Departmental Course Activity Fall 2011 Financial Accounting

Departmental Course Activity Fall 2011 Financial Accounting...

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ACCOUNTING PRINCIPLES I DEPARTMENTAL ACTIVITY / MP3 Store, Inc. FALL 2011 DUE DATE: Friday, December 9, 2011, 4:00 p.m., EST Instructions: 1. Include a cover sheet with your final project. 2. Use Microsoft Excel for entire activity. 3. All journal entries must be in the proper form. 4. All trial balances and financial statements must be in proper form. 5. Paper margins: 1 inch (top, bottom, sides). 6. Paper size, 8.5 by 11 inch; paper color, white. 7. You may submit your finished project to the secretary in the Department of Accounting. 8. Late assignments will not be accepted. Note: This activity was derived from J.L. Reimer’s textbook.
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ACCOUNTING PRINCIPLES I COURSE ACTIVITY Fall 2011 In January 2011, three college classmates started planning to open MP3 Store, Inc. The new owners will spend the first three months getting the business ready to open. The estimated official opening date is April 1. During January, February and March 2011, the owners prepared for the official opening. Transactions before and after the opening are shown below. The company uses a LIFO Perpetual inventory system. The company also uses the allowance method of estimating bad debts and the straight-line method of depreciation . Jan. 1 The MP3 Store was started with contributions from three college classmates. They decided to form a corporation and issue stock to the owners in return for $10,000 each, for for a total of $30,000 of contributed capital (Common Stock).
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