance Sheet, and Post-Closing Trial Balance To Complete Your Project do the following: your entries directly into the General Journal. Look at the July 1 Notes Payable Steps 1 and 2 transaction, which has already been entered, for an example of how to make your entries. in the Accounting Cycle as a reference source for the Account Numbers and Account Names that are available Step 1 in Lenny's accounting system. For each business transaction that occurs during the accounting period, determine the effect of the transaction on the General Ledger accounts. Step 2 Record your postings directly into the General Ledger. As you post an amount to an account Make an entry in the General Journal for each transaction and the first posting to the Cash account for an example. After you post an amount to a post the entry to the General Ledger accounts. General Journal. This will help you keep track of which entries you have posted. Pg. 2 Step 3 in the Accounting Cycle At the end of the accounting adjusting entries in the General Journal. Use the printed Chart of Accounts as a period, before preparing the financial statements, determine if any of the General Ledger account balances need to be adjusted. Enter any required adjusting entries into the General posted. As you post an amount to an account be sure to enter the General Journal Page # Journal and post the adjusting entries to the General Ledger accounts. Step 4 in the Accounting Cycle Prepare a Pre-Closing Trial Balance to determine that the accounts in the General Ledger Pre-Closing Trial Balance. Print the July 31, 2011 Pre-Closing Trial Balance by clicking are in balance. the Printer icon. Step 5 in the Accounting Cycle Prepare an Income Statement from the ending balances in the Statement. General Ledger revenue and expense accounts. Step 6 in the Accounting Cycle Calculate the ending balance of the Retained Earnings amounts into the Statement of Stockholders' Equity. account that is needed for the preparation of the Balance Sheet Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the from the Statement of Stockholders' Equity, prepare the July 31, 2011 Balance Sheet....
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- Fall '08